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Registration number: 08247773

Prepared for the registrar

Wealden Equine Clinic Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 October 2023

 

Wealden Equine Clinic Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 10

 

Wealden Equine Clinic Limited

Company Information

Directors

Mr A Warr

Mrs S Warr

Registered office

Hubbles Farm
Hastings Road
Pembury
Tunbridge Wells
Kent
TN2 4JP

Accountants

Hazlewoods LLP
Staverton Court
Staverton
Cheltenham
GL51 0UX

 

Wealden Equine Clinic Limited

(Registration number: 08247773)
Balance Sheet as at 31 October 2023

Note

2023
 £

2022
 £

Fixed assets

 

Tangible assets

5

49,613

52,490

Current assets

 

Stocks

11,899

10,170

Debtors

6

19,049

33,704

Cash at bank and in hand

 

180,594

179,435

 

211,542

223,309

Creditors: Amounts falling due within one year

7

(128,508)

(108,194)

Net current assets

 

83,034

115,115

Total assets less current liabilities

 

132,647

167,605

Deferred tax liabilities

(9,426)

(13,123)

Net assets

 

123,221

154,482

Capital and reserves

 

Called up share capital

10

100

100

Profit and loss account

123,121

154,382

Total equity

 

123,221

154,482

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.

 

Wealden Equine Clinic Limited

(Registration number: 08247773)
Balance Sheet as at 31 October 2023

Approved and authorised by the Board on 12 April 2024 and signed on its behalf by:
 


Mr A Warr
Director


Mrs S Warr
Director

 

Wealden Equine Clinic 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:
Hubbles Farm
Hastings Road
Pembury
Tunbridge Wells
Kent
TN2 4JP

 

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.
 

 

Wealden Equine Clinic Limited

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

Judgements

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

Key sources of estimation uncertainty

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

Plant and machinery

15% of written down value

Fixtures and fittings

10% of written down value

Office equipment

33.33% cost

Motor vehicles

25% of written down value

Goodwill

Goodwill is amortised over its useful life, which the directors believe to be 10 years.

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.

 

Wealden Equine Clinic 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.

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.

 

Wealden Equine Clinic 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.

 

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was as follows:

 

Wealden Equine Clinic Limited

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

 

4

Intangible assets

Goodwill
 £

Total
£

Cost

At 1 November 2022

100,000

100,000

At 31 October 2023

100,000

100,000

Amortisation

At 1 November 2022

100,000

100,000

At 31 October 2023

100,000

100,000

Carrying amount

At 31 October 2023

-

-

 

5

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Office equipment
 £

Total
£

Cost

At 1 November 2022

109,273

41,359

9,158

159,790

Additions

10,068

-

2,166

12,234

Disposals

(14,850)

-

-

(14,850)

At 31 October 2023

104,491

41,359

11,324

157,174

Depreciation

At 1 November 2022

71,478

28,862

6,960

107,300

Charge for the year

6,454

3,125

1,587

11,166

Eliminated on disposal

(10,905)

-

-

(10,905)

At 31 October 2023

67,027

31,987

8,547

107,561

Carrying amount

At 31 October 2023

37,464

9,372

2,777

49,613

At 31 October 2022

37,795

12,497

2,198

52,490

 

Wealden Equine Clinic Limited

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

 

6

Debtors

2023
 £

2022
 £

Trade debtors

18,638

33,704

Prepayments

411

-

 

19,049

33,704

 

7

Creditors

Note

2023
 £

2022
 £

Due within one year

 

Loans and borrowings

9

100,006

72,744

Trade creditors

 

3,380

6,727

Social security and other taxes

 

6,480

18,178

Accrued expenses

 

18,642

10,545

 

128,508

108,194

 

8

Deferred tax

Deferred tax assets and liabilities

2023

Liability
£

Difference between capital allowances and depreciation and amortisation

9,426

9,426

2022

Liability
£

Difference between capital allowances and depreciation and amortisation

13,123

13,123

 

9

Loans and borrowings

2023
£

2022
£

Current loans and borrowings

Other borrowings

100,006

72,744

 

Wealden Equine Clinic Limited

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

 

10

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary A of £1 each

50

50

50

50

Ordinary B of £1 each

50

50

50

50

 

100

100

100

100

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

 

11

Related party transactions

Key management personnel

Key management personnel are the directors of the company.

Summary of transactions with key management

As at the balance sheet date, the company owed the directors £100,006 (2022: £72,744). This amount is included in other borrowings. There are no fixed repayment terms and interest is charged on the outstanding balance at 12%.