Registration number:
Orchard Veterinary Centre Limited
for the Year Ended 31 July 2024
Orchard Veterinary Centre Limited
Contents
Company Information |
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Directors' Report |
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Statement of Directors' Responsibilities |
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Accountants' Report |
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Abridged Profit and Loss Account |
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Abridged Balance Sheet |
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Statement of Changes in Equity |
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Notes to the Unaudited Abridged Financial Statements |
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iXBRL Detailed Profit and Loss Account |
Orchard Veterinary Centre Limited
Company Information
Directors |
Mr JM Dudley Mrs JM Dudley |
Registered office |
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Accountants |
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Orchard Veterinary Centre Limited
Directors' Report for the Year Ended 31 July 2024
The directors present their report and the abridged financial statements for the year ended 31 July 2024.
Directors of the company
The directors who held office during the year were as follows:
Principal activity
The principal activity of the company is that of a veterinary practice.
Small companies provision statement
This report has 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.
Approved and authorised by the
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Orchard Veterinary Centre Limited
Statement of Directors' Responsibilities
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:
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select suitable accounting policies and apply them consistently; |
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make judgements and accounting estimates that are reasonable and prudent; |
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prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. |
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Chartered Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
Orchard Veterinary Centre Limited
for the Year Ended 31 July 2024
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Orchard Veterinary Centre Limited for the year ended 31 July 2024 as set out on pages 5 to 13 from the company's accounting records and from information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at
http://www.icaew.com/regulation.
This report is made solely to the Board of Directors of Orchard Veterinary Centre Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of Orchard Veterinary Centre Limited and state those matters that we have agreed to state to the Board of Directors of Orchard Veterinary Centre Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Orchard Veterinary Centre Limited and its Board of Directors as a body for our work or for this report.
It is your duty to ensure that Orchard Veterinary Centre Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Orchard Veterinary Centre Limited. You consider that Orchard Veterinary Centre Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the accounts of Orchard Veterinary Centre Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.
Chartered Accountants
South Road
Taunton
Somerset
TA1 3DU
Orchard Veterinary Centre Limited
Abridged Profit and Loss Account for the Year Ended 31 July 2024
Note |
2024 |
2023 |
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Gross profit |
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Administrative expenses |
( |
( |
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Other interest receivable and similar income |
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Interest payable and similar expenses |
( |
( |
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Profit/(loss) before tax |
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( |
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Tax on profit/(loss) |
( |
( |
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Profit/(loss) for the financial year |
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( |
The above results were derived from continuing operations.
The company has no recognised gains or losses for the year other than the results above.
Orchard Veterinary Centre Limited
(Registration number: 08478895)
Abridged Balance Sheet as at 31 July 2024
Note |
2024 |
2023 |
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Fixed assets |
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Intangible assets |
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Tangible assets |
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Current assets |
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Stocks |
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Debtors |
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Cash at bank and in hand |
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Prepayments and accrued income |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current liabilities |
( |
( |
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Total assets less current liabilities |
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Creditors: Amounts falling due after more than one year |
( |
( |
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Provisions for liabilities |
( |
( |
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Accruals and deferred income |
( |
( |
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Net assets |
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Capital and reserves |
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Called up share capital |
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Retained earnings |
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Shareholders' funds |
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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:
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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.
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
Orchard Veterinary Centre Limited
(Registration number: 08478895)
Abridged Balance Sheet as at 31 July 2024
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Orchard Veterinary Centre Limited
Statement of Changes in Equity for the Year Ended 31 July 2024
Share capital |
Retained earnings |
Total |
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At 1 August 2023 |
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Profit for the year |
- |
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Dividends |
- |
( |
( |
At 31 July 2024 |
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Share capital |
Retained earnings |
Total |
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At 1 August 2022 |
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Loss for the year |
- |
( |
( |
Dividends |
- |
( |
( |
At 31 July 2023 |
100 |
681,862 |
681,962 |
Orchard Veterinary Centre Limited
Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 July 2024
General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
England
These financial statements were authorised for issue by the
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 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.
