Totton Vets4Pets Limited 11148043 false 2023-03-31 2024-03-28 2024-03-28 The principal activity of the company is that of the operation of the veterinary surgery at Salisbury Road, Totton. Digita Accounts Production Advanced 6.30.9574.0 true true 11148043 2023-03-31 2024-03-28 11148043 2024-03-28 11148043 core:CurrentFinancialInstruments 2024-03-28 11148043 core:CurrentFinancialInstruments core:WithinOneYear 2024-03-28 11148043 core:Non-currentFinancialInstruments 2024-03-28 11148043 core:Non-currentFinancialInstruments core:AfterOneYear 2024-03-28 11148043 core:BetweenTwoFiveYears 2024-03-28 11148043 core:MoreThanFiveYears 2024-03-28 11148043 core:WithinOneYear 2024-03-28 11148043 core:FurnitureFittingsToolsEquipment core:OwnedOrFreeholdAssets 2024-03-28 11148043 1 2024-03-28 11148043 bus:SmallEntities 2023-03-31 2024-03-28 11148043 bus:AuditExemptWithAccountantsReport 2023-03-31 2024-03-28 11148043 bus:FilletedAccounts 2023-03-31 2024-03-28 11148043 bus:SmallCompaniesRegimeForAccounts 2023-03-31 2024-03-28 11148043 bus:RegisteredOffice 2023-03-31 2024-03-28 11148043 bus:CompanySecretaryDirector1 2023-03-31 2024-03-28 11148043 bus:Director2 2023-03-31 2024-03-28 11148043 bus:PrivateLimitedCompanyLtd 2023-03-31 2024-03-28 11148043 core:FurnitureFittingsToolsEquipment core:OwnedOrFreeholdAssets 2023-03-31 2024-03-28 11148043 core:PlantMachinery 2023-03-31 2024-03-28 11148043 1 2023-03-31 2024-03-28 11148043 countries:AllCountries 2023-03-31 2024-03-28 11148043 core:FurnitureFittingsToolsEquipment core:OwnedOrFreeholdAssets 2023-03-30 11148043 2022-04-01 2023-03-30 11148043 2023-03-30 11148043 core:CurrentFinancialInstruments 2023-03-30 11148043 core:CurrentFinancialInstruments core:WithinOneYear 2023-03-30 11148043 core:Non-currentFinancialInstruments 2023-03-30 11148043 core:Non-currentFinancialInstruments core:AfterOneYear 2023-03-30 11148043 core:BetweenTwoFiveYears 2023-03-30 11148043 core:MoreThanFiveYears 2023-03-30 11148043 core:WithinOneYear 2023-03-30 11148043 core:FurnitureFittingsToolsEquipment core:OwnedOrFreeholdAssets 2023-03-30 11148043 1 2023-03-30 iso4217:GBP xbrli:pure xbrli:shares

Registration number: 11148043

Totton Vets4Pets Limited

Unaudited Filleted Financial Statements

for the Period from 31 March 2023 to 28 March 2024

 

Totton Vets4Pets Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 8

 

Totton Vets4Pets Limited

Company Information

Directors

Companion Care (Services) Limited

J Archbold

Company secretary

Companion Care (Services) Limited

Registered office

Epsom Avenue
Stanley Green Trading Estate
Handforth
Cheshire
SK9 3RN

 

Totton Vets4Pets Limited

(Registration number: 11148043)
Balance Sheet as at 28 March 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

114,312

131,727

Current assets

 

Stocks

5

13,422

13,328

Debtors

6

73,670

81,027

Cash at bank and in hand

 

300

300

 

87,392

94,655

Creditors: Amounts falling due within one year

7

(186,658)

(241,438)

Net current liabilities

 

(99,266)

(146,783)

Total assets less current liabilities

 

15,046

(15,056)

Creditors: Amounts falling due after more than one year

7

(328,650)

(380,250)

Net liabilities

 

(313,604)

(395,306)

Capital and reserves

 

Called up share capital

10

120

120

Retained earnings

(313,724)

(395,426)

Shareholders' deficit

 

(313,604)

(395,306)

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 17 October 2024 and signed on its behalf by:
 

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

 

Totton 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. Notwithstanding net current liabilities of £99,266 as at 28 March 2024 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.

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.

 

Totton Vets4Pets Limited

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

2

Accounting policies (continued)

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

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

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.

 

Totton Vets4Pets Limited

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

2

Accounting policies (continued)

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

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 9 (2023 - 10).

4

Tangible assets

Furniture, fittings and equipment
£

Cost or valuation

At 31 March 2023

321,150

Additions

4,698

At 28 March 2024

325,848

Depreciation

At 31 March 2023

189,423

Charge for the period

22,113

At 28 March 2024

211,536

Carrying amount

At 28 March 2024

114,312

At 30 March 2023

131,727

5

Stocks

2024
£

2023
£

Other inventories

13,422

13,328

 

Totton Vets4Pets Limited

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

6

Debtors

Current

Note

2024
£

2023
£

Amounts owed by related parties

9,136

44,738

Other debtors

 

64,534

36,289

   

73,670

81,027

7

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

8

70,770

117,768

Trade creditors

 

74,030

65,677

Taxation and social security

 

13,809

28,865

Other creditors

 

28,049

29,128

 

186,658

241,438

Details of secured amounts included in creditors can be found in the loans and borrowings note.

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

8

328,650

380,250

 

Totton Vets4Pets Limited

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

8

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

238,650

290,250

Loans from related parties

90,000

90,000

328,650

380,250

Current loans and borrowings

2024
£

2023
£

Bank borrowings

51,600

32,250

Bank overdrafts

19,170

81,963

Loans from related parties

-

3,555

70,770

117,768

Bank borrowings

The bank loan is denominated in GBP with a nominal interest rate of 2.75% above Bank of England base rate, and the final instalment is due on 17 August 2028. The carrying amount at period end is £290,250 (2023 - £322,500).

The bank loan is secured via a personal loan guarantee by J Archbold and a debenture over the company's assets.

Related party loans

The B shareholder loan is denominated in GBP with a nominal interest rate of 2.75% above Bank of England base rate. The carrying amount at period end is £60,000 (2023 - £60,000).

The partner loan is denominated in GBP with a nominal interest rate of 0%. The carrying amount at period end is £30,000 (2023 - £30,000).

The operating loan is denominated in GBP with a nominal interest rate of 0%. The carrying amount at period end is £Nil (2023 - £3,555).

There is no set date for the repayment of loans due to the Directors and Companion Care (Services) Limited, however the operating loan is repayable within 90 days of demand. Loans due to the Directors and Companion Care (Services) Limited are repayable following the repayment of any bank loans, when the company is in a net asset position and has available cash balances. This loan was paid off during the financial year.

 

Totton Vets4Pets Limited

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

9

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

26,000

26,000

Later than one year and not later than five years

104,000

130,000

Later than five years

108,071

106,167

238,071

262,167

10

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.