Registration number:
Newmarket Equine Clinic Limited
for the Year Ended 31 December 2023
Newmarket Equine Clinic Limited
Contents
Company Information |
|
Strategic Report |
|
Directors' Report |
|
Statement of Directors' Responsibilities |
|
Independent Auditor's Report |
|
Profit and Loss Account |
|
Statement of Comprehensive Income |
|
Balance Sheet |
|
Statement of Changes in Equity |
|
Statement of Cash Flows |
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Notes to the Financial Statements |
Newmarket Equine Clinic Limited
Company Information
Directors |
Mr M H Hillyer Mr D Dugdale Mr M Tunstill Mr S W Williamson Ms G Minshall Mr P O Ormond Mr D Bartram Mr S W Waterhouse Mr W B Barker Mr L MacGillivray Mr M S Smith Mr B Herinckx |
Company secretary |
Mr M H Hillyer |
Registered office |
|
Auditors |
|
Newmarket Equine Clinic Limited
Strategic Report for the Year Ended 31 December 2023
The directors present their strategic report for the year ended 31 December 2023.
Principal activity
The principal activity of the company is the provision of veterinary activities.
Fair review of the business
The year ended 31 December 2023 has seen a decline in turnover and gross profit however the company has maintained its level of profitability. This can be seen through the gross profit margin, which remained stable at 65.2% (2022: 65.0%). Furthermore, the profit before tax margin increased by 0.5% to 1.9% (2022: 1.4%).
The company's key financial and other performance indicators during the year were as follows:
Financial KPIs |
Unit |
2023 |
2022 |
Gross Profit Margin |
% |
65 |
65 |
Employment costs: Turnover |
% |
44 |
47 |
Principal risks and uncertainties
Competition in the industry has become more intense, and there is a constant need to keep up to date in terms
of equipment, branch appearances and digital capabilities. To counter this, the business has continued its
investment in equipment, refurbishments and the development of its staff.
The needs of the more demanding customers are constantly being evaluated and opportunities created. The
company is committed to improve engagement with its clients by providing more services, better facilities and to
improve communication.
The wider economic environment continues to be challenged due to the impacts of Brexit and Covid-19. The
business is satisfied that it's resources and level of borrowing is adequate to counter any possible adverse
effects. The veterinary industry has been relatively insulated from economic turbulence in the past due in part to
the increase in the use of pet insurance and activities not necessarily related to footfall such as pet health plans.
Newmarket Equine Clinic Limited
Strategic Report for the Year Ended 31 December 2023
Section 172(1) statement
The directors understand the business, strategic targets and ever-changing market and environment that the company operates in. Strategic decisions are taken at board level, where the directors take decisions they believe are in the best interests of the company, members and stakeholders. The board meets every month to discuss current topics across all areas of the business. They receive an overview of the current financial performance and discuss matters of importance during the board meetings.
The directors recognise that the employees are fundamental and are integral to the business to deliver strategic ambitions. The success of the business depends on attracting, retaining and motivating employees. Directors ensure that the company does the upmost to be a responsible employer considering pay, benefits, upkeep of health and safety requirements and workplace environments. When making decisions, the directors factor the implication of decisions on the employees where it is relevant and possible to do so.
The directors recognise that in order to achieve its strategic objectives it must have strong relationships with its customers and suppliers. The directors receive regular information and feedback from business operations that inform them how current and emerging relationships are developing. The directors actively seek and receive third party information indicating performance from a customer point of view. The directors also receive regular updates on supplier activities and contract management topics.
The directors will take into account the impact of the company's operations on the community and environment in any decision making process where it is necessary to do. The directors are fully aware of their legal responsibilities and obligations, including company policies which are designed to uphold the core values of Newmarket Equine Clinic and ensure all stakeholders conduct themselves as it would expect. By following these principles and guidelines, the business is conducted with the upmost integrity. Regular internal reviews take place, which help ensure that the guidelines are followed and identify any areas or processes that can be improved.
The directors consider the best possible action in its decision-making process to deliver their strategy. When making these decisions the Directors act as fairly as they can for all members however this can mean that sometimes certain stakeholder interests may not be fully aligned.
The Newmarket Equine Clinic Board understand their duties and responsibilities individually and collectively. They have acted in accordance with their duties codified in law, which include their duty to act in a way in which they consider would be most likely to promote the success of the company to the benefit of its members whilst considering the stakeholders of the company and matters set out in section 172 (1) of the Companies Act 2006.
