Registered number
12067669
Paw Print Veterinary Practice Limited
Filleted Accounts
31 March 2024
Paw Print Veterinary Practice Limited
Registered number: 12067669
Balance Sheet
as at 31 March 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 34,388 58,321
Current assets
Stocks 18,500 17,500
Debtors 4 29,595 29,499
Cash at bank and in hand 500,566 240,632
548,661 287,631
Creditors: amounts falling due within one year 5 (156,799) (82,323)
Net current assets 391,862 205,308
Total assets less current liabilities 426,250 263,629
Creditors: amounts falling due after more than one year 6 - (20,315)
Net assets 426,250 243,314
Capital and reserves
Called up share capital 2 2
Profit and loss account 426,248 243,312
Shareholder's funds 426,250 243,314
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The member has not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges her responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Gemma Montgomery
Director
Approved by the board on 11 June 2024
Paw Print Veterinary Practice Limited
Notes to the Accounts
for the year ended 31 March 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
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 from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Leasehold land and buildings over 10 years
Plant and machinery over 4 years
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price).
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is not recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments as it not considered immaterial.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
Pensions
Contributions to pension plans are expensed in the period to which they relate.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 10 9
3 Tangible fixed assets
Land and buildings Plant and machinery etc Total
£ £ £
Cost
At 1 April 2023 38,261 102,533 140,794
Additions - 7,332 7,332
Disposals - (2,500) (2,500)
At 31 March 2024 38,261 107,365 145,626
Depreciation
At 1 April 2023 11,452 70,995 82,447
Charge for the year 3,826 27,465 31,291
On disposals - (2,500) (2,500)
At 31 March 2024 15,278 95,960 111,238
Net book value
At 31 March 2024 22,983 11,405 34,388
At 31 March 2023 26,809 31,538 58,321
4 Debtors 2024 2023
£ £
Trade debtors 23,907 23,062
Other debtors 5,688 6,437
29,595 29,499
5 Creditors: amounts falling due within one year 2024 2023
£ £
Obligations under finance lease and hire purchase contracts 16,103 12,264
Taxation and social security costs 137,266 65,817
Other creditors 3,430 4,242
156,799 82,323
6 Creditors: amounts falling due after one year 2024 2023
£ £
Obligations under finance lease and hire purchase contracts - 20,315
7 Other financial commitments 2024 2023
£ £
Total future minimum payments under non-cancellable operating leases 16,103 32,579
8 Other information
Paw Print Veterinary Practice Limited is a private company limited by shares and incorporated in England. Its registered office is:
Central House
124 High Street
Hampton Hill
Middlesex
TW12 1NS
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