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Registration number: 10346039

Prepared for the registrar

Malthouse Vets Ltd

Annual Report and Unaudited Financial Statements

for the Year Ended 31 August 2024

 

Malthouse Vets Ltd

Contents

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3 to 9

 

Malthouse Vets Ltd

Company Information

Directors

A M Rhodes

B C Rhodes

Registered office

Malt Yard
Market Square
Narberth
Pembrokeshire
SA67 7AU

Accountants

Hazlewoods LLP
Staverton Court
Staverton
Cheltenham
GL51 0UX

 

Malthouse Vets Ltd

(Registration number: 10346039)
Balance Sheet as at 31 August 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

253,089

217,419

Current assets

 

Stocks

26,411

9,600

Debtors

5

78,348

145,407

Cash at bank and in hand

 

28,687

53,452

 

133,446

208,459

Creditors: Amounts falling due within one year

6

(174,262)

(158,678)

Net current (liabilities)/assets

 

(40,816)

49,781

Total assets less current liabilities

 

212,273

267,200

Creditors: Amounts falling due after more than one year

6

(142,358)

(130,434)

Deferred tax liabilities

7

(24,716)

(14,675)

Net assets

 

45,199

122,091

Capital and reserves

 

Called up share capital

9

100

100

Retained earnings

45,099

121,991

Shareholders' funds

 

45,199

122,091

For the financial year ending 31 August 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 20 February 2025 and signed on its behalf by:
 


A M Rhodes
Director


B C Rhodes
Director

 

Malthouse Vets Ltd

Notes to the Financial Statements for the Year Ended 31 August 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:
Malt Yard
Market Square
Narberth
Pembrokeshire
SA67 7AU
Wales

 

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 for, where disclosed in these accounting policies, certain items that are shown at fair value.

The presentational currency of the financial statements is Pounds Sterling, being the functional currency of the primary economic environment in which the company operates. Monetary amounts in these financial statements are rounded to the nearest Pound.

Going concern

After reviewing the company's forecasts and projections, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The company therefore continues to adopt the going concern basis in preparing its financial statements.

Critical accounting judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.
 

Judgements

No significant judgements have been made by management in preparing these financial statements.

Key sources of estimation uncertainty

No key sources of estimation uncertainty have been identified by management in preparing these financial statements other than those detailed in these accounting policies.

Revenue recognition

Revenue represents amounts earned from clients for veterinary services and the sale of products. Revenue for the delivery of veterinary services and the sale of products is recognised when the veterinary consultation or procedure is completed and the goods are passed to the client.

The company operates a Pet Health Plan ("PHP"), where members pay an annual subscription fee on a monthly basis and receive a variety of benefits including consultations and treatments periodically plus discounts on certain products and services whilst they are a member. The monthly subscription receipt is recognised as revenue when it is received by the company from the client.

 

Malthouse Vets Ltd

Notes to the Financial Statements for the Year Ended 31 August 2024

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in the profit and loss account, except that a charge 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.

Deferred income 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.

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

2% of cost

Plant and machinery

15% of written down value

Fixtures and fittings

15% of written down value

Motor vehicles

25% of written down value

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. All trade debtors are repayable within one year and hence are included at the undiscounted cost of cash expected to be received. 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 debtors.

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.

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 all are repayable within one year and hence are included at the undiscounted amount of cash expected to be paid.

 

Malthouse Vets Ltd

Notes to the Financial Statements for the Year Ended 31 August 2024

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.

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.

 

Malthouse Vets Ltd

Notes to the Financial Statements for the Year Ended 31 August 2024

Financial instruments


Classification
Financial instruments are classified and accounted for according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Where shares are issued, any component that creates a financial liability of the company is presented as a liability on the balance sheet. The corresponding dividends relating to the liability component are charged as interest expenses in the profit and loss account.

 Recognition and measurement
All financial assets and liabilities are initially measured at transaction price (including transaction costs), except for those financial assets classified as at fair value through profit or loss, which are initially measured at fair value (which is normally the transaction price excluding transaction costs), unless the arrangement constitutes a financing transaction. If an arrangement constitutes a financing transaction, the financial asset or financial liability is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

 Impairment
Assets, other than those measured at fair value, are assessed for indicators of impairment at each balance sheet date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss as described below.

