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Registration number: 09534459

Milton Keynes Veterinary Group Limited

Annual Report and Unaudited Filleted Abridged Financial Statements

for the Year Ended 30 June 2024

 

Milton Keynes Veterinary Group Limited

Contents

Abridged Balance Sheet

1 to 2

Notes to the Unaudited Abridged Financial Statements

3 to 6

 

Milton Keynes Veterinary Group Limited

(Registration number: 09534459)
Abridged Balance Sheet as at 30 June 2024

Note

2024
£

2023
£

Fixed assets

 

Intangible assets

4

559,164

639,044

Tangible assets

5

527,725

391,092

 

1,086,889

1,030,136

Current assets

 

Stocks

139,982

131,519

Debtors

159,544

312,124

Cash at bank and in hand

 

717,686

1,438,817

 

1,017,212

1,882,460

Creditors: Amounts falling due within one year

(636,497)

(740,784)

Net current assets

 

380,715

1,141,676

Total assets less current liabilities

 

1,467,604

2,171,812

Provisions for liabilities

(70,844)

(49,871)

Net assets

 

1,396,760

2,121,941

Capital and reserves

 

Called up share capital

375

375

Capital redemption reserve

75

75

Profit and loss account

1,396,310

2,121,491

Total equity

 

1,396,760

2,121,941

 

Milton Keynes Veterinary Group Limited

(Registration number: 09534459)
Abridged Balance Sheet as at 30 June 2024

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.

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 9 December 2024 and signed on its behalf by:
 

Ms D A Kilkenny

Director

Mr P D Hanlon

Director

Mr R A B Burke

Director

Mr A Cilliers

Director

Ms V R Roberts

Director

 

Milton Keynes Veterinary Group Limited

Notes to the Unaudited Abridged 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:
Walnut Tree Local Centre
Fyfield Barrow
Walnut Tree
Milton Keynes
Buckinghamshire
MK7 7AN

These financial statements were authorised for issue by the Board on 9 December 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.

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.

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

Over length of lease

Plant and machinery

15% straight line

Office equipment

33% straight line

Fixtures and fittings

15% straight line

Intangible assets

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

 

Milton Keynes Veterinary Group Limited

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

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

Stocks

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

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 78 (2023 - 71).

4

Intangible assets

Total
£

Cost or valuation

At 1 July 2023

798,804

At 30 June 2024

798,804

Amortisation

At 1 July 2023

159,760

Amortisation charge

79,880

At 30 June 2024

239,640

Carrying amount

At 30 June 2024

559,164

At 30 June 2023

639,044

 

Milton Keynes Veterinary Group Limited

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

5

Tangible assets

Total
£

Cost or valuation

At 1 July 2023

642,775

Additions

211,974

At 30 June 2024

854,749

Depreciation

At 1 July 2023

251,683

Charge for the year

75,341

At 30 June 2024

327,024

Carrying amount

At 30 June 2024

527,725

At 30 June 2023

391,092

6

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 £2,227,647 (2023 - £1,694,421).

7

Related party transactions

Advances to directors


Mr P D Hanlon

During the period Mr P D Hanlon went overdrawn on their director's loan account. The maximum overdrawn balance during the year was £6,501 (2023 - £2,147). At the year end the amount outstanding from Mr P D Hanlon was £Nil (2023 - £-). Interest has been charged at the commercial rate.


Mr A Cilliers

During the period Mr A Cilliers went overdrawn on their director's loan account. The maximum overdrawn balance during the year was £909 (2023 - £816). At the year end the amount outstanding from Mr A Cilliers was £Nil (2023 - £-). Interest has been charged at the commercial rate.


Mr R A B Burke

During the period Mr R A B Burke went overdrawn on their director's loan account. The maximum overdrawn balance during the year was £909 (2023 - £695). At the year end the amount outstanding from Mr R A B Burke was £Nil (2023 - £-). Interest has been charged at the commercial rate.

 

Milton Keynes Veterinary Group Limited

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


Ms D A Kilkenny

During the period Ms D A Kilkenny went overdrawn on their director's loan account. The maximum overdrawn balance during the year was £1,324 (2023 - £31,081). At the year end the amount outstanding from Ms D A Kilkenny was £Nil (2023 - £-). Interest has been charged at the commercial rate.