2023-04-012024-03-312024-03-31false04863960Craig Robinson Vets 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Craig Robinson Vets Limited

Registered Number
04863960
(England and Wales)

Unaudited Financial Statements for the Year ended
31 March 2024

Craig Robinson Vets Limited
Company Information
for the year from 1 April 2023 to 31 March 2024

Directors

Mr J Brocket
Mr D Quayle
Mrs M M Reay
Mr D C Wilson

Registered Address

275 Wigton Road
Carlisle
CA2 6JY

Registered Number

04863960 (England and Wales)
Craig Robinson Vets Limited
Statement of Financial Position
31 March 2024

Notes

2024

2023

£

£

£

£

Fixed assets
Intangible assets359,41275,216
Tangible assets51,513,1371,454,997
Investment property6480,000480,000
2,052,5492,010,213
Current assets
Stocks223,577244,213
Debtors7436,640395,541
Cash at bank and on hand449,078412,920
1,109,2951,052,674
Creditors amounts falling due within one year8(621,547)(572,024)
Net current assets (liabilities)487,748480,650
Total assets less current liabilities2,540,2972,490,863
Creditors amounts falling due after one year9(1,040,117)(1,076,989)
Provisions for liabilities10(164,000)(145,971)
Net assets1,336,1801,267,903
Capital and reserves
Called up share capital342342
Other reserves65,21865,218
Profit and loss account1,270,6201,202,343
Shareholders' funds1,336,1801,267,903
The financial statements were approved and authorised for issue by the Board of Directors on 1 October 2024, and are signed on its behalf by:
Mrs M M Reay
Director
Registered Company No. 04863960
Craig Robinson Vets Limited
Notes to the Financial Statements
for the year ended 31 March 2024

1.Accounting policies
Statutory information
The company is a private company limited by shares and registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.
Basis of preparation
The financial statements have been prepared under the historical cost convention on a going concern basis unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
Functional and presentation currency
The financial statements are presented in sterling and this is the functional currency of the company.
Turnover policy
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and/or the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Employee benefits
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 obligation. Contributions to defined contribution plans are expensed in the period to which they relate. Amounts not paid are shown in accruals in the Statement of Financial Position. The assets of the plan are held separately from the company in independently administered funds.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to the Income Statement
Current taxation
Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax
Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Intangible assets
Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.
Tangible fixed assets and depreciation
Tangible fixed assets are stated at cost or valuation less depreciation. 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 disposal are determined by comparing the proceeds with the carrying amount and are recognised in the Income Statement Land included within land and buildings is not depreciated. Depreciation is provided on all other tangible fixed assets as follows:

Reducing balance (%)Straight line (years)
Land and buildings-100
Plant and machinery20-
Fixtures and fittings-25
Vehicles25-
Office Equipment-4
Investment property
Investment property is carried at fair value determined annually by the directors and derived from the current market rents and investment property yields for comparable real estate. These values are adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in the Income Statement.
Finance leases and hire purchase contracts
Assets held under finance leases which are leases where substantially all the risks and rewards of ownership of the asset have passed to the company, and hire purchase contracts are capitalised in the Statement of Financial Position. They are depreciated over the shorter of their useful lives or the term of the lease. All other lease arrangements are classified as an operating lease Payments made under operating leases are charged to the Income Statement on a straight line basis over the lease term.
Stocks and work in progress
Stocks are valued at the lower of cost and estimated selling price (less any associated costs to enable such sales to complete). At each date of Statement of Financial Position, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete the sale. The impairment loss is recognised immediately in the Income Statement.
Financial instruments
The company enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.
2.Average number of employees

20242023
Average number of employees during the year5349
3.Intangible assets

Goodwill

Total

££
Cost or valuation
At 01 April 23316,062316,062
At 31 March 24316,062316,062
Amortisation and impairment
At 01 April 23240,846240,846
Charge for year15,80415,804
At 31 March 24256,650256,650
Net book value
At 31 March 2459,41259,412
At 31 March 2375,21675,216
4.Useful life of intangible assets
Intangible assets are not permitted to have an indefinite life and must be amortised over their estimated useful life. The estimated useful life of Goodwill has been set at 20 years and the asset will be amortised on a straight-line basis over that period.
5.Tangible fixed assets

Land & buildings

Plant & machinery

Vehicles

Office Equipment

Total

£££££
Cost or valuation
At 01 April 231,324,403344,557158,89514,1951,842,050
Additions7,20045,60737,5203,16293,489
Disposals-(7,441)(24,025)-(31,466)
At 31 March 241,331,603382,723172,39017,3571,904,073
Depreciation and impairment
At 01 April 23-267,078105,78014,195387,053
Charge for year-19,31715,64338935,349
On disposals-(7,441)(24,025)-(31,466)
At 31 March 24-278,95497,39814,584390,936
Net book value
At 31 March 241,331,603103,76974,9922,7731,513,137
At 31 March 231,324,40377,47953,115-1,454,997
6.Investment property
In 2024, the directors valued the investment property on an open market value for existing use basis. In the opinion of the directors, the current market valuation has not materially altered from the prior year valuation. If the investment property was measured at historic cost its value would be £389,333.

£
Fair value at 01 April 23480,000
At 31 March 24480,000
7.Debtors: amounts due within one year

2024

2023

££
Trade debtors / trade receivables382,267341,390
Other debtors1,200-
Prepayments and accrued income53,17354,151
Total436,640395,541
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
8.Creditors: amounts due within one year

2024

2023

££
Trade creditors / trade payables269,420206,972
Bank borrowings and overdrafts30,04633,465
Taxation and social security309,130320,022
Other creditors5,5264,535
Accrued liabilities and deferred income7,4257,030
Total621,547572,024
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method. Bank loans amounting to £30,046 (2023 - £33,465) are secured by a fixed and floating charge over the assets of the company in favour of Clydesdale Bank Plc dated 13 March 2018 and by a charge over land on the west side of Westwood, Carlisle, in favour of Clydesdale Bank Plc, dated 23 November 2018. The bank loans are further secured by personal guarantees from the directors for the aggregate sum of £375,000 together with a charge over the business property owned personally by the same directors.
9.Creditors: amounts due after one year

2024

2023

££
Bank borrowings and overdrafts1,040,1171,076,989
Total1,040,1171,076,989
Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method. Bank loans amounting to £1,040,117 (2023 - £1,076,989) are secured. The details of this security are disclosed as part of the note - creditors: amounts due within one year.
10.Provisions for liabilities
Provisions are made where an event has taken place that gives the company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate of settlement can be made. The provision for deferred tax is made up of £15,271 (2023 - £15,271) in respect of the fair value of investment property and £148,729 (2023 - £130,700) in respect of accelerated capital allowances.

2024

2023

££
Net deferred tax liability (asset)164,000145,971
Total164,000145,971
11.Pension commitments
The pension cost charge represents contributions payable by the company to the fund and amounted to £222,590 (2023 - £122,448).
12.Other commitments
As of 31 March 2024, the company had future minimum lease payments under non-cancellable operating leases of £5,846 (2023 - £3,165).
13.Directors advances, credits and guarantees
As of 1 April 2023, the directors had nil balances on their loan accounts with the company. During the year the directors were advanced £1,200. As of 31 March 2024, the directors owed the company £1,200. No interest has been charged on these loans.
14.Related party transactions
The company operates from two properties, of which, one is owned personally by the directors. No rent is charged to the company by the directors in respect of the building which they own personally.