Registered number
10459765
PRIME VETERINARY PRACTICE LIMITED
Filleted Accounts
30 November 2023
PRIME VETERINARY PRACTICE LIMITED
Registered number: 10459765
Balance Sheet
as at 30 November 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 128,597 127,946
Current assets
Stocks 40,414 45,212
Debtors 4 87,338 188,395
Cash at bank and in hand 177,667 78,965
305,419 312,572
Creditors: amounts falling due within one year 5 (280,956) (258,410)
Net current assets 24,463 54,162
Total assets less current liabilities 153,060 182,108
Creditors: amounts falling due after more than one year 6 (64,716) (73,214)
Provisions for liabilities (32,149) (24,310)
Net assets 56,195 84,584
Capital and reserves
Called up share capital 1 1
Profit and loss account 56,194 84,583
Shareholders' funds 56,195 84,584
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their 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.
H Catilina
Director
Approved by the board on 26 August 2024
PRIME VETERINARY PRACTICE LIMITED
Notes to the Accounts
for the year ended 30 November 2023
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. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
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:
Plant and machinery 20% Reducing balance
Fixtures, fittings, office and IT equipment 20% Reducing balance
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. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
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 recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that 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, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 22 18
3 Tangible fixed assets
Land and buildings Plant and machinery etc Office & IT equipment Total
£ £ £ £
Cost
At 1 December 2022 13,501 172,129 11,238 196,868
Additions 15,458 8,785 2,346 26,589
At 30 November 2023 28,959 180,914 13,584 223,457
Depreciation
At 1 December 2022 7,095 59,487 2,340 68,922
Charge for the year 2,497 21,391 2,050 25,938
At 30 November 2023 9,592 80,878 4,390 94,860
Net book value
At 30 November 2023 19,367 100,036 9,194 128,597
At 30 November 2022 6,406 112,642 8,898 127,946
4 Debtors 2023 2022
£ £
Trade debtors 44,809 53,190
Other debtors 42,529 135,205
87,338 188,395
5 Creditors: amounts falling due within one year 2023 2022
£ £
Bank loans and overdrafts 50,122 46,071
Obligations under finance lease and hire purchase contracts - 5,087
Trade creditors 26,876 22,213
Taxation and social security costs 166,868 156,442
Other creditors 37,090 28,597
280,956 258,410
6 Creditors: amounts falling due after one year 2023 2022
£ £
Bank loans 64,716 72,938
Obligations under finance lease and hire purchase contracts - 276
64,716 73,214
7 Loans to directors
Description and conditions B/fwd Paid Repaid C/fwd
£ £ £ £
D Catilina
and H Catilina
Loan charged at 2% and 2.25% interest per annum, repayable within 9 months of the year end. 129,605 18,610 (110,270) 37,945
129,605 18,610 (110,270) 37,945
8 Related party transactions
The directors' have taken a loan from the company; amount included in Other debtors : £37,945. (2022 - £129,605)
9 Other information
PRIME VETERINARY PRACTICE LIMITED is a private company limited by shares and incorporated in England. Its registered office is:
93 Newbold Road
Chesterfield
S41 7PS
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