Caseware UK (AP4) 2022.0.179 2022.0.179 2023-06-302023-06-30false2022-07-01No description of principal activity1111truetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 4006214 2022-07-01 2023-06-30 4006214 2021-07-01 2022-06-30 4006214 2023-06-30 4006214 2022-06-30 4006214 c:Director1 2022-07-01 2023-06-30 4006214 d:FurnitureFittings 2022-07-01 2023-06-30 4006214 d:FurnitureFittings 2023-06-30 4006214 d:FurnitureFittings 2022-06-30 4006214 d:FurnitureFittings d:OwnedOrFreeholdAssets 2022-07-01 2023-06-30 4006214 d:Goodwill 2023-06-30 4006214 d:Goodwill 2022-06-30 4006214 d:CurrentFinancialInstruments 2023-06-30 4006214 d:CurrentFinancialInstruments 2022-06-30 4006214 d:CurrentFinancialInstruments d:WithinOneYear 2023-06-30 4006214 d:CurrentFinancialInstruments d:WithinOneYear 2022-06-30 4006214 d:ShareCapital 2023-06-30 4006214 d:ShareCapital 2022-06-30 4006214 d:RetainedEarningsAccumulatedLosses 2023-06-30 4006214 d:RetainedEarningsAccumulatedLosses 2022-06-30 4006214 d:FinancialAssetsDesignatedFairValueThroughProfitOrLoss 2023-06-30 4006214 d:FinancialAssetsDesignatedFairValueThroughProfitOrLoss 2022-06-30 4006214 c:FRS102 2022-07-01 2023-06-30 4006214 c:AuditExempt-NoAccountantsReport 2022-07-01 2023-06-30 4006214 c:FullAccounts 2022-07-01 2023-06-30 4006214 c:PrivateLimitedCompanyLtd 2022-07-01 2023-06-30 4006214 e:PoundSterling 2022-07-01 2023-06-30 iso4217:GBP xbrli:pure

Registered number: 4006214










MALDON ROAD VETERINARY PRACTICE LIMITED








UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 30 JUNE 2023

 
MALDON ROAD VETERINARY PRACTICE LIMITED
REGISTERED NUMBER: 4006214

BALANCE SHEET
AS AT 30 JUNE 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 5 
1,785
3,191

  
1,785
3,191

Current assets
  

Stocks
  
8,195
12,605

Debtors: amounts falling due within one year
 6 
20,604
18,714

Current asset investments
 7 
524,862
508,012

Cash at bank and in hand
 8 
926,602
790,645

  
1,480,263
1,329,976

Creditors: amounts falling due within one year
 9 
(147,586)
(148,381)

Net current assets
  
 
 
1,332,677
 
 
1,181,595

Total assets less current liabilities
  
1,334,462
1,184,786

Provisions for liabilities
  

Deferred tax
  
(446)
(606)

  
 
 
(446)
 
 
(606)

Net assets
  
1,334,016
1,184,180


Capital and reserves
  

Called up share capital 
  
2
2

Profit and loss account
  
1,334,014
1,184,178

  
1,334,016
1,184,180


Page 1

 
MALDON ROAD VETERINARY PRACTICE LIMITED
REGISTERED NUMBER: 4006214

BALANCE SHEET (CONTINUED)
AS AT 30 JUNE 2023

The director considers that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 1 February 2024.




J L Geurden
Director

The notes on pages 3 to 10 form part of these financial statements.

Page 2

 
MALDON ROAD VETERINARY PRACTICE LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023

1.


General information

Maldon Road Veterinary Practice Limited is a company limited by shares and was incorporated in Wales.
The registered office is:
Kingsridge House
601 London Road
Westcliff on sea
Essex. SS0 9PE.
The registered number is 4006214.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

 
2.2

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

Page 3

 
MALDON ROAD VETERINARY PRACTICE LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023

2.Accounting policies (continued)

 
2.3

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

 
2.4

Government grants

Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to profit or loss at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income.
Grants of a revenue nature are recognised in the Statement of income and retained earnings in the same period as the related expenditure.

 
2.5

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

 
2.6

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the Company in independently administered funds.

Page 4

 
MALDON ROAD VETERINARY PRACTICE LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023

2.Accounting policies (continued)

 
2.7

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive 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 balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

 
2.8

Intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

 
2.9

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Fixtures, fittings and equipment
-
25% straight line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

Page 5

 
MALDON ROAD VETERINARY PRACTICE LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023

2.Accounting policies (continued)

 
2.10

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

 
2.11

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.12

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.13

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.14

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

 
2.15

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” 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 trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of
Page 6

 
MALDON ROAD VETERINARY PRACTICE LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023

2.Accounting policies (continued)


2.15
Financial instruments (continued)

financial instruments.

Other financial assets

Other financial assets, which includes investments in equity instruments which are not classified as subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the recognised transaction price. Such assets are subsequently measured at fair value with the changes in fair value being recognised in the profit or loss. Where other financial assets are not publicly traded, hence their fair value cannot be measured reliably, they are measured at cost less impairment.

Impairment of financial assets

Financial assets are assessed for indicators of impairment at each reporting date. 

Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.

If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.

 
2.16

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.


3.


Employees

The average monthly number of employees, including directors, during the year was 11 (2022 - 11).

Page 7

 
MALDON ROAD VETERINARY PRACTICE LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023

4.


Intangible assets




Goodwill

£



Cost


At 1 July 2022
250,000



At 30 June 2023

250,000



Amortisation


At 1 July 2022
250,000



At 30 June 2023

250,000



Net book value



At 30 June 2023
-



At 30 June 2022
-




5.


Tangible fixed assets





Fixtures, fittings and equipment

£



Cost or valuation


At 1 July 2022
116,617



At 30 June 2023

116,617



Depreciation


At 1 July 2022
113,426


Charge for the year on owned assets
1,406



At 30 June 2023

114,832



Net book value



At 30 June 2023
1,785



At 30 June 2022
3,191

Page 8

 
MALDON ROAD VETERINARY PRACTICE LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023

6.


Debtors

2023
2022
£
£


Trade debtors
18,711
16,627

Prepayments and accrued income
1,893
2,087

20,604
18,714



7.


Current asset investments

2023
2022
£
£

Unlisted investments
524,862
508,012

524,862
508,012



8.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
926,602
790,645

Less: bank overdrafts
(616)
(616)

925,986
790,029



9.


Creditors: Amounts falling due within one year

2023
2022
£
£

Bank overdrafts
616
616

Trade creditors
19,416
24,431

Corporation tax
34,224
34,654

Other taxation and social security
26,362
28,492

Other creditors
66,968
60,188

147,586
148,381


Page 9

 
MALDON ROAD VETERINARY PRACTICE LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023

10.


Financial instruments

2023
2022
£
£

Financial assets


Financial assets measured at fair value through profit or loss
926,602
790,645




Financial assets measured at fair value through profit or loss comprise cash at bank and current asset investments.


11.


Pension commitments

The company contributes to a personal pension scheme in respect of its director.  The scheme and its assets are held by independent managers.  The pension charge represents contributions due from the company and amounted to £69,000 (2021 £24,000).


12.


Related party transactions

During the year dividends of nil (2022: £39,901) were paid to the director.


Page 10