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Registration number: 10069317

WSHPM Limited

Annual Report and Unaudited Financial Statements

for the Period from 1 May 2022 to 11 November 2022

 

WSHPM Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 10

 

WSHPM Limited

Company Information

Director

Anna Cassell-Ward

Registered office

Friars Gate 1011
Stratford Road
Shirley
Solihull
B90 4BN

Accountants

Hazlewoods LLP
Staverton court
Staverton
Cheltenham
GL51 0UX

 

WSHPM Limited

(Registration number: 10069317)
Balance Sheet as at 11 November 2022

Note

11 November 2022
 £

30 April 2022
 £

Fixed assets

 

Intangible assets

4

18,949,814

914,588

Tangible assets

5

541,870

3,223,061

 

19,491,684

4,137,649

Current assets

 

Stocks

156,075

88,167

Debtors

6

2,047,907

61,276

Cash at bank and in hand

 

547,748

380,490

 

2,751,730

529,933

Creditors: Amounts falling due within one year

7

(23,856,440)

(897,930)

Net current liabilities

 

(21,104,710)

(367,997)

Total assets less current liabilities

 

(1,613,026)

3,769,652

Creditors: Amounts falling due after more than one year

7

-

(3,535,884)

Deferred tax liabilities

-

(202,460)

Net (liabilities)/assets

 

(1,613,026)

31,308

Capital and reserves

 

Called up share capital

80

80

Capital redemption reserve

20

20

Profit and loss account

(1,613,126)

31,208

Total equity

 

(1,613,026)

31,308

For the financial period ending 11 November 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the period in question in accordance with section 476; and

The director acknowledges her responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the director on 3 April 2024
 


Anna Cassell-Ward
Director

 

WSHPM Limited

Notes to the Unaudited Financial Statements for the Period from 1 May 2022 to 11 November 2022

 

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Friars Gate 1011
Stratford Road
Shirley
Solihull
B90 4BN
England

The principal place of business is:
End Cottage Veterinary Clinic
Boothferry Road
Howden
East Yorkshire
DN14 7TA
England

 

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except for, where disclosed in these accounting policies, certain items that are shown at fair value.

The presentational currency of the financial statements is Pounds Sterling, being the functional currency of the primary economic environment in which the company operates. Monetary amounts in these financial statements are rounded to the nearest Pound.

Going concern

After reviewing the company's forecasts and projections, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The company therefore continues to adopt the going concern basis in preparing its financial statements.

Critical accounting judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.
 

Judgements

No significant judgements have been made by management in preparing these financial statements.

Key sources of estimation uncertainty

No key sources of uncertainty have been identified by management in preparing these financial statements other than those detailed in these accounting policies.

 

WSHPM Limited

Notes to the Unaudited Financial Statements for the Period from 1 May 2022 to 11 November 2022

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts and after eliminating sales within the company.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Government grants

Government grants are recognised based on the accrual model and are measured at the fair value of the asset received or receivable. Grants are classified as relating either to revenue or to assets. Grants relating to revenue are recognised in income over the period in which the related costs are recognised. Grants relating to assets are recognised over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in the profit and loss account, except that a charge attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred income tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the company. Deferred income tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant and machinery

15% of written down value

Fixtures and fittings

10% of written down value

Office equipment

33% of cost

Motor vehicles

25% of written down value

Freehoold property

5% of cost

Business combinations

Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.

Goodwill

Goodwill is amortised over its useful life, estimated by the directors to be 20 years.

 

WSHPM Limited

Notes to the Unaudited Financial Statements for the Period from 1 May 2022 to 11 November 2022

Intangible assets

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date.

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.

Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. All trade debtors are repayable within one year and hence are included at the undiscounted cost of cash expected to be received. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the debtors.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and all are repayable within one year and hence are included at the undiscounted amount of cash expected to be paid.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

 

WSHPM Limited

Notes to the Unaudited Financial Statements for the Period from 1 May 2022 to 11 November 2022

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

 

WSHPM Limited

Notes to the Unaudited Financial Statements for the Period from 1 May 2022 to 11 November 2022

Financial instruments


Classification
Financial instruments are classified and accounted for according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Where shares are issued, any component that creates a financial liability of the company is presented as a liability on the balance sheet. The corresponding dividends relating to the liability component are charged as interest expenses in the profit and loss account.

