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Registration number: 08227877

Prepared for the registrar

Hambleton Equine Clinic Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 March 2024

 

Hambleton Equine Clinic Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 12

 

Hambleton Equine Clinic Limited

Company Information

Directors

C M Cramp

A J Walters

P Cramp

Registered office

The Paddock
Stanley Grange
Great Ayton
North Yorkshire
TS9 6QD

Accountants

Hazlewoods LLP
Staverton Court
Staverton
Cheltenham
GL51 0UX

 

Hambleton Equine Clinic Limited

(Registration number: 08227877)
Balance Sheet as at 31 March 2024

Note

2024
 £

2023
 £

Fixed assets

 

Intangible assets

4

25,447

27,202

Tangible assets

5

820,822

754,627

Investments

6

50

50

 

846,319

781,879

Current assets

 

Stocks

169,197

226,708

Debtors

7

894,492

715,867

Cash at bank and in hand

 

38,685

58,884

 

1,102,374

1,001,459

Creditors: Amounts falling due within one year

8

(396,295)

(413,565)

Net current assets

 

706,079

587,894

Total assets less current liabilities

 

1,552,398

1,369,773

Creditors: Amounts falling due after more than one year

8

(135,154)

(138,917)

Deferred tax liabilities

(145,606)

(137,261)

Net assets

 

1,271,638

1,093,595

Capital and reserves

 

Called up share capital

50

50

Profit and loss account

1,271,588

1,093,545

Total equity

 

1,271,638

1,093,595

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.

 

Hambleton Equine Clinic Limited

(Registration number: 08227877)
Balance Sheet as at 31 March 2024

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.

Approved and authorised by the Board on 10 September 2024 and signed on its behalf by:
 


C M Cramp
Director


A J Walters
Director


P Cramp
Director

 

Hambleton Equine Clinic 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:
The Paddock
Stanley Grange
Great Ayton
North Yorkshire
TS9 6QD

 

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 current forecasts and projections, together with the facilities available to the company, 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.

 

Hambleton Equine Clinic 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.

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 and after eliminating sales within the company.

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 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, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Leasehold Improvements

Nil

Equipment

15% of written down value

Fixtures

10% of written down value

Computer equipment

33.33% of cost

Motor Vehicles

25% of written down value

Business combinations

Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquiisition date if the adjustment is probable and can be measured reliably.

 

Hambleton Equine Clinic Limited

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

Goodwill

Goodwill is amortised over its useful life, which shall not exceed five years if a reliable estimate of the useful life cannot be made.

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.

Negative goodwill arising on an acquisition is recognised on the face of the balance sheet on the acquisition date and subsequently the excess up to the fair value of non-monetary assets acquired is recognised in profit or loss in the periods in which the non-monetary assets are recovered.

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

Amortised over 20 years

Investments

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


Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

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.

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.

 

Hambleton Equine Clinic Limited

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

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.

 

3

Staff numbers

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

 

Hambleton Equine Clinic Limited

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

 

5

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost

At 1 April 2023

274,891

648,773

58,671

982,335

Additions

3,339

115,119

65,876

184,334

Disposals

-

(28,135)

-

(28,135)

At 31 March 2024

278,230

735,757

124,547

1,138,534

Depreciation

At 1 April 2023

-

202,953

24,755

227,708

Charge for the year

-

73,973

17,438

91,411

Eliminated on disposal

-

(1,407)

-

(1,407)

At 31 March 2024

-

275,519

42,193

317,712

Carrying amount

At 31 March 2024

278,230

460,238

82,354

820,822

At 31 March 2023

274,891

445,819

33,917

754,627

 

Hambleton Equine Clinic Limited

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

 

6

Investments

2024
£

2023
£

Investments in associates

50

50

Associates

£

Cost

At 1 April 2023

50

Provision

Carrying amount

At 31 March 2024

50

At 31 March 2023

50

Details of undertakings

Details of the investments in which the company holds 20% or more of the nominal value of any class of share capital are as follows:

Undertaking

Holding

Proportion of voting rights and shares held

     

2024

2023

Subsidiary undertakings

Solway Equine Vets Limited

Ordinary £1 shares

50%

50%

Subsidiary undertakings

Solway Equine Vets Limited

The principal activity of Solway Equine Vets Limited is the provision of veterinary services.

 

Hambleton Equine Clinic Limited

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

 

7

Debtors

Note

2024
 £

2023
 £

Trade debtors

 

780,540

629,415

Amounts owed by related parties

12

83,894

63,100

Other debtors

 

4,507

5,049

Prepayments

 

25,551

18,303

   

894,492

715,867

 

8

Creditors

Note

2024
 £

2023
 £

Due within one year

 

Loans and borrowings

10

(25,467)

86,401

Trade creditors

 

156,874

177,865

Social security and other taxes

 

250,115

135,129

Other creditors

 

2,301

3,505

Accrued expenses

 

12,472

10,665

 

396,295

413,565

Due after one year

 

Loans and borrowings

10

135,154

138,917

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

10

135,154

138,917

 

9

Deferred tax

Deferred tax assets and liabilities

2024

Liability
£

Difference between accumulated depreciation and amortisation and capital allowances

145,606

145,606

2023

Liability
£

Difference between accumulated depreciation and amortisation and capital allowances

137,261

137,261

 

Hambleton Equine Clinic Limited

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

 

10

Loans and borrowings

2024
£

2023
£

Current loans and borrowings

Bank borrowings

30,000

30,000

Hire purchase and finance lease liabilities

57,146

39,667

Other borrowings

(112,613)

16,734

(25,467)

86,401

2024
£

2023
£

Non-current loans and borrowings

Bank borrowings

35,000

65,000

Hire purchase and finance lease liabilities

100,154

73,917

135,154

138,917

 

Hambleton Equine Clinic Limited

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

 

11

Financial commitments

Operating leases

The total of future minimum lease payments is as follows:

2024
 £

2023
 £

Not later than one year

90,000

90,000

Later than one year and not later than five years

157,500

247,500

247,500

337,500

The amount of non-cancellable operating lease payments recognised as an expense during the year was £90,000 (2023 - £81,050).

 

12

Related party transactions

Hambleton Equine Clinic Stokesly Limited

(A Walters, C Cramp and P Cramp are all directors of Hambleton Equine Clinic (Stokesley) Limited)
At the balance sheet date the amount due from Hambleton Equine Clinic Stokesly Limited was £55,994 (2023: £57,014). This amount is included in other debtors. No interest is charged and there are no fixed repayment terms.

Walters and Cramp Limited

(A Walters, C Cramp and P Cramp are all directors of Walters and Cramp Limited)
At the balance sheet date the amount due from Walters and Cramp Limited was £12,260 (2023: £3,047). This amount is included in other debtors. No interest is charged and there are no fixed repayment terms.

Solway Equine Vets Limited
(A Walters, C Cramp and P Cramp are all directors of Solway Equine Vets Limited)
At the balance sheet date the amount due from Solway Equine Vets Limited was £15,620 (2023: £3,039). This amount is included in other debtors. No interest is charged and there are no fixed repayment terms.

Summary of transactions with key management

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

At the balance sheet date, the directors owed the company £112,615 (the company owed the directors 2023 - £16.734). This amount is included in other borrowings. There are no fixed repayment terms and no interest charged.