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Registration number: 08018357

Southill Vets Limited

Annual Report and Unaudited Filleted Abridged Financial Statements

for the Year Ended 30 November 2023

 

Southill Vets Limited

Contents

Abridged Balance Sheet

1 to 2

Notes to the Unaudited Abridged Financial Statements

3 to 5

 

Southill Vets Limited

(Registration number: 08018357)
Abridged Balance Sheet as at 30 November 2023

Note

2023
£

2022
£

Fixed assets

 

Intangible assets

4

375,600

386,812

Tangible assets

5

207,321

133,371

 

582,921

520,183

Current assets

 

Stocks

69,267

68,864

Debtors

134,764

118,442

Cash at bank and in hand

 

356,131

295,984

 

560,162

483,290

Creditors: Amounts falling due within one year

6

(386,686)

(319,983)

Net current assets

 

173,476

163,307

Total assets less current liabilities

 

756,397

683,490

Creditors: Amounts falling due after more than one year

7

(267,383)

(305,834)

Provisions for liabilities

(35,484)

(30,869)

Net assets

 

453,530

346,787

Capital and reserves

 

Called up share capital

300

300

Capital redemption reserve

300

300

Profit and loss account

452,930

346,187

Total equity

 

453,530

346,787

 

Southill Vets Limited

(Registration number: 08018357)
Abridged Balance Sheet as at 30 November 2023

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.

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 and the option not to file the Profit and Loss Account has been taken.

All of the company’s members have consented to the preparation of an Abridged Balance Sheet in accordance with Section 444(2A) of the Companies Act 2006.

Approved and authorised by the Board on 29 August 2024 and signed on its behalf by:
 

Mr B O'Brien

Director

Miss V E Sands

Director

 

Southill Vets Limited

Notes to the Unaudited Abridged 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:
The Surgery
Balsam Fields
Wincanton
Somerset
BA9 9HE

These financial statements were authorised for issue by the Board on 29 August 2024.

2

Accounting policies

Statement of compliance

These abridged financial statements were 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 abridged 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.

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 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 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.

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

Land and buildings

10% Straight line

Fixtures and fittings

15% Reducing balance

Motor vehicles

25% Reducing balance

Plant and machinery

25% Reducing balance

Goodwill

Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

 

Southill Vets Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 30 November 2023

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

2.5% Straight line

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 32 (2022 - 31).

4

Intangible assets

Total
£

Cost or valuation

At 1 December 2022

448,478

At 30 November 2023

448,478

Amortisation

At 1 December 2022

61,666

Amortisation charge

11,212

At 30 November 2023

72,878

Carrying amount

At 30 November 2023

375,600

At 30 November 2022

386,812

 

Southill Vets Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 30 November 2023

5

Tangible assets

Total
£

Cost or valuation

At 1 December 2022

298,312

Additions

122,410

Disposals

(28,582)

At 30 November 2023

392,140

Depreciation

At 1 December 2022

164,941

Charge for the year

46,672

Eliminated on disposal

(26,794)

At 30 November 2023

184,819

Carrying amount

At 30 November 2023

207,321

At 30 November 2022

133,371

6

Creditors: amounts falling due within one year

Creditors include bank loans and overdrafts and net obligations under finance lease and hire purchase contracts which are secured of £74,300 (2022 - £65,300).

7

Creditors: amounts falling due after more than one year

Creditors include bank loans and overdrafts and net obligations under finance lease and hire purchase contracts which are secured of £252,383 (2022 - £280,834).

8

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 £33,041 (2022 - £22,680).

9

Related party transactions

Advances to directors


Miss V E Sands

During the period Miss V E Sands went overdrawn on their director's loan account. The maximum overdrawn balance during the year was £17,305 (2022 - £Nil). At the year end the amount outstanding from Miss V E Sands was £2,114 (2022 - £-). Interest has been charged at the commercial rate.