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Registered number: 05007107
Rutland Veterinary Centre Limited
Unaudited Financial Statements
For The Year Ended 31 December 2023
Max Accountants Ltd
Ketton Suite
The King Centre
Oakham
Rutland
LE15 7WD
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—6
Page 1
Balance Sheet
Registered number: 05007107
2023 2022
Notes £ £ £ £
FIXED ASSETS
Intangible Assets 4 899 2,399
Tangible Assets 5 667,451 912,181
Investments 6 4,179 4,279
672,529 918,859
CURRENT ASSETS
Stocks 7 282,962 225,641
Debtors 8 910,526 858,154
Cash at bank and in hand 553,605 506,164
1,747,093 1,589,959
Creditors: Amounts Falling Due Within One Year 9 (1,456,815 ) (1,242,509 )
NET CURRENT ASSETS (LIABILITIES) 290,278 347,450
TOTAL ASSETS LESS CURRENT LIABILITIES 962,807 1,266,309
PROVISIONS FOR LIABILITIES
Deferred Taxation (74,114 ) (89,896 )
NET ASSETS 888,693 1,176,413
CAPITAL AND RESERVES
Called up share capital 10 136,382 136,382
Revaluation reserve (43,449 ) -
Capital redemption reserve 1 -
Profit and Loss Account 795,759 1,040,031
SHAREHOLDERS' FUNDS 888,693 1,176,413
Page 1
Page 2
For the 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.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr Michael Hugh Thorne
Director
16 April 2024
The notes on pages 3 to 6 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
Rutland Veterinary Centre Limited is a private company, limited by shares, incorporated in England & Wales, registered number 05007107 . The registered office is 12a Ayston Road, Uppingham, Oakham, LE15 9RL.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
2.2. Turnover
Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Company and the turnover can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.
2.3. Intangible Fixed Assets and Amortisation - Goodwill
Goodwill is the difference between amounts paid on the acquisition of a business and the fair value of the separable net assets. It is amortised to profit and loss account over its estimated economic life of 10 years.
2.4. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Freehold in accordance with the property
Leasehold in accordance with the property
Motor Vehicles 20% on cost
Fixtures & Fittings Between 20% and 33% on cost
2.5. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
2.6. Cash and Cash Equivalents
Cash and cash equivalents are basic financial assets and include cash in hand and deposits held at call with banks, other short-term highly liquid investments that mature in no more than three months from the date of acquisition and are readily convertible to a known amount of cash with insignificant risk of change in value, and bank overdrafts.
2.7. Financial Instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Basic financial assets
Basic financial assets, which include debtors and bank balances, are measured at transaction price including transaction costs.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors, are recognised at transaction price including transaction costs.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities.
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Page 4
2.8. Taxation
Tax is recognised in profit or loss except that a charge is attributable to an item of income and expense recognised as other comphrehensive income or to an item recognised directly in equity is also recognised in other comphrehensive income or directly in equity respectively.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the company operates and generates income.
Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.
Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.
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.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 111 (2022: 103)
111 103
4. Intangible Assets
Goodwill
£
Cost
As at 1 January 2023 95,936
As at 31 December 2023 95,936
Amortisation
As at 1 January 2023 93,537
Provided during the period 1,500
As at 31 December 2023 95,037
Net Book Value
As at 31 December 2023 899
As at 1 January 2023 2,399
5. Tangible Assets
Land & Property
Freehold Leasehold Motor Vehicles Fixtures & Fittings Total
£ £ £ £ £
Cost or Valuation
As at 1 January 2023 345,676 198,908 172,001 1,193,161 1,909,746
Additions - 82,730 1,925 208,707 293,362
Disposals (302,227 ) - (8,205 ) (127,958 ) (438,390 )
Revaluation (43,449) - - - (43,449 )
As at 31 December 2023 - 281,638 165,721 1,273,910 1,721,269
Depreciation
As at 1 January 2023 - 124,083 99,350 774,132 997,565
Provided during the period - 21,485 27,356 142,611 191,452
Disposals - - (8,086 ) (127,113 ) (135,199 )
As at 31 December 2023 - 145,568 118,620 789,630 1,053,818
...CONTINUED
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Page 5
Net Book Value
As at 31 December 2023 - 136,070 47,101 484,280 667,451
As at 1 January 2023 345,676 74,825 72,651 419,029 912,181
6. Investments
Subsidiaries Listed Total
£ £ £
Cost
As at 1 January 2023 112 4,167 4,279
Disposals (100 ) - (100 )
As at 31 December 2023 12 4,167 4,179
Provision
As at 1 January 2023 - - -
As at 31 December 2023 - - -
Net Book Value
As at 31 December 2023 12 4,167 4,179
As at 1 January 2023 112 4,167 4,279
7. Stocks
2023 2022
£ £
Stock 282,962 225,641
8. Debtors
2023 2022
£ £
Due within one year
Trade debtors 535,108 490,226
Prepayments and accrued income 37,630 39,751
Other debtors 138,076 144,119
Amounts owed by group undertakings 199,712 184,058
910,526 858,154
9. Creditors: Amounts Falling Due Within One Year
2023 2022
£ £
Trade creditors 535,421 465,050
Corporation tax 376,086 287,951
Other taxes and social security 92,963 80,754
VAT 355,072 334,843
Other creditors 24,290 19,364
Accruals and deferred income 68,877 50,441
Amounts owed to group undertakings 4,106 4,106
1,456,815 1,242,509
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10. Share Capital
2023 2022
Allotted, called up and fully paid £ £
136,382 Ordinary Shares of £ 1.00 each 136,382 136,382
11. Other Commitments
The total of future minimum lease payments under non-cancellable operating leases are as following:
2023 2022
£ £
Not later than one year 70,275 46,394
Later than one year and not later than five years 211,447 185,577
Later than five years 286,188 332,582
567,910 564,553
12. Controlling Parties
The company's immediate parent undertaking is RVCL Holding Company Limited .
The ultimate parent undertaking is (incorporated in England & Wales). Its registered office is 12a Ayston Road, Uppingham, Rutland, LE15 9RL .
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