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REGISTRAR OF COMPANIES

Registration number: 10978179

Furness Veterinary Centre Ltd

Unaudited Financial Statements

30 April 2024

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Furness Veterinary Centre Ltd

Contents

Accountants' Report

1

Balance Sheet

2

Notes to the Financial Statements

4

 

Chartered Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
Furness Veterinary Centre Ltd
for the Year Ended 30 April 2024

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Furness Veterinary Centre Ltd for the year ended 30 April 2024 as set out on pages 2 to 10 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at http://www.icaew.com/regulation.

This report is made solely to the Board of Directors of Furness Veterinary Centre Ltd, as a body, in accordance with the terms of our engagement letter dated 18 February 2022. Our work has been undertaken solely to prepare for your approval the accounts of Furness Veterinary Centre Ltd and state those matters that we have agreed to state to the Board of Directors of Furness Veterinary Centre Ltd, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Furness Veterinary Centre Ltd and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Furness Veterinary Centre Ltd has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Furness Veterinary Centre Ltd. You consider that Furness Veterinary Centre Ltd is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of Furness Veterinary Centre Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.



Dodd & Co Limited
Chartered Accountants
Clint Mill
Cornmarket
PENRITH
CA11 7HW

11 November 2024

 

Furness Veterinary Centre Ltd

(Registration number: 10978179)
Balance Sheet as at 30 April 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

337,247

327,541

Current assets

 

Stocks

60,515

51,455

Debtors

5

88,541

65,442

Cash at bank and in hand

 

127,236

195,890

 

276,292

312,787

Creditors: Amounts falling due within one year

6

(165,473)

(163,500)

Net current assets

 

110,819

149,287

Total assets less current liabilities

 

448,066

476,828

Creditors: Amounts falling due after more than one year

6

(98,901)

(103,707)

Provisions for liabilities

(38,105)

(34,623)

Net assets

 

311,060

338,498

Capital and reserves

 

Allotted, called up and fully paid share capital

2

2

Profit and loss account

311,058

338,496

Total equity

 

311,060

338,498

 

Furness Veterinary Centre Ltd

(Registration number: 10978179)
Balance Sheet as at 30 April 2024 (continued)

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. 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 11 November 2024 and signed on its behalf by:
 

.........................................

R A Mitchell

Director

.........................................

C M Mitchell

Director

 

Furness Veterinary Centre Ltd

Notes to the 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:
131 Market Street
DALTON-IN-FURNESS
LA15 8RG
 

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 - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

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.

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 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.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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.

 

Furness Veterinary Centre Ltd

Notes to the Financial Statements for the Year Ended 30 April 2024 (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, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Freehold property

2% straight line basis

Plant and equipment

25% reducing balance basis

Commercial vehicles

25% reducing balance basis

Furniture, fittings and office equipment

3 years straight line basis

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 the sale of goods 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 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. Trade creditors 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 where due after more than one year.

 

Furness Veterinary Centre Ltd

Notes to the Financial Statements for the Year Ended 30 April 2024 (continued)

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.

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.

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.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 20 (2023 - 18).

 

Furness Veterinary Centre Ltd

Notes to the Financial Statements for the Year Ended 30 April 2024 (continued)

4

Tangible assets

Freehold property
£

Plant and equipment
 £

Commercial vehicles
 £

Furniture, fittings and office equipment
 £

Total
£

Cost or valuation

At 1 May 2023

220,484

133,997

63,692

40,214

458,387

Additions

-

24,039

40,999

800

65,838

Disposals

-

-

(23,680)

-

(23,680)

At 30 April 2024

220,484

158,036

81,011

41,014

500,545

Depreciation

At 1 May 2023

20,625

63,000

25,291

21,930

130,846

Charge for the year

4,410

19,351

16,429

5,674

45,864

Eliminated on disposal

-

-

(13,412)

-

(13,412)

At 30 April 2024

25,035

82,351

28,308

27,604

163,298

Carrying amount

At 30 April 2024

195,449

75,685

52,703

13,410

337,247

At 30 April 2023

199,859

70,997

38,401

18,284

327,541

5

Debtors

2024
£

2023
£

Trade debtors

73,072

52,779

Other debtors

15,469

12,663

88,541

65,442

 

Furness Veterinary Centre Ltd

Notes to the Financial Statements for the Year Ended 30 April 2024 (continued)

6

Creditors

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

7

5,972

32,948

Trade creditors

 

61,610

51,334

Taxation and social security

 

39,665

34,866

Corporation tax liability

 

51,971

38,451

Other creditors

 

6,255

5,901

 

165,473

163,500

Due after one year

 

Loans and borrowings

7

98,901

103,707

2024
£

2023
£

After more than five years by instalments

75,365

81,454

75,365

81,454

 

Furness Veterinary Centre Ltd

Notes to the Financial Statements for the Year Ended 30 April 2024 (continued)

7

Loans and borrowings

2024
£

2023
£

Current loans and borrowings

Bank borrowings

5,238

32,166

Other borrowings

734

782

5,972

32,948

Current loans and borrowings includes the following liabilities, on which security has been given by the company:

2024
£

2023
£

Bank borrowings

5,238

32,166

Bank borrowings are secured by fixed and floating charges over the company's assets.

2024
£

2023
£

Non-current loans and borrowings

Bank borrowings

98,901

103,707

Non-current loans and borrowings includes the following liabilities, on which security has been given by the company:

2024
£

2023
£

Bank borrowings

98,901

103,707

Bank borrowings are secured by fixed and floating charges over the company's assets.

 

 

Furness Veterinary Centre Ltd

Notes to the Financial Statements for the Year Ended 30 April 2024 (continued)

8

Related party transactions

Transactions with directors

2024

At 1 May 2023
£

Advances
£

Repayments
£

Other payments
£

Dividends credited
£

Interest
£

At 30 April 2024
£

C M Mitchell

Loan

-

13,117

(140)

-

(13,000)

23

-

               
         

R A Mitchell

Loan

-

13,117

(140)

-

(13,000)

23

-

               
         

 

Directors' advances are repayable on demand.

Interest has been charged at a rate of 2.25% on advances to directors.