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Registration number: 08204766

North Park Veterinary Group Limited

Annual Report and Unaudited Filleted Abridged Financial Statements

for the Year Ended 31 December 2023

 

North Park Veterinary Group Limited

Contents

Abridged Balance Sheet

1 to 2

Notes to the Unaudited Abridged Financial Statements

3 to 7

 

North Park Veterinary Group Limited

(Registration number: 08204766)
Abridged Balance Sheet as at 31 December 2023

Note

2023
£

2022
£

Fixed assets

 

Intangible assets

4

238,730

265,254

Tangible assets

5

750,616

711,409

Investments

250

250

 

989,596

976,913

Current assets

 

Stocks

7

108,658

84,433

Debtors

409,004

312,013

Cash at bank and in hand

 

1,070,935

906,300

 

1,588,597

1,302,746

Creditors: Amounts falling due within one year

8

(359,827)

(346,335)

Net current assets

 

1,228,770

956,411

Total assets less current liabilities

 

2,218,366

1,933,324

Creditors: Amounts falling due after more than one year

9

(123,137)

(127,573)

Provisions for liabilities

(72,742)

(75,703)

Net assets

 

2,022,487

1,730,048

Capital and reserves

 

Called up share capital

213

213

Capital redemption reserve

87

87

Profit and loss account

2,022,187

1,729,748

Total equity

 

2,022,487

1,730,048

 

North Park Veterinary Group Limited

(Registration number: 08204766)
Abridged Balance Sheet as at 31 December 2023

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.

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 Profit and Loss Account and an Abridged Balance Sheet in accordance with Section 444(2A) of the Companies Act 2006.

Approved and authorised by the Board on 2 September 2024 and signed on its behalf by:
 

Mr M Friggens

Director

Mrs B Herrod-Taylor

Director

Mr H N Webb

Director

Mr J A Hobbs

Director

 

North Park Veterinary Group Limited

Notes to the Unaudited Abridged 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 Wales.

The address of its registered office is:
64 Fore Street
North Tawton
Devon
EX20 2DT

These financial statements were authorised for issue by the Board on 2 September 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.

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 the future economic benefits will flow into the entity, and specific criteria have been met for each of the company 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 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.

 

North Park Veterinary Group Limited

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

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

2% and 10% straight line

Fixtures and fittings

15% reducing balance

Office equipment

33% straight line

Motor vehicles

25% reducing balance

Plant and machinery

15% 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.

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

Investments

Investments in equity shares where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in the profit or loss account. Investments in equity shares where fair value cannot be measured reliably are measured at cost less impairment.

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 5 (2022 - 5).

 

North Park Veterinary Group Limited

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

4

Intangible assets

Total
£

Cost or valuation

At 1 January 2023

530,510

At 31 December 2023

530,510

Amortisation

At 1 January 2023

265,256

Amortisation charge

26,524

At 31 December 2023

291,780

Carrying amount

At 31 December 2023

238,730

At 31 December 2022

265,254

5

Tangible assets

Total
£

Cost or valuation

At 1 January 2023

1,074,598

Additions

98,310

At 31 December 2023

1,172,908

Depreciation

At 1 January 2023

363,189

Charge for the year

59,103

At 31 December 2023

422,292

Carrying amount

At 31 December 2023

750,616

At 31 December 2022

711,409

 

North Park Veterinary Group Limited

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

6

Investments

2023
£

2022
£

Investments in associates

250

250

Associates

£

Cost

At 1 January 2023

250

At 31 December 2023

250

Carrying amount

At 31 December 2023

250

At 31 December 2022

250

7

Stocks

2023
£

2022
£

Stock

108,658

84,433

8

Creditors: amounts falling due within one year

Creditors include bank loans and overdrafts which are secured of £5,745 (2022 - £7,054).

9

Creditors: amounts falling due after more than one year

Creditors include bank loans and overdrafts which are secured of £123,137 (2022 - £127,573).

Creditors include bank loans repayable by instalments of £100,157 (2022 - £99,357) due after more than five years.

10

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 £61,824 (2022 - £48,614).

 

North Park Veterinary Group Limited

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

11

Related party transactions

Advances to directors


Mrs B Herrod-Taylor

During the period Mrs B Herrod-Taylor went overdrawn on their director's loan account. The maximum overdrawn balance during the year was £24,383 (2022 - £3,390). At the year end the amount outstanding from Mrs B Herrod-Taylor was £24,383 (2022 - £-). Interest has been charged at the commercial rate.


Mr R R Cunningham

During the period Mr R R Cunningham went overdrawn on their director's loan account. The maximum overdrawn balance during the year was £19,542 (2022 - £4,569). At the year end the amount outstanding from Mr R R Cunningham was £19,542 (2022 - £-). Interest has been charged at the commercial rate.


Mr H N Webb

During the period Mr H N Webb went overdrawn on their director's loan account. The maximum overdrawn balance during the year was £19,411 (2022 - £5,743). At the year end the amount outstanding from Mr H N Webb was £19,411 (2022 - £-). Interest has been charged at the commercial rate.


Mr J A Hobbs

During the period Mr J A Hobbs went overdrawn on their director's loan account. The maximum overdrawn balance during the year was £8,798 (2022 - £2,812). At the year end the amount outstanding from Mr J A Hobbs was £3,880 (2022 - £-). Interest has been charged at the commercial rate.


Mr M Friggens

During the period Mr M Friggens went overdrawn on their director's loan account. The maximum overdrawn balance during the year was £19,619 (2022 - £Nil). At the year end the amount outstanding from Mr M Friggens was £17,840 (2022 - £-). Interest has been charged at the commercial rate.