Approved by the
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Newmarket Equine Clinic Limited
Directors' Report for the Year Ended 31 December 2023
The directors present their report and the financial statements for the year ended 31 December 2023.
Directors of the company
The directors who held office during the year were as follows:
Change in Group Structure
On 1 January 2024, a significant change occurred in the company's group structure. The company became a wholly-owned subsidiary of a newly established holding company, Newmarket Equine Clinic Holdings Ltd. This restructuring was implemented to streamline the group’s operations and improve strategic management and financial oversight. The new group structure is expected to enhance our operational efficiency and provide better alignment of our corporate governance practices with our strategic objectives. While this change does not impact the financial position as of 31 December 2023, it marks an important milestone in the company’s evolution and is anticipated to positively influence our future growth and performance. The Board of Directors believes that this restructuring will enable the company to leverage synergies within the group, leading to improved resource allocation and better competitive positioning in our market. The Board will continue to monitor and assess the impact of this new structure on our operations and financial performance.
Financial instruments
Objectives and policies
The company's principal financial assets are its bank balances, fixed assets and debtors. The company's credit
risk is primarily attributable to its trade debtors. To mitigate this credit risk, the business uses a combination of
internal credit control functions and external debt collection agencies. The accounts presented in the balance
sheet are net of provisions for doubtful debts. The company does not purchase any significant goods or services
in foreign currencies.
Price risk, credit risk, liquidity risk and cash flow risk
The company is exposed to fair value interest rate risk on its fixed rate borrowings and cash flow interest risk on
any floating rate borrowings. In order to maintain liquidity and ensure that sufficient funds are available for
ongoing operations and future developments, the company uses a mixture of long-term and short-term debt
finance.
Newmarket Equine Clinic Limited
Directors' Report for the Year Ended 31 December 2023
Research and development
The directors are committed to fostering innovation and ensuring the company remains at the forefront of its industry through ongoing research and development (R&D) activities. During the year 31 December 2023 the company undertook several significant R&D projects aimed at enhancing and revolutionising equine care and medical treatments. The directors believe that these investments are crucial for maintaining the company’s competitive edge and driving future growth. We are confident that our continued focus on R&D will result in significant benefits, including the enhancement of our market position as well as improved medical care for our patients.
Disclosure of information to the auditors
Each director has taken steps that they ought to have taken as a director in order to make themselves aware of any relevant audit information and to establish that the company's auditors are aware of that information. The directors confirm that there is no relevant information that they know of and of which they know the auditors are unaware.
Approved by the
|
Newmarket Equine Clinic Limited
Statement of Directors' Responsibilities
The directors acknowledge their responsibilities for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:
• |
select suitable accounting policies and apply them consistently; |
• |
make judgements and accounting estimates that are reasonable and prudent; |
• |
state whether applicable United Kingdom Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and |
• |
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. |
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Newmarket Equine Clinic Limited
Independent Auditor's Report to the Members of Newmarket Equine Clinic Limited
Opinion
We have audited the financial statements of Newmarket Equine Clinic Limited (the 'company') for the year ended 31 December 2023, which comprise the Profit and Loss Account, Statement of Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Statement of Cash Flows, and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements:
• | give a true and fair view of the state of the company's affairs as at 31 December 2023 and of its profit for the year then ended; |
• | have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and |
• | have been prepared in accordance with the requirements of the Companies Act 2006. |
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the auditor responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Other Matters
We draw attention to the fact that the comparative figures for the year ended 31 December 2022 included in these financial statements are unaudited. These comparative figures were not subject to an audit and therefore we do not express an opinion on them. Our opinion on the current period's financial statements is not modified in respect of this matter.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the director's use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the original financial statements were authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
Newmarket Equine Clinic Limited
Independent Auditor's Report to the Members of Newmarket Equine Clinic Limited
Other information
The directors are responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
Opinion on other matter prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
• |
the information given in the Strategic Report and Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
• |
the Strategic Report and Directors' Report have been prepared in accordance with applicable legal requirements. |
Matters on which we are required to report by exception
In the light of our knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report and the Directors' Report.
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
• | adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or |
• | the financial statements are not in agreement with the accounting records and returns; or |
• | certain disclosures of directors' remuneration specified by law are not made; or |
• | we have not received all the information and explanations we require for our audit. |
Newmarket Equine Clinic Limited
Independent Auditor's Report to the Members of Newmarket Equine Clinic Limited
Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities [set out on page 6], the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.
