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Registration number: 05912517

MVG Devon Ltd

Unaudited Filleted Financial Statements

for the Year Ended 31 August 2023

 

MVG Devon Ltd

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 10

 

MVG Devon Ltd

Company Information

Directors

Mr U W E Arnold

Mr A M Rubens

Company secretary

Mrs DJ Hill

Registered office

31 Court Street
Moretonhampstead
Newton Abbot
Devon
TQ13 8LG

Accountants

M.J. Smith & Co Limited
Chartered Accountants
Woodbury House
Green Lane
Exton
Exeter
Devon
EX3 0PW

 

MVG Devon Ltd

(Registration number: 05912517)
Balance Sheet as at 31 August 2023

Note

2023
£

2022
£

fixed assets

 

Intangible assets

6

9,306

13,959

tangible assets

7

300,101

320,246

 

309,407

334,205

Current assets

 

stocks

8

79,948

88,572

Debtors

9

113,729

74,671

Cash at bank and in hand

 

34,268

40,855

 

227,945

204,098

Creditors: Amounts falling due within one year

10

(203,994)

(197,624)

Net current assets

 

23,951

6,474

Total assets less current liabilities

 

333,358

340,679

Creditors: Amounts falling due after more than one year

10

(174,335)

(186,754)

Net assets

 

159,023

153,925

capital and reserves

 

Called up share capital

100

100

Profit and loss account

158,923

153,825

Total equity

 

159,023

153,925

For the financial year ending 31 August 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.

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.

 

MVG Devon Ltd

(Registration number: 05912517)
Balance Sheet as at 31 August 2023

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 21 February 2024 and signed on its behalf by:
 

.........................................
Mr U W E Arnold
Director

 

MVG Devon Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 August 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:
31 Court Street
Moretonhampstead
Newton Abbot
Devon
TQ13 8LG

These financial statements were authorised for issue by the Board on 21 February 2024.

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 that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

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.

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 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.

 

MVG Devon Ltd

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

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, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Motor vehicles

25% reducing balance basis

Plant and machinery

25% reducing balance basis

Land and buildings

5% per annum of cost

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

10 years

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. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. 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 receivables.

 

MVG Devon Ltd

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

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.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are 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.

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 subsequently measured at amortised cost using the effective interest method.

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.

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.

 

MVG Devon Ltd

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

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 28 (2022 - 26).

4

Profit before tax

Arrived at after charging/(crediting)

2023
£

2022
£

Depreciation expense

34,505

33,233

Amortisation expense

4,653

4,653

5

Taxation on profits on ordinary activities

Note

2023
£

2022
 £

Tax reconciliation

 

UK corporation tax

 

36,908

18,505

UK corporation tax adjustment to prior periods

 

303

-

 

37,211

18,505

 

MVG Devon Ltd

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

6

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 September 2022

84,600

84,600

At 31 August 2023

84,600

84,600

Amortisation

At 1 September 2022

70,641

70,641

Amortisation charge

4,653

4,653

At 31 August 2023

75,294

75,294

Carrying amount

At 31 August 2023

9,306

9,306

At 31 August 2022

13,959

13,959

7

Tangible assets

Land and buildings
£

Motor vehicles
 £

Other property, plant and equipment
£

Total
£

Cost or valuation

At 1 September 2022

326,589

64,126

119,279

509,994

Additions

-

8,250

7,035

15,285

Disposals

-

(3,900)

-

(3,900)

At 31 August 2023

326,589

68,476

126,314

521,379

Depreciation

At 1 September 2022

64,693

48,760

76,295

189,748

Charge for the year

16,328

5,672

12,504

34,504

Eliminated on disposal

-

(2,974)

-

(2,974)

At 31 August 2023

81,021

51,458

88,799

221,278

Carrying amount

At 31 August 2023

245,568

17,018

37,515

300,101

At 31 August 2022

261,896

15,366

42,984

320,246

Included within the net book value of land and buildings above is £245,567 (2022 - £261,896) in respect of freehold land and buildings.
 

 

MVG Devon Ltd

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

8

Stocks

2023
£

2022
£

Other inventories

79,948

88,572

9

Debtors

Current

2023
£

2022
£

Trade debtors

103,544

66,842

Prepayments

8,466

7,829

Other debtors

1,719

-

 

113,729

74,671

10

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Bank loans and overdrafts

12

11,269

10,118

trade creditors

 

82,151

117,927

Taxation and social security

 

39,626

26,458

Accruals and deferred income

 

16,105

15,241

Other creditors

 

36,908

18,505

Director's current account

 

17,935

9,375

 

203,994

197,624

 

MVG Devon Ltd

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

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

12

174,335

186,754

11

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary shares of £1 each

100

100

100

100

         

12

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Bank borrowings

174,335

186,754

2023
£

2022
£

Current loans and borrowings

Bank borrowings

11,269

10,118

13

Parent and ultimate parent undertaking

The ultimate controlling party is Mr U W E Arnold & Mr A M Rubens by virtue of their 100% shareholding .