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Registration number: 9057146

Midsomer Veterinary Centre Limited

Annual Report and Unaudited Filleted Abridged Financial Statements

for the Year Ended 31 July 2024

 

Midsomer Veterinary Centre Limited

Contents

Abridged Balance Sheet

1 to 2

Notes to the Unaudited Abridged Financial Statements

3 to 6

 

Midsomer Veterinary Centre Limited

(Registration number: 9057146)
Abridged Balance Sheet as at 31 July 2024

Note

2024
£

2023
£

Fixed assets

 

Intangible assets

4

-

32,400

Tangible assets

5

243,406

255,073

 

243,406

287,473

Current assets

 

Stocks

13,152

12,847

Debtors

122,027

138,085

Cash at bank and in hand

 

257,546

214,047

 

392,725

364,979

Creditors: Amounts falling due within one year

6

(212,012)

(232,861)

Net current assets

 

180,713

132,118

Total assets less current liabilities

 

424,119

419,591

Creditors: Amounts falling due after more than one year

7

(294,500)

(338,083)

Provisions for liabilities

(10,979)

(12,133)

Net assets

 

118,640

69,375

Capital and reserves

 

Called up share capital

100

100

Profit and loss account

118,540

69,275

Total equity

 

118,640

69,375

 

Midsomer Veterinary Centre Limited

(Registration number: 9057146)
Abridged Balance Sheet as at 31 July 2024

For the financial year ending 31 July 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 5 February 2025 and signed on its behalf by:
 

Mr L R Webb

Director

 

Midsomer Veterinary Centre Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 July 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:
Calyx House
South Road
Taunton
Somerset
TA1 3DU
Somerset

The principal place of business is:
53 North Road
Midsomer Norton
Radstock
Somerset
BA3 2QE

These financial statements were authorised for issue by the Board on 5 February 2025.

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.

Revenue recognition

Turnover represents the amounts, excluding value added tax, derived from the provision of goods and services to customers during the year.

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 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.

 

Midsomer Veterinary Centre Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 July 2024

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

Property

2% straight line

Plant & machinery

20% reducing balance

Office equipment

20% 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

Straight line over 10 years

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 15 (2023 - 25).

 

Midsomer Veterinary Centre Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 July 2024

4

Intangible assets

Total
£

Cost or valuation

At 1 August 2023

324,000

At 31 July 2024

324,000

Amortisation

At 1 August 2023

291,600

Amortisation charge

32,400

At 31 July 2024

324,000

Carrying amount

At 31 July 2024

-

At 31 July 2023

32,400

5

Tangible assets

Total
£

Cost or valuation

At 1 August 2023

388,218

Additions

3,245

At 31 July 2024

391,463

Depreciation

At 1 August 2023

133,145

Charge for the year

14,912

At 31 July 2024

148,057

Carrying amount

At 31 July 2024

243,406

At 31 July 2023

255,073

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 £24,600 (2023 - £33,900).

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 £294,499 (2023 - £338,083).

 

Midsomer Veterinary Centre Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 July 2024

8

Related party transactions

Advances to directors


Mrs S T (Deceased)

During the period Mrs S T (Deceased) went overdrawn on their director's loan account. The maximum overdrawn balance during the year was £72,956 (2023 - £73,811). At the year end the amount outstanding from Mrs S T (Deceased) was £54,683 (2023 - £53,884). Interest has been charged at the commercial rate.