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Company registration number: 08455672







FINANCIAL STATEMENTS
FOR THE YEAR ENDED
30 SEPTEMBER 2023


FOREST VETERINARY CENTRE LIMITED






































                        

 


FOREST VETERINARY CENTRE LIMITED
 


 
COMPANY INFORMATION


Directors
A W Cassell-Ward (appointed 19 September 2023)
J Hendrickson (appointed 31 March 2023)




Registered number
08455672



Registered office
Friars Gate
1011 Stratford Road

Shirley

West Midlands

B90 4BN




Independent auditors
Hazlewoods LLP
Chartered Accountants & Statutory Auditor

Windsor House

Bayshill Road

Cheltenham

GL50 3AT





 


FOREST VETERINARY CENTRE LIMITED
 



CONTENTS



Page
Statement of Financial Position
1
Notes to the Financial Statements
2 - 7


 


FOREST VETERINARY CENTRE LIMITED
REGISTERED NUMBER:08455672



STATEMENT OF FINANCIAL POSITION
AS AT 30 SEPTEMBER 2023

2023
Unaudited
2022
Note
£
£

Fixed assets
  

Intangible assets
 4 
-
774,565

Tangible assets
 5 
-
206,784

  
-
981,349

Current assets
  

Stocks
  
-
74,568

Debtors: amounts falling due within one year
 6 
1
227,191

Bank and cash balances
  
-
94,849

  
1
396,608

Creditors: amounts falling due within one year
 7 
-
(1,015,427)

Net current assets/(liabilities)
  
 
 
1
 
 
(618,819)

Total assets less current liabilities
  
1
362,530

Provisions for liabilities
  

Deferred tax
  
-
(52,814)

  
 
 
-
 
 
(52,814)

Net assets
  
1
309,716


Capital and reserves
  

Called up share capital 
  
1
400

Profit and loss account
  
-
309,316

  
1
309,716


The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




A W Cassell-Ward
Director
Date: 1 October 2024

The notes on pages 2 to 7 form part of these financial statements.
Page 1

 


FOREST VETERINARY CENTRE LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023

1.


General information

Forest Veterinary Centre Limited is a private company limited by shares and is registered and incorporated in England and Wales. The address of its registered office is shown on the Company Information page.
The prior 15 month period was extended to be in line with the date of change in ownership and is not comparable with the current 12 month period.
The Company ceased trading on 25 March 2023 and was hived up into a fellow group company at this date.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. 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 following principal accounting policies have been applied:

 
2.2

Going concern

Notwithstanding the hive up of trade and assets and subsequent ceasing of trade in the year, after reviewing the company's current forecasts and projections, together with the facilities available to the company, 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.

 
2.3

Revenue

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 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.

 
2.4

Government grants

Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to profit or loss at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income.
Grants of a revenue nature are recognised in the Statement of Income and Retained Earnings in the same period as the related expenditure.

Page 2

 


FOREST VETERINARY CENTRE LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023

2.Accounting policies (continued)

 
2.5

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

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 income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

 
2.6

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.


Depreciation is charged so to write off the costs of assets, over their estimated useful lives, as follows:

Asset class

Depreciation method and rate
Land and buildings
-
Over the term of the lease
Fixtures, fittings and equipment
-
10% to 33% reducing balance

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

Page 3

 


FOREST VETERINARY CENTRE LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023

2.Accounting policies (continued)

 
2.7

Intangible assets

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:
 The estimated useful lives range as follows:

Asset class

Amortisation method and rate
Goodwill
-
Straight line over 20 years

Goodwill

Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer’s interest in the fair value of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight-line basis to the Statement of Income and Retained Earnings over its useful economic life.

 
2.8

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.9

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.10

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each reporting date, stocks are assessed for impairment. If stock is 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.

 
2.11

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Page 4

 


FOREST VETERINARY CENTRE LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023

2.Accounting policies (continued)

 
2.12

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

 
2.13

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of Financial Position. The assets of the plan are held separately from the Company in independently administered funds.

 
2.14

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the Company's Statement of Financial Position when the Company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Impairment of financial assets

Financial assets are assessed for indicators of impairment at each reporting date. 

Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.

If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.

 
2.15

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

Page 5

 


FOREST VETERINARY CENTRE LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023

3.


Employees

The average monthly number of employees, including directors, during the year was 85 (2022 - 69).


4.


Intangible assets




Goodwill

£





At 1 October 2022
774,565


Disposals
(774,565)



At 30 September 2023

-






Net book value



At 30 September 2023
-



At 30 September 2022
774,565




5.


Tangible fixed assets





Long-term leasehold property
Fixtures and fittings
Total

£
£
£



Cost


At 1 October 2022
158,230
1,393,118
1,551,348


Disposals
(158,230)
(1,393,118)
(1,551,348)



At 30 September 2023

-
-
-





At 1 October 2022
157,946
1,186,618
1,344,564


Disposals
(157,946)
(1,186,618)
(1,344,564)



At 30 September 2023

-
-
-



Net book value



At 30 September 2023
-
-
-



At 30 September 2022
284
206,500
206,784

Page 6

 


FOREST VETERINARY CENTRE LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023

6.


Debtors

2023
2022
£
£


Trade debtors
-
205,075

Amounts owed by group undertakings
1
-

Other debtors
-
22,116

1
227,191



7.


Creditors: Amounts falling due within one year

2023
2022
£
£

Trade creditors
-
290,135

Corporation tax
-
383,896

Other taxation and social security
-
294,305

Other creditors
-
47,091

-
1,015,427



8.


Controlling party

The parent undertaking of the smallest group in which consolidated financial statements are prepared, which include this company, is Mars Pet Services UK Limited, of which the registered address is 3d Dundee Road, Slough, United Kingdom, SL1 4LG. These financial statements are available upon request from Companies House.


9.


Auditors' information

The auditors' report on the financial statements for the year ended 30 September 2023 was unqualified.

The audit report was signed on 1 October 2024 by Simon Worsley (Senior Statutory Auditor) on behalf of Hazlewoods LLP.

 
Page 7