BCVN Limited 09973996 false 2023-05-01 2024-04-30 2024-04-30 The principal activity of the company is the provision of veterinary services. Digita Accounts Production Advanced 6.30.9574.0 true true 09973996 2023-05-01 2024-04-30 09973996 2024-04-30 09973996 bus:Director1 1 2024-04-30 09973996 bus:Director2 1 2024-04-30 09973996 core:AcceleratedTaxDepreciationDeferredTax 2024-04-30 09973996 core:OtherReservesSubtotal 2024-04-30 09973996 core:RetainedEarningsAccumulatedLosses 2024-04-30 09973996 core:ShareCapital 2024-04-30 09973996 core:CurrentFinancialInstruments 2024-04-30 09973996 core:CurrentFinancialInstruments core:WithinOneYear 2024-04-30 09973996 core:Non-currentFinancialInstruments 2024-04-30 09973996 core:Non-currentFinancialInstruments core:AfterOneYear 2024-04-30 09973996 core:Goodwill 2024-04-30 09973996 core:FurnitureFittingsToolsEquipment 2024-04-30 09973996 core:LandBuildings 2024-04-30 09973996 core:MotorVehicles 2024-04-30 09973996 core:OtherPropertyPlantEquipment 2024-04-30 09973996 bus:SmallEntities 2023-05-01 2024-04-30 09973996 bus:AuditExemptWithAccountantsReport 2023-05-01 2024-04-30 09973996 bus:FullAccounts 2023-05-01 2024-04-30 09973996 bus:SmallCompaniesRegimeForAccounts 2023-05-01 2024-04-30 09973996 bus:RegisteredOffice 2023-05-01 2024-04-30 09973996 bus:Director1 2023-05-01 2024-04-30 09973996 bus:Director1 1 2023-05-01 2024-04-30 09973996 bus:Director2 2023-05-01 2024-04-30 09973996 bus:Director2 1 2023-05-01 2024-04-30 09973996 bus:PrivateLimitedCompanyLtd 2023-05-01 2024-04-30 09973996 core:Goodwill 2023-05-01 2024-04-30 09973996 core:FurnitureFittingsToolsEquipment 2023-05-01 2024-04-30 09973996 core:LandBuildings 2023-05-01 2024-04-30 09973996 core:MotorVehicles 2023-05-01 2024-04-30 09973996 core:OfficeEquipment 2023-05-01 2024-04-30 09973996 core:OtherPropertyPlantEquipment 2023-05-01 2024-04-30 09973996 core:PlantMachinery 2023-05-01 2024-04-30 09973996 core:KeyManagementPersonnelCloseFamilyMembersEntitiesUnderKeyManagementPersonnelsControl 2023-05-01 2024-04-30 09973996 5 2023-05-01 2024-04-30 09973996 countries:EnglandWales 2023-05-01 2024-04-30 09973996 2023-04-30 09973996 bus:Director1 1 2023-04-30 09973996 bus:Director2 1 2023-04-30 09973996 core:Goodwill 2023-04-30 09973996 core:FurnitureFittingsToolsEquipment 2023-04-30 09973996 core:LandBuildings 2023-04-30 09973996 core:MotorVehicles 2023-04-30 09973996 core:OtherPropertyPlantEquipment 2023-04-30 09973996 2022-05-01 2023-04-30 09973996 2023-04-30 09973996 bus:Director1 1 2023-04-30 09973996 bus:Director2 1 2023-04-30 09973996 core:AcceleratedTaxDepreciationDeferredTax 2023-04-30 09973996 core:OtherReservesSubtotal 2023-04-30 09973996 core:RetainedEarningsAccumulatedLosses 2023-04-30 09973996 core:ShareCapital 2023-04-30 09973996 core:CurrentFinancialInstruments 2023-04-30 09973996 core:CurrentFinancialInstruments core:WithinOneYear 2023-04-30 09973996 core:Non-currentFinancialInstruments 2023-04-30 09973996 core:Non-currentFinancialInstruments core:AfterOneYear 2023-04-30 09973996 core:Goodwill 2023-04-30 09973996 core:FurnitureFittingsToolsEquipment 2023-04-30 09973996 core:LandBuildings 2023-04-30 09973996 core:MotorVehicles 2023-04-30 09973996 core:OtherPropertyPlantEquipment 2023-04-30 09973996 bus:Director1 1 2022-05-01 2023-04-30 09973996 bus:Director2 1 2022-05-01 2023-04-30 09973996 bus:Director1 1 2022-04-30 09973996 bus:Director2 1 2022-04-30 iso4217:GBP xbrli:pure

Registration number: 09973996

Prepared for the registrar

BCVN Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 30 April 2024

 

BCVN Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 11

 

BCVN Limited

Company Information

Directors

B Van Niekerk

C Van Niekerk

Registered office

47a Winchester Road
Chandler's Ford
Eastleigh
Hampshire
SO53 2GF

Accountants

Hazlewoods LLP
Staverton Court
Staverton
Cheltenham
GL51 0UX

 

BCVN Limited

(Registration number: 09973996)
Balance Sheet as at 30 April 2024

Note

2024
 £

2023
 £

Fixed assets

 

