Registered number
12082283
Smart Vet Ltd
Filleted Accounts
31 March 2024
Smart Vet Ltd
Registered number: 12082283
Balance Sheet
as at 31 March 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 1,172,654 1,188,376
Current assets
Stocks 30,000 30,000
Debtors 4 106,028 107,328
Cash at bank and in hand 190,665 71,620
326,693 208,948
Creditors: amounts falling due within one year 5 (290,701) (162,909)
Net current assets 35,992 46,039
Total assets less current liabilities 1,208,646 1,234,415
Creditors: amounts falling due after more than one year 6 (898,501) (1,186,501)
Net assets 310,145 47,914
Capital and reserves
Called up share capital 1 1
Profit and loss account 310,144 47,913
Shareholders' funds 310,145 47,914
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Ian Stroud
Director
Approved by the board on 25 November 2024
Smart Vet Ltd
Notes to the Accounts
for the year ended 31 March 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost of each asset evenly over its expected useful life, as follows:
Leasehold land and buildings over 10 years
Plant and machinery over 10 years
Fixtures, fittings, tools and equipment over 10 years
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price).
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is not recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments as it is not considered material
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
Pensions
Contributions to pension plans are expensed in the period to which they relate.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 12 8
3 Tangible fixed assets
Land and buildings Plant and machinery etc Total
£ £ £
Cost
At 1 April 2023 1,020,434 314,491 1,334,925
Additions 77,259 31,003 108,262
At 31 March 2024 1,097,693 345,494 1,443,187
Depreciation
At 1 April 2023 92,450 54,099 146,549
Charge for the year 54,885 69,099 123,984
At 31 March 2024 147,335 123,198 270,533
Net book value
At 31 March 2024 950,358 222,296 1,172,654
At 31 March 2023 927,984 260,392 1,188,376
4 Debtors 2024 2023
£ £
Trade debtors 32,379 24,133
Other debtors 73,649 83,195
106,028 107,328
5 Creditors: amounts falling due within one year 2024 2023
£ £
Bank loans and overdrafts 38,333 38,333
Obligations under finance lease and hire purchase contracts 62,676 39,492
Trade creditors 83,382 58,536
Taxation and social security costs 72,930 19,434
Other creditors 33,380 7,114
290,701 162,909
6 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans 372,034 416,646
Obligations under finance lease and hire purchase contracts 164,090 227,724
Other creditors 362,377 542,131
898,501 1,186,501
7 Other information
Smart Vet Ltd is a private company limited by shares and incorporated in England. Its registered office is:
Central House
124 High Street
Hampton Hill
TW12 1NS
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