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Registration number: 10067591

Warminster Vets4Pets Limited

Unaudited Filleted Financial Statements

for the Period from 31 March 2023 to 28 March 2024

 

Warminster Vets4Pets Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 9

 

Warminster Vets4Pets Limited

Company Information

Directors

Companion Care (Services) Limited

Vets4Pets (Services) Limited

T J Bannell

M J Plummer

Company secretary

Companion Care (Services) Limited

Registered office

Epsom Avenue
Stanley Green Trading Estate
Handforth
Cheshire
SK9 3RN

 

Warminster Vets4Pets Limited

(Registration number: 10067591)
Balance Sheet as at 28 March 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

109,787

128,555

Current assets

 

Stocks

5

12,229

10,203

Debtors

6

44,101

12,472

Cash at bank and in hand

 

300

300

 

56,630

22,975

Creditors: Amounts falling due within one year

7

(414,029)

(331,921)

Net current liabilities

 

(357,399)

(308,946)

Total assets less current liabilities

 

(247,612)

(180,391)

Creditors: Amounts falling due after more than one year

7

(258,000)

(296,400)

Net liabilities

 

(505,612)

(476,791)

Capital and reserves

 

Called up share capital

10

120

120

Retained earnings

(505,732)

(476,911)

Shareholders' deficit

 

(505,612)

(476,791)

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:
 

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

 

Warminster 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 £357,399 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.

 

Warminster 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.

 

Warminster Vets4Pets Limited

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

2

Accounting policies (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.

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.

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 5 (2023 - 5).

 

Warminster Vets4Pets Limited

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

4

Tangible assets

Furniture, fittings and equipment
£

Cost or valuation

At 31 March 2023

288,678

At 28 March 2024

288,678

Depreciation

At 31 March 2023

160,124

Charge for the period

18,767

At 28 March 2024

178,891

Carrying amount

At 28 March 2024

109,787

At 30 March 2023

128,555

5

Stocks

2024
£

2023
£

Other inventories

12,229

10,203

6

Debtors

Current

Note

2024
£

2023
£

Trade debtors

 

6,370

-

Amounts owed by related parties

5,921

2,249

Other debtors

 

31,810

10,223

   

44,101

12,472

 

Warminster Vets4Pets Limited

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

7

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

8

321,321

258,896

Trade creditors

 

21,149

32,973

Taxation and social security

 

8,220

12,323

Other creditors

 

63,339

27,729

 

414,029

331,921

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

8

258,000

296,400

8

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

168,000

206,400

Loans from related parties

90,000

90,000

258,000

296,400

Current loans and borrowings

2024
£

2023
£

Bank borrowings

38,400

24,000

Bank overdrafts

136,274

151,008

Loans from related parties

146,647

83,888

321,321

258,896

 

Warminster Vets4Pets Limited

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

8

Loans and borrowings (continued)

Bank borrowings

The Bank loan is denominated in GBP with a nominal interest rate of 2.75% above the Bank of England base rate, and the final instalment is due on 20 April 2028. The carrying amount at period end is £206,400 (2023 - £230,400).

The bank loan is secured via a personal loan guarantee by T J Bannell, M J Plummer and a debenture over the company's assets.

Other borrowings

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

The Companion Care (Services) Limited Operating loan is denominated in GBP with a nominal interest rate of 0%. The carrying amount at period end is £146,647 (2023 - £83,888).

The Operating loan is repayable within 90 days on demand.

There is 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 are repayable following the repayment of any bank loans, when the company is in a net asset position and has available cash balances.

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

38,500

35,000

Later than one year and not later than five years

154,000

175,000

Later than five years

135,596

119,583

328,096

329,583

 

Warminster Vets4Pets Limited

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

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.