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CVS Guildford Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 May 2024

Registration number: 11511944

 

CVS Guildford Limited

Contents

Statement of financial position

1 to 2

Notes to the Unaudited Financial Statements

3 to 8

 

CVS Guildford Limited

(Registration number: 11511944)
Statement of financial position as at 31 May 2024

Note

2024
£

2023
£

Fixed assets

 

Intangible assets

4

1

1

Tangible assets

5

1,322

1,762

 

1,323

1,763

Current assets

 

Stocks

6

6,250

5,700

Debtors

7

46,606

37,959

Cash at bank and in hand

 

24,459

54,958

 

77,315

98,617

Creditors: Amounts falling due within one year

8

(41,526)

(65,077)

Net current assets

 

35,789

33,540

Total assets less current liabilities

 

37,112

35,303

Creditors: Amounts falling due after more than one year

8

(28,190)

(32,685)

Provisions for liabilities

(331)

(335)

Net assets

 

8,591

2,283

Capital and reserves

 

Called up share capital

100

100

Retained earnings

8,491

2,183

Shareholders' funds

 

8,591

2,283

For the financial year ending 31 May 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

 

CVS Guildford Limited

(Registration number: 11511944)
Statement of financial position as at 31 May 2024

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 Income statement.

Approved and authorised by the Board on 30 August 2024 and signed on its behalf by:
 

.........................................
Mr J W Chatfield
Director

 

CVS Guildford Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024

1

General information

The company is a private company limited by share capital, incorporated in England.

The address of its registered office is:
Solo House
The Courtyard
London Road
Horsham
West Sussex
RH12 1AT

These financial statements were authorised for issue by the Board on 30 August 2024.

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.

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.

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.

 

CVS Guildford Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024

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

Plant and equipment

25% reducing balance

Office equipment

25% 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 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

over 1 year

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.

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.

 

CVS Guildford Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024

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 income statement 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.

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.

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.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 3 (2023 - 3).

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 June 2023

500

500

At 31 May 2024

500

500

Amortisation

At 1 June 2023

499

499

At 31 May 2024

499

499

Carrying amount

At 31 May 2024

1

1

At 31 May 2023

1

1

 

CVS Guildford Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024

5

Tangible assets

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 June 2023

5,794

5,794

At 31 May 2024

5,794

5,794

Depreciation

At 1 June 2023

4,032

4,032

Charge for the year

440

440

At 31 May 2024

4,472

4,472

Carrying amount

At 31 May 2024

1,322

1,322

At 31 May 2023

1,762

1,762

6

Stocks

2024
£

2023
£

Other inventories

6,250

5,700

7

Debtors

Current

2024
£

2023
£

Trade debtors

33,935

20,316

Prepayments

285

233

Other debtors

12,386

17,410

 

46,606

37,959

 

CVS Guildford Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024

8

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

9

6,204

6,204

Taxation and social security

 

32,413

49,193

Accruals and deferred income

 

2,909

9,680

 

41,526

65,077

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

9

28,190

32,685

9

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

28,190

32,685

Current loans and borrowings

2024
£

2023
£

Bank borrowings

6,204

6,204

 

CVS Guildford Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024

10

Related party transactions

Transactions with directors

2024

At 1 June 2023
£

Advances to director
£

Repayments by director
£

At 31 May 2024
£

Mr J W Chatfield

Loan at 2%/2.25% per annum

3,925

4,015

(3,925)

4,015

Mrs S E Chatfield

Loan at 2%/2.25% per annum

3,925

4,014

(3,925)

4,014

2023

At 1 June 2022
£

Advances to director
£

Repayments by director
£

At 31 May 2023
£

Mr J W Chatfield

Loan at 2%/2.25% per annum

17,338

-

(13,413)

3,925

Mrs S E Chatfield

Loan at 2%/2.25% per annum

17,337

-

(13,412)

3,925