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Registration number: 10690263

Prepared for the registrar

Marshalswick Veterinary Clinic Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 July 2023

 

Marshalswick Veterinary Clinic Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 9

 

Marshalswick Veterinary Clinic Limited

Company Information

Director

Y Shaltiel

Registered office

8 Manor Parade
Hatfield Garden Village
Herts
AL10 9JS

Accountants

Hazlewoods LLP
Staverton Court
Staverton
Cheltenham
GL51 0UX

 

Marshalswick Veterinary Clinic Limited

(Registration number: 10690263)
Balance Sheet as at 31 July 2023

Note

2023
 £

2022
 £

Fixed assets

 

Tangible assets

4

69,504

48,430

Current assets

 

Stocks

22,308

20,660

Debtors

5

395,234

199,851

Cash at bank and in hand

 

145,008

278,870

 

562,550

499,381

Creditors: Amounts falling due within one year

6

(287,159)

(296,274)

Net current assets

 

275,391

203,107

Total assets less current liabilities

 

344,895

251,537

Creditors: Amounts falling due after more than one year

6

(33,832)

(46,087)

Deferred tax liabilities

7

(13,769)

(8,523)

Net assets

 

297,294

196,927

Capital and reserves

 

Called up share capital

100

100

Profit and loss account

297,194

196,827

Total equity

 

297,294

196,927

For the financial year ending 31 July 2023 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 year in question in accordance with section 476; and

The director acknowledges his 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 1 April 2024
 

.........................................

Y Shaltiel
Director

 

 

Marshalswick Veterinary Clinic Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2023

 

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:
8 Manor Parade
Hatfield Garden Village
Herts
AL10 9JS

 

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 estimation uncertainty have been identified by management in preparing these financial statements other than those detailed in these accounting policies.

 

Marshalswick Veterinary Clinic Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2023

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.

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

Short leasehold land and buildings

Over the term of the lease

Plant and machinery

25% written down value

Office equipment

33% straight line

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.

 

Marshalswick Veterinary Clinic Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2023

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.

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.

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.

 

Marshalswick Veterinary Clinic Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2023

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. The recoverable amount of an asset is the higher of its fair value less costs to sell and its value in use.

 

3

Staff numbers

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

 

Marshalswick Veterinary Clinic Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2023

 

4

Tangible assets

Leasehold land and buildings
£

Plant and machinery
 £

Office equipment
 £

Total
£

Cost

At 1 August 2022

41,786

59,374

3,401

104,561

Additions

-

33,514

3,286

36,800

At 31 July 2023

41,786

92,888

6,687

141,361

Depreciation

At 1 August 2022

21,046

33,759

1,326

56,131

Charge for the period year

4,147

9,983

1,596

15,726

At 31 July 2023

25,193

43,742

2,922

71,857

Carrying amount

At 31 July 2023

16,593

49,146

3,765

69,504

At 31 July 2022

20,740

25,615

2,075

48,430

 

5

Debtors

2023
 £

2022
 £

Trade debtors

17,288

27,687

Other debtors

362,211

160,010

Prepayments

15,735

12,154

 

395,234

199,851

 

6

Creditors

Note

2023
 £

2022
 £

Due within one year

 

Loans and borrowings

8

43,199

41,398

Trade creditors

 

36,030

34,362

Social security and other taxes

 

65,456

80,219

Outstanding defined contribution pension costs

 

789

583

Other creditors

 

133,405

132,973

Accrued expenses

 

8,280

6,739

 

287,159

296,274

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

8

33,832

46,087

 

Marshalswick Veterinary Clinic Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2023

 

7

Deferred tax

Deferred tax assets and liabilities

2023

Liability
£

Difference between capital allowances and accumulated depreciation and amortisation

13,854

Short term timing differences

(85)

13,769

2022

Liability
£

Difference between capital allowances and accumulated depreciation and amortisation

8,585

Short term timing differences

(62)

8,523

 

8

Loans and borrowings

2023
£

2022
£

Current loans and borrowings

Bank borrowings

12,940

11,139

Other borrowings

30,259

30,259

43,199

41,398

2023
£

2022
£

Non-current loans and borrowings

Bank borrowings

33,832

46,087

 

Marshalswick Veterinary Clinic Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2023

 

9

Related party transactions

Summary of transactions with key management


Key management personnel are considered to be the director of the company.

As at the balance sheet date, the company owed the director £30,259 (2022: £30,259). This amount is included within other borrowings. There is no fixed repayment date and interest is charged on the outstanding amount.

 

Summary of transactions with other related parties


Garden Village Vets Limited

The director and shareholder of Marshalswick Veterinary Clinic Limited is also a director and shareholder of Garden Village Vets Limited (formerly Shaltiel Limited).

As at 31 July 2023, Marshalswick Veterinary Clinic Limited owed Garden Village Vets Limited (formerly Shaltiel Limited) £133,405 (2022: £132,973). There are no fixed repayment terms or interest charged. This amount is included within other creditors. All transactions were made on an arms length basis.

NYI Limited

The director and shareholder of Marshalswick Veterinary Clinic Limited is also a director and shareholder of NYI Limited.

As at 31 July 2023, NYI Limited owed Marshalswick Veterinary Clinic Limited £157,211 (2022: £155,010). There are no fixed repayment terms or interest charged. This amount is included within other debtors. All transactions were made on an arms length basis.

Foxholes Veterinary Clinic Limited

As at 31 July 2023, Foxholes Veterinary Clinic Limited owed Marshalswick Veterinary Clinic Limited £205,000 (2022: £5,000). There are no fixed repayment terms or interest charged. This amount is included within other debtors.