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Registration number: 07111732

Prepared for the registrar

Edgewood Veterinary Group Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 December 2023

 

Edgewood Veterinary Group Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 13

 

Edgewood Veterinary Group Limited

Company Information

Directors

Mr J Theinert

Mrs J Theinert

Registered office

Purleigh Surgery
Chelmsford Road
Purleigh
Chelmsford
Essex
CM3 6QR

Accountants

Hazlewoods LLP
Staverton Court
Staverton
Cheltenham
GL51 0UX

 

Edgewood Veterinary Group Limited

(Registration number: 07111732)
Balance Sheet as at 31 December 2023

Note

2023
 £

2022
 £

Fixed assets

 

Intangible assets

4

180,000

210,000

Tangible assets

5

421,440

422,259

Investment property

6

96,000

96,000

Investments

7

1

1

 

697,441

728,260

Current assets

 

Stocks

60,160

57,273

Debtors

8

210,655

154,138

Cash at bank and in hand

 

595,319

824,479

 

866,134

1,035,890

Creditors: Amounts falling due within one year

9

(331,516)

(398,892)

Net current assets

 

534,618

636,998

Total assets less current liabilities

 

1,232,059

1,365,258

Creditors: Amounts falling due after more than one year

9

-

(143,823)

Deferred tax liabilities

11

(44,859)

(52,516)

Net assets

 

1,187,200

1,168,919

Capital and reserves

 

Called up share capital

12

100

100

Revaluation reserve

8,250

8,250

Profit and loss account

1,178,850

1,160,569

Total equity

 

1,187,200

1,168,919

 

Edgewood Veterinary Group Limited

(Registration number: 07111732)
Balance Sheet as at 31 December 2023

For the financial year ending 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' 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 directors acknowledge their 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 Board on 1 April 2024 and signed on its behalf by:
 


Mr J Theinert
Director


Mrs J Theinert
Director

 

Edgewood Veterinary Group Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 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:
Purleigh Surgery
Chelmsford Road
Purleigh
Chelmsford
Essex
CM3 6QR

 

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 current forecasts and projections, together with the facilities available to the company, 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.

 

Edgewood Veterinary Group Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 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

Long leasehold land and buildings

Over the term of the lease

Plant and machinery

10% to 15% reducing balance

Motor vehicles

25% reducing balance

Computer equipment

33.33% of cost

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by external valuers. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

Goodwill

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

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.

 

Edgewood Veterinary Group Limited

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

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.

 

Edgewood Veterinary Group Limited

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

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.

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the Balance Sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the Profit and Loss Account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

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.

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.

 

Edgewood Veterinary Group Limited

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

 

3

Staff numbers

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

 

Edgewood Veterinary Group Limited

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

 

5

Tangible assets

Land and buildings
£

Plant and machinery
 £

Motor vehicles
 £

Computer equipment
 £

Total
£

Cost or valuation

At 1 January 2023

257,868

526,343

13,815

79,587

877,613

Additions

1,350

33,744

-

-

35,094

Disposals

-

(24,695)

-

-

(24,695)

At 31 December 2023

259,218

535,392

13,815

79,587

888,012

Depreciation

At 1 January 2023

45,802

319,683

12,760

77,109

455,354

Charge for the year

4,455

25,943

264

1,896

32,558

Eliminated on disposal

-

(21,340)

-

-

(21,340)

At 31 December 2023

50,257

324,286

13,024

79,005

466,572

Carrying amount

At 31 December 2023

208,961

211,106

791

582

421,440

At 31 December 2022

212,066

206,660

1,055

2,478

422,259

 

Edgewood Veterinary Group Limited

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

 

6

Investment properties

£

At 1 January 2023

96,000

At 31 December 2023

96,000

The investment property was last valued by an independent valuer in January 2020. The directors are of the opinion that the value shown reflects the current market value of the investment property based on information available for other comparable properties.

 

7

Investments

2023
£

2022
£

Investments in subsidiaries

1

1

Subsidiaries

£

Cost

At 1 January 2023

1

Provision

Carrying amount

At 31 December 2023

1

At 31 December 2022

1

Details of undertakings

Details of the investments (including principal place of business of unincorporated entities) in which the company holds 20% or more of the nominal value of any class of share capital are as follows:

Undertaking

Registered office

Holding

Proportion of voting rights and shares held

     

2023

2022

Subsidiary undertakings

JT Vets Limited

England and Wales

£1 ordinary share

100%

100%

JT Vets Limited

The principal activity of JT Vets Limited is a dormant company.

 

Edgewood Veterinary Group Limited

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

 

8

Debtors

2023
 £

2022
 £

Trade debtors

44,025

46,389

Other debtors

140,034

84,174

Prepayments

26,596

23,575

 

210,655

154,138

 

9

Creditors

Note

2023
 £

2022
 £

Due within one year

 

Loans and borrowings

10

-

53,480

Trade creditors

 

68,126

79,132

Social security and other taxes

 

235,169

243,497

Other creditors

 

9,764

5,263

Accrued expenses

 

18,457

17,520

 

331,516

398,892

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

10

-

143,823

 

10

Loans and borrowings

2023
£

2022
£

Current loans and borrowings

Bank borrowings

-

53,480

2023
£

2022
£

Non-current loans and borrowings

Bank borrowings

-

143,823

The bank borrowings are secured on the directors' personal assets.

 

Edgewood Veterinary Group Limited

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

 

11

Deferred tax

Deferred tax assets and liabilities

2023

Liability
£

Difference between accumulated depreciation and amortisation and capital allowances

42,584

Potential gain on the investment property

2,750

Short term timing differences

(475)

44,859

2022

Liability
£

Difference between accumulated depreciation and amortisation and capital allowances

50,155

Potential gain on the investment property

2,750

Short term timing differences

(389)

52,516

 

12

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary A shares of £1 each

85

85

85

85

Ordinary B shares of £1 each

15

15

15

15

 

100

100

100

100

The different classes of share referred to above carry separate rights to dividends but, in all other significant respects, rank pari passu.

 

Edgewood Veterinary Group Limited

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

 

13

Related party transactions

Summary of transactions with key management

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

At the balance sheet date, the directors owed the company £75,400 (2022 - £61,400). These amounts are included within other debtors. Interest is charged and there are no fixed repayment terms.

 

Summary of transactions with other related parties

Independent Veterinary Buying Group Limited
 (A company in which Mr J Theinert is a director and shareholder)
 
At the balance sheet date the company was owed £3,110 from the Independent Veterinary Buying Group Limited (2022 - £2,767).
 

Transactions with directors

2023

At 1 January 2023
£

Advances to director
£

Repayments by director
£

At 31 December 2023
£

Mr J Theinert

(30,700)

(28,500)

21,500

(37,700)

         
       

Mrs J Theinert

(30,700)

(28,500)

21,500

(37,700)