SVC (Dormant) Ltd 07953355 false 2023-04-15 2024-03-31 2024-03-31 The principal activity of the company is the provision of veterinary services. Digita Accounts Production Advanced 6.30.9574.0 true true 07953355 2023-04-15 2024-03-31 07953355 2024-03-31 07953355 bus:OrdinaryShareClass2 2024-03-31 07953355 bus:OrdinaryShareClass3 2024-03-31 07953355 bus:OrdinaryShareClass4 2024-03-31 07953355 core:RetainedEarningsAccumulatedLosses 2024-03-31 07953355 core:ShareCapital 2024-03-31 07953355 core:CurrentFinancialInstruments 2024-03-31 07953355 core:CurrentFinancialInstruments core:WithinOneYear 2024-03-31 07953355 core:Goodwill 2024-03-31 07953355 core:FurnitureFittingsToolsEquipment 2024-03-31 07953355 core:LandBuildings 2024-03-31 07953355 core:MotorVehicles 2024-03-31 07953355 bus:SmallEntities 2023-04-15 2024-03-31 07953355 bus:AuditExemptWithAccountantsReport 2023-04-15 2024-03-31 07953355 bus:FullAccounts 2023-04-15 2024-03-31 07953355 bus:SmallCompaniesRegimeForAccounts 2023-04-15 2024-03-31 07953355 bus:RegisteredOffice 2023-04-15 2024-03-31 07953355 bus:Director1 2023-04-15 2024-03-31 07953355 bus:Director2 2023-04-15 2024-03-31 07953355 bus:Director4 2023-04-15 2024-03-31 07953355 bus:OrdinaryShareClass2 2023-04-15 2024-03-31 07953355 bus:OrdinaryShareClass3 2023-04-15 2024-03-31 07953355 bus:OrdinaryShareClass4 2023-04-15 2024-03-31 07953355 bus:PrivateLimitedCompanyLtd 2023-04-15 2024-03-31 07953355 core:Goodwill 2023-04-15 2024-03-31 07953355 core:ComputerEquipment 2023-04-15 2024-03-31 07953355 core:FurnitureFittings 2023-04-15 2024-03-31 07953355 core:FurnitureFittingsToolsEquipment 2023-04-15 2024-03-31 07953355 core:LandBuildings 2023-04-15 2024-03-31 07953355 core:MotorCars 2023-04-15 2024-03-31 07953355 core:MotorVehicles 2023-04-15 2024-03-31 07953355 core:PlantMachinery 2023-04-15 2024-03-31 07953355 core:KeyManagementPersonnel 2023-04-15 2024-03-31 07953355 core:KeyManagementPersonnelCloseFamilyMembersEntitiesUnderKeyManagementPersonnelsControl 2023-04-15 2024-03-31 07953355 core:OtherRelatedParties 2023-04-15 2024-03-31 07953355 countries:EnglandWales 2023-04-15 2024-03-31 07953355 2023-04-14 07953355 core:Goodwill 2023-04-14 07953355 core:FurnitureFittingsToolsEquipment 2023-04-14 07953355 core:LandBuildings 2023-04-14 07953355 core:MotorVehicles 2023-04-14 07953355 2022-04-01 2023-04-14 07953355 2023-04-14 07953355 bus:OrdinaryShareClass2 2023-04-14 07953355 bus:OrdinaryShareClass3 2023-04-14 07953355 bus:OrdinaryShareClass4 2023-04-14 07953355 core:AcceleratedTaxDepreciationDeferredTax 2023-04-14 07953355 core:OtherDeferredTax 2023-04-14 07953355 core:RetainedEarningsAccumulatedLosses 2023-04-14 07953355 core:ShareCapital 2023-04-14 07953355 core:CurrentFinancialInstruments 2023-04-14 07953355 core:CurrentFinancialInstruments core:WithinOneYear 2023-04-14 07953355 core:FurnitureFittingsToolsEquipment 2023-04-14 07953355 core:LandBuildings 2023-04-14 07953355 core:MotorVehicles 2023-04-14 iso4217:GBP xbrli:pure xbrli:shares

Registration number: 07953355

Prepared for the registrar

SVC (Dormant) Ltd

Annual Report and Unaudited Financial Statements

for the Period from 15 April 2023 to 31 March 2024

 

SVC (Dormant) Ltd

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 9

 

SVC (Dormant) Ltd

Company Information

Directors

T I Clift

V Farbon

A Revill

Registered office

405 Goldington Road
Bedford
MK41 0DS

Accountants

Hazlewoods LLP
Staverton Court
Staverton
Cheltenham
GL51 0UX

 

SVC (Dormant) Ltd

(Registration number: 07953355)
Balance Sheet as at 31 March 2024

Note

31 March 2024
 £

14 April 2023
 £

Fixed assets

 

Tangible assets

5

-

204,975

Current assets

 

Stocks

-

149,410

Debtors

6

100

453,300

Cash at bank and in hand

 

-

338,416

 

100

941,126

Creditors: Amounts falling due within one year

7

-

(654,616)

Net current assets

 

100

286,510

Total assets less current liabilities

 

100

491,485

Deferred tax liabilities

10

-

(5,133)

Net assets

 

100

486,352

Capital and reserves

 

Called up share capital

8

100

100

Profit and loss account

-

486,252

Total equity

 

100

486,352

For the financial period 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 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.

