Registration number:
Bakewell Veterinary Clinic Limited
for the Year Ended 31 December 2023
Bakewell Veterinary Clinic Limited
(Registration number: 07451596)
Balance Sheet as at 31 December 2023
Note |
2023 |
2022 |
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Fixed assets |
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Intangible assets |
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- |
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Tangible assets |
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Current assets |
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Stocks |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current assets |
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Total assets less current liabilities |
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Creditors: Amounts falling due after more than one year |
( |
( |
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Provisions for liabilities |
( |
( |
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Net assets |
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Capital and reserves |
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Called up share capital |
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Profit and loss account |
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Shareholders' funds |
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Bakewell Veterinary Clinic Limited
(Registration number: 07451596)
Balance Sheet as at 31 December 2023 (continued)
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:
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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 and in accordance with the provisions of FRS 102 Section 1A Small Entities.
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 Directors' Report and the Profit and Loss Account has been taken.
Approved and authorised by the
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Bakewell Veterinary Clinic Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023
Accounting policies |
Statutory information
Bakewell Veterinary Clinic Limited is a private company, limited by shares, domiciled in England and Wales, company number 07451596. The registered office is at Milford Farm, Mill Street, Bakewell, DE45 1DX.
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 - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.
Basis of preparation
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value. The presentation currency is United Kingdom pounds sterling, which is the functional currency of the company. The financial statements are those of an individual entity.
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. Revenue is recognised at the point of sale or upon the delivery of services.
Government grants
Grants that do not impose specified future performance-related conditions are recognised in income when the grant proceeds are received or receivable. Grants that impose specified future performance-related conditions are recognised in income only when the performance-related conditions are met. Grants received before the revenue recognition criteria are satisfied are recognised as a liability.
Tax
The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change 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 tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.
Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.
Bakewell Veterinary Clinic Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023 (continued)
1 |
Accounting policies (continued) |
Tangible assets
Tangible assets are stated in the balance sheet 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 over their estimated useful lives, as follows:
Asset class |
Depreciation method and rate |
Plant and machinery |
20% straight line |
Fixtures and fittings |
20% straight line |
Motor vehicles |
25% straight line |
Office equipment |
10%-33% straight line |
Goodwill
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. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.
Amortisation
Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:
Asset class |
Amortisation method and rate |
Goodwill |
3 and 10 years straight line |
Stocks
Stock is valued at the lower of cost and net realisable value, after due regard for obsolete and slow moving stocks. Net realisable value is based on selling price less anticipated costs to completion and selling costs.
Leases
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.
Bakewell Veterinary Clinic Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023 (continued)
1 |
Accounting policies (continued) |
Defined contribution pension obligation
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.
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
Intangible assets |
Goodwill |
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Cost or valuation |
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At 1 January 2023 |
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At 31 December 2023 |
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Amortisation |
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At 1 January 2023 |
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At 31 December 2023 |
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Carrying amount |
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At 31 December 2023 |
- |
At 31 December 2022 |
- |
Bakewell Veterinary Clinic Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023 (continued)
Tangible assets |
Plant and machinery |
Fixtures and fittings |
Motor vehicles |
Office equipment |
Total |
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Cost |
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At 1 January 2023 |
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Additions |
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- |
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Disposals |
- |
- |
( |
- |
( |
At 31 December 2023 |
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Depreciation |
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At 1 January 2023 |
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Charge for the year |
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Eliminated on disposal |
- |
- |
( |
- |
( |
At 31 December 2023 |
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Carrying amount |
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At 31 December 2023 |
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At 31 December 2022 |
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Debtors |
2023 |
2022 |
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Trade debtors |
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Prepayments |
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Other debtors |
- |
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Bakewell Veterinary Clinic Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023 (continued)
Creditors |
2023 |
2022 |
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Due within one year |
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Bank borrowings |
10,119 |
9,870 |
HP and finance lease liabilities |
9,292 |
26,733 |
Directors' loan account |
100,000 |
45,000 |
Trade creditors |
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Taxation and social security |
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Outstanding defined contribution pension costs |
3,837 |
7,284 |
Other payables |
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Accrued expenses |
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2023 |
2022 |
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Due after one year |
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Bank borrowings |
15,661 |
25,780 |
HP and finance lease liabilities |
- |
9,292 |
15,661 |
35,072 |
HP and finance lease liabilities are secured on the assets concerned.
Financial commitments, guarantees and contingencies |
Operating leases
The total amount of financial commitments not included in the balance sheet is £