Henlow Veterinary Centre Limited 10652088 false 2023-04-01 2024-03-31 2024-03-31 The principal activity of the company is the provision of veterinary services. Digita Accounts Production Advanced 6.30.9574.0 true true 10652088 2023-04-01 2024-03-31 10652088 2024-03-31 10652088 bus:OrdinaryShareClass2 2024-03-31 10652088 bus:OrdinaryShareClass3 2024-03-31 10652088 bus:OrdinaryShareClass4 2024-03-31 10652088 bus:OrdinaryShareClass5 2024-03-31 10652088 core:AcceleratedTaxDepreciationDeferredTax 2024-03-31 10652088 core:ProvisionsDeferredTax 2024-03-31 10652088 core:RetainedEarningsAccumulatedLosses 2024-03-31 10652088 core:ShareCapital 2024-03-31 10652088 core:CurrentFinancialInstruments 2024-03-31 10652088 core:CurrentFinancialInstruments core:WithinOneYear 2024-03-31 10652088 core:Non-currentFinancialInstruments 2024-03-31 10652088 core:Non-currentFinancialInstruments core:AfterOneYear 2024-03-31 10652088 core:ConstructionInProgressAssetsUnderConstruction 2024-03-31 10652088 core:FurnitureFittingsToolsEquipment 2024-03-31 10652088 core:LandBuildings 2024-03-31 10652088 core:OtherPropertyPlantEquipment 2024-03-31 10652088 bus:SmallEntities 2023-04-01 2024-03-31 10652088 bus:AuditExemptWithAccountantsReport 2023-04-01 2024-03-31 10652088 bus:FullAccounts 2023-04-01 2024-03-31 10652088 bus:SmallCompaniesRegimeForAccounts 2023-04-01 2024-03-31 10652088 bus:RegisteredOffice 2023-04-01 2024-03-31 10652088 bus:Director1 2023-04-01 2024-03-31 10652088 bus:Director2 2023-04-01 2024-03-31 10652088 bus:OrdinaryShareClass2 2023-04-01 2024-03-31 10652088 bus:OrdinaryShareClass3 2023-04-01 2024-03-31 10652088 bus:OrdinaryShareClass4 2023-04-01 2024-03-31 10652088 bus:OrdinaryShareClass5 2023-04-01 2024-03-31 10652088 bus:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 10652088 core:ConstructionInProgressAssetsUnderConstruction 2023-04-01 2024-03-31 10652088 core:FurnitureFittingsToolsEquipment 2023-04-01 2024-03-31 10652088 core:LandBuildings 2023-04-01 2024-03-31 10652088 core:LeaseholdImprovements 2023-04-01 2024-03-31 10652088 core:OfficeEquipment 2023-04-01 2024-03-31 10652088 core:OtherPropertyPlantEquipment 2023-04-01 2024-03-31 10652088 core:PlantMachinery 2023-04-01 2024-03-31 10652088 core:KeyManagementPersonnelCloseFamilyMembersEntitiesUnderKeyManagementPersonnelsControl 2023-04-01 2024-03-31 10652088 countries:EnglandWales 2023-04-01 2024-03-31 10652088 2023-03-31 10652088 core:ConstructionInProgressAssetsUnderConstruction 2023-03-31 10652088 core:FurnitureFittingsToolsEquipment 2023-03-31 10652088 core:LandBuildings 2023-03-31 10652088 core:OtherPropertyPlantEquipment 2023-03-31 10652088 2022-04-01 2023-03-31 10652088 2023-03-31 10652088 bus:OrdinaryShareClass2 2023-03-31 10652088 bus:OrdinaryShareClass3 2023-03-31 10652088 bus:OrdinaryShareClass4 2023-03-31 10652088 bus:OrdinaryShareClass5 2023-03-31 10652088 core:AcceleratedTaxDepreciationDeferredTax 2023-03-31 10652088 core:ProvisionsDeferredTax 2023-03-31 10652088 core:RetainedEarningsAccumulatedLosses 2023-03-31 10652088 core:ShareCapital 2023-03-31 10652088 core:CurrentFinancialInstruments 2023-03-31 10652088 core:CurrentFinancialInstruments core:WithinOneYear 2023-03-31 10652088 core:Non-currentFinancialInstruments 2023-03-31 10652088 core:Non-currentFinancialInstruments core:AfterOneYear 2023-03-31 10652088 core:ConstructionInProgressAssetsUnderConstruction 2023-03-31 10652088 core:FurnitureFittingsToolsEquipment 2023-03-31 10652088 core:LandBuildings 2023-03-31 10652088 core:OtherPropertyPlantEquipment 2023-03-31 iso4217:GBP xbrli:pure xbrli:shares

Registration number: 10652088

Prepared for the registrar

Henlow Veterinary Centre Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 March 2024

 

Henlow Veterinary Centre Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 10

 