Auditor Responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
We considered the nature of the company's industry and its control environment, and reviewed the company's documentation of their policies and procedures relating to fraud and compliance with laws and regulations. We also enquired of management about their own identification and assessment of the risks of irregularities. |
|
We obtained an understanding of the legal and regulatory frameworks that the company operates in, and
|
|
• |
had a direct effect on the determination of material amounts and disclosures in the financial statements. These included UK Companies Act, pensions legislation, tax legislation; and |
• |
do not have a direct effect on the financial statements but compliance with which may be fundamental to the company's ability to operate or to avoid a material penalty. These included the company's compliance with the RCVS regulations applicable to all practices and qualified nurses, GDPR, Veterinary Surgeons Act 1966, Animal Welfare Act 2006, Veterinary Medicines Regulations 2013 and The Animal Act 1986. |
We discussed among the audit engagement team regarding the opportunities and incentives that may exist within the organisation for fraud and how and where fraud might occur in the financial statements. |
|
In common with all audits under ISAs (UK), we are also required to perform specific procedures to respond to the risk of management override. In addressing the risk of fraud through management override of controls, we tested the appropriateness of journal entries and other adjustments; assessed whether the judgements made in making accounting estimates are indicative of a potential bias; and evaluated the business rationale of any significant transactions that are unusual or outside the normal course of business. |
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In addition to the above, our procedures to respond to the risks identified included the following: |
|
• |
reviewing financial statement disclosures by testing to supporting documentation to assess compliance with provisions of relevant laws and regulations described as having a direct effect on the financial statements; |
• |
performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud; |
• |
enquiring of management and external legal counsel concerning actual and potential litigation and claims, and instances of non-compliance with laws and regulations; and |
• |
reading minutes of meetings of those charged with governance |
A further description of our responsibilities is available on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.
Newmarket Equine Clinic Limited
Independent Auditor's Report to the Members of Newmarket Equine Clinic Limited
Use of our report
This report is made solely to the company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company’s members those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company’s members as a body, for our audit work, for this report, or for the opinions we have formed.
For and on behalf of
Calyx House
South Road
Somerset
TA1 3DU
Newmarket Equine Clinic Limited
Profit and Loss Account for the Year Ended 31 December 2023
Note |
2023 |
2022 |
|
Turnover |
|
|
|
Cost of sales |
( |
( |
|
Gross profit |
|
|
|
Administrative expenses |
( |
( |
|
Other operating income |
|
|
|
Operating profit |
230,612 |
189,582 |
|
Other interest receivable and similar income |
|
- |
|
Interest payable and similar expenses |
( |
( |
|
(31,351) |
(34,519) |
||
Profit before tax |
|
|
|
Tax on profit |
|
|
|
Profit for the financial year |
|
|
The above results were derived from continuing operations.
The company has no recognised gains or losses for the year other than the results above.
Newmarket Equine Clinic Limited
Statement of Comprehensive Income for the Year Ended 31 December 2023
2023 |
2022 |
|
Profit for the year |
|
|
Total comprehensive income for the year |
|
|
Newmarket Equine Clinic Limited
(Registration number: 05982720)
Balance Sheet as at 31 December 2023
Note |
2023 |
2022 |
|
Fixed assets |
|||
Tangible assets |
|
|
|
Current assets |
|||
Debtors |
|
|
|
Cash at bank and in hand |
|
|
|
|
|
||
Creditors: Amounts falling due within one year |
( |
( |
|
Net current assets |
|
|
|
Total assets less current liabilities |
|
|
|
Provisions for liabilities |
|
( |
|
Net assets |
|
|
|
Capital and reserves |
|||
Called up share capital |
|
|
|
Retained earnings |
|
|
|
Shareholders' funds |
|
|
Approved and authorised by the
|
|
Newmarket Equine Clinic Limited
Statement of Changes in Equity for the Year Ended 31 December 2023
Share capital |
Retained earnings |
Total |
|
At 1 January 2023 |
|
|
|
Profit for the year |
- |
|
|
At 31 December 2023 |
