Registration number:
Millcroft Veterinary Group Limited
for the Year Ended 31 March 2024
Millcroft Veterinary Group Limited
Contents
Abridged Balance Sheet |
|
Notes to the Unaudited Abridged Financial Statements |
Millcroft Veterinary Group Limited
(Registration number: 13071106)
Abridged Balance Sheet as at 31 March 2024
Note |
2024 |
2023 |
|
Fixed assets |
|||
Intangible assets |
|
|
|
Tangible assets |
|
|
|
Other financial assets |
10,000 |
10,000 |
|
|
|
||
Current assets |
|||
Stocks |
|
|
|
Debtors |
|
|
|
Cash at bank and in hand |
|
|
|
|
|
||
Creditors: Amounts falling due within one year |
( |
( |
|
Net current liabilities |
( |
( |
|
Total assets less current liabilities |
|
|
|
Creditors: Amounts falling due after more than one year |
- |
( |
|
Provisions for liabilities |
( |
( |
|
Net assets |
|
|
|
Capital and reserves |
|||
Called up share capital |
|
|
|
Profit and loss account |
|
|
|
Total equity |
|
|
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.
|
|
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.
Millcroft Veterinary Group Limited
(Registration number: 13071106)
Abridged Balance Sheet as at 31 March 2024
Approved and authorised by the
Mr R Welford
Director
Mr A Robinson
Director
Mr J Frayne
Director
Ms L Sloan
Director
Mr M Linnett
Director
Ms L Ferguson
Director
Ms L Donoghue
Director
Millcroft Veterinary Group Limited
Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 March 2024
General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
These financial statements were authorised for issue by the
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. Of the company's current liabilities at the year end, an amount is owed to the directors, who have agreed to continue to support the company, and not to demand repayment of this amount to the extent that any such repayment would jeopardise the future of the company.
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 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.
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 |
Freehold property |
2% straight line |
Leasehold improvement |
Straight line over the term of lease |
Motor vehicles |
25% reducing balance |
Plant and machinery |
25% straight line |
Millcroft Veterinary Group Limited
Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 March 2024
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 |
5% straight line |
Investments
Investments in equity shares where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in the profit or loss account. Investments in equity shares where fair value cannot be measured reliably are measured at cost less impairment.
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to sell.
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
Intangible assets |
Total |
|
Cost or valuation |
|
At 1 April 2023 |
|
Additions acquired separately |
|
At 31 March 2024 |
|
Amortisation |
|
At 1 April 2023 |
|
Amortisation charge |
|
At 31 March 2024 |
|
Carrying amount |
|
At 31 March 2024 |
|
At 31 March 2023 |
|
Millcroft Veterinary Group Limited
Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 March 2024
Tangible assets |
Total |
|
Cost or valuation |
|
At 1 April 2023 |
|
Additions |
|
At 31 March 2024 |
|
Depreciation |
|
At 1 April 2023 |
|
Charge for the year |
|
At 31 March 2024 |
|
Carrying amount |
|
At 31 March 2024 |
|
At 31 March 2023 |
|
Included within the net book value of land and buildings above is £495,260 (2023 - £504,257) in respect of freehold land and buildings and £241,702 (2023 - £182,962) in respect of long leasehold land and buildings.
Other financial assets (current and non-current) |
Financial assets at cost less impairment |
Total |
|
Non-current financial assets |
||
Cost or valuation |
||
At 1 April 2023 |
10,000 |
10,000 |
At 31 March 2024 |
10,000 |
10,000 |
Carrying amount |
||
At 31 March 2024 |
|
10,000 |
Creditors: amounts falling due within one year |
Creditors include bank loans and overdrafts and net obligations under finance lease and hire purchase contracts which are secured of £Nil (2023 - £25,200).
Creditors: amounts falling due after more than one year |
Creditors include bank loans and overdrafts and net obligations under finance lease and hire purchase contracts which are secured of £Nil (2023 - £218,839).
Creditors include bank loans repayable by instalments of £145,283 (2021 - £Nil) due after more than five years.
Millcroft Veterinary Group Limited
Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 March 2024
Financial commitments, guarantees and contingencies |
Amounts not provided for in the balance sheet
The total amount of financial commitments not included in the balance sheet is £