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Registration number: 04663455

Prepared for the registrar

Park Hall Veterinary Clinic Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 March 2024

 

Park Hall Veterinary Clinic Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 10

 

Park Hall Veterinary Clinic Limited

Company Information

Directors

Mr M Wharmby

Mrs M Wharmby

Registered office

Park Hall Stables
Park Hall Road
Mansfield
Woodhouse
Nottinghamshire
NG19 8QX

Accountants

Hazlewoods LLP
Staverton Court
Staverton
Cheltenham
GL51 0UX

 

Park Hall Veterinary Clinic Limited

(Registration number: 04663455)
Balance Sheet as at 31 March 2024

Note

2024
 £

2023
 £

Fixed assets

 

Tangible assets

4

263,934

261,213

Current assets

 

Stocks

106,162

116,834

Debtors

5

646,371

359,726

Cash at bank and in hand

 

449,467

419,549

 

1,202,000

896,109

Creditors: Amounts falling due within one year

6

(374,808)

(254,582)

Net current assets

 

827,192

641,527

Total assets less current liabilities

 

1,091,126

902,740

Deferred tax liabilities

7

(36,372)

(36,547)

Net assets

 

1,054,754

866,193

Capital and reserves

 

Called up share capital

8

100

100

Profit and loss account

1,054,654

866,093

Total equity

 

1,054,754

866,193

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.

 

Park Hall Veterinary Clinic Limited

(Registration number: 04663455)
Balance Sheet as at 31 March 2024

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


Mr M Wharmby
Director


Mrs M Wharmby
Director

 

Park Hall Veterinary 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:
Park Hall Stables
Park Hall Road
Mansfield
Woodhouse
Nottinghamshire
NG19 8QX

 

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.

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.

 

Park Hall Veterinary Clinic Limited

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

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 land and buildings

Over 20 years

Plant, machinery and fixtures

15% of written down value

Motor vehicles

25% of written down value

Office equipment

33.33% of cost

 

Park Hall Veterinary Clinic Limited

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

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.

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.

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.

 

Park Hall Veterinary 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:

 

Park Hall Veterinary Clinic Limited

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

 

4

Tangible assets

Long leasehold property
£

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost

At 1 April 2023

154,374

397,932

65,391

617,697

Additions

-

41,446

-

41,446

Disposals

-

-

(17,424)

(17,424)

At 31 March 2024

154,374

439,378

47,967

641,719

Depreciation

At 1 April 2023

38,115

270,097

48,272

356,484

Charge for the year

7,719

24,024

3,831

35,574

Eliminated on disposal

-

-

(14,273)

(14,273)

At 31 March 2024

45,834

294,121

37,830

377,785

Carrying amount

At 31 March 2024

108,540

145,257

10,137

263,934

At 31 March 2023

116,259

127,835

17,119

261,213

 

5

Debtors

2024
 £

2023
 £

Trade debtors

111,371

102,166

Other debtors

473,282

205,434

Prepayments

61,718

52,126

646,371

359,726

 

Park Hall Veterinary Clinic Limited

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

 

6

Creditors

Note

2024
 £

2023
 £

Due within one year

 

Trade creditors

 

142,478

115,277

Social security and other taxes

 

207,072

131,300

Outstanding defined contribution pension costs

 

16,408

-

Other creditors

 

570

730

Accrued expenses

 

8,280

7,275

 

374,808

254,582

 

7

Deferred tax

Deferred tax assets and liabilities

2024

Liability
£

Difference between accumulated depreciation and amortisation and capital allowances

36,372

36,372

2023

Liability
£

Difference between accumulated depreciation and amortisation and capital allowances

36,547

36,547

 

8

Share capital

Allotted, called up and fully paid shares

 

2024

2023

 

No.

£

No.

£

Ordinary class A shares of £1 each

47

47

47

47

Ordinary class B shares of £1 each

47

47

47

47

Ordinary class C shares of £1 each

3

3

3

3

Ordinary class D shares of £1 each

3

3

3

3

 

100

100

100

100

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

 

Park Hall Veterinary Clinic Limited

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

 

9

Related party transactions

Summary of transactions with key management

As at 31 March 2024, the directors of the company owed £455,254 (2023 - £188,418). This amount is included within other debtors. There are no fixed repayment terms and no interest is charged.
 

Transactions with directors

2024

At 1 April 2023
£

Advances to director
£

Repayments by director
£

At 31 March 2024
£

Amount due (to) / from directors

188,418

464,286

(197,450)

455,254

         
       

 

2023

At 1 April 2022
£

Advances to director
£

Repayments by director
£

At 31 March 2023
£

Amount due (to) / from directors

75,634

335,891

(223,107)

188,418