|
|
|
Share capital |
Retained earnings |
Total |
|
At 1 January 2022 |
|
|
|
Profit for the year |
- |
|
|
Dividends |
- |
( |
( |
At 31 December 2022 |
2 |
3,069,127 |
3,069,129 |
Newmarket Equine Clinic Limited
Statement of Cash Flows for the Year Ended 31 December 2023
Note |
2023 |
2022 |
|
Cash flows from operating activities |
|||
Profit for the year |
|
|
|
Adjustments to cash flows from non-cash items |
|||
Depreciation and amortisation |
|
|
|
Profit on disposal of tangible assets |
( |
( |
|
Finance income |
( |
- |
|
Finance costs |
|
|
|
Income tax expense |
( |
( |
|
|
|
||
Working capital adjustments |
|||
Increase in trade debtors |
( |
( |
|
(Decrease)/increase in trade creditors |
( |
|
|
Cash generated from operations |
( |
( |
|
Income taxes received |
|
- |
|
Net cash flow from operating activities |
|
( |
|
Cash flows from investing activities |
|||
Interest received |
|
- |
|
Acquisitions of tangible assets |
( |
( |
|
Proceeds from sale of tangible assets |
|
|
|
Net cash flows from investing activities |
( |
( |
|
Cash flows from financing activities |
|||
Interest paid |
( |
( |
|
Dividends paid |
- |
( |
|
Directors drawings |
(176,505) |
447,448 |
|
Net cash flows from financing activities |
( |
|
|
Net decrease in cash and cash equivalents |
( |
( |
|
Cash and cash equivalents at 1 January |
|
|
|
Cash and cash equivalents at 31 December |
50,814 |
119,847 |
Newmarket Equine Clinic Limited
Notes to the Financial Statements for the Year Ended 31 December 2023
General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The company's registered number is 05982720.
The address of its registered office is:
These financial statements were authorised for issue by the
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 - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.
Basis of preparation
These 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.
Revenue recognition
Turnover represents the amounts, excluding value added tax, derived from the provision of goods and services to customers in the year.
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.
Newmarket Equine Clinic Limited
Notes to the Financial Statements for the Year Ended 31 December 2023
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 |
Veterinary equipment |
Straight line over 6 years |
Motor vehicles |
25% Reducing balance |
Computer equipment |
Straight line over 6 years |
Fixtures and fittings |
Straight line over 6 years |
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. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. 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 receivables.
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 subsequently measured at amortised cost using the effective interest method.
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.
Newmarket Equine Clinic Limited
Notes to the Financial Statements for the Year Ended 31 December 2023
Turnover |
The analysis of the company's Turnover for the year from continuing operations is as follows:
2023 |
2022 |
|
Sale of goods |
|
|
Other operating income |
The analysis of the company's other operating income for the year is as follows:
2023 |
2022 |
|
Miscellaneous other operating income |
|
|
Operating profit |
Arrived at after charging/(crediting)
2023 |
2022 |
|
Depreciation expense |
|
|
Operating lease expense - plant and machinery |
|
|
Other interest receivable and similar income |
2023 |
2022 |
|
Other finance income |
|
- |
Interest payable and similar expenses |
2023 |
2022 |
|
Interest expense on other finance liabilities |
|
|
Foreign exchange gains/(losses) |
|
( |
|
|
Staff costs |
The aggregate payroll costs (including directors' remuneration) were as follows:
2023 |
2022 |
|
Wages and salaries |
|
|
Other employee expense |
|
|
|
|
The average number of persons employed by the company (including directors) during the year, was
Newmarket Equine Clinic Limited
Notes to the Financial Statements for the Year Ended 31 December 2023
Taxation |
Tax charged/(credited) in the profit and loss account
2023 |
2022 |
|
Current taxation |
||
UK corporation tax |
- |
( |
UK corporation tax adjustment to prior periods |
( |
( |
(306,781) |
(407,668) |
|
Deferred taxation |
||
Arising from origination and reversal of timing differences |
( |
|
Tax receipt in the income statement |
( |
( |
The tax on profit before tax for the year is the same as the standard rate of corporation tax in the UK (2022 - the same as the standard rate of corporation tax in the UK) of
The differences are reconciled below:
2023 |
2022 |
|
Profit before tax |
|
|
Corporation tax at standard rate |
|
|
Decrease in UK and foreign current tax from adjustment for prior periods |
( |
( |
