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Registration number: 07961322

Prepared for the registrar

Bishops Stortford Veterinary Hospital Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 March 2024

 

Bishops Stortford Veterinary Hospital Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 12

 

Bishops Stortford Veterinary Hospital Limited

Company Information

Directors

N MacLeod

R Jackson

L Romain

P Ritchie

Registered office

Bishops Stortford Veterinary Hospital
Rye Street
Bishop's Stortford
Hertfordshire
CM23 2HA

Accountants

Hazlewoods LLP
Staverton Court
Staverton
Cheltenham
GL51 0UX

 

Bishops Stortford Veterinary Hospital Limited

(Registration number: 07961322)
Balance Sheet as at 31 March 2024

Note

2024
 £

2023
 £

Fixed assets

 

Intangible assets

4

429,461

478,718

Tangible assets

5

1,076,964

869,246

 

1,506,425

1,347,964

Current assets

 

Stocks

122,974

121,094

Debtors

6

301,251

294,161

Cash at bank and in hand

 

599,539

1,486,704

 

1,023,764

1,901,959

Creditors: Amounts falling due within one year

7

(431,467)

(510,677)

Net current assets

 

592,297

1,391,282

Total assets less current liabilities

 

2,098,722

2,739,246

Deferred tax liabilities

8

(39,240)

(25,971)

Net assets

 

2,059,482

2,713,275

Capital and reserves

 

Called up share capital

10

570

600

Capital redemption reserve

30

-

Profit and loss account

2,058,882

2,712,675

Total equity

 

2,059,482

2,713,275

For the financial year ending 31 March 2024 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 and the option not to file the Profit and Loss Account has been taken.

 

Bishops Stortford Veterinary Hospital Limited

(Registration number: 07961322)
Balance Sheet as at 31 March 2024

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


N MacLeod
Director


R Jackson
Director


L Romain
Director


P Ritchie
Director

 

Bishops Stortford Veterinary Hospital Limited

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

 

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:
Bishops Stortford Veterinary Hospital
Rye Street
Bishop's Stortford
Hertfordshire
CM23 2HA

 

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 for, where disclosed in these accounting policies, certain items that are shown at fair value.

The presentational currency of the financial statements is Pounds Sterling, being the functional currency of the primary economic environment in which the company operates. Monetary amounts in these financial statements are rounded to the nearest Pound.

Going concern

After reviewing the company's forecasts and projections, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The company therefore continues to adopt the going concern basis in preparing its financial statements.

Critical accounting judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.
 

Judgements

No significant judgements have been made by management in preparing these financial statements.

 

Bishops Stortford Veterinary Hospital Limited

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

Key sources of estimation uncertainty

No key sources of estimation uncertainty have been identified by management in preparing these financial statements other than those detailed in these accounting policies.

No key sources of uncertainty have been identified by management in preparing these financial statements other than those detailed in these accounting policies.

Revenue recognition

Revenue represents amounts earned from clients for veterinary services and the sale of products. Revenue for the delivery of veterinary services and the sale of products is recognised when the veterinary consultation or procedure is completed and the goods are passed to the client.

The company operates a Pet Health Plan ("PHP"), where members pay an annual subscription fee on a monthly basis and receive a variety of benefits including consultations and treatments periodically plus discounts on certain products and services whilst they are a member. The monthly subscription receipt is recognised as revenue when it is received by the company from the client.

Government grants

Government grants are recognised based on the accrual model and are measured at the fair value of the asset received or receivable. Grants are classified as relating either to revenue or to assets. Grants relating to revenue are recognised in income over the period in which the related costs are recognised. Grants relating to assets are recognised over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in the profit and loss account, except that a charge 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 income 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.

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 while taking into account their residual value, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Freehold property

2% of cost

Plant and machinery

25% of written down value

Computer equipment

33.33% of cost

Motor vehicles

25% of written down value

 

Bishops Stortford Veterinary Hospital Limited

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

Intangible assets

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.

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 20 years

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 merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. All trade debtors are repayable within one year and hence are included at the undiscounted cost of cash expected to be received. 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 debtors.

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.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable 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 all are repayable within one year and hence are included at the undiscounted amount of cash expected to be paid.

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.

 

Bishops Stortford Veterinary Hospital Limited

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

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.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

Financial instruments


Classification
Financial instruments are classified and accounted for according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Where shares are issued, any component that creates a financial liability of the company is presented as a liability on the balance sheet. The corresponding dividends relating to the liability component are charged as interest expenses in the profit and loss account.

 Recognition and measurement
All financial assets and liabilities are initially measured at transaction price (including transaction costs), except for those financial assets classified as at fair value through profit or loss, which are initially measured at fair value (which is normally the transaction price excluding transaction costs), unless the arrangement constitutes a financing transaction. If an arrangement constitutes a financing transaction, the financial asset or financial liability is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

 Impairment
Assets, other than those measured at fair value, are assessed for indicators of impairment at each balance sheet date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss as described below.

