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REGISTRAR OF COMPANIES

Registration number: SC461618

Firth Veterinary Centre Limited

Unaudited Financial Statements

30 November 2023

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Firth Veterinary Centre Limited

Contents

Accountants' Report

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

4

 

Chartered Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
Firth Veterinary Centre Limited
for the Year Ended 30 November 2023

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Firth Veterinary Centre Limited for the year ended 30 November 2023 as set out on pages 2 to 9 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at http://www.icaew.com/regulation.

This report is made solely to the Board of Directors of Firth Veterinary Centre Limited, as a body, in accordance with the terms of our engagement letter dated 30 November 2023. Our work has been undertaken solely to prepare for your approval the accounts of Firth Veterinary Centre Limited and state those matters that we have agreed to state to the Board of Directors of Firth Veterinary Centre Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Firth Veterinary Centre Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Firth Veterinary Centre Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Firth Veterinary Centre Limited. You consider that Firth Veterinary Centre Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of Firth Veterinary Centre Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.



Dodd & Co Limited
Chartered Accountants
FIFTEEN Rosehill
Montgomery Way
Rosehill Estate
CARLISLE
CA1 2RW

12 August 2024

 

Firth Veterinary Centre Limited

(Registration number: SC461618)
Balance Sheet as at 30 November 2023

Note

2023
£

2022
£

Fixed assets

 

Intangible assets

4

291,789

320,968

Tangible assets

5

110,474

101,374

 

402,263

422,342

Current assets

 

Stocks

43,934

40,469

Debtors

6

266,479

292,912

Cash at bank and in hand

 

960,686

685,433

 

1,271,099

1,018,814

Creditors: Amounts falling due within one year

7

(449,861)

(452,394)

Net current assets

 

821,238

566,420

Total assets less current liabilities

 

1,223,501

988,762

Provisions for liabilities

(29,004)

(25,343)

Net assets

 

1,194,497

963,419

Capital and reserves

 

Allotted, called up and fully paid share capital

50

50

Capital redemption reserve

50

50

Profit and loss account

1,194,397

963,319

Total equity

 

1,194,497

963,419

 

Firth Veterinary Centre Limited

(Registration number: SC461618)
Balance Sheet as at 30 November 2023 (continued)

For the financial year ending 30 November 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. 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 12 August 2024 and signed on its behalf by:
 

.........................................

P Armstrong

Director

.........................................

H Beattie

Director

.........................................

H E Armstrong

Director

 

Firth Veterinary Centre Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 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:
3-5 Ednam Street
ANNAN
DG12 6EF

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 - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

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.

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.

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.

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 tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

 

Firth Veterinary Centre Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023 (continued)

Tangible assets

Tangible assets are stated in the balance sheet 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

Motor vehicles

25% reducing balance

Fixtures and fittings

15% reducing balance

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 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

5% 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 the sale of goods or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, 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.

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.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are 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.

 

Firth Veterinary Centre Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023 (continued)

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors 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 subsequently measured at amortised cost using the effective interest method where due after more than one year.

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.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 15 (2022 - 13).

 

Firth Veterinary Centre Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023 (continued)

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 December 2022

583,579

583,579

At 30 November 2023

583,579

583,579

Amortisation

At 1 December 2022

262,611

262,611

Amortisation charge

29,179

29,179

At 30 November 2023

291,790

291,790

Carrying amount

At 30 November 2023

291,789

291,789

At 30 November 2022

320,968

320,968

 

Firth Veterinary Centre Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023 (continued)

5

Tangible assets

Motor vehicles
 £

Fixtures and fittings
 £

Total
£

Cost or valuation

At 1 December 2022

86,727

182,748

269,475

Additions

29,143

2,472

31,615

Disposals

-

(1,227)

(1,227)

At 30 November 2023

115,870

183,993

299,863

Depreciation

At 1 December 2022

65,962

102,140

168,102

Charge for the year

10,049

12,181

22,230

Eliminated on disposal

-

(943)

(943)

At 30 November 2023

76,011

113,378

189,389

Carrying amount

At 30 November 2023

39,859

70,615

110,474

At 30 November 2022

20,765

80,609

101,374

6

Debtors

2023
£

2022
£

Trade debtors

261,620

288,873

Other debtors

4,859

4,039

266,479

292,912

7

Creditors

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

8

208,366

243,517

Trade creditors

 

57,201

41,393

Taxation and social security

 

39,858

42,553

Corporation tax liability

 

132,046

119,926

Other creditors

 

12,390

5,005

 

449,861

452,394

 

Firth Veterinary Centre Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023 (continued)

8

Loans and borrowings

2023
£

2022
£

Current loans and borrowings

Other borrowings

208,366

243,517