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Registration number: 09746397

Bagshot Vets4Pets Limited

Unaudited Filleted Financial Statements

for the Period from 31 March 2023 to 28 March 2024

 

Bagshot Vets4Pets Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 10

 

Bagshot Vets4Pets Limited

Company Information

Directors

Companion Care (Services) Limited

L C Marsh

Company secretary

Companion Care (Services) Limited

Registered office

Epsom Avenue
Stanley Green Trading Estate
Handforth
Cheshire
SK9 3RN

 

Bagshot Vets4Pets Limited

(Registration number: 09746397)
Balance Sheet as at 28 March 2024

Note

2024
£

2023
£

Fixed assets

 

Intangible assets

4

9,977

12,471

Tangible assets

5

72,069

82,282

 

82,046

94,753

Current assets

 

Stocks

6

15,976

15,009

Debtors

7

92,287

86,820

Cash at bank and in hand

 

131,739

38,920

 

240,002

140,749

Creditors: Amounts falling due within one year

8

(224,566)

(188,323)

Net current assets/(liabilities)

 

15,436

(47,574)

Total assets less current liabilities

 

97,482

47,179

Creditors: Amounts falling due after more than one year

8

-

(20,000)

Net assets

 

97,482

27,179

Capital and reserves

 

Called up share capital

11

120

120

Retained earnings

97,362

27,059

Shareholders' funds

 

97,482

27,179

For the financial period ending 28 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 period 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. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 5 November 2024 and signed on its behalf by:
 

 

Bagshot Vets4Pets Limited

(Registration number: 09746397)
Balance Sheet as at 28 March 2024

.........................................
Companion Care (Services) Limited
Company secretary and director

 

Bagshot Vets4Pets Limited

Notes to the Unaudited Financial Statements for the Period from 31 March 2023 to 28 March 2024

1

General information

The company is a private company limited by share capital, incorporated in England & Wales.

The address of its registered office is:
Epsom Avenue
Stanley Green Trading Estate
Handforth
Cheshire
SK9 3RN

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.

Accounts are prepared on a 52 week period (2023: 52 week period) resulting in a fluctuating year end between the 25th and 31st March.

Going concern

The directors have considered the factors that impact the company’s future development, performance, cash flows and financial position along with the company’s current liquidity in forming their opinion on the going concern basis. The directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus they continue to adopt the going concern basis of accounting in preparing the annual financial statements.

Revenue recognition

Turnover represents the amounts (excluding value added tax) derived from the provision of goods and services to customers in the UK.

Turnover is recognised at point of sale except for turnover derived from care plans, which is recognised on an apportioned basis relative to delivery of the service.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change 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.

 

Bagshot Vets4Pets Limited

Notes to the Unaudited Financial Statements for the Period from 31 March 2023 to 28 March 2024

2

Accounting policies (continued)

Tangible assets

Tangible assets are stated in the balance sheet 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 over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Fixtures, fittings and equipment

3 - 10 years straight line

Goodwill

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 amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits.

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. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. 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 receivables.

Stocks

Stocks stated at the lower of cost and estimated selling price less costs to sell. Stock is recognised as an expense in the period in which the related turnover is recognised.

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 subsequently measured at amortised cost using the effective interest method.

Borrowings

 

Bagshot Vets4Pets Limited

Notes to the Unaudited Financial Statements for the Period from 31 March 2023 to 28 March 2024

2

Accounting policies (continued)

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.

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

The company operates a defined contribution pension scheme.

Contributions to the pension scheme are charged to profit or loss in the period to which they relate.

3

Staff numbers

The average number of persons employed by the company (including directors) during the period, was 11 (2023 - 9).

 

Bagshot Vets4Pets Limited

Notes to the Unaudited Financial Statements for the Period from 31 March 2023 to 28 March 2024

4

Intangible assets

Goodwill
£

Cost or valuation

At 31 March 2023

24,961

At 28 March 2024

24,961

Amortisation

At 31 March 2023

12,490

Charge for the year

2,494

At 28 March 2024

14,984

Carrying amount

At 28 March 2024

9,977

At 30 March 2023

12,471

5

Tangible assets

Furniture, fittings and equipment
£

Cost or valuation

At 31 March 2023

233,261

Additions

1,651

At 28 March 2024

234,912

Depreciation

At 31 March 2023

150,980

Charge for the period

11,863

At 28 March 2024

162,843

Carrying amount

At 28 March 2024

72,069

At 30 March 2023

82,282

6

Stocks

2024
£

2023
£

Other inventories

15,976

15,009

 

Bagshot Vets4Pets Limited

Notes to the Unaudited Financial Statements for the Period from 31 March 2023 to 28 March 2024

7

Debtors

Current

Note

2024
£

2023
£

Trade debtors

 

12,891

-

Amounts owed by related parties

15,914

43,122

Other debtors

 

63,482

43,698

   

92,287

86,820

8

Creditors

Creditors: amounts falling due within one year

2024
£

2023
£

Due within one year

Trade creditors

70,888

85,734

Taxation and social security

57,608

64,895

Other creditors

96,070

37,694

224,566

188,323

Creditors: amounts falling due after more than one year

9

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Loans from related parties

-

20,000

 

Bagshot Vets4Pets Limited

Notes to the Unaudited Financial Statements for the Period from 31 March 2023 to 28 March 2024

9

Loans and borrowings (continued)

Other borrowings

The Partner loan is denominated in GBP with a nominal interest rate of 0%. The carrying amount at period end is £Nil (2023 - £20,000).

There was no set date for the repayment of loans due to the Directors and Companion Care (Services) Limited.
Loans due to the Directors and Companion Care (Services) Limited were repayable following the repayment of any bank loans, when the company was in a net asset position and had available cash balances.

10

Obligations under leases and hire purchase contracts

Operating leases

The total of future minimum lease payments is as follows:

2024
£

2023
£

Not later than one year

25,927

24,700

The practice occupies space within a Pets at Home store under a licence to occupy agreement. As this is a rolling agreement, the company is committed to an annual payment, which is included in the table above. The payments made reflect the operating lease commitments as held at the Pets at Home branch in which the practice is situated.

 

Bagshot Vets4Pets Limited

Notes to the Unaudited Financial Statements for the Period from 31 March 2023 to 28 March 2024

11

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

'A' Ordinary of £1 each

60

60

60

60

'B' Ordinary of £1 each

60

60

60

60

120

120

120

120

A shares and B shares constitute separate classes of shares. A shareholders are entitled to receive dividends as declared from time to time. They are also entitled to one vote per share at general meetings of the company and rank below unsecured creditors in the event of a winding up. B shareholders have no entitlement to dividends. They are entitled to one vote per share at general meetings of the company and, in the event of a winding up, rank above A shareholders however are only entitled to receive any outstanding liabilities, they are not entitled to any further distribution of capital.