Intangible assets

4

1,599,156

1,732,419

Tangible assets

5

172,397

189,413

 

1,771,553

1,921,832

Current assets

 

Stocks

50,642

64,315

Debtors

6

311,969

281,928

Cash at bank and in hand

 

266,126

305,870

 

628,737

652,113

Creditors: Amounts falling due within one year

7

(400,436)

(384,248)

Net current assets

 

228,301

267,865

Total assets less current liabilities

 

1,999,854

2,189,697

Creditors: Amounts falling due after more than one year

7

(354,280)

(444,280)

Deferred tax liabilities

9

(35,768)

(41,284)

Net assets

 

1,609,806

1,704,133

Capital and reserves

 

Called up share capital

151

151

Other reserves

1,388,067

1,388,067

Profit and loss account

221,588

315,915

Total equity

 

1,609,806

1,704,133

For the financial year ending 30 April 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 3 November 2024 and signed on its behalf by:
 


B Van Niekerk
Director

 

BCVN Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 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:
47a Winchester Road
Chandler's Ford
Eastleigh
Hampshire
SO53 2GF
United Kingdom

 

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 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.

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.

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.

 

BCVN Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

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

Plant and machinery

20% of the written down value

Motor vehicles

25% of the written down value

Office equipment

33.3% cost

Leasehold property

Over the term of the lease

Business combinations

Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.

Goodwill

Goodwill is amortised over its useful life, estimated by the directors to be 20 years.

Intangible assets

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful economic life as follows:

Asset class

Amortisation method and rate

Goodwill

20 years

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.

Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

 

BCVN Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

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.

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.

 

BCVN Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 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.

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.

 

BCVN Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 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:

 

BCVN Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

 

5

Tangible assets

Land and buildings
£

Office equipment
 £

Motor vehicles
 £

Plant and machinery
 £

Total
£

Cost

At 1 May 2023

10,364

32,708

71,684

260,867

375,623

Additions

-

3,351

634

34,812

38,797

Disposals

-

-

(25,309)

(10)

(25,319)

At 30 April 2024

10,364

36,059

47,009

295,669

389,101

Depreciation

At 1 May 2023

6,336

22,725

17,151

139,977

186,189

Charge for the year

1,009

6,741

11,508

27,799

47,057

Eliminated on disposal

-

-

(16,552)

10

(16,542)

At 30 April 2024

7,345

29,466

12,107

167,786

216,704

Carrying amount

At 30 April 2024

3,019

6,593

34,902

127,883

172,397

At 30 April 2023

4,028

9,982

54,533

120,870

189,413

 

BCVN Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

 

6

Debtors

2024
 £

2023
 £

Trade debtors

66,270

72,458

Amounts owed by related parties

29,353

29,353

Other debtors

194,208

153,580

Prepayments

22,138

26,537

 

311,969

281,928

 

7

Creditors

Note

2024
 £

2023
 £

Due within one year

 

Loans and borrowings

8

73,084

75,684

Trade creditors

 

113,172

79,973

Social security and other taxes

 

192,452

209,082

Outstanding defined contribution pension costs

 

5,047

4,325

Other creditors

 

-

1,030

Accrued expenses

 

13,280

9,793

Other current financial liabilities

 

3,401

4,361

 

400,436

384,248

Due after one year

 

Loans and borrowings

8

354,280

444,280

 

8

Loans and borrowings

2024
£

2023
£

Current loans and borrowings

Bank borrowings

73,084

73,084

HP and finance lease liabilities

-

2,600

73,084

75,684

2024
£

2023
£

Non-current loans and borrowings

Bank borrowings

354,280

444,280

The bank loans and borrowings are secured on the company's assets.

 

BCVN Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

 

9

Deferred tax

Deferred tax assets and liabilities

2024

Liability
£

Origination and reversal of timing differences

35,768

35,768

2023

Liability
£

Origination and reversal of timing differences

41,284

41,284

 

10

Share capital

Allotted, called up and fully paid shares

 

2024

2023

 

No.

£

No.

£

Ordinary A of £1 each

100

100

100

100

Ordinary B of £1 each

-

-

-

-

Ordinary C of £1 each

25

25

25

25

Ordinary D of £1 each

25

25

25

25

 

150

150

150

150

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

 

BCVN Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

 

11

Related party transactions

Summary of transactions with key management


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

As at 30 April 2024, the director's owed the company £181,109 (2023 - £140,480). These amounts are included within other debtors and interest is charged on the outstanding amount.

As at 30 April 2024, VN properties limited (a company owed by the director's of BCVN Limited) owed the company £29,353 (2023 - £29,353). This amount is included within amounts owed by related parties.

 

Transactions with directors

2024

At 1 May 2023
£

Advances to director
£

Repayments by director
£

At 30 April 2024
£

B Van Niekerk

Director's loan account

(137,725)

(287,461)

248,312

(176,874)

         
       

C Van Niekerk

Director's loan account

(2,755)

(122,792)

121,312

(4,235)

         
       

 

2023

At 1 May 2022
£

Advances to director
£

Repayments by director
£

At 30 April 2023
£

B Van Niekerk

Director's loan account

(5,763)

(321,274)

189,312

(137,725)

         
       

C Van Niekerk

Director's loan account

17,777

(125,844)

105,312

(2,755)