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Registration number: 09620041

Swaffham Veterinary Centre Limited

Annual Report and Unaudited Filleted Abridged Financial Statements

for the Period from 1 October 2022 to 31 October 2023

 

Swaffham Veterinary Centre Limited

Contents

Abridged Balance Sheet

1

Notes to the Unaudited Abridged Financial Statements

2 to 4

 

Swaffham Veterinary Centre Limited

(Registration number: 09620041)
Abridged Balance Sheet as at 31 October 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

6

105,542

65,929

Current assets

 

Stocks

7

55,766

25,380

Debtors

894,990

807,097

Cash at bank and in hand

 

519,010

315,424

 

1,469,766

1,147,901

Creditors: Amounts falling due within one year

(395,429)

(251,442)

Net current assets

 

1,074,337

896,459

Total assets less current liabilities

 

1,179,879

962,388

Provisions for liabilities

(20,502)

(7,131)

Net assets

 

1,159,377

955,257

Capital and reserves

 

Called up share capital

300

300

Profit and loss account

1,159,077

954,957

Total equity

 

1,159,377

955,257

For the financial period ending 31 October 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 period 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 22 August 2024 and signed on its behalf by:
 

Mrs H Manning

Director

Mr L Manson

Director

 

Swaffham Veterinary Centre Limited

Notes to the Unaudited Abridged Financial Statements for the Period from 1 October 2022 to 31 October 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:
Unit 3
Tower Meadows
Swaffham
Norfolk
PE37 7LT

The principal place of business is:
Unit 3
Tower Meadows
Swaffham
Norfolk
PE37 7LT

These financial statements were authorised for issue by the Board on 22 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.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover represents the amounts, excluding value added tax, derived from the provision of goods and services to customers during the year.

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 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.

 

Swaffham Veterinary Centre Limited

Notes to the Unaudited Abridged Financial Statements for the Period from 1 October 2022 to 31 October 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

Short leasehold property

Over the term of the lease

Plant and machinery

Straight line over 5 years

Office equipment

Straight line over 3 years

Goodwill

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

Intangible assets

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

Straight line over 5 years

Stocks

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

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.

3

Staff numbers

The average number of persons employed by the company (including directors) during the period, was 21 (2022 - 15).

4

Auditors' remuneration

2023
£

2022
£

Audit of the financial statements

-

4,000


 

 

Swaffham Veterinary Centre Limited

Notes to the Unaudited Abridged Financial Statements for the Period from 1 October 2022 to 31 October 2023

5

Intangible assets

Total
£

Cost or valuation

At 1 October 2022

33,300

At 31 October 2023

33,300

Amortisation

At 1 October 2022

33,300

At 31 October 2023

33,300

Carrying amount

At 31 October 2023

-

6

Tangible assets

Short leasehold land and buildings
£

Plant and machinery
£

Office equipment
£

Total
£

Cost or valuation

At 1 October 2022

195,336

73,124

44,040

312,500

Additions

1,781

74,356

-

76,137

At 31 October 2023

197,117

147,480

44,040

388,637

Depreciation

At 1 October 2022

146,051

62,862

37,658

246,571

Charge for the period

10,608

21,407

4,509

36,524

At 31 October 2023

156,659

84,269

42,167

283,095

Carrying amount

At 31 October 2023

40,458

63,211

1,873

105,542

At 30 September 2022

49,285

10,262

6,382

65,929

Included within the net book value of land and buildings above is £40,458 (2022 - £49,285) in respect of short leasehold land and buildings.
 

7

Stocks

2023
£

2022
£

Stock

55,766

25,380