Government grants
Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.
A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.
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.
Orchard 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 |
Long leasehold improvements |
0% - 2% straight line |
Fixtures, fittings and equipment |
15% reducing balance |
Motor vehicles |
25% reducing balance |
Goodwill
Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses.
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 |
5% 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. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. 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 receivables.
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to sell.
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 subsequently measured at amortised cost using the effective interest method.
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.
Orchard Veterinary Centre Limited
Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 July 2024
Leases
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.
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
Orchard Veterinary Centre Limited
Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 July 2024
Intangible assets |
Total |
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Cost or valuation |
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At 1 August 2023 |
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At 31 July 2024 |
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Amortisation |
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At 1 August 2023 |
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Amortisation charge |
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At 31 July 2024 |
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Carrying amount |
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At 31 July 2024 |
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At 31 July 2023 |
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Tangible assets |
Total |
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Cost or valuation |
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At 1 August 2023 |
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Additions |
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At 31 July 2024 |
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Depreciation |
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At 1 August 2023 |
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Charge for the year |
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At 31 July 2024 |
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Carrying amount |
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At 31 July 2024 |
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At 31 July 2023 |
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Creditors |
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 £26,811 (2023 - £23,284).
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 £80,971 (2023 - £114,183).
Financial commitments, guarantees and contingencies |
Amounts not provided for in the balance sheet
Orchard Veterinary Centre Limited
Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 July 2024
The total amount of financial commitments not included in the balance sheet is £
Orchard Veterinary Centre Limited
iXBRL Detailed Profit and Loss Account for the Year Ended 31 July 2024
2024 |
2023 |
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Turnover/revenue |
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Cost of sales |
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Opening raw materials |
( |
( |
Purchase of raw materials and consumables |
( |
( |
Closing raw materials |
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Gross profit |
1,885,013 |
1,644,406 |
Distribution costs |
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Administrative expenses |
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Audit and accountancy other services |
( |
( |
Advertising, promotions and marketing costs |
( |
( |
Rent, rates and services costs |
( |
( |
Utilities costs |
( |
( |
Other repairs and maintenance costs |
( |
( |
Cleaning costs |
( |
( |
Depreciation of Fixed assets |
( |
( |
Amortisation of intangible assets |
( |
( |
Vehicle costs |
( |
( |
Other staff costs |
( |
( |
Wages and salaries excluding directors |
( |
( |
Pension costs defined contribution schemes excluding directors |
( |
( |
Staff costs excluding directors |
( |
( |
Salaries and fees, directors |
( |
( |
Company contributions to defined benefit plans, directors |
( |
- |
Staff costs, directors |
( |
( |
Travel and subsistence |
( |
( |
Training |
( |
( |
Recruitment and remuneration service |
( |
( |
Legal and professional costs |
( |
( |
Bad debts and impairment losses |
( |
- |
Bank charges |
( |
( |
Insurance costs |
( |
( |
IT and computing |
( |
( |
Telecommunications |
( |
( |
Printing, postage and stationery |
( |
( |
Subscriptions |
( |
( |
Other costs |
( |
( |
Other operating income |
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Other items |
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Profit on ordinary activities before finance charges and interest |
123,063 |
35,271 |
Bank interest and similar income receivable |
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Orchard Veterinary Centre Limited
iXBRL Detailed Profit and Loss Account for the Year Ended 31 July 2024
2024 |
2023 |
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Interest expense on bank overdraft, bank loans and similar borrowings |
( |
( |
Non-bank interest and similar charges |
( |
( |
Interest expense on obligations under finance leases and hire purchase contracts |
( |
( |
Profit/(loss) on ordinary activities before taxation |
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( |
Tax on profit or loss on ordinary activities |
( |
( |
Profit/(loss) for the financial year |
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( |