A non financial asset is impaired where there is objective evidence that, as a result of one or more events that occurred after initial recognition, the estimated recoverable value of the asset has been reduced. The recoverable amount of an asset is the higher of its fair value less costs to sell and its value in use.


 

Bishops Stortford Veterinary Hospital Limited

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

 

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was as follows:

 

Bishops Stortford Veterinary Hospital Limited

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

 

5

Tangible assets

Freehold land and buildings
£

Plant and machinery
 £

Motor vehicles
 £

Office equipment
 £

Total
£

Cost

At 1 April 2023

778,885

351,418

11,619

38,389

1,180,311

Additions

163,479

71,319

13,650

617

249,065

Disposals

-

-

(460)

-

(460)

At 31 March 2024

942,364

422,737

24,809

39,006

1,428,916

Depreciation

At 1 April 2023

21,454

245,354

10,506

33,750

311,064

Charge for the year

-

36,805

1,982

2,544

41,331

Eliminated on disposal

-

-

(443)

-

(443)

At 31 March 2024

21,454

282,159

12,045

36,294

351,952

Carrying amount

At 31 March 2024

920,910

140,578

12,764

2,712

1,076,964

At 31 March 2023

757,431

106,063

1,113

4,639

869,246

 

Bishops Stortford Veterinary Hospital Limited

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

 

6

Debtors

2024
 £

2023
 £

Trade debtors

142,862

140,762

Other debtors

5,281

1,514

Prepayments

153,108

151,885

301,251

294,161

 

7

Creditors

Note

2024
 £

2023
 £

Due within one year

 

Loans and borrowings

9

93,643

8,653

Trade creditors

 

126,784

89,073

Social security and other taxes

 

183,850

348,646

Outstanding defined contribution pension costs

 

7,465

6,744

Other creditors

 

8,325

47,805

Accrued expenses

 

11,400

9,756

 

431,467

510,677

 

8

Deferred tax

Deferred tax assets and liabilities

2024

Liability
£

Difference between accumulated depreciation and amortisation and capital allowances

35,053

2023

Liability
£

Difference between accumulated depreciation and amortisation and capital allowances

25,971

 

Bishops Stortford Veterinary Hospital Limited

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

 

9

Loans and borrowings

2024
£

2023
£

Current loans and borrowings

Other borrowings

93,643

8,653

 

10

Share capital

Allotted, called up and fully paid shares

 

2024

2023

 

No.

£

No.

£

Ordinary A of £1 each

85

85

200

200

Ordinary B of £1 each

200

200

200

200

Ordinary C of £1 each

160

160

160

160

Ordinary D of £1 each

40

40

40

40

Ordinary E of £1 (2023 - £0) each

85

85

-

-

 

570

570

600

600

On 2 May 2023, the company purchased 30 Ordinary A shares of £1 each from Mrs Alison Somers (former director).

On 2 May 2023, 85 A Ordinary £1 shares were re-designated as 85 E Ordinary £1 shares.

The different classes of share referred to above carry separate rights to dividends but, in all significant respects, rank pari passu.

 

11

Financial commitments

Operating leases

The total of future minimum lease payments is as follows:

2024
 £

2023
 £

Not later than one year

33,107

33,107

Later than one year and not later than five years

104,741

104,740

Later than five years

57,012

94,266

194,860

232,113

The amount of non-cancellable operating lease payments recognised as an expense during the year was £33,107 (2023 - £33,107).

 

Bishops Stortford Veterinary Hospital Limited

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

 

12

Related party transactions

Key management personnel

Key management personnel are considered to be the directors of the company.

Summary of transactions with key management

As at 31 March 2024, the company owed a former director £8,325 (2023: £47,805). This amount is included in other creditors.

As at 31 March 2024, the company owed the directors £93,643 (2023: £8,653).This amount is included within other borrowings.

As at 31 March 2024, the directors owed the company £5,281 (2023: £1,514).This amount is included within other debtors.

There are no fixed repayment terms and no interest is due on the outstanding amounts noted above.

An analysis of the movement in the amounts owed to the company is as follows.
 

2024

At 1 April 2023
£

Advances to director
£

Repayments by director
£

At 31 March 2024
£

R Jackson

Director's Loan Account

1,514

153,979

(191,646)

(36,153)

 

1,514

153,979

(191,646)

(36,153)

       

P Ritchie

Director's Loan Account

-

61,853

(61,772)

81

 

-

61,853

(61,772)

81

       

L Romain

Director's Loan Account

-

112,813

(107,613)

5,200

 

-

112,813

(107,613)

5,200

       

 

2023

At 1 April 2022
£

Advances to director
£

Repayments by director
£

At 31 March 2023
£

R Jackson

Director's Loan Account

(170,500)

263,826

(91,812)

1,514

 

(170,500)

263,826

(91,812)

1,514