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Registration number: 07011002

S & A Bett Limited

trading as JAMES STREET VETERINARY CENTRE

Unaudited Filleted Financial Statements

for the Year Ended 31 December 2023

 

S & A Bett Limited

trading as JAMES STREET VETERINARY CENTRE

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 8

 

S & A Bett Limited

trading as JAMES STREET VETERINARY CENTRE

Company Information

Directors

Mr A J Bett

Mrs S Bett

Registered office

Veterinary Centre
James Street
Louth
LN11 0JW

Bankers

Lloyds Bank plc
24 Mercer Row
Louth
Lincolnshire
LN11 9JH

 

S & A Bett Limited

trading as JAMES STREET VETERINARY CENTRE

(Registration number: 07011002)
Balance Sheet as at 31 December 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

5

84,030

77,247

Current assets

 

Stocks

6

46,717

41,559

Debtors

7

393,403

284,267

Cash at bank and in hand

 

29,319

17,273

 

469,439

343,099

Creditors: Amounts falling due within one year

8

(295,394)

(235,167)

Net current assets

 

174,045

107,932

Total assets less current liabilities

 

258,075

185,179

Creditors: Amounts falling due after more than one year

8

(33,858)

(39,729)

Provisions for liabilities

(20,475)

(14,141)

Net assets

 

203,742

131,309

Capital and reserves

 

Called up share capital

100

100

Retained earnings

203,642

131,209

Shareholders' funds

 

203,742

131,309

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 and delivered 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. As permitted by section 444 (5A) of the Companies Act 2006, the Directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 3 August 2024 and signed on its behalf by:
 

.........................................
Mr A J Bett
Director

.........................................
Mrs S Bett
Director

 
     
 

S & A Bett Limited

trading as JAMES STREET VETERINARY CENTRE

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

1

General information

The company is a private company limited by share capital incorporated in England and the company registration number is 07011002.

The address of its registered office is:
Veterinary Centre
James Street
Louth
LN11 0JW
 

These financial statements cover the individual entity, S & A Bett Limited.

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 that as disclosed in the accounting policies certain items are shown at fair value.

The financial statements are presented in sterling and rounded to the nearest pound.

Going concern

The financial statements have been prepared on a going concern basis.

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.

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.

Government grants

Government grants which become receivable as compensation for expenses or losses already incurred, or for the purpose of giving immediate financial support to the entity with no future related costs, are recognised as income in the period in which they become receivable.

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.

 

S & A Bett Limited

trading as JAMES STREET VETERINARY CENTRE

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

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

Fixtures and fittings

15% reducing balance basis

Office equipment

15% reducing balance basis

Motor vehicles

25% reducing balance basis

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

20 years straight line

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

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, less provision for impairment. 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 receivables.

 

S & A Bett Limited

trading as JAMES STREET VETERINARY CENTRE

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

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 at the transaction price.

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.

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.

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.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the Company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

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.

3

Staff numbers

The average number of persons employed by the Company (including Directors) during the year, was 22 (2022 - 21).

 

S & A Bett Limited

trading as JAMES STREET VETERINARY CENTRE

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

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 January 2023

166,654

166,654

At 31 December 2023

166,654

166,654

Amortisation

At 1 January 2023

166,654

166,654

At 31 December 2023

166,654

166,654

Carrying amount

At 31 December 2023

-

-

5

Tangible assets

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 January 2023

155,190

155,190

Additions

22,138

22,138

At 31 December 2023

177,328

177,328

Depreciation

At 1 January 2023

77,943

77,943

Charge for the year

15,355

15,355

At 31 December 2023

93,298

93,298

Carrying amount

At 31 December 2023

84,030

84,030

At 31 December 2022

77,247

77,247

6

Stocks

2023
£

2022
£

Raw materials and consumables

46,717

41,559

 

S & A Bett Limited

trading as JAMES STREET VETERINARY CENTRE

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

7

Debtors

Current

Note

2023
£

2022
£

Trade debtors

 

24,666

27,618

Amounts owed by related parties

12

83,194

73,194

Prepayments

 

24,720

18,697

Other debtors

 

260,823

164,758

   

393,403

284,267

8

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

9

25,285

25,739

Trade creditors

 

127,110

129,178

Taxation and social security

 

135,750

72,688

Accruals and deferred income

 

4,813

5,209

Other creditors

 

2,436

2,353

 

295,394

235,167

Creditors include bank loans and overdrafts and net obligations under finance lease and hire purchase contracts which are secured of £25,285 (2022 - £25,739).

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

9

33,858

39,729

Creditors include bank loans and overdrafts and net obligations under finance lease and hire purchase contracts which are secured of £33,858 (2022 - £39,729).

Bank borrowings

9

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Bank borrowings

14,166

24,166

Finance lease liabilities

19,692

15,563

33,858

39,729

 

S & A Bett Limited

trading as JAMES STREET VETERINARY CENTRE

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

2023
£

2022
£

Current loans and borrowings

Bank borrowings

10,000

10,000

Finance lease liabilities

15,285

15,739

25,285

25,739

10

Dividends

Interim dividends paid

   

2023
£

 

2022
£

Interim dividend of £600.00 per each Ordinary

 

60,000

 

60,000

         

11

Financial commitments, guarantees and contingencies

Amounts not provided for in the balance sheet

The total amount of financial commitments not included in the balance sheet is £1,341 (2022 - £27,247).

12

Related party transactions

Transactions with Directors

2023

At 1 January 2023
£

Advances to Director
£

Repayments by Director
£

At 31 December 2023
£

Mrs S Bett

Interest free loan

(124,476)

(108,998)

37,174

(196,300)

         
       

 

2022

At 1 January 2022
£

Advances to Director
£

Repayments by Director
£

At 31 December 2022
£

Mrs S Bett

Interest free loan

(117,629)

(8,153)

1,306

(124,476)