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Registration number: 07451596

Bakewell Veterinary Clinic Limited

Unaudited Financial Statements

for the Year Ended 31 December 2023

 

Bakewell Veterinary Clinic Limited

(Registration number: 07451596)

Balance Sheet as at 31 December 2023

Note

2023
£

2022
£

Fixed assets

 

Intangible assets

3

-

-

Tangible assets

4

168,143

131,730

 

168,143

131,730

Current assets

 

Stocks

76,760

72,582

Debtors

5

378,794

380,584

Cash at bank and in hand

 

219,211

278,567

 

674,765

731,733

Creditors: Amounts falling due within one year

6

(610,010)

(630,820)

Net current assets

 

64,755

100,913

Total assets less current liabilities

 

232,898

232,643

Creditors: Amounts falling due after more than one year

6

(15,661)

(35,072)

Provisions for liabilities

(42,034)

(32,933)

Net assets

 

175,203

164,638

Capital and reserves

 

Called up share capital

4,000

4,000

Profit and loss account

171,203

160,638

Shareholders' funds

 

175,203

164,638

 

Bakewell Veterinary Clinic Limited

(Registration number: 07451596)

Balance Sheet as at 31 December 2023 (continued)

For the financial year ending 31 December 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 and in accordance with the provisions of FRS 102 Section 1A Small Entities.

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 Directors' Report and the Profit and Loss Account has been taken.

Approved and authorised by the Board on 19 March 2024 and signed on its behalf by:
 

.........................................
G W Bramwell
Director

.........................................
W J Schaper
Director

 
     
 

Bakewell Veterinary Clinic Limited

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

1

Accounting policies

Statutory information

Bakewell Veterinary Clinic Limited is a private company, limited by shares, domiciled in England and Wales, company number 07451596. The registered office is at Milford Farm, Mill Street, Bakewell, DE45 1DX.

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 - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

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. The presentation currency is United Kingdom pounds sterling, which is the functional currency of the company. The financial statements are those of an individual entity.

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. Revenue is recognised at the point of sale or upon the delivery of services.

Government grants

Grants that do not impose specified future performance-related conditions are recognised in income when the grant proceeds are received or receivable. Grants that impose specified future performance-related conditions are recognised in income only when the performance-related conditions are met. Grants received before the revenue recognition criteria are satisfied are recognised as a liability.

Tax

The tax expense for the period comprises current and deferred 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.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

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.

 

Bakewell Veterinary Clinic Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023 (continued)

1

Accounting policies (continued)

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 over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant and machinery

20% straight line

Fixtures and fittings

20% straight line

Motor vehicles

25% straight line

Office equipment

10%-33% straight line

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

3 and 10 years straight line

Stocks

Stock is valued at the lower of cost and net realisable value, after due regard for obsolete and slow moving stocks. Net realisable value is based on selling price less anticipated costs to completion and selling costs.

Leases

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.

 

Bakewell Veterinary Clinic Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023 (continued)

1

Accounting policies (continued)

Defined contribution pension obligation

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.

2

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 26 (2022 - 23).

3

Intangible assets

Goodwill
 £

Cost or valuation

At 1 January 2023

673,250

At 31 December 2023

673,250

Amortisation

At 1 January 2023

673,250

At 31 December 2023

673,250

Carrying amount

At 31 December 2023

-

At 31 December 2022

-

 

Bakewell Veterinary Clinic Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023 (continued)

4

Tangible assets

Plant and machinery
£

Fixtures and fittings
£

Motor vehicles
 £

Office equipment
 £

Total
£

Cost

At 1 January 2023

332,301

38,381

88,508

61,669

520,859

Additions

65,294

-

41,283

2,683

109,260

Disposals

-

-

(39,252)

-

(39,252)

At 31 December 2023

397,595

38,381

90,539

64,352

590,867

Depreciation

At 1 January 2023

266,973

36,934

42,285

42,937

389,129

Charge for the year

24,421

722

21,872

7,024

54,039

Eliminated on disposal

-

-

(20,444)

-

(20,444)

At 31 December 2023

291,394

37,656

43,713

49,961

422,724

Carrying amount

At 31 December 2023

106,201

725

46,826

14,391

168,143

At 31 December 2022

65,328

1,447

46,223

18,732

131,730

5

Debtors

2023
£

2022
£

Trade debtors

331,471

307,738

Prepayments

47,323

47,846

Other debtors

-

25,000

378,794

380,584

 

Bakewell Veterinary Clinic Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023 (continued)

6

Creditors

2023
£

2022
£

Due within one year

Bank borrowings

10,119

9,870

HP and finance lease liabilities

9,292

26,733

Directors' loan account

100,000

45,000

Trade creditors

195,917

202,230

Taxation and social security

261,659

204,296

Outstanding defined contribution pension costs

3,837

7,284

Other payables

20,000

130,000

Accrued expenses

9,186

5,407

610,010

630,820

2023
£

2022
£

Due after one year

Bank borrowings

15,661

25,780

HP and finance lease liabilities

-

9,292

15,661

35,072

HP and finance lease liabilities are secured on the assets concerned.

7

Financial commitments, guarantees and contingencies

Operating leases

The total amount of financial commitments not included in the balance sheet is £236,499 (2022 - £281,411).