2022-11-012023-10-312023-10-31false04378592INTAKE VETERINARY SERVICES 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INTAKE VETERINARY SERVICES LIMITED

Registered Number
04378592
(England and Wales)

Unaudited Financial Statements for the Year ended
31 October 2023

INTAKE VETERINARY SERVICES LIMITED
Company Information
for the year from 1 November 2022 to 31 October 2023

Directors

Mr N D A Freeman
Mr D J Parkins
Mrs S Yeend

Registered Address

Unit 1 Peterel Field Business Village
Dipton Mill Road
Hexham
NE46 2JT

Registered Number

04378592 (England and Wales)
INTAKE VETERINARY SERVICES LIMITED
Statement of Financial Position
31 October 2023

Notes

2023

2022

£

£

£

£

Fixed assets
Tangible assets6115,168139,103
115,168139,103
Current assets
Stocks74,59553,298
Debtors8306,326234,593
Cash at bank and on hand578,886530,841
959,807818,732
Creditors amounts falling due within one year9(298,812)(306,361)
Net current assets (liabilities)660,995512,371
Total assets less current liabilities776,163651,474
Creditors amounts falling due after one year10(12,683)(16,774)
Provisions for liabilities11(28,792)(34,777)
Net assets734,688599,923
Capital and reserves
Called up share capital6,0006,000
Profit and loss account728,688593,923
Shareholders' funds734,688599,923
The financial statements were approved and authorised for issue by the Board of Directors on 24 January 2024, and are signed on its behalf by:
Mr N D A Freeman
Director
Registered Company No. 04378592
INTAKE VETERINARY SERVICES LIMITED
Notes to the Financial Statements
for the year ended 31 October 2023

1.Statutory information
The company is a private company limited by shares and registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.
2.Compliance with applicable reporting framework
The financial statements have been prepared in compliance with FRS 102 Section 1A as it applies to the financial statements for the period and there were no material departures from the reporting standard.
3.Basis of measurement used in financial statements
The financial statements have been prepared under the historical cost convention on a going concern basis 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.
4.Accounting policies
Functional and presentation currency policy
The financial statements are presented in sterling and this is the functional currency of the company.
Turnover policy
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/or the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. 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.
Property, plant and equipment policy
Tangible fixed assets are stated at cost or valuation less depreciation. 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 disposal are determined by comparing the proceeds with the carrying amount and are recognised in the Income Statement Depreciation is provided on all tangible fixed assets as follows:

Reducing balance (%)Straight line (years)
Plant and machinery25-
Fixtures and fittings20-
Vehicles25-
Office Equipment-4
Stocks policy
Stocks are valued at the lower of cost and estimated selling price (less any associated costs to enable such sales to complete). At each date of Statement of Financial Position, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to completed the sale. The impairment loss is recognised immediately in the Income Statement.
Taxation policy
Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax policy
Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that 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, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Leases policy
Assets held under finance leases which are leases where substantially all the risks and rewards of ownership of the asset have passed to the company, and hire purchase contracts are capitalised in the Statement of Financial Position. They are depreciated over the shorter of their useful lives or the term of the lease. All other lease arrangements are classified as an operating lease. Payments made under operating leases are charged to the Income Statement on a straight line basis over the lease term.
Employee benefits policy
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 obligation. Contributions to defined contribution plans are expensed in the period to which they relate. Amounts not paid are shown in accruals in the Statement of Financial Position. The assets of the plan are held separately from the company in independently administered funds.
Valuation of financial instruments policy
The company enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.
5.Employee information

20232022
Average number of employees during the year76
6.Property, plant and equipment

Plant & machinery

Vehicles

Fixtures & fittings

Office Equipment

Total

£££££
Cost or valuation
At 01 November 22183,960143,8689,2129,308346,348
Additions7,855--4,76712,622
Disposals(6,616)--(3,179)(9,795)
At 31 October 23185,199143,8689,21210,896349,175
Depreciation and impairment
At 01 November 22121,39772,8445,2037,801207,245
Charge for year16,47217,7568021,54736,577
On disposals(6,579)--(3,236)(9,815)
At 31 October 23131,29090,6006,0056,112234,007
Net book value
At 31 October 2353,90953,2683,2074,784115,168
At 31 October 2262,56371,0244,0091,507139,103
7.Off balance sheet pension commitments
The pension cost charge represents contributions payable by the company to the fund and amounted to £24,859 (2022 - £23,765).
8.Debtors

2023

2022

££
Trade debtors / trade receivables299,468228,658
Prepayments and accrued income6,8585,935
Total306,326234,593
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
9.Creditors within one year

2023

2022

££
Trade creditors / trade payables61,280133,963
Taxation and social security179,963117,795
Finance lease and HP contracts4,0913,881
Other creditors47,75845,513
Accrued liabilities and deferred income5,7205,209
Total298,812306,361
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method. Finance lease and HP contracts are secured against the assets to which they relate.
10.Creditors after one year

2023

2022

££
Other creditors12,68316,774
Total12,68316,774
Finance lease and HP contracts equal to £12,683, (2022 - £16,774) are included within other creditors and are secured against the assets to which they relate.
11.Provisions for liabilities
Provisions are made where an event has taken place that gives the Company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation. Provisions are charged as an expense to profit or loss in the year that the Company becomes aware of the obligation, and are measured at the best estimate at the Statement of financial position date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties. When payments are eventually made, they are charged to the provision carried in the Statement of financial position.

2023

2022

££
Net deferred tax liability (asset)28,79234,777
Total28,79234,777