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Registration number: 12565455

Haywood Farm Vets Ltd

Unaudited Filleted Financial Statements

for the Year Ended 30 April 2024

 

Haywood Farm Vets Ltd

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 9

 

Haywood Farm Vets Ltd

Company Information

Directors

Mrs Paula Scales

Dr Peter James Scales

Registered office

Haywood Farm
Haywood Lane
Cheswardine
Shropshire
TF9 2LW

 

Haywood Farm Vets Ltd

(Registration number: 12565455)
Balance Sheet as at 30 April 2024

Note

2024
£

2023
£

Fixed assets

 

Intangible assets

4

480

960

Tangible assets

5

72,496

58,590

 

72,976

59,550

Current assets

 

Stocks

6

95,027

74,929

Debtors

7

43,056

44,210

Cash at bank and in hand

 

20,524

76,904

 

158,607

196,043

Creditors: Amounts falling due within one year

8

(107,397)

(111,757)

Net current assets

 

51,210

84,286

Total assets less current liabilities

 

124,186

143,836

Provisions for liabilities

(18,612)

(11,471)

Net assets

 

105,574

132,365

Capital and reserves

 

Called up share capital

100

100

Retained earnings

105,474

132,265

Shareholders' funds

 

105,574

132,365

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.

 

Haywood Farm Vets Ltd

(Registration number: 12565455)
Balance Sheet as at 30 April 2024

Approved and authorised by the Board on 10 December 2024 and signed on its behalf by:
 


 

Mrs Paula Scales
Director

 

Haywood Farm Vets Ltd

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 & Wales.

The address of its registered office is:
Haywood Farm
Haywood Lane
Cheswardine
Shropshire
TF9 2LW

These financial statements were authorised for issue by the Board on 10 December 2024.

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 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 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 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.

 

Haywood Farm Vets Ltd

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

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

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

Office equipment

25% reducing balance

Motor vehicles

15% reducing balance

Intangible assets

Intangible assets are stated in the balance sheet at cost, less any subsequent accumulated amortisation and subsequent 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

Website Development

20% 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.

 

Haywood Farm Vets Ltd

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

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 subsequently measured at amortised cost using the effective interest method.

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.

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.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 5 (2023 - 4).

 

Haywood Farm Vets Ltd

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

4

Intangible assets

Website development
£

Total
£

Cost or valuation

At 1 May 2023

2,400

2,400

At 30 April 2024

2,400

2,400

Amortisation

At 1 May 2023

1,440

1,440

Amortisation charge

480

480

At 30 April 2024

1,920

1,920

Carrying amount

At 30 April 2024

480

480

At 30 April 2023

960

960

 

Haywood Farm Vets Ltd

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

5

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Plant & Machinery
£

Total
£

Cost or valuation

At 1 May 2023

4,122

47,641

17,578

69,341

Additions

14,873

27,545

9,204

51,622

Disposals

-

(31,108)

-

(31,108)

At 30 April 2024

18,995

44,078

26,782

89,855

Depreciation

At 1 May 2023

1,836

2,953

5,962

10,751

Charge for the year

1,331

4,074

3,536

8,941

Eliminated on disposal

-

(2,333)

-

(2,333)

At 30 April 2024

3,167

4,694

9,498

17,359

Carrying amount

At 30 April 2024

15,828

39,384

17,284

72,496

At 30 April 2023

2,286

44,688

11,616

58,590

6

Stocks

2024
£

2023
£

Work in progress

56,252

39,584

Stock of goods for resale

38,775

35,345

95,027

74,929

7

Debtors

Current

2024
£

2023
£

Trade debtors

23,617

28,443

Prepayments

2,220

2,220

Capitalisation loan

17,219

13,547

 

43,056

44,210

 

Haywood Farm Vets Ltd

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

8

Creditors

Creditors: amounts falling due within one year

2024
£

2023
£

Due within one year

Taxation and social security

17,366

21,703

Accruals and deferred income

1,193

5,272

Director loan accounts

75,057

57,199

Corporation tax

13,781

27,583

107,397

111,757