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Registration number: 05886364

Prepared for the registrar

Ark Vets Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 October 2023

 

Ark Vets Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 10

 

Ark Vets Limited

Company Information

Directors

Mrs S Armstrong

Mr M Armstrong

Company secretary

Mr M Armstrong

Registered office

445 Kingston Road
Epsom
Surrey
KT19 0DB

Accountants

Hazlewoods LLP
Staverton Court
Staverton
Cheltenham
GL51 0UX

 

Ark Vets Limited

(Registration number: 05886364)
Balance Sheet as at 31 October 2023

Note

2023
 £

2022
 £

Fixed assets

 

Tangible assets

4

696,555

693,063

Current assets

 

Stocks

12,284

10,431

Debtors

5

32,294

29,429

Cash at bank and in hand

 

64,634

90,116

 

109,212

129,976

Creditors: Amounts falling due within one year

6

(110,425)

(107,526)

Net current (liabilities)/assets

 

(1,213)

22,450

Total assets less current liabilities

 

695,342

715,513

Creditors: Amounts falling due after more than one year

6

(193,672)

(218,456)

Deferred tax liabilities

7

(31,106)

(32,038)

Net assets

 

470,564

465,019

Capital and reserves

 

Called up share capital

1,000

1,000

Profit and loss account

 

469,564

464,019

Total equity

 

470,564

465,019

 

Ark Vets Limited

(Registration number: 05886364)
Balance Sheet as at 31 October 2023

For the financial year ending 31 October 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.

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.

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 Profit and Loss Account has been taken.

Approved and authorised by the Board on 3 April 2024 and signed on its behalf by:
 


Mrs S Armstrong
Director


Mr M Armstrong
Company secretary and director

 

Ark Vets Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 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:
445 Kingston Road
Epsom
Surrey
KT19 0DB

 

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 for, where disclosed in these accounting policies, certain items that are shown at fair value.

The presentational currency of the financial statements is Pounds Sterling, being the functional currency of the primary economic environment in which the company operates. Monetary amounts in these financial statements are rounded to the nearest Pound.

Going concern

After reviewing the company's current forecasts and projections, together with the facilities available to the company, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The company therefore continues to adopt the going concern basis in preparing its financial statements.

Critical accounting judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.
 

Judgements

No significant judgements have been made by management in preparing these financial statements.

 

Ark Vets Limited

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

Key sources of estimation uncertainty

No key sources of uncertainty have been identified by management in preparing these financial statements other than those detailed in these accounting policies.

No key sources of estimation uncertainty have been identified by management in preparing these financial statements other than those detailed in these accounting policies.

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 and after eliminating sales within the company.

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 and deferred tax. Tax is recognised in the profit and loss account, except that a charge 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 income tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the company. Deferred income tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Tangible assets

Tangible assets are stated in the statement of financial position 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

Freehold land and buildings

Nil

Fixtures and fittings

10-15% of written down value

Office equipment

33.33% of cost

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. All trade debtors are repayable within one year and hence are included at the undiscounted cost of cash expected to be received. 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 debtors.

 

Ark Vets Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 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.

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 all are repayable within one year and hence are included at the undiscounted amount of cash expected to be paid.

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.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

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.

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.

 

Ark Vets Limited

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

Financial instruments


Classification
Financial instruments are classified and accounted for according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Where shares are issued, any component that creates a financial liability of the company is presented as a liability on the balance sheet. The corresponding dividends relating to the liability component are charged as interest expenses in the profit and loss account.

 Recognition and measurement
All financial assets and liabilities are initially measured at transaction price (including transaction costs), except for those financial assets classified as at fair value through profit or loss, which are initially measured at fair value (which is normally the transaction price excluding transaction costs), unless the arrangement constitutes a financing transaction. If an arrangement constitutes a financing transaction, the financial asset or financial liability is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

 Impairment
Assets, other than those measured at fair value, are assessed for indicators of impairment at each balance sheet date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss as described below.

A non financial asset is impaired where there is objective evidence that, as a result of one or more events that occurred after initial recognition, the estimated recoverable value of the asset has been reduced. The recoverable amount of an asset is the higher of its fair value less costs to sell and its value in use.

 

Ark Vets Limited

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

 

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 14 (2022 - 13).

 

4

Tangible assets

Freehold land and buildings
£

Fixtures and fittings
 £

Office equipment
 £

Total
£

Cost

At 1 November 2022

584,753

326,138

21,998

932,889

Additions

-

19,828

1,367

21,195

At 31 October 2023

584,753

345,966

23,365

954,084

Depreciation

At 1 November 2022

-

222,720

17,106

239,826

Charge for the year

-

14,905

2,798

17,703

At 31 October 2023

-

237,625

19,904

257,529

Carrying amount

At 31 October 2023

584,753

108,341

3,461

696,555

At 31 October 2022

584,753

103,418

4,892

693,063

 

5

Debtors

2023
 £

2022
 £

Trade debtors

29,294

25,369

Other debtors

3,000

3,000

Prepayments

-

1,060

 

32,294

29,429

 

Ark Vets Limited

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

 

6

Creditors

Note

2023
 £

2022
 £

Due within one year

 

Loans and borrowings

8

30,358

35,821

Trade creditors

 

4,914

7,504

Social security and other taxes

 

65,911

56,597

Outstanding defined contribution pension costs

 

1,439

2,143

Other creditors

 

2,478

1,116

Accrued expenses

 

5,325

4,345

 

110,425

107,526

Due after one year

 

Loans and borrowings

8

193,672

218,456

The bank loans and borrowings are secured by the company.

 

7

Deferred tax

Deferred tax assets and liabilities

2023

Liability
£

Difference between accumulated depreciation and amortisation and capital allowance

31,106

2022

Liability
£

Difference between accumulated depreciation and amortisation and capital allowance

32,038

 

8

Loans and borrowings

2023
£

2022
£

Current loans and borrowings

Bank borrowings

27,470

30,156

Other borrowings

2,888

5,665

30,358

35,821

2023
£

2022
£

Non-current loans and borrowings

Bank borrowings

193,672

218,456

The bank loans and borrowings are secured by the company.

 

Ark Vets Limited

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

 

9

Financial commitments

Operating leases

The total of future minimum lease payments is as follows:

2023
 £

2022
 £

Not later than one year

13,568

13,568

Later than one year and not later than five years

54,272

54,272

Later than five years

162,816

176,384

230,656

244,224

The amount of non-cancellable operating lease payments recognised as an expense during the year was £13,568 (2022 - £13,568).

 

10

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary A Shares of £1 each

122

122

122

122

Ordinary B Shares of £1 each

878

878

878

878

 

1,000

1,000

1,000

1,000

The different classes of share referred to above carry separate rights to dividends but, in all other significant respects, rank pari passu.

 

11

Related party transactions

Transactions with directors

At the balance sheet date the company owed the directors £2,888 (2022: £5,665). This amount is included within other borrowings. There are no fixed repayment terms and no interest is charged.