Henlow Veterinary Centre Limited

Company Information

Directors

Dr Anna Marshall-Brown

Mr Graeme Mason

Registered office

22 Bedford Road
Lower Stondon
Bedfordshire
SG16 6EA

Accountants

Hazlewoods LLP
Staverton Court
Staverton
Cheltenham
GL51 OUX

 

Henlow Veterinary Centre Limited

(Registration number: 10652088)
Balance Sheet as at 31 March 2024

Note

2024
 £

2023
 £

Fixed assets

 

Tangible assets

4

601,513

584,046

Current assets

 

Stocks

55,748

37,495

Debtors

5

60,712

51,156

Cash at bank and in hand

 

151,730

143,071

 

268,190

231,722

Creditors: Amounts falling due within one year

6

(446,165)

(417,373)

Net current liabilities

 

(177,975)

(185,651)

Total assets less current liabilities

 

423,538

398,395

Creditors: Amounts falling due after more than one year

6

(236,090)

(280,500)

Deferred tax liabilities

8

(80,499)

(75,169)

Net assets

 

106,949

42,726

Capital and reserves

 

Called up share capital

9

2

2

Profit and loss account

106,947

42,724

Total equity

 

106,949

42,726

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.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year 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 7 October 2024 and signed on its behalf by:
 


Dr Anna Marshall-Brown
Director


Mr Graeme Mason
Director

 

Henlow Veterinary Centre Limited

Notes to the Unaudited Financial Statements for the Year Ended 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:
22 Bedford Road
Lower Stondon
Bedfordshire
SG16 6EA

 

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.

 

Henlow Veterinary Centre Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

Revenue recognition

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 and 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.

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 property

Over the term of the lease

Plant and machinery

15% written down value

Fixtures and fittings

10% written down value

Office equipment

33.33% straight line

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.

 

Henlow Veterinary Centre Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

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.

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the Balance Sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the Profit and Loss Account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

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.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

 

Henlow Veterinary Centre Limited

Notes to the Unaudited Financial Statements for the Year Ended 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 year, was as follows:

 

Henlow Veterinary Centre Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

 

4

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Plant and machinery
 £

Office equipment
 £

Total
£

Cost

At 1 April 2023

381,560

188,657

177,387

50,182

797,786

Additions

43,032

15,478

16,673

6,556

81,739

Disposals

-

(349)

(4,595)

-

(4,944)

Transfers

-

11,222

-

(11,222)

-

At 31 March 2024

424,592

215,008

189,465

45,516

874,581

Depreciation

At 1 April 2023

61,301

55,070

61,350

36,019

213,740

Charge for the year

20,205

13,991

18,904

9,350

62,450

Eliminated on disposal

-

(132)

(2,990)

-

(3,122)

Transfers

-

11,221

-

(11,221)

-

At 31 March 2024

81,506

80,150

77,264

34,148

273,068

Carrying amount

At 31 March 2024

343,086

134,858

112,201

11,368

601,513

At 31 March 2023

320,259

133,587

116,037

14,163

584,046

Included within the net book value of land and buildings above is £343,086 (2023 - £320,259) in respect of leasehold land and buildings.
 

 

Henlow Veterinary Centre Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

 

5

Debtors

2024
 £

2023
 £

Trade debtors

35,862

25,693

Other debtors

4,100

5,158

Prepayments

20,750

20,305

 

60,712

51,156

 

6

Creditors

Note

2024
 £

2023
 £

Due within one year

 

Loans and borrowings

7

119,055

175,517

Trade creditors

 

94,337

71,567

Social security and other taxes

 

198,730

135,442

Other creditors

 

9,711

8,435

Accrued expenses

 

24,332

26,412

 

446,165

417,373

 

7

Loans and borrowings

2024
£

2023
£

Current loans and borrowings

Bank borrowings

28,507

28,507

Hire purchase liabilities

20,778

44,641

Other borrowings

69,770

102,369

119,055

175,517

2024
£

2023
£

Non-current loans and borrowings

Bank borrowings

232,466

256,098

Hire purchase liabilities

3,624

24,402

236,090

280,500

 

Henlow Veterinary Centre Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

 

8

Deferred tax

Deferred tax assets and liabilities

2024

Liability
£

Difference between accumulated depreciation, amortisation and capital allowances

81,743

Short term timing differences

(1,244)

80,499

2023

Liability
£

Difference between accumulated depreciation, amortisation and capital allowances

76,308

Short term timing differences

(1,139)

75,169

 

Henlow Veterinary Centre Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

 

9

Share capital

Allotted, called up and fully paid shares

 

2024

2023

 

No.

£

No.

£

A Ordinary of £0.01 each

75

0.75

75

0.75

B Ordinary of £0.01 each

75

0.75

75

0.75

C Ordinary of £0.01 each

25

0.25

25

0.25

D Ordinary of £0.01 each

25

0.25

25

0.25

 

200

2

200

2

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

 

10

Related party transactions

Summary of transactions with key management

Key management personnel are considered to be the directors of the company.