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Registration number: 12048483

Prepared for the registrar

Riverport Vets Ltd

Annual Report and Unaudited Financial Statements

for the Year Ended 30 June 2024

 

Riverport Vets Ltd

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 10

 

Riverport Vets Ltd

Company Information

Directors

Dr Benjamin Wright

Dr Nadia Wright

Mr James Bowles

Mrs Michelle Sowman

Registered office

39 Edison Road
St. Ives
Cambridgeshire
PE27 3LF

Accountants

Hazlewoods LLP
Staverton Court
Staverton
Cheltenham
GL51 0UX

 

Riverport Vets Ltd

(Registration number: 12048483)
Balance Sheet as at 30 June 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

370,967

349,588

Current assets

 

Stocks

34,045

21,018

Debtors

5

149,015

60,832

Cash at bank and in hand

 

5,440

2,557

 

188,500

84,407

Creditors: Amounts falling due within one year

6

(187,765)

(126,325)

Net current assets/(liabilities)

 

735

(41,918)

Total assets less current liabilities

 

371,702

307,670

Creditors: Amounts falling due after more than one year

6

(326,931)

(343,807)

Deferred tax liabilities

7

(13,256)

10,176

Net assets/(liabilities)

 

31,515

(25,961)

Capital and reserves

 

Called up share capital

9

100

100

Retained earnings

31,415

(26,061)

Shareholders' funds/(deficit)

 

31,515

(25,961)

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. 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 10 December 2024 and signed on its behalf by:
 


Dr Benjamin Wright
Director

 

Riverport Vets Ltd

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:
39 Edison Road
St. Ives
Cambridgeshire
PE27 3LF

 

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 current forecasts and projections, together with the facilities available to the company, 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.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts and after eliminating sales within the company.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

 

Riverport Vets Ltd

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

Tax

The tax expense for the period comprises 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.

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

15 years

Plant and machinery

25% of written down value

Fixtures and fittings

10% of written down value

Office equipment

33.33% of cost

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.

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.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

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.

 

Riverport Vets Ltd

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

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.

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the Balance Sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the Profit and Loss Account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

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.

 

Riverport Vets Ltd

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.

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:

 

Riverport Vets Ltd

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

 

4

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Motor vehicles
 £

Office equipment
 £

Total
£

Cost

At 1 July 2023

302,923

83,493

-

11,371

397,787

Additions

10,335

12,198

35,039

5,171

62,743

At 30 June 2024

313,258

95,691

35,039

16,542

460,530

Depreciation

At 1 July 2023

24,575

19,202

-

4,422

48,199

Charge for the year

18,939

13,248

4,380

4,797

41,364

At 30 June 2024

43,514

32,450

4,380

9,219

89,563

Carrying amount

At 30 June 2024

269,744

63,241

30,659

7,323

370,967

At 30 June 2023

278,348

64,291

-

6,949

349,588

Included within the net book value of land and buildings above is £269,744 (2023 - £278,348) in respect of long leasehold land and buildings.
 

 

Riverport Vets Ltd

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

 

5

Debtors

2024
£

2023
£

Trade debtors

9,135

8,094

Prepayments

33,220

10,678

Other debtors

106,660

42,060

149,015

60,832

 

6

Creditors

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

8

83,695

86,739

Trade creditors

 

41,063

17,471

Taxation and social security

 

33,160

16,169

Accruals and deferred income

 

5,974

5,559

Other creditors

 

23,873

387

 

187,765

126,325

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

8

326,931

343,807

 

7

Deferred tax

Deferred tax assets and liabilities

2024

Asset
£

Liability
£

Difference between accumulated depreciation and amortisation and capital allowances

-

46,068

Losses and other deductions

32,812

-

32,812

46,068

2023

Asset
£

Liability
£

Difference between accumulated depreciation and amortisation and capital allowances

-

38,165

Losses and other deductions

48,341

-

48,341

38,165

 

Riverport Vets Ltd

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

 

8

Loans and borrowings

Current loans and borrowings

2024
£

2023
£

Bank borrowings

15,765

5,108

Bank overdrafts

1,194

7,576

Hire purchase contracts

17,651

12,864

Other borrowings

49,085

61,191

83,695

86,739

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

256,487

281,350

Hire purchase contracts

70,444

62,457

326,931

343,807

 

9

Share capital

Allotted, called up and fully paid shares

 

2024

2023

 

No.

£

No.

£

A Ordinary of £1 each

40

40

40

40

B Ordinary of £1 each

40

40

40

40

C Ordinary of £1 each

20

20

20

20

 

100

100

100

100

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

 

10

Financial commitments, guarantees and contingencies

Operating leases

The total of future minimum lease payments is as follows:

2024
 £

2023
 £

Not later than one year

34,000

34,000

Later than one year and not later than five years

136,000

136,000

Later than five years

263,500

297,500

433,500

467,500

The amount of non-cancellable operating lease payments recognised as an expense during the year was £35,135 (2023 - £33,918).

 

Riverport Vets Ltd

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

 

11

Related party transactions

Key management personnel

Summary of transactions with key management

As at the balance sheet date, the directors owed the company £94,660 and were owed by the company £27,984 (2023 the directors owed the company £30,060 and were owed by the company £36,483). These amounts are included in other borrowings and other debtors. There are no fixed repayment terms and no interest is charged
 

Transactions with directors

2024

At 1 July 2023
£

Advances to director
£

Repayments by director
£

At 30 June 2024
£

Mr and Mrs Wright's Director's loan account

(30,060)

(65,224)

624

(94,660)

         
       

 

2023

At 1 July 2022
£

Advances to director
£

Repayments by director
£

At 30 June 2023
£

Mr and Mrs Wright's Director's loan account

2,813

(33,759)

886

(30,060)