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Registration number: 14649948

Prepared for the registrar

Scott Veterinary Clinic Ltd

Annual Report and Unaudited Financial Statements

for the Period from 8 February 2023 to 31 March 2024

 

Scott Veterinary Clinic Ltd

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 11

 

Scott Veterinary Clinic 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

 

Scott Veterinary Clinic Ltd

(Registration number: 14649948)
Balance Sheet as at 31 March 2024

Note

2024
£

Fixed assets

 

Intangible assets

4

2,212,515

Tangible assets

5

251,993

Investments

6

100

 

2,464,608

Current assets

 

Stocks

147,098

Debtors

7

129,316

Cash at bank and in hand

 

434,591

 

711,005

Creditors: Amounts falling due within one year

8

(776,193)

Net current liabilities

 

(65,188)

Total assets less current liabilities

 

2,399,420

Creditors: Amounts falling due after more than one year

8

(1,688,949)

Deferred tax liabilities

 

(17,607)

Net assets

 

692,864

Capital and reserves

 

Called up share capital

67

Share premium reserve

398,993

Profit and loss account

293,804

Shareholders' funds

 

692,864

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.

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


T I Clift
Director


V Farbon
Director

 

Scott Veterinary Clinic Ltd

(Registration number: 14649948)
Balance Sheet as at 31 March 2024


A Revill
Director

 

Scott Veterinary Clinic Ltd

Notes to the Unaudited Financial Statements for the Period from 8 February 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
United Kingdom

 

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.

 

Scott Veterinary Clinic Ltd

Notes to the Unaudited Financial Statements for the Period from 8 February 2023 to 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 improvements

Over the term of the lease

Plant and machinery

25% written down value

Fixtures and fittings

10% written down value

Computer equipment

33.3% of cost

Motor vehicles

25% 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 acquisition date if the adjustment is probable and can be measured reliably.

Goodwill

Goodwill is amortised over its useful life, estimated by the directors to be 20 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.

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.

 

Scott Veterinary Clinic Ltd

Notes to the Unaudited Financial Statements for the Period from 8 February 2023 to 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.

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.

 

Scott Veterinary Clinic Ltd

Notes to the Unaudited Financial Statements for the Period from 8 February 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 3.

 

4

Intangible assets

Goodwill
 £

Cost

Additions acquired separately

2,212,515

At 31 March 2024

2,212,515

Carrying amount

At 31 March 2024

2,212,515

 

Scott Veterinary Clinic Ltd

Notes to the Unaudited Financial Statements for the Period from 8 February 2023 to 31 March 2024

 

5

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost

Additions

188,570

309,954

19,990

518,514

At 31 March 2024

188,570

309,954

19,990

518,514

Depreciation

Charge for the period

52,640

196,691

17,190

266,521

At 31 March 2024

52,640

196,691

17,190

266,521

Carrying amount

At 31 March 2024

135,930

113,263

2,800

251,993

Included within the net book value of land and buildings above is £128,913 in respect of freehold land and buildings and £7,017 in respect of long leasehold land and buildings.
 

 

Scott Veterinary Clinic Ltd

Notes to the Unaudited Financial Statements for the Period from 8 February 2023 to 31 March 2024

 

6

Investments

2024
£

Investments in subsidiaries

100

Subsidiaries

£

Cost

Additions

2,212,615

Disposals

(2,212,515)

At 31 March 2024

100

Provision

Carrying amount

At 31 March 2024

100

Details of undertakings

Details of the investments (including principal place of business of unincorporated entities) in which the company holds 20% or more of the nominal value of any class of share capital are as follows:

Undertaking

Registered office

Holding

Proportion of voting rights and shares held

     

2024

Subsidiary undertakings

SVC (Dormant) Ltd

405 Goldington Road, Bedford, MK41 0DS

Ordinary A, B and C

100%

Subsidiary undertakings

SVC (Dormant) Ltd

The principal activity of SVC (Dormant) Ltd is the provision of veterinary services..

The principal activity of SVC (Dormant) Ltd is that of a dormant company following the hive up on 31 March 2024. Its financial period end is 31 March. The profit after tax for the financial period of SVC (Dormant) Ltd was £931,128 and the aggregate amount of capital and reserves at the end of the period was £100.

At the close of business on 14 April 2023, Scott Veterinary Clinic Ltd acquired the 40% of the share capital of SVC (Dormant) Ltd for a total consideration of £2,164,551. The trading assets and liabilities of SVC (Dormant) Ltd were hived up into Scott Veterinary Clinic Ltd on 31 March 2024 with the amount outstanding remaining as an intercompany account, of which £2,212,515 was capitalised as goodwill.

 

Scott Veterinary Clinic Ltd

Notes to the Unaudited Financial Statements for the Period from 8 February 2023 to 31 March 2024

 

7

Debtors

31 March 2024
 £

Trade debtors

102,743

Other debtors

3,450

Prepayments

23,123

 

129,316

 

8

Creditors

Note

31 March 2024
 £

Due within one year

 

Loans and borrowings

10

264,401

Trade creditors

 

78,583

Social security and other taxes

 

375,486

Outstanding defined contribution pension costs

 

9,333

Other creditors

 

1,874

Accrued expenses

 

46,516

 

776,193

Note

2024
£

Due after one year

 

Loans and borrowings

10

1,688,949

 

9

Deferred tax

Deferred tax assets and liabilities

2024

Liability
£

Differences between accumulated depreciation and amortisation and capital allowances

19,749

Short term timing differences

(2,142)

17,607

 

Scott Veterinary Clinic Ltd

Notes to the Unaudited Financial Statements for the Period from 8 February 2023 to 31 March 2024

 

10

Loans and borrowings

2024
£

Current loans and borrowings

Bank borrowings

65,766

Other borrowings

198,635

264,401

2024
£

Non-current loans and borrowings

Bank borrowings

1,688,949

 

11

Share capital

Allotted, called up and fully paid shares

 

31 March 2024

 

No.

£

B Ordinary of £1 each

40

40

C Ordinary of £1 each

20

20

D Ordinary of £1 each

7

7

 

67

67

The company incorporated on 8 February 2023, issuing 2 £1 B Ordinary shares and 1 £1 C Ordinary share. On 14 April 2023 an allotment of shares was made, issuing 38 £1 B Ordinary shares and 19 £1 C Ordinary shares, then a second allotment of shares was made on 14 April 2023, issuing 7 £1 D Ordinary shares.

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

 

12

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 £198,535. 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

SVC (Dormant) Ltd

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