Company registration number 14059028 (England and Wales)
SVP CHESHIRE LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
PAGES FOR FILING WITH REGISTRAR
SVP CHESHIRE LIMITED
COMPANY INFORMATION
Directors
Mr J R Ford
Mrs A M Ford
Mr D C Bell
Dr F L Wall
Company number
14059028
Registered office
Orchard House
Elmbridge
Droitwich
Worcestershire
WR9 0NH
Accountants
Property Tax People Limited
The Oakley
Kidderminster Road
Droitwich
Worcestershire
WR9 9AY
Bankers
National Westminister Bank Plc
Western Avenue
Waterside Court
Chatham Maritime
Chatham
ME4 4RT
SVP CHESHIRE LIMITED
CONTENTS
Page
Accountants' report
1
Balance sheet
2 - 3
Notes to the financial statements
4 - 8
SVP CHESHIRE LIMITED
ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF SVP CHESHIRE LIMITED FOR THE YEAR ENDED 30 APRIL 2024
- 1 -
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of SVP Cheshire Limited for the year ended 30 April 2024 which comprise, the balance sheet and the related notes from the company’s accounting records and from information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at https://www.icaew.com/regulation.
This report is made solely to the board of directors of SVP Cheshire Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of SVP Cheshire Limited and state those matters that we have agreed to state to the board of directors of SVP Cheshire Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than SVP Cheshire Limited and its board of directors as a body, for our work or for this report.
It is your duty to ensure that SVP Cheshire Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of SVP Cheshire Limited. You consider that SVP Cheshire Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the financial statements of SVP Cheshire Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
Property Tax People Limited
24 July 2024
Chartered Accountants
The Oakley
Kidderminster Road
Droitwich
Worcestershire
WR9 9AY
SVP CHESHIRE LIMITED
BALANCE SHEET
AS AT
30 APRIL 2024
30 April 2024
- 2 -
2024
2023
Notes
£
£
£
£
Fixed assets
Intangible assets
3
196,988
207,932
Tangible assets
4
212,089
241,515
409,077
449,447
Current assets
Stocks
4,927
4,801
Debtors
5
9,411
6,725
Cash at bank and in hand
381,985
251,236
396,323
262,762
Creditors: amounts falling due within one year
6
(637,353)
(146,907)
Net current (liabilities)/assets
(241,030)
115,855
Total assets less current liabilities
168,047
565,302
Creditors: amounts falling due after more than one year
7
(450,000)
Provisions for liabilities
9
(32,278)
(37,300)
Net assets
135,769
78,002
Capital and reserves
Called up share capital
10
200
200
Profit and loss reserves
135,569
77,802
Total equity
135,769
78,002
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 30 April 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
SVP CHESHIRE LIMITED
BALANCE SHEET (CONTINUED)
AS AT
30 APRIL 2024
30 April 2024
- 3 -
The financial statements were approved by the board of directors and authorised for issue on 24 July 2024 and are signed on its behalf by:
Mr J R Ford
Director
Company registration number 14059028 (England and Wales)
SVP CHESHIRE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
- 4 -
1
Accounting policies
Company information
SVP Cheshire Limited is a private company limited by shares incorporated in England and Wales. The registered office is Orchard House, Elmbridge, Droitwich, Worcestershire, WR9 0NH.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
Revenue from the provision of services is recognised by reference to the stage of completion, when the costs incurred and costs to complete can be estimated reliably.
1.3
Intangible fixed assets - goodwill
Goodwill represents the excess of the cost of acquisition of unincorporated businesses over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is twenty years.
1.4
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Improvements to property
10% on cost
Veterinary equipment
10% on reducing balance
Fixtures and fittings
15% on reducing balance
Computer equipment
33% on cost
1.5
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.
SVP CHESHIRE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
1
Accounting policies
(Continued)
- 5 -
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
1.6
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.7
Employee benefits
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
1.8
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.9
Leases
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
13
13
SVP CHESHIRE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 6 -
3
Intangible fixed assets
Goodwill
£
Cost
At 1 May 2023 and 30 April 2024
218,876
Amortisation and impairment
At 1 May 2023
10,944
Amortisation charged for the year
10,944
At 30 April 2024
21,888
Carrying amount
At 30 April 2024
196,988
At 30 April 2023
207,932
4
Tangible fixed assets
Improvements to property
Veterinary equipment
Fixtures and fittings
Computer equipment
Total
£
£
£
£
£
Cost
At 1 May 2023
85,359
81,927
84,513
4,697
256,496
Additions
308
308
At 30 April 2024
85,359
81,927
84,821
4,697
256,804
Depreciation and impairment
At 1 May 2023
4,268
4,084
5,875
754
14,981
Depreciation charged in the year
8,537
7,787
11,845
1,565
29,734
At 30 April 2024
12,805
11,871
17,720
2,319
44,715
Carrying amount
At 30 April 2024
72,554
70,056
67,101
2,378
212,089
At 30 April 2023
81,091
77,843
78,638
3,943
241,515
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Other debtors
9,411
6,725
SVP CHESHIRE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 7 -
6
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
356
92
Amounts owed to group undertakings
38,655
51,388
Taxation and social security
144,865
92,991
Other creditors
453,477
2,436
637,353
146,907
7
Creditors: amounts falling due after more than one year
2024
2023
£
£
Other creditors
450,000
8
Secured debts
The following secured debts are included within creditors:
2024
2023
£
£
Other loans
450,000
450,000
Other loans are secured by way of a fixed and floating charge over all assets of the company.
9
Provisions for liabilities
2024
2023
£
£
Deferred tax liabilities
32,278
37,300
10
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
A Ordinary of 1p each
10,200
10,200
102
102
B Ordinary of 1p each
6,800
6,800
68
68
C Ordinary of 1p each
895
895
9
9
D Ordinary of 1p each
994
994
10
10
E Ordinary of 1p each
1,111
1,111
11
11
20,000
20,000
200
200
SVP CHESHIRE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 8 -
11
Related party transactions
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.
12
Control
Ultimate parent company
The ultimate parent company is Orchard Commercial Property Ltd, a company registered in England and Wales.
Ultimate controlling party
The ultimate controlling party is Mr J R Ford and Mrs A M Ford, by virtue of their controlling interest in the ultimate parent company.