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Registration number: 11352102

Prepared for the registrar

HVS St Ibbs Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 30 June 2024

 

HVS St Ibbs Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 10

 

HVS St Ibbs Limited

Company Information

Directors

S J De Wolf

Z L Judd

K M Miller

Registered office

Hitchin Veterinary Surgery
St Ibbs Farm
London Road
Hitchin
SG4 7NL

Accountants

Hazlewoods LLP
Staverton Court
Staverton
Cheltenham
GL51 0UX

 

HVS St Ibbs Limited

(Registration number: 11352102)
Balance Sheet as at 30 June 2024

Note

2024
 £

2023
 £

Fixed assets

 

Intangible assets

4

8,190

8,775

Tangible assets

5

107,260

102,477

 

115,450

111,252

Current assets

 

Stocks

84,018

67,516

Debtors

6

91,227

62,357

Cash at bank and in hand

 

820,713

439,499

 

995,958

569,372

Creditors: Amounts falling due within one year

7

(520,939)

(368,218)

Net current assets

 

475,019

201,154

Total assets less current liabilities

 

590,469

312,406

Deferred tax liabilities

8

(25,485)

(24,368)

Net assets

 

564,984

288,038

Capital and reserves

 

Called up share capital

10

300

300

Profit and loss account

564,684

287,738

Total equity

 

564,984

288,038

For the financial year ending 30 June 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.

 

HVS St Ibbs Limited

(Registration number: 11352102)
Balance Sheet as at 30 June 2024

Approved and authorised by the Board on 11 November 2024 and signed on its behalf by:
 


S J De Wolf
Director


Z L Judd
Director


K M Miller
Director

 

HVS St Ibbs Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 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:
Hitchin Veterinary Surgery
St Ibbs Farm
London Road
Hitchin
SG4 7NL

 

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.

 

HVS St Ibbs Limited

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

Revenue recognition

Revenue represents amounts earned from clients for veterinary services and the sale of products. Revenue for the delivery of veterinary services and the sale of products is recognised when the veterinary consultation or procedure is completed and the goods are passed to the client

The company operates a Pet Health Plan ("PHP"), where members pay an annual subscription fee on a monthly basis and receive a variety of benefits including consultations and treatments periodically plus discounts on certain products and services whilst they are a member. The monthly subscription receipt is recognised as revenue when it is received by the company from the client.

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 length of the lease

Plant and machinery

15% written down value

Fixtures and fittings

10% written down value

Computers

33.33% straight line

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 life as follows:

Asset class

Amortisation method and rate

Goodwill

5% 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.

 

HVS St Ibbs Limited

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

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.

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.

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.

 

HVS St Ibbs Limited

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

 

HVS St Ibbs Limited

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

 

5

Tangible assets

Leasehold property
£

Furniture, fittings and equipment
 £

Total
£

Cost

At 1 July 2023

40,467

123,991

164,458

Additions

-

22,134

22,134

At 30 June 2024

40,467

146,125

186,592

Depreciation

At 1 July 2023

13,192

48,788

61,980

Charge for the year

3,624

13,728

17,352

At 30 June 2024

16,816

62,516

79,332

Carrying amount

At 30 June 2024

23,651

83,609

107,260

At 30 June 2023

27,275

75,202

102,477

 

6

Debtors

2024
 £

2023
 £

Trade debtors

80,185

55,979

Other debtors

100

-

Prepayments

10,942

6,378

 

91,227

62,357

 

7

Creditors

Note

2024
 £

2023
 £

Due within one year

 

Loans and borrowings

9

-

15,648

Trade creditors

 

80,310

67,568

Social security and other taxes

 

428,725

273,622

Outstanding defined contribution pension costs

 

3,369

2,577

Accrued expenses

 

8,535

8,803

 

520,939

368,218

 

HVS St Ibbs Limited

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

 

8

Deferred tax

Deferred tax assets and liabilities

2024

Liability
£

Difference between accumulated depreciation and amortisation and capital allowances

25,800

Short term timing differences

(315)

25,485

2023

Liability
£

Difference between accumulated depreciation and amortisation and capital allowances

24,605

Short term timing differences

(237)

24,368

 

9

Loans and borrowings

2024
£

2023
£

Current loans and borrowings

Other borrowings

-

15,648

 

10

Share capital

Allotted, called up and fully paid shares

 

2024

2023

 

No.

£

No.

£

Ordinary A £1 shares of £1 each

100

100

100

100

Ordinary B £1 shares of £1 each

100

100

100

100

Ordinary C £1 shares of £1 each

100

100

100

100

 

300

300

300

300

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

 

HVS St Ibbs Limited

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

 

11

Financial commitments

Operating leases

The total of future minimum lease payments is as follows:

2024
 £

2023
 £

Not later than one year

32,560

32,560

Later than one year and not later than five years

67,840

67,840

Later than five years

106,000

122,960

206,400

223,360

The amount of non-cancellable operating lease payments recognised as an expense during the year was £35,753 (2023 - £35,774).

 

12

Related party transactions

Summary of transactions with key management

As at the balance sheet date, the company owed the directors £nil (2023: £15,648).