Tax increase/(decrease) from effect of capital allowances and depreciation |
|
( |
Tax increase from effect of unrelieved tax losses carried forward |
- |
|
Deferred tax (credit)/expense relating to changes in tax rates or laws |
( |
|
Tax increase/(decrease) from changes in pension fund prepayment |
|
( |
Tax decrease from effect of adjustment in research and development tax credit |
( |
( |
Tax decrease from changes in tax provisions due to legislation |
( |
- |
Tax decrease from other tax effects |
( |
( |
Total tax credit |
( |
( |
Newmarket Equine Clinic Limited
Notes to the Financial Statements for the Year Ended 31 December 2023
Tangible assets |
Fixtures and fittings |
Motor vehicles |
Total |
|
Cost or valuation |
|||
At 1 January 2023 |
|
|
|
Additions |
|
|
|
Disposals |
( |
- |
( |
At 31 December 2023 |
|
|
|
Depreciation |
|||
At 1 January 2023 |
|
|
|
Charge for the year |
|
|
|
Eliminated on disposal |
( |
- |
( |
At 31 December 2023 |
|
|
|
Carrying amount |
|||
At 31 December 2023 |
|
|
|
At 31 December 2022 |
|
|
|
Debtors |
Current |
Note |
2023 |
2022 |
Amounts owed by related parties |
|
|
|
Other debtors |
|
|
|
Prepayments |
|
|
|
Income tax asset |
|
|
|
|
|
Cash and cash equivalents |
2023 |
2022 |
|
Cash on hand |
|
|
Cash at bank |
|
|
|
|
Newmarket Equine Clinic Limited
Notes to the Financial Statements for the Year Ended 31 December 2023
Creditors |
Note |
2023 |
2022 |
|
Due within one year |
|||
Trade creditors |
|
|
|
Amounts owing to related parties |
|
|
|
Social security and other taxes |
|
|
|
Outstanding defined contribution pension costs |
|
|
|
Other payables |
|
|
|
Accruals |
|
|
|
|
|
During the year ended 31 December 2023, the company had a fixed charge over creditors to secure borrowing facilities. This charge was satisfied in full on 1 March 2024.
Provisions for liabilities |
Deferred tax |
Total |
|
At 1 January 2023 |
|
|
Increase (decrease) in existing provisions |
( |
( |
At 31 December 2023 |
( |
( |
|
Share capital |
Allotted, called up and fully paid shares
2023 |
2022 |
|||
No. |
£ |
No. |
£ |
|
|
|
2 |
|
2 |
Obligations under leases and hire purchase contracts |
Operating leases
The total of future minimum lease payments is as follows:
2023 |
2022 |
|
Not later than one year |
|
- |
The amount of non-cancellable operating lease payments recognised as an expense during the year was £
Newmarket Equine Clinic Limited
Notes to the Financial Statements for the Year Ended 31 December 2023
Related party transactions |
Summary of transactions with other related parties
(of which all directors are directors and shareholders)
As at 31 December 2023 the company owed £2,865 (2022 - £509) to Berkshire Equine Limited. This amount is
included in other creditors. There are no fixed repayment terms and no interest is charged.
Yorkshire Equine Clinic Limited
(of which all directors are directors and shareholders)
As at 31 December 2023 the company was owed £1,885,687 (2022 - £1,786,577) from Yorkshire Equine Clinic Limited.
This amount is included in other debtors. There are no fixed repayment terms and no interest is charged.
Leinster Equine Limited
(an Irish company of which Yorkshire Equine Clinic Limited own 100% of the issued share capital)
As at 31 December 2023 the company was owed £5,500 (2022 - £16,631) from Leinster Equine Limited. This
amount is included in other debtors. There are no fixed repayment terms and no interest is charged.
Yorkshire Equine Hospital Limited
(of which all directors are directors and shareholders)
As at 31 December 2023 the company was owed £175,406 (2022 - £175,298) from Yorkshire Equine Hospital
Limited. This amount is included in other debtors. There are no fixed repayment terms and no interest is charged.
NEH Chantilly
(a French company of Yorkshire Equine Hospital Limited owns 49.9% of the issues share capital)
As at 31 December 2023 the company was owed £1,633 (2022 - £1,633) from NEH Chantilly. This amount is
included in other debtors. There are no fixed repayment terms and no interest is charged.
Sycamore Equine Hospital Limited
(an Irish company of which Yorkshire Equine Clinic Limited owns 50% of the issued share capital)
As at 31 December 2023 the company was owed £20,058 (2022 - £Nil) from Sycamore Equine Hospital Limited. This amount is included in other debtors. There are no fixed repayment terms and no interest is charged.
Newmarket Equine Hospital
(A partnership of which all directors are partners)
As at 31 December 2023 the company was owed £1,482,519 (2022 £1,287,720) from Newmarket Equine Hospital. This amount is included in other debtors. There are no fixed repayment terms and no interest is charged.
Group structure |
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