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REGISTERED NUMBER: 10208531 (England and Wales)















PRIORY VETERINARY PRACTICE LTD

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 OCTOBER 2024






PRIORY VETERINARY PRACTICE LTD (REGISTERED NUMBER: 10208531)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024




Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 3 to 6


PRIORY VETERINARY PRACTICE LTD

COMPANY INFORMATION
FOR THE YEAR ENDED 31 OCTOBER 2024







DIRECTORS: Mrs C V Sandall
R L Sandall





REGISTERED OFFICE: Priory Veterinary Practice Ltd
Uffington Road
Stamford
PE9 2BF





REGISTERED NUMBER: 10208531 (England and Wales)





ACCOUNTANTS: Duncan & Toplis Limited
14 All Saints Street
Stamford
Lincolnshire
PE9 2PA

PRIORY VETERINARY PRACTICE LTD (REGISTERED NUMBER: 10208531)

STATEMENT OF FINANCIAL POSITION
31 OCTOBER 2024

2024 2023
Notes £    £    £   
FIXED ASSETS
Tangible assets 4 478,009 485,250

CURRENT ASSETS
Stocks 19,985 22,802
Debtors 5 283,781 298,013
Cash at bank 628,873 382,731
932,639 703,546
CREDITORS
Amounts falling due within one year 6 357,353 339,879
NET CURRENT ASSETS 575,286 363,667
TOTAL ASSETS LESS CURRENT LIABILITIES 1,053,295 848,917

CREDITORS
Amounts falling due after more than one year 7 (213,372 ) (218,815 )

PROVISIONS FOR LIABILITIES (10,828 ) (12,107 )
NET ASSETS 829,095 617,995

CAPITAL AND RESERVES
Called up share capital 9 200 200
Retained earnings 828,895 617,795
SHAREHOLDERS' FUNDS 829,095 617,995

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 October 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 October 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 12 March 2025 and were signed on its behalf by:




Mrs C V Sandall - Director


PRIORY VETERINARY PRACTICE LTD (REGISTERED NUMBER: 10208531)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024

1. STATUTORY INFORMATION

Priory Veterinary Practice Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery etc - 33% on cost, 20% on reducing balance, 15% on reducing balance and 10% on cost

Tangible fixed assets are stated at cost (or deemed cost) or valuation less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended.

Stocks
Stocks are valued at the lower of cost and fair value less costs to complete and sell, after making due allowance for obsolete and slow moving items.

Financial instruments
The company has chosen to adopt the FRS102 1A in respect of financial instruments.

Basic financial assets, including trade and other debtors and cash and bank balances are initially recognised at transaction price, unless the arrangement constitute a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

At the end of each reporting period, financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset's original effective interest rate. The impairment loss is recognised in the income statement.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

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 payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date.


PRIORY VETERINARY PRACTICE LTD (REGISTERED NUMBER: 10208531)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 OCTOBER 2024

2. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 12 (2023 - 12 ) .

4. TANGIBLE FIXED ASSETS
Plant and
Land and machinery
buildings etc Totals
£    £    £   
COST
At 1 November 2023 430,166 158,059 588,225
Additions - 2,473 2,473
At 31 October 2024 430,166 160,532 590,698
DEPRECIATION
At 1 November 2023 - 102,975 102,975
Charge for year - 9,714 9,714
At 31 October 2024 - 112,689 112,689
NET BOOK VALUE
At 31 October 2024 430,166 47,843 478,009
At 31 October 2023 430,166 55,084 485,250

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 51,935 46,700
Other debtors 231,846 251,313
283,781 298,013

PRIORY VETERINARY PRACTICE LTD (REGISTERED NUMBER: 10208531)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 OCTOBER 2024

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts 5,442 5,058
Payments on account 12,902 10,597
Trade creditors 56,451 48,814
Taxation and social security 185,402 181,869
Other creditors 97,156 93,541
357,353 339,879

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2024 2023
£    £   
Bank loans 213,372 218,815

Amounts falling due in more than five years:

Repayable by instalments
Bank loans more 5 yr by instal 186,508 194,159

8. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Bank loans 218,814 223,873

The bank loan is secured by a fixed charge against the freehold property owned by the company, along with a floating charge against the assets of the company.

9. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
50 A Shares £1 50 50
50 B Shares £1 50 50
100 C Shares £1 100 100
200 200

10. OTHER FINANCIAL COMMITMENTS

The company has the following commitments due as follows:

20242023
££

Due in less than one year13,95213,952
Due between two and five years12,78926,740
Due in more than 5 years--
26,74140,692


PRIORY VETERINARY PRACTICE LTD (REGISTERED NUMBER: 10208531)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 OCTOBER 2024

11. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31 October 2024 and 31 October 2023:

2024 2023
£    £   
Mrs C V Sandall
Balance outstanding at start of year - -
Amounts advanced 23,088 -
Amounts repaid - -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 23,088 -

Loans to directors over £10,000 are charged to interest at the HMRC official rate.