Registration number: 08725857

Cedar Veterinary Practice Limited

Contents

Abridged Balance Sheet	1 to 2
Notes to the Unaudited Abridged Financial Statements	3 to 6

Cedar Veterinary Practice Limited

(Registration number: 08725857)
Abridged Balance Sheet as at 30 September 2024

	Note	2024 £	2023 £
Fixed assets
Intangible assets	4	305,396	336,511
Tangible assets	5	5,366,210	5,433,175
Other financial assets	6	10,075	10,075
		5,681,681	5,779,761
Current assets
Stocks	7	62,731	62,246
Debtors		200,136	174,392
Cash at bank and in hand		33,963	106,784
		296,830	343,422
Creditors: Amounts falling due within one year	8	(1,262,117)	(1,250,536)
Net current liabilities		(965,287)	(907,114)
Total assets less current liabilities		4,716,394	4,872,647
Creditors: Amounts falling due after more than one year	9	(2,414,567)	(2,606,184)
Provisions for liabilities		(258,507)	(220,096)
Net assets		2,043,320	2,046,367
Capital and reserves
Called up share capital		566	566
Capital redemption reserve		434	434
Profit and loss account		2,042,320	2,045,367
Total equity		2,043,320	2,046,367

Cedar Veterinary Practice Limited

(Registration number: 08725857)
Abridged Balance Sheet as at 30 September 2024

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.

	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 March 2025 and signed on its behalf by:
 

Mr C Mitchell

Director

Cedar Veterinary Practice Limited

Notes to the Unaudited Abridged 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 & Wales.

The address of its registered office is:
The Dean
New Alresford
Hampshire
S024 9BH

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

Going concern

The financial statements have been prepared on a going concern basis despite there being net current liabilities. Included within creditors is an amount of owed to the company's directors and companies controlled or influenced by the directors. The directors have no intention of recalling any of this debt in the foreseeable future whilst it could impact the company's future trading.

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 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.

Cedar Veterinary Practice Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 30 September 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
Freehold property	2% Straight line method
Fixtures and fittings	15% Reducing balance method
Motor vehicles	25% Reducing balance method
Plant and machinery	20% Reducing balance method

Amortisation

Goodwill can be amortised over useful economic life. Useful economic life can be up to 20 years, as long as management consider there is adequate reliable evidence to support their assessment of useful economic life.

Per the St Francis Group Report "Competing for Clients", when purchasing the goodwill in a veterinary practice you are purchasing the bonded clients (25 - 50% of client base) who make up up to 80% turnover.

Therefore while overall client retention rates have not been assessed, the goodwill acquired was based primarily on the bonded clients who will remain loyal to the practice.

While the life of most small pets is under 20 years, most pet owners tend to replace pets and therefore this is not considered to limit the time of which customers will return to use the practice.

Based on the directors knowledge of customers they estimate that their average client will replace at least one pet (with a life of approximately 10 - 12 years) and therefore have consider the useful economic life to be in the region of 20 years.

Based on knowledge of their customer base, the directors estimate client retention rates to be in the region of 85 - 90%, therefore the directors have decided to amortise goodwill over 20 years.

Asset class	Amortisation method and rate
Goodwill	5% Straight line method

Stocks

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

3	Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2023 - 2).

Cedar Veterinary Practice Limited

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

4	Intangible assets

	Total £
Cost or valuation
At 1 October 2023	622,297
At 30 September 2024	622,297
Amortisation
At 1 October 2023	285,786
Amortisation charge	31,115
At 30 September 2024	316,901
Carrying amount
At 30 September 2024	305,396
At 30 September 2023	336,511

5	Tangible assets

	Total £
Cost or valuation
At 1 October 2023	5,998,818
Additions	117,802
Disposals	(92)
At 30 September 2024	6,116,528
Depreciation
At 1 October 2023	565,643
Charge for the year	184,694
Eliminated on disposal	(19)
At 30 September 2024	750,318
Carrying amount
At 30 September 2024	5,366,210
At 30 September 2023	5,433,175

Included within the net book value of land and buildings above is £4,960,796 (2023 - £4,965,600) in respect of freehold land and buildings and £20,260 (2023 - £20,260) in respect of long leasehold land and buildings.
 

Revaluation

The fair value of the company's Land and buildings was revalued on 30 September 2021. An independent valuer was not involved.
The Director has valued the properties at open market value.
Had this class of asset been measured on a historical cost basis, the carrying amount would have been £4,914,196 (2023 - £4,918,712).

Cedar Veterinary Practice Limited

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

6	Other financial assets (current and non-current)

	Financial assets at cost less impairment £	Total £
Non-current financial assets
Cost or valuation
At 1 October 2023	10,075	10,075
At 30 September 2024	10,075	10,075
Carrying amount
At 30 September 2024	10,075	10,075

7

Stocks

	2024 £	2023 £
Stock	62,731	62,246

8	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 £237,068 (2023 - £216,777).

9	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 £2,414,567 (2023 - £2,606,183).

Creditors include bank loans repayable by instalments of £1,524,817 (2023 - £1,784,459) due after more than five years.

10	Related party transactions

Advances to directors

Mr C Mitchell During the period Mr C Mitchell went overdrawn on their director's loan account. The maximum overdrawn balance during the year was £676 (2023 - £Nil). At the year end the amount outstanding from Mr C Mitchell was £676 (2023 - £-). Interest has been charged at the commercial rate.