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Registration number: 10690263

Prepared for the registrar

Marshalswick Veterinary Clinic Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 July 2024

 

Marshalswick Veterinary Clinic Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 10

 

Marshalswick Veterinary Clinic Limited

Company Information

Directors

Y Shaltiel

A Shaltiel

Registered office

8 Manor Parade
Hatfield Garden Village
Herts
AL10 9JS

Accountants

Hazlewoods LLP
Staverton Court
Staverton
Cheltenham
GL51 0UX

 

Marshalswick Veterinary Clinic Limited

(Registration number: 10690263)
Balance Sheet as at 31 July 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

58,493

69,504

Current assets

 

Stocks

25,607

22,308

Debtors

5

401,858

395,234

Cash at bank and in hand

 

262,560

145,008

 

690,025

562,550

Creditors: Amounts falling due within one year

6

(293,864)

(287,159)

Net current assets

 

396,161

275,391

Total assets less current liabilities

 

454,654

344,895

Creditors: Amounts falling due after more than one year

6

(28,921)

(33,832)

Deferred tax liabilities

7

(9,893)

(13,769)

Net assets

 

415,840

297,294

Capital and reserves

 

Called up share capital

100

100

Profit and loss account

415,740

297,194

Total equity

 

415,840

297,294

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.

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.

 

Marshalswick Veterinary Clinic Limited

(Registration number: 10690263)
Balance Sheet as at 31 July 2024

Approved and authorised by the Board on 28 February 2025 and signed on its behalf by:
 

.........................................

Y Shaltiel
Director

 

.........................................

A Shaltiel
Director

 

 

Marshalswick Veterinary Clinic Limited

Notes to the Unaudited 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:
8 Manor Parade
Hatfield Garden Village
Herts
AL10 9JS

 

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.

 

Marshalswick Veterinary Clinic Limited

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

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.

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

Short leasehold land and buildings

Over the term of the lease

Plant and machinery

25% written down value

Office equipment

33% straight line

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.

 

Marshalswick Veterinary Clinic Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 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.

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.

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.

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.

 

Marshalswick Veterinary Clinic Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 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.

 

3

Staff numbers

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

 

Marshalswick Veterinary Clinic Limited

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

 

4

Tangible assets

Leasehold land and buildings
£

Plant and machinery
 £

Office equipment
 £

Total
£

Cost

At 1 August 2023

41,786

92,888

6,687

141,361

Additions

-

8,000

672

8,672

At 31 July 2024

41,786

100,888

7,359

150,033

Depreciation

At 1 August 2023

25,193

43,742

2,922

71,857

Charge for the period year

3,318

14,288

2,077

19,683

At 31 July 2024

28,511

58,030

4,999

91,540

Carrying amount

At 31 July 2024

13,275

42,858

2,360

58,493

At 31 July 2023

16,593

49,146

3,765

69,504

 

5

Debtors

2024
£

2023
£

Trade debtors

33,409

17,288

Prepayments

6,238

15,735

Other debtors

362,211

362,211

401,858

395,234

 

6

Creditors

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

8

32,066

43,199

Trade creditors

 

32,312

36,030

Social security and other taxes

 

77,275

65,456

Other creditors

 

144,107

134,194

Accrued expenses

 

8,104

8,280

 

293,864

287,159

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

8

28,921

33,832

 

Marshalswick Veterinary Clinic Limited

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

 

7

Deferred tax

Deferred tax assets and liabilities

2024

Liability
£

Difference between capital allowances and accumulated depreciation and amortisation

9,976

Short term timing differences

(83)

9,893

2023

Liability
£

Difference between capital allowances and accumulated depreciation and amortisation

13,854

Short term timing differences

(85)

13,769

 

8

Loans and borrowings

Current loans and borrowings

2024
£

2023
£

Bank borrowings

9,911

12,940

Other borrowings

22,155

30,259

32,066

43,199

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

28,921

33,832

 

Marshalswick Veterinary Clinic Limited

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

 

9

Related party transactions

Summary of transactions with key management

Key management personnel are considered to be the directors of the company.

As at the balance sheet date, the company owed the directors £22,923 (2023: £30,259). This amount is included within other borrowings. There is no fixed repayment date and interest is charged on the outstanding amount.

 

Summary of transactions with other related parties


Garden Village Vets Limited

The directors and shareholders of Marshalswick Veterinary Clinic Limited are also directors and shareholders of Garden Village Vets Limited.

As at 31 July 2024, Marshalswick Veterinary Clinic Limited owed Garden Village Vets Limited £143,327 (2023: £133,405). There are no fixed repayment terms or interest charged. This amount is included within other creditors. All transactions were made on an arms length basis.

NYI Limited

The directors and shareholders of Marshalswick Veterinary Clinic Limited are also directors and shareholders of NYI Limited.

As at 31 July 2024, NYI Limited owed Marshalswick Veterinary Clinic Limited £157,211 (2023: £157,211). There are no fixed repayment terms or interest charged. This amount is included within other debtors. All transactions were made on an arms length basis.

Foxholes Veterinary Clinic Limited

As at 31 July 2024, Foxholes Veterinary Clinic Limited owed Marshalswick Veterinary Clinic Limited £205,000 (2023: £205,000). There are no fixed repayment terms or interest charged. This amount is included within other debtors.