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Registered number: 08190352
Riverbank Veterinary Centre Limited
Unaudited Financial Statements
For The Year Ended 30 November 2023
Unaudited Financial Statements
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—7
Page 1
Balance Sheet
Registered number: 08190352
2023 2022
Notes £ £ £ £
FIXED ASSETS
Intangible Assets 4 1 25,000
Tangible Assets 5 153,524 156,984
153,525 181,984
CURRENT ASSETS
Stocks 6 13,018 13,506
Debtors 7 13,423 8,773
Cash at bank and in hand 39,156 39,861
65,597 62,140
Creditors: Amounts Falling Due Within One Year 8 (117,202 ) (103,807 )
NET CURRENT ASSETS (LIABILITIES) (51,605 ) (41,667 )
TOTAL ASSETS LESS CURRENT LIABILITIES 101,920 140,317
Creditors: Amounts Falling Due After More Than One Year 9 (20,291 ) (74,053 )
PROVISIONS FOR LIABILITIES
Deferred Taxation (1,050 ) (900 )
NET ASSETS 80,579 65,364
CAPITAL AND RESERVES
Called up share capital 10 100 100
Profit and Loss Account 80,479 65,264
SHAREHOLDERS' FUNDS 80,579 65,364
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For the year ending 30 November 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 Richard Armour
Director
11 April 2024
The notes on pages 3 to 7 form part of these financial statements.
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Notes to the Financial Statements
1. General Information
Riverbank Veterinary Centre Limited is a private company, limited by shares, incorporated in England & Wales, registered number 08190352 . The registered office is 5 Ribblesdale Place, Preston, Lancashire, PR1 8BZ.
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.
2.2. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
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 .... 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 2% on cost
Motor Vehicles 25% on written down value
Fixtures & Fittings 20% on written down value
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.
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2.6. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other year and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and asset reflects the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 9 (2022: 10)
9 10
4. Intangible Assets
Goodwill
£
Cost
As at 1 December 2022 250,000
As at 30 November 2023 250,000
Amortisation
As at 1 December 2022 225,000
Provided during the period 24,999
As at 30 November 2023 249,999
Net Book Value
As at 30 November 2023 1
As at 1 December 2022 25,000
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5. Tangible Assets
Land & Property
Freehold Motor Vehicles Fixtures & Fittings Total
£ £ £ £
Cost
As at 1 December 2022 162,753 8,690 21,483 192,926
Additions - - 849 849
As at 30 November 2023 162,753 8,690 22,332 193,775
Depreciation
As at 1 December 2022 15,666 5,872 14,404 35,942
Provided during the period 2,238 564 1,507 4,309
As at 30 November 2023 17,904 6,436 15,911 40,251
Net Book Value
As at 30 November 2023 144,849 2,254 6,421 153,524
As at 1 December 2022 147,087 2,818 7,079 156,984
6. Stocks
2023 2022
£ £
Materials 13,018 13,506
7. Debtors
2023 2022
£ £
Due within one year
Trade debtors 11,753 7,372
Other debtors 1,670 1,401
13,423 8,773
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8. Creditors: Amounts Falling Due Within One Year
2023 2022
£ £
Trade creditors 11,077 10,048
Bank loans and overdrafts 33,700 31,675
Other creditors 31,041 28,965
Taxation and social security 41,384 33,119
117,202 103,807
The loan is being repaid by monthly instalments. The interest being charged is 3.16% above base rate.
The bank loan of £33,700 (2022- £31,675) is secured on the company's assets.
9. Creditors: Amounts Falling Due After More Than One Year
2023 2022
£ £
Bank loans 20,291 74,053
20,291 74,053
The loan is being repaid by monthly instalments. The interest being charged is 3.16% above base rate.
The bank loan of £20,291 (2022- £74,053) is secured on the company's assets.
10. Share Capital
2023 2022
£ £
Allotted, Called up and fully paid 100 100
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 715 1,375
Later than one year and not later than five years 1,789 2,504
2,504 3,879
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12. Directors Advances, Credits and Guarantees
Included within creditors are the following loans to directors:
As at 1 December 2022 Amounts advanced Amounts repaid Amounts written off As at 30 November 2023
£ £ £ £ £
Mr Richard Armour 20,100 (40,843 ) 42,595 - 21,852
The above loan is unsecured, interest free and repayable on demand.
13. Related Party Transactions
The company was under the control of Mr R. L. Armour and Mrs S. J. Armour throughout the current and previous year.

Mr R. L. Armour is the managing director and majority shareholder.

Mr R. L. Armour has given a personal guarantee in respect of the bank borrowings.
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