Priors Farm Equine Veterinary Surgery Limited 06578383 false 2023-07-01 2024-06-30 2024-06-30 The principal activity of the company is veterinary activities. Digita Accounts Production Advanced 6.30.9574.0 true 06578383 2023-07-01 2024-06-30 06578383 2024-06-30 06578383 core:RetainedEarningsAccumulatedLosses 2024-06-30 06578383 core:ShareCapital 2024-06-30 06578383 core:CurrentFinancialInstruments core:WithinOneYear 2024-06-30 06578383 core:Non-currentFinancialInstruments core:AfterOneYear 2024-06-30 06578383 bus:SmallEntities 2023-07-01 2024-06-30 06578383 bus:AuditExemptWithAccountantsReport 2023-07-01 2024-06-30 06578383 bus:FullAccounts 2023-07-01 2024-06-30 06578383 bus:SmallCompaniesRegimeForAccounts 2023-07-01 2024-06-30 06578383 bus:RegisteredOffice 2023-07-01 2024-06-30 06578383 bus:Director1 2023-07-01 2024-06-30 06578383 bus:Director1 1 2023-07-01 2024-06-30 06578383 bus:Director2 2023-07-01 2024-06-30 06578383 bus:Director2 2 2023-07-01 2024-06-30 06578383 bus:PrivateLimitedCompanyLtd 2023-07-01 2024-06-30 06578383 core:Goodwill 2023-07-01 2024-06-30 06578383 core:FurnitureFittings 2023-07-01 2024-06-30 06578383 core:Land 2023-07-01 2024-06-30 06578383 core:LandBuildings 2023-07-01 2024-06-30 06578383 core:MotorVehicles 2023-07-01 2024-06-30 06578383 core:OfficeEquipment 2023-07-01 2024-06-30 06578383 core:PlantMachinery 2023-07-01 2024-06-30 06578383 countries:EnglandWales 2023-07-01 2024-06-30 06578383 2023-06-30 06578383 2022-07-01 2023-06-30 06578383 2023-06-30 06578383 core:RetainedEarningsAccumulatedLosses 2023-06-30 06578383 core:ShareCapital 2023-06-30 06578383 core:CurrentFinancialInstruments core:WithinOneYear 2023-06-30 06578383 core:Non-currentFinancialInstruments core:AfterOneYear 2023-06-30 iso4217:GBP xbrli:pure

Registration number: 06578383

Priors Farm Equine Veterinary Surgery Limited

Annual Report and Unaudited Filleted Abridged Financial Statements

for the Year Ended 30 June 2024

 

Priors Farm Equine Veterinary Surgery Limited

Contents

Abridged Balance Sheet

1

Notes to the Unaudited Abridged Financial Statements

2 to 5

 

Priors Farm Equine Veterinary Surgery Limited

(Registration number: 06578383)
Abridged Balance Sheet as at 30 June 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

5

372,129

352,372

Current assets

 

Stocks

46,732

41,173

Debtors

324,092

279,880

Cash at bank and in hand

 

34,925

25,443

 

405,749

346,496

Creditors: Amounts falling due within one year

6

(284,618)

(248,842)

Net current assets

 

121,131

97,654

Total assets less current liabilities

 

493,260

450,026

Creditors: Amounts falling due after more than one year

7

(195,886)

(219,260)

Provisions for liabilities

(47,474)

(67,237)

Net assets

 

249,900

163,529

Capital and reserves

 

Called up share capital

2

2

Profit and loss account

249,898

163,527

Total equity

 

249,900

163,529

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 21 November 2024 and signed on its behalf by:
 

Mr D Harrison

Director

Mr B C Chilvers

Director

 

Priors Farm Equine Veterinary Surgery 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:
Priors Farm
Priory Road
Forest Row
RH18 5JD

These financial statements were authorised for issue by the Board on 21 November 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

Freehold land

None

Leasehold land and buildings

Over the term of the lease

Plant and machinery

15% reducing balance

Fixtures and fittings

25% straight line

Office equipment

33% straight line

Motor vehicles

25% reducing balance

 

Priors Farm Equine Veterinary Surgery Limited

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

Intangible assets

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the
company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity
recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently
measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the
currency of the acquired entity and revalued to the closing rate at each reporting period date.

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 years

Stocks

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

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.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 15 (2023 - 15).

 

Priors Farm Equine Veterinary Surgery Limited

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

4

Intangible assets

Total
£

Cost or valuation

At 1 July 2023

167,639

At 30 June 2024

167,639

Amortisation

At 1 July 2023

167,639

At 30 June 2024

167,639

Carrying amount

At 30 June 2024

-

5

Tangible assets

Total
£

Cost or valuation

At 1 July 2023

689,818

Additions

84,202

Disposals

(50,364)

At 30 June 2024

723,656

Depreciation

At 1 July 2023

337,446

Charge for the year

38,846

Eliminated on disposal

(24,765)

At 30 June 2024

351,527

Carrying amount

At 30 June 2024

372,129

At 30 June 2023

352,372

6

Creditors: amounts falling due within one year

Creditors include bank loans and overdrafts and net obligations under finance lease and hire purchase contracts which are secured of £89,100 (2023 - £74,367).

7

Creditors: amounts falling due after more than one year

Creditors include bank loans and overdrafts and net obligations under finance lease and hire purchase contracts which are secured of £195,886 (2023 - £219,259).

 

Priors Farm Equine Veterinary Surgery Limited

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

8

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 £174,000 (2023 - £217,500).

9

Related party transactions

Advances to directors


Mr D Harrison

During the period Mr D Harrison went overdrawn on their director's loan account. The maximum overdrawn balance during the year was £93,451 (2023 - £94,204). At the year end the amount outstanding from Mr D Harrison was £93,451 (2023 - £60,188). Interest has been charged at the commercial rate.


Mr B C Chilvers

During the period Mr B C Chilvers went overdrawn on their director's loan account. The maximum overdrawn balance during the year was £84,064 (2023 - £85,310). At the year end the amount outstanding from Mr B C Chilvers was £67,089 (2023 - £67,392). Interest has been charged at the commercial rate.