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Registration number: 10146556

WL Vets Limited

trading as Wendy Lane Veterinary Surgery

Annual Report and Unaudited Financial Statements

for the Year Ended 30 April 2024

 

WL Vets Limited

trading as Wendy Lane Veterinary Surgery

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 9

 

WL Vets Limited

trading as Wendy Lane Veterinary Surgery

Company Information

Directors

Mr P Bareham

Mrs L E Bareham

Registered office

264 Bury Road
Rochdale
Lancs
OL11 4EE

Accountants

Ballards LLP
Chartered Accountants
Oakmoore Court
11c Kingswood Road
Hampton Lovett
Droitwich
Worcestershire
WR9 0QH

 

WL Vets Limited

trading as Wendy Lane Veterinary Surgery

(Registration number: 10146556)
Balance Sheet as at 30 April 2024

Note

2024
£

2023
£

Fixed assets

 

Intangible assets

4

42,440

63,660

Tangible assets

5

170,388

59,353

 

212,828

123,013

Current assets

 

Stocks

6

54,034

42,394

Debtors

7

19,534

36,058

Cash at bank and in hand

 

267,985

291,704

 

341,553

370,156

Creditors: Amounts falling due within one year

8

(169,758)

(135,491)

Net current assets

 

171,795

234,665

Total assets less current liabilities

 

384,623

357,678

Creditors: Amounts falling due after more than one year

8

(1,326)

(1,326)

Net assets

 

383,297

356,352

Capital and reserves

 

Called up share capital

100

100

Retained earnings

383,197

356,252

Shareholders' funds

 

383,297

356,352

 

WL Vets Limited

trading as Wendy Lane Veterinary Surgery

(Registration number: 10146556)
Balance Sheet as at 30 April 2024

For the financial year ending 30 April 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 27 January 2025 and signed on its behalf by:
 

.........................................
Mr P Bareham
Director

.........................................
Mrs L E Bareham
Director

 
 

WL Vets Limited

trading as Wendy Lane Veterinary Surgery

Notes to the Unaudited Financial Statements for the Year Ended 30 April 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:
264 Bury Road
Rochdale
Lancs
OL11 4EE

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 - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These 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 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.

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.

Tax

The tax expense for the period comprises current 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 income 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.

 

WL Vets Limited

trading as Wendy Lane Veterinary Surgery

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

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.

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

15% reducing balance

Fixtures and fittings

15% reducing balance

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

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. 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 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.

 

WL Vets Limited

trading as Wendy Lane Veterinary Surgery

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

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.

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.

 

WL Vets Limited

trading as Wendy Lane Veterinary Surgery

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

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.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 22 (2023 - 24).

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 May 2023

212,200

212,200

At 30 April 2024

212,200

212,200

Amortisation

At 1 May 2023

148,540

148,540

Amortisation charge

21,220

21,220

At 30 April 2024

169,760

169,760

Carrying amount

At 30 April 2024

42,440

42,440

At 30 April 2023

63,660

63,660

 

WL Vets Limited

trading as Wendy Lane Veterinary Surgery

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

5

Tangible assets

Leashold Improvements
£

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 May 2023

2,633

118,524

121,157

Additions

131,098

10,005

141,103

At 30 April 2024

133,731

128,529

262,260

Depreciation

At 1 May 2023

1,614

60,190

61,804

Charge for the year

19,817

10,251

30,068

At 30 April 2024

21,431

70,441

91,872

Carrying amount

At 30 April 2024

112,300

58,088

170,388

At 30 April 2023

1,019

58,334

59,353

Included within the net book value of land and buildings above is £112,300 (2023 - £1,019) in respect of short leasehold land and buildings.
 

6

Stocks

2024
£

2023
£

Other inventories

54,034

42,394

7

Debtors

Current

2024
£

2023
£

Trade debtors

11,442

29,801

Prepayments

8,092

6,257

 

19,534

36,058

 

WL Vets Limited

trading as Wendy Lane Veterinary Surgery

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

8

Creditors

2024
£

2023
£

Due within one year

Bank loans and overdrafts

-

1,368

Trade creditors

65,848

34,004

Amounts owed to related parties

838

4,758

Taxation and social security

23,035

37,875

Other creditors

80,037

57,486

169,758

135,491

2024
£

2023
£

Due after one year

Loans and borrowings

1,326

1,326