 

SVC (Dormant) Ltd

(Registration number: 07953355)
Balance Sheet as at 31 March 2024

Approved and authorised by the Board on 23 August 2024 and signed on its behalf by:
 


T I Clift
Director


V Farbon
Director


A Revill
Director

 

SVC (Dormant) Ltd

Notes to the Unaudited Financial Statements for the Period from 15 April 2023 to 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:
405 Goldington Road
Bedford
MK41 0DS

 

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.

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.

 

SVC (Dormant) Ltd

Notes to the Unaudited Financial Statements for the Period from 15 April 2023 to 31 March 2024

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

Asset class

Depreciation method and rate

Leasehold improvements

Over the term of the lease

Plant and machinery

25% written down value

Fixtures and fittings

10% written down value

Motor vehicles

25% written down value

Computer equipment

33.3% of cost

Goodwill

Goodwill is amortised over its useful life, estimated by the directors to be 7 years.

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.

 

SVC (Dormant) Ltd

Notes to the Unaudited Financial Statements for the Period from 15 April 2023 to 31 March 2024

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.

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.

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.

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.

 

SVC (Dormant) Ltd

Notes to the Unaudited Financial Statements for the Period from 15 April 2023 to 31 March 2024

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 period, was as follows:

 

SVC (Dormant) Ltd

Notes to the Unaudited Financial Statements for the Period from 15 April 2023 to 31 March 2024

 

5

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost

At 15 April 2023

188,570

242,664

19,990

451,224

Additions

-

67,290

-

67,290

Disposals

(188,570)

(309,954)

(19,990)

(518,514)

At 31 March 2024

-

-

-

-

Depreciation

At 15 April 2023

51,972

177,969

16,308

246,249

Charge for the period

668

18,722

882

20,272

Eliminated on disposal

(52,640)

(196,691)

(17,190)

(266,521)

At 31 March 2024

-

-

-

-

Carrying amount

At 31 March 2024

-

-

-

-

At 14 April 2023

136,598

64,695

3,682

204,975

Included within the net book value of land and buildings above is £Nil (2023 - £128,913) in respect of freehold land and buildings and £Nil (2023 - £7,685) in respect of long leasehold land and buildings.
 

 

6

Debtors

Note

31 March 2024
 £

14 April 2023
 £

Trade debtors

 

-

86,228

Amounts owed by related parties

11

100

320,846

Other debtors

 

-

7,669

Prepayments

 

-

38,557

   

100

453,300

 

7

Creditors

Note

31 March 2024
 £

14 April 2023
 £

Due within one year

 

Loans and borrowings

9

-

52,621

Trade creditors

 

-

120,392

Social security and other taxes

 

-

374,170

Outstanding defined contribution pension costs

 

-

8,377

Other creditors

 

-

5,206

Accrued expenses

 

-

93,850

 

-

654,616

 

SVC (Dormant) Ltd

Notes to the Unaudited Financial Statements for the Period from 15 April 2023 to 31 March 2024

 

8

Share capital

Allotted, called up and fully paid shares

 

31 March 2024

14 April 2023

 

No.

£

No.

£

Ordinary 'A' shares of £1 each

40

40

40

40

Ordinary 'B' shares of £1 each

40

40

40

40

Ordinary 'C' shares of £1 each

20

20

20

20

 

100

100

100

100

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

 

9

Loans and borrowings

2024
£

2023
£

Current loans and borrowings

Other borrowings

-

52,621

 

10

Deferred tax

Deferred tax assets and liabilities

2023

Liability
£

Differences between accumulated depreciation and amortisation and capital allowances

7,229

Short term timing differences

(2,096)

5,133

 

11

Related party transactions

Key management personnel

Key management personnel are the directors of the company.

Summary of transactions with key management

As at the balance sheet date, the company owed the directors £nil (2023: £52,621). This amount is included in other borrowings. There are no fixed repayment terms and no interest is charged.
 

Summary of transactions with other related parties

Scott Veterinary Clinic Ltd

As at the balance sheet date, Scott Veterinary Clinic Ltd owed SVC (Dormant) Ltd £100 (2023: £320,846). This amount is included within amounts owed by related parties. There are no fixed repayment terms and no interest is charged. All transactions were on an arms length basis.