The Society of Practising Veterinary Surgeons (SPVS) Limited 09235623 false 2023-10-01 2024-09-30 2024-09-30 The principal activity of the company is to promote the interests of veterinary surgeons in private practice. Digita Accounts Production Advanced 6.30.9574.0 true true 09235623 2023-10-01 2024-09-30 09235623 2024-09-30 09235623 core:RetainedEarningsAccumulatedLosses 2024-09-30 09235623 core:CurrentFinancialInstruments core:WithinOneYear 2024-09-30 09235623 core:FurnitureFittingsToolsEquipment 2024-09-30 09235623 core:OtherPropertyPlantEquipment 2024-09-30 09235623 bus:SmallEntities 2023-10-01 2024-09-30 09235623 bus:AuditExemptWithAccountantsReport 2023-10-01 2024-09-30 09235623 bus:FullAccounts 2023-10-01 2024-09-30 09235623 bus:SmallCompaniesRegimeForAccounts 2023-10-01 2024-09-30 09235623 bus:RegisteredOffice 2023-10-01 2024-09-30 09235623 bus:Director10 2023-10-01 2024-09-30 09235623 bus:Director28 2023-10-01 2024-09-30 09235623 bus:Director29 2023-10-01 2024-09-30 09235623 bus:Director30 2023-10-01 2024-09-30 09235623 bus:Director32 2023-10-01 2024-09-30 09235623 bus:Director34 2023-10-01 2024-09-30 09235623 bus:Director35 2023-10-01 2024-09-30 09235623 bus:Director37 2023-10-01 2024-09-30 09235623 bus:Director39 2023-10-01 2024-09-30 09235623 bus:Director8 2023-10-01 2024-09-30 09235623 bus:PrivateLimitedCompanyLtd 2023-10-01 2024-09-30 09235623 core:ComputerEquipment 2023-10-01 2024-09-30 09235623 core:FurnitureFittingsToolsEquipment 2023-10-01 2024-09-30 09235623 core:OfficeEquipment 2023-10-01 2024-09-30 09235623 core:OtherPropertyPlantEquipment 2023-10-01 2024-09-30 09235623 5 2023-10-01 2024-09-30 09235623 countries:EnglandWales 2023-10-01 2024-09-30 09235623 2023-09-30 09235623 core:FurnitureFittingsToolsEquipment 2023-09-30 09235623 core:OtherPropertyPlantEquipment 2023-09-30 09235623 2022-10-01 2023-09-30 09235623 2023-09-30 09235623 core:RetainedEarningsAccumulatedLosses 2023-09-30 09235623 core:CurrentFinancialInstruments core:WithinOneYear 2023-09-30 09235623 core:FurnitureFittingsToolsEquipment 2023-09-30 09235623 core:OtherPropertyPlantEquipment 2023-09-30 iso4217:GBP xbrli:pure

Registration number: 09235623

Prepared for the registrar

The Society of Practising Veterinary Surgeons (SPVS) Limited

(A company limited by guarantee)

Annual Report and Unaudited Financial Statements

for the Year Ended 30 September 2024

 

The Society of Practising Veterinary Surgeons (SPVS) Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 6

 

The Society of Practising Veterinary Surgeons (SPVS) Limited

Company Information

Directors

A J Crossland Parker

N K Lloyd

P G Orpin

S Janska (appointed President 1 February 2024)

V Farbon

M S Moreton (Treasurer)

A V Sawran

H L Swift

J Eastham

R L Simmons

Registered office

First Floor 3 Hornton Place
Kensington
London
England
W8 4LZ

Accountants

Hazlewoods LLP
Staverton Court
Staverton
Cheltenham
GL51 0UX

 

The Society of Practising Veterinary Surgeons (SPVS) Limited

(Registration number: 09235623)
Balance Sheet as at 30 September 2024

Note

2024
 £

2023
 £

Fixed assets

 

Tangible assets

4

964

1,159

Current assets

 

Stocks

100

100

Debtors

5

93,145

51,560

Cash at bank and in hand

 

341,721

381,555

 

434,966

433,215

Creditors: Amounts falling due within one year

6

(100,821)

(97,806)

Net current assets

 

334,145

335,409

Net assets

 

335,109

336,568

Capital and reserves

 

Profit and loss account

335,109

336,568

Shareholders' funds

 

335,109

336,568

For the financial year ending 30 September 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 and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 20 February 2025 and signed on its behalf by:
 


M S Moreton (Treasurer)
Director

 

The Society of Practising Veterinary Surgeons (SPVS) Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 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:
First Floor 3 Hornton Place
Kensington
London
England
W8 4LZ

 

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 current forecasts and projections, together with the facilities available to the company, 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.

 

The Society of Practising Veterinary Surgeons (SPVS) Limited

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

Key sources of estimation uncertainty

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

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

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 and after eliminating sales within the company.

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 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.

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

Computer equipment

33% reducing balance

Office equipment

15% reducing balance

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.

 

The Society of Practising Veterinary Surgeons (SPVS) Limited

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

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.

President's regalia

The President's regalia is not reflected in the balance sheet as an asset, but it has an insurable value of approximately £8,000.

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:

 

The Society of Practising Veterinary Surgeons (SPVS) Limited

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

 

4

Tangible assets

Plant and machinery
£

Office equipment
£

Total
£

Cost

At 1 October 2023

4,391

483

4,874

At 30 September 2024

4,391

483

4,874

Depreciation

At 1 October 2023

3,347

368

3,715

Charge for the year

157

38

195

At 30 September 2024

3,504

406

3,910

Carrying amount

At 30 September 2024

887

77

964

At 30 September 2023

1,044

115

1,159

 

5

Debtors

2024
 £

2023
 £

Trade debtors

17,619

4,958

Other debtors

2,643

2,185

Prepayments

72,883

44,417

 

93,145

51,560

 

6

Creditors

2024
 £

2023
 £

Due within one year

 

Trade creditors

 

4,632

2,914

Social security and other taxes

 

1,104

795

Outstanding defined contribution pension costs

 

21

(25)

Other creditors

 

3,195

632

Accrued expenses

 

91,869

93,490

 

100,821

97,806