 Recognition and measurement
All financial assets and liabilities are initially measured at transaction price (including transaction costs), except for those financial assets classified as at fair value through profit or loss, which are initially measured at fair value (which is normally the transaction price excluding transaction costs), unless the arrangement constitutes a financing transaction. If an arrangement constitutes a financing transaction, the financial asset or financial liability is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

 Impairment
Assets, other than those measured at fair value, are assessed for indicators of impairment at each balance sheet date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss as described below.

A non financial asset is impaired where there is objective evidence that, as a result of one or more events that occurred after initial recognition, the estimated recoverable value of the asset has been reduced.

 

3

Staff numbers

The average number of persons employed by the company (including the director) during the period, was as follows:

 

WSHPM Limited

Notes to the Unaudited Financial Statements for the Period from 1 May 2022 to 11 November 2022

 

5

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Motor vehicles
 £

Plant and machinery
 £

Office equipment
 £

Total
£

Cost

At 1 May 2022

3,377,616

31,219

-

100,539

22,995

3,532,369

Additions

3,143

1,078

43,001

402,255

12,234

461,711

Disposals

(3,380,759)

-

-

-

-

(3,380,759)

At 11 November 2022

-

32,297

43,001

502,794

35,229

613,321

Depreciation

At 1 May 2022

247,078

4,654

-

42,538

15,036

309,306

Charge for the year

73,354

1,428

-

4,978

2,817

82,577

Eliminated on disposal

(320,432)

-

-

-

-

(320,432)

At 11 November 2022

-

6,082

-

47,516

17,853

71,451

Carrying amount

At 11 November 2022

-

26,215

43,001

455,278

17,376

541,870

At 30 April 2022

3,130,538

26,563

-

58,001

7,959

3,223,061

Included within the net book value of land and buildings above is £Nil (2022 - £3,130,538) in respect of freehold land and buildings.
 

 

WSHPM Limited

Notes to the Unaudited Financial Statements for the Period from 1 May 2022 to 11 November 2022

 

6

Debtors

11 November 2022
 £

30 April 2022
 £

Trade debtors

263,715

45,207

Other debtors

1,763,441

2,319

Prepayments

20,751

13,750

 

2,047,907

61,276

 

7

Creditors

Note

11 November 2022
 £

30 April 2022
 £

Due within one year

 

Loans and borrowings

8

-

295,378

Trade creditors

 

154,372

123,077

Amounts due to related parties

10

126,704

311,262

Social security and other taxes

 

529,800

151,913

Outstanding defined contribution pension costs

 

2,591

3,205

Other creditors

 

22,864,647

1,127

Accrued expenses

 

178,326

11,968

 

23,856,440

897,930

Due after one year

 

Loans and borrowings

8

-

3,535,884

Note

11 November 2022
£

30 April 2022
£

Due after one year

 

Loans and borrowings

8

-

3,535,884

 

8

Loans and borrowings

11 November 2022
£

30 April 2022
£

Current loans and borrowings

Bank borrowings

-

295,378

11 November 2022
£

30 April 2022
£

Non-current loans and borrowings

Bank borrowings

-

3,535,884

 

WSHPM Limited

Notes to the Unaudited Financial Statements for the Period from 1 May 2022 to 11 November 2022

 

9

Deferred tax

Deferred tax assets and liabilities

30 April 2022

Liability
£

Deferred tax

202,804

Short term timing differences

(344)

202,460

 

10

Related party transactions

Summary of transactions with key management

Key management personnel are considered to be the former directors of the company.
 

Summary of transactions with other related parties

The directors of the company also own Wicstun Veterinary Group.
 
As at the balance sheet date the company owed Wicstun Veterinary Group £126,704 (2021: £311,262). This amount is included amounts due to related parties. There are no fixed repayment terms and no interest is charged.