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Registered number: 13019999
Highfields Vets Limited
Unaudited Financial Statements
For The Year Ended 31 March 2024
Acconomy Limited
Chartered Certified Accountants
Bayside Business Centre
Sovereign Business Park
Poole
Dorset
BH15 3TB
Unaudited Financial Statements
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: 13019999
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 172,656 169,374
172,656 169,374
CURRENT ASSETS
Stocks 5 43,000 20,000
Debtors 6 40,600 23,542
Cash at bank and in hand 69,834 18,385
153,434 61,927
Creditors: Amounts Falling Due Within One Year 7 (164,593 ) (137,319 )
NET CURRENT ASSETS (LIABILITIES) (11,159 ) (75,392 )
TOTAL ASSETS LESS CURRENT LIABILITIES 161,497 93,982
PROVISIONS FOR LIABILITIES
Deferred Taxation 8 (26,918 ) -
NET ASSETS 134,579 93,982
CAPITAL AND RESERVES
Called up share capital 9 4 4
Profit and Loss Account 134,575 93,978
SHAREHOLDERS' FUNDS 134,579 93,982
Page 1
Page 2
For the year ending 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr James Travers
Director
23rd July 2024
The notes on pages 3 to 5 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
Highfields Vets Limited is a private company, limited by shares, incorporated in England & Wales, registered number 13019999 . The registered office is Bayside Business Centre, Sovereign Business Park, Willis Way, Poole, Dorset, BH15 3TB.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Turnover
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 from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. 
2.3. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Leasehold 10 years straight line
Plant & Machinery 5 years straight line
2.4. Leasing and Hire Purchase Contracts
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to profit and loss account as incurred.
2.5. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
2.6. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
Page 3
Page 4
2.7. Pensions
The company operates a defined pension contribution scheme. Contributions are charged to the profit and loss account as they become payable in accordance with the rules of the scheme.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 12 (2023: 8)
12 8
4. Tangible Assets
Land & Property
Leasehold Plant & Machinery Total
£ £ £
Cost
As at 1 April 2023 147,651 77,198 224,849
Additions 13,962 18,267 32,229
As at 31 March 2024 161,613 95,465 257,078
Depreciation
As at 1 April 2023 29,530 25,945 55,475
Provided during the period 12,853 16,094 28,947
As at 31 March 2024 42,383 42,039 84,422
Net Book Value
As at 31 March 2024 119,230 53,426 172,656
As at 1 April 2023 118,121 51,253 169,374
5. Stocks
2024 2023
£ £
Stock 43,000 20,000
6. Debtors
2024 2023
£ £
Due within one year
Trade debtors 11,853 17,338
Prepayments and accrued income 23,797 520
Other debtors 4,950 5,684
40,600 23,542
Page 4
Page 5
7. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 49,783 36,204
Corporation tax 62,688 -
Other taxes and social security 46,533 20,159
Other creditors 2,127 80,956
Accruals and deferred income 2,212 -
Directors' loan accounts 1,250 -
164,593 137,319
Included within other creditors includes and interest free loan of £nil (2023: £80,000).
8. Deferred Taxation
The provision for deferred tax is made up as follows:
2024 2023
£ £
Other timing differences 26,918 -
9. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 4 4
Page 5