A non financial asset is impaired where there is objective evidence that, as a result of one or more events that occurred after initial recognition, the estimated recoverable value of the asset has been reduced. The recoverable amount of an asset is the higher of its fair value less costs to sell and its value in use.

Financial instruments


Classification
Financial instruments are classified and accounted for according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Where shares are issued, any component that creates a financial liability of the company is presented as a liability on the balance sheet. The corresponding dividends relating to the liability component are charged as interest expenses in the profit and loss account.


Recognition and measurement
All financial assets and liabilities are initially measured at transaction price (including transaction costs), except for those financial assets classified as at fair value through profit or loss, which are initially measured at fair value (which is normally the transaction price excluding transaction costs), unless the arrangement constitutes a financing transaction. If an arrangement constitutes a financing transaction, the financial asset or financial liability is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.


Impairment
Assets, other than those measured at fair value, are assessed for indicators of impairment at each balance sheet date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss as described below.

A non financial asset is impaired where there is objective evidence that, as a result of one or more events that occurred after initial recognition, the estimated recoverable value of the asset has been reduced. The recoverable amount of an asset is the higher of its fair value less costs to sell and its value in use.

 

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was as follows:

 

Malthouse Vets Ltd

Notes to the Financial Statements for the Year Ended 31 August 2024

 

4

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost

At 1 September 2023

180,150

89,681

7,000

276,831

Additions

-

7,566

47,450

55,016

At 31 August 2024

180,150

97,247

54,450

331,847

Depreciation

At 1 September 2023

22,216

31,130

6,065

59,411

Charge for the year

3,602

9,580

6,165

19,347

At 31 August 2024

25,818

40,710

12,230

78,758

Carrying amount

At 31 August 2024

154,332

56,537

42,220

253,089

At 31 August 2023

157,934

58,550

935

217,419

 

5

Debtors

2024
£

2023
£

Trade debtors

11,796

8,824

Prepayments

28,728

28,310

Other debtors

37,824

108,273

78,348

145,407

 

6

Creditors

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

8

43,524

23,401

Trade creditors

 

28,114

37,497

Taxation and social security

 

73,418

75,036

Accruals and deferred income

 

28,084

21,922

Other creditors

 

1,122

822

 

174,262

158,678

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

8

142,358

130,434

 

Malthouse Vets Ltd

Notes to the Financial Statements for the Year Ended 31 August 2024

 

7

Deferred tax

Deferred tax assets and liabilities

2024

Liability
£

Difference between accumulated depreciation, amortisation and capital allowances

24,716

24,716

2023

Liability
£

Difference between accumulated depreciation, amortisation and capital allowances

14,762

Short term timing differences

(87)

14,675

 

8

Loans and borrowings

Current loans and borrowings

2024
£

2023
£

Bank borrowings

18,484

15,712

Hire purchase contracts

25,040

7,689

43,524

23,401

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

93,619

108,234

Hire purchase contracts

48,739

22,200

142,358

130,434

 

9

Share capital

Allotted, called up and fully paid shares

 

2024

2023

 

No.

£

No.

£

Ordinary of £1 each

-

-

100

100

Ordinary A of £1 (2023 - £0) each

30

30

-

-

Ordinary B of £1 (2023 - £0) each

30

30

-

-

Ordinary C of £1 (2023 - £0) each

40

40

-

-

 

100

100

100

100

On 11 June 2024, 100 Ordinary shares where re-designated as 30 Ordinary A shares, 30 Ordinary B shares and 40 Ordinary C shares. All are valued at £1 each

The different classes of shares referred to above carry separate rights to dividends, but in all other significant respects, rank pari passu.

 

Malthouse Vets Ltd

Notes to the Financial Statements for the Year Ended 31 August 2024

 

10

Related party transactions

Summary of transactions with key management

As at 31 August 2024, the company was owed £37,824 by the directors (2023: £108,273), this amount is included in other debtors. There are no fixed repayment terms and interest is charged at 2.25% on the amounts, being the HMRC official rate of interest.
 

Transactions with directors

2024

At 1 September 2023
£

Advances to director
£

Repayments by director
£

At 31 August 2024
£

Amounts owed (to) / from directors

(108,273)

(172,761)

243,210

(37,824)

 

2023

At 1 September 2022
£

Advances to director
£

Repayments by director
£

At 31 August 2023
£

Amounts owed (to) / from directors

(14,480)

(207,356)

113,563

(108,273)