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Registration number: 11003037

Prepared for the registrar

Winnington Veterinary Centre Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 March 2024

 

Winnington Veterinary Centre Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 8

 

Winnington Veterinary Centre Limited

Company Information

Director

R Hewitt

Registered office

584 Chester Road
Sandiway
Northwich
Cheshire
CW8 2DX

Accountants

Hazlewoods LLP
Staverton Court
Staverton
Cheltenham
GL51 0UX

 

Winnington Veterinary Centre Limited

(Registration number: 11003037)
Balance Sheet as at 31 March 2024

Note

2024
 £

2023
 £

Fixed assets

 

Tangible assets

4

864,076

832,026

Current assets

 

Stocks

12,850

18,466

Debtors

5

30,178

20,629

Cash at bank and in hand

 

17,060

20,495

 

60,088

59,590

Creditors: Amounts falling due within one year

6

(332,722)

(275,041)

Net current liabilities

 

(272,634)

(215,451)

Total assets less current liabilities

 

591,442

616,575

Creditors: Amounts falling due after more than one year

6

(414,265)

(438,983)

Deferred tax liabilities

7

(61,625)

(50,843)

Net assets

 

115,552

126,749

Capital and reserves

 

Called up share capital

1

1

Profit and loss account

115,551

126,748

Total equity

 

115,552

126,749

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.

Director's 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 director acknowledges his 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 director on 27 September 2024
 


R Hewitt
Director

 

Winnington 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:
584 Chester Road
Sandiway
Northwich
Cheshire
CW8 2DX

 

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.

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.

 

Winnington Veterinary Centre Limited

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

Tax

The tax expense for the period comprises 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

Land and Buildings

nil

Plant and machinery

20% of written down value

Fixtures and fittings

20% of written down value

Computer equipment

33.33% of cost

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.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are 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.

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.

 

Winnington Veterinary Centre Limited

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

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.

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 the director) during the year, was 1 (2023 - 1).

 

Winnington Veterinary Centre Limited

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

 

4

Tangible assets

Land and buildings
£

Plant and machinery
 £

Fixtures and fittings
 £

Computer equipment
 £

Total
£

Cost

At 1 April 2023

729,386

52,827

78,064

4,486

864,763

Additions

1,467

56,407

1,019

288

59,181

At 31 March 2024

730,853

109,234

79,083

4,774

923,944

Depreciation

At 1 April 2023

-

17,071

13,126

2,541

32,738

Charge for the year

-

13,251

13,150

729

27,130

At 31 March 2024

-

30,322

26,276

3,270

59,868

Carrying amount

At 31 March 2024

730,853

78,912

52,807

1,504

864,076

At 31 March 2023

729,386

35,756

64,938

1,946

832,026

Included within the net book value of land and buildings above is £730,853 (2023 - £729,386) in respect of freehold land and buildings.
 

 

Winnington Veterinary Centre Limited

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

 

5

Debtors

2024
 £

2023
 £

Trade debtors

24,558

18,120

Prepayments

5,620

2,509

 

30,178

20,629

 

6

Creditors

Note

2024
 £

2023
 £

Due within one year

 

Loans and borrowings

8

25,742

17,951

Trade creditors

 

5,577

11,202

Amounts due to related parties

9

292,424

234,246

Social security and other taxes

 

3,745

6,782

Other creditors

 

127

-

Accrued expenses

 

5,107

4,860

 

332,722

275,041

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

8

414,265

438,983

 

7

Deferred tax

Deferred tax assets and liabilities

2024

Liability
£

Difference between accumulated depreciation and amortisation and capital allowances

61,625

61,625

2023

Liability
£

Difference between accumulated depreciation and amortisation and capital allowances

50,843

50,843

 

Winnington Veterinary Centre Limited

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

 

8

Loans and borrowings

2024
£

2023
£

Current loans and borrowings

Bank borrowings

25,742

17,951

2024
£

2023
£

Non-current loans and borrowings

Bank borrowings

414,265

438,983

 

9

Related party transactions

Summary of transactions with key management

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

 

Summary of transactions with all associates


(Parent company which owns 100% of the share capital)
During the year Hollybank Veterinary Centre Ltd charged management fees of £261,000 (2023: £204,000) to the company. At the balance sheet date the amount due to Hollybank Veterinary Centre Ltd was £292,425 (2023: £234,246).