Caseware UK (AP4) 2023.0.135 2023.0.135 2022-09-302022-09-30472022-06-21falseNo description of principal activity0truetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.false 14186124 2022-06-20 14186124 2022-06-21 2022-09-30 14186124 2021-06-21 2022-06-20 14186124 2022-09-30 14186124 c:Director1 2022-06-21 2022-09-30 14186124 c:Director1 2022-09-30 14186124 c:Director2 2022-06-21 2022-09-30 14186124 c:Director2 2022-09-30 14186124 c:RegisteredOffice 2022-06-21 2022-09-30 14186124 d:Buildings d:ShortLeaseholdAssets 2022-06-21 2022-09-30 14186124 d:Buildings d:ShortLeaseholdAssets 2022-09-30 14186124 d:FurnitureFittings 2022-06-21 2022-09-30 14186124 d:FurnitureFittings 2022-09-30 14186124 d:FurnitureFittings d:OwnedOrFreeholdAssets 2022-06-21 2022-09-30 14186124 d:OwnedOrFreeholdAssets 2022-06-21 2022-09-30 14186124 d:Goodwill 2022-06-21 2022-09-30 14186124 d:Goodwill 2022-09-30 14186124 d:CurrentFinancialInstruments 2022-09-30 14186124 d:CurrentFinancialInstruments d:WithinOneYear 2022-09-30 14186124 d:RetainedEarningsAccumulatedLosses 2022-09-30 14186124 d:FurtherSpecificTypeProvisionContingentLiability1ComponentTotalProvisionsContingentLiabilities 2022-06-21 2022-09-30 14186124 d:FurtherSpecificTypeProvisionContingentLiability1ComponentTotalProvisionsContingentLiabilities 2022-09-30 14186124 c:FRS102 2022-06-21 2022-09-30 14186124 c:AuditExempt-NoAccountantsReport 2022-06-21 2022-09-30 14186124 c:FullAccounts 2022-06-21 2022-09-30 14186124 c:PrivateLimitedCompanyLtd 2022-06-21 2022-09-30 14186124 d:Goodwill d:ExternallyAcquiredIntangibleAssets 2022-06-21 2022-09-30 14186124 d:Goodwill d:OwnedIntangibleAssets 2022-06-21 2022-09-30 14186124 e:PoundSterling 2022-06-21 2022-09-30 iso4217:GBP xbrli:pure
Company registration number: 14186124







UNAUDITED FINANCIAL STATEMENTS
FOR THE PERIOD ENDED
30 SEPTEMBER 2022


PALMERSTON VETERINARY GROUP LIMITED






































                        

 


PALMERSTON VETERINARY GROUP LIMITED
 


 
COMPANY INFORMATION


Directors
A W Cassell-Ward (appointed 19 September 2023)
J Hendrickson (appointed 31 March 2023)




Registered number
14186124



Registered office
Friars Gate
1011 Stratford Road

Shirley

Solihull

B90 4BN





 


PALMERSTON VETERINARY GROUP LIMITED
 



CONTENTS



Page
Statement of Financial Position
1 - 2
Notes to the Financial Statements
3 - 7


 


PALMERSTON VETERINARY GROUP LIMITED
REGISTERED NUMBER:14186124



STATEMENT OF FINANCIAL POSITION
AS AT 30 SEPTEMBER 2022

2022
Note
£

Fixed assets
  

Intangible assets
 4 
2,581,181

Tangible assets
 5 
98,706

  
2,679,887

Current assets
  

Stocks
  
56,425

Debtors: amounts falling due within one year
 6 
177,677

Cash at bank and in hand
  
86,400

  
320,502

Creditors: amounts falling due within one year
  
(315,881)

Net current assets
  
 
 
4,621

Total assets less current liabilities
  
2,684,508

Provisions for liabilities
  

Other provisions
 7 
(91,077)

  
 
 
(91,077)

Net assets
  
2,593,431


Capital and reserves
  

Profit and loss account
  
2,593,431

  
2,593,431


Page 1

 


PALMERSTON VETERINARY GROUP LIMITED
REGISTERED NUMBER:14186124


    
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 30 SEPTEMBER 2022

The Directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the period in question in accordance with section 476 of the Companies Act 2006.

The Directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 



A W Cassell-Ward
Director
Date: 22 August 2024

The notes on pages 3 to 7 form part of these financial statements.
Page 2

 


PALMERSTON VETERINARY GROUP LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 SEPTEMBER 2022

1.


General information

Palmerston Veterinary Group Limited is a private company limited by shares and is registered and incorporated in
England and Wales. The address of its registered office is shown on the Company Information page.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The following principal accounting policies have been applied:

 
2.2

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

 
2.3

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

 
2.4

Pensions

Defined contribution pension plan

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 payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of Financial Position. The assets of the plan are held separately from the Company in independently administered funds.

 
2.5

Taxation

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

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 income.

Page 3

 


PALMERSTON VETERINARY GROUP LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 SEPTEMBER 2022

2.Accounting policies (continued)

 
2.6

Intangible assets

Goodwill

Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer’s interest in the fair value of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight-line basis to the Statement of Income and Retained Earnings over its useful economic life.

Other intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

 The estimated useful lives range as follows:

Goodwill
-
10
years

 
2.7

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the methods below..

Depreciation is provided on the following basis:

Leasehold improvements
-
Over the term of the lease
Fixtures, fittings & equipment
-
10-33% reducing balance

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 disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.8

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each reporting date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

Page 4

 


PALMERSTON VETERINARY GROUP LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 SEPTEMBER 2022

2.Accounting policies (continued)

 
2.9

Financial instruments

The Company only 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.


3.


Employees

The average monthly number of employees, including directors, during the period was 47.


4.


Intangible assets



Goodwill

£



Cost


Additions
3,361,239



At 30 September 2022

3,361,239



Amortisation


Charge for the period on owned assets
780,058



At 30 September 2022

780,058



Net book value



At 30 September 2022
2,581,181



Page 5

 


PALMERSTON VETERINARY GROUP LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 SEPTEMBER 2022

5.


Tangible fixed assets





Short-term leasehold property
Fixtures, fittings & equipment
Total

£
£
£



Cost


Additions
114,220
164,313
278,533



At 30 September 2022

114,220
164,313
278,533



Depreciation


Charge for the period on owned assets
56,699
123,128
179,827



At 30 September 2022

56,699
123,128
179,827



Net book value



At 30 September 2022
57,521
41,185
98,706

Page 6

 


PALMERSTON VETERINARY GROUP LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 SEPTEMBER 2022

6.


Debtors

2022
£


Trade debtors
138,677

Other debtors
380

Prepayments and accrued income
13,229

Tax recoverable
25,391

177,677



7.


Provisions





Other provision 1

£





Charged to profit or loss
91,077



At 30 September 2022
91,077

 
Page 7