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Registration number: 06497266

Shropshire Farm Vets Limited

Annual Report and Unaudited Filleted Abridged Financial Statements

for the Year Ended 31 March 2024

 

Shropshire Farm Vets Limited

Contents

Abridged Balance Sheet

1 to 2

Notes to the Unaudited Abridged Financial Statements

3 to 6

 

Shropshire Farm Vets Limited

(Registration number: 06497266)
Abridged Balance Sheet as at 31 March 2024

Note

2024
£

2023
£

Fixed assets

 

Intangible assets

4

600

900

Tangible assets

5

371,282

297,694

Other financial assets

6

10,000

10,000

 

381,882

308,594

Current assets

 

Stocks

7

126,068

134,452

Debtors

620,712

501,731

Cash at bank and in hand

 

179,132

228,362

 

925,912

864,545

Creditors: Amounts falling due within one year

8

(501,939)

(512,099)

Net current assets

 

423,973

352,446

Total assets less current liabilities

 

805,855

661,040

Creditors: Amounts falling due after more than one year

9

(131,264)

(65,525)

Provisions for liabilities

(80,208)

(61,055)

Net assets

 

594,383

534,460

Capital and reserves

 

Called up share capital

60

60

Profit and loss account

594,323

534,400

Total equity

 

594,383

534,460

 

Shropshire Farm Vets Limited

(Registration number: 06497266)
Abridged Balance Sheet as at 31 March 2024

For the financial year ending 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

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.

All of the company’s members have consented to the preparation of an Abridged Profit and Loss Account and an Abridged Balance Sheet in accordance with Section 444(2A) of the Companies Act 2006.

Approved and authorised by the Board on 26 November 2024 and signed on its behalf by:
 

Mr AM Macpherson

Director

Mr TA O'Sullivan

Director

 

Shropshire Farm Vets Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 March 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:
Unit 3
The Depot
Hanwood
Shrewsbury
Shropshire
SY5 8NY

These financial statements were authorised for issue by the Board on 26 November 2024.

2

Accounting policies

Statement of compliance

These abridged financial statements were 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 abridged 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.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover represents the amounts, excluding value added tax, derived from the provision of goods and services to customers during the year.

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 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 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.

 

Shropshire Farm Vets Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 March 2024

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 improvements

4% straight line

Furniture, fittings and equipment

25% reducing balance

Motor vehicles

25% reducing balance

Office equipment

33% straight line

Goodwill

Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

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

10% straight line

Investments

Investments in equity shares where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in the profit or loss account. Investments in equity shares where fair value cannot be measured reliably are measured at cost less impairment.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 37 (2023 - 36).

4

Intangible assets

Total
£

Cost or valuation

At 1 April 2023

659,298

At 31 March 2024

659,298

Amortisation

At 1 April 2023

658,398

Amortisation charge

300

At 31 March 2024

658,698

Carrying amount

At 31 March 2024

600

At 31 March 2023

900

 

Shropshire Farm Vets Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 March 2024

5

Tangible assets

Total
£

Cost or valuation

At 1 April 2023

1,032,197

Additions

197,058

Disposals

(28,395)

At 31 March 2024

1,200,860

Depreciation

At 1 April 2023

734,505

Charge for the year

115,705

Eliminated on disposal

(20,632)

At 31 March 2024

829,578

Carrying amount

At 31 March 2024

371,282

At 31 March 2023

297,694

6

Other financial assets (current and non-current)

Total
£

Non-current financial assets

Cost or valuation

At 1 April 2023

10,000

At 31 March 2024

10,000

Carrying amount

At 31 March 2024

10,000

7

Stocks

2024
£

2023
£

Stock

126,068

134,452

8

Creditors: amounts falling due within one year

Creditors include bank loans and overdrafts and net obligations under finance lease and hire purchase contracts which are secured of £55,151 (2022 - £34,850).

9

Creditors: amounts falling due after more than one year

Creditors include bank loans and overdrafts and net obligations under finance lease and hire purchase contracts which are secured of £133,199 (2022 - £65,525).

 

Shropshire Farm Vets Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 March 2024

10

Financial commitments, guarantees and contingencies

Amounts not provided for in the balance sheet

The total amount of financial commitments not included in the balance sheet is £24,678 (2023 - £49,356).