Registration number:
Prepared for the registrar
for the
Year Ended 30 September 2024
Appleton Hall Veterinary Clinic Ltd
Contents
Company Information |
|
Accountants' Report |
|
Balance Sheet |
|
Notes to the Unaudited Financial Statements |
Appleton Hall Veterinary Clinic Ltd
Company Information
Directors |
Mr S Grove Mrs S Grove |
Registered office |
|
Accountants |
|
Chartered Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of Appleton Hall Veterinary Clinic Ltd
for the Year Ended 30 September 2024
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Appleton Hall Veterinary Clinic Ltd for the year ended 30 September 2024, as set out on pages 3 to 12, 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 Appleton Hall Veterinary Clinic Ltd, 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 Appleton Hall Veterinary Clinic Ltd and state those matters that we have agreed to state to the Board of Directors of Appleton Hall Veterinary Clinic Ltd, 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 Appleton Hall Veterinary Clinic Ltd and its Board of Directors, as a body, for our work or for this report.
It is your duty to ensure that Appleton Hall Veterinary Clinic Ltd 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 Appleton Hall Veterinary Clinic Ltd. You consider that Appleton Hall Veterinary Clinic Ltd 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 Appleton Hall Veterinary Clinic Ltd. 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.
Staverton
Cheltenham
GL51 0UX
Appleton Hall Veterinary Clinic Ltd
(Registration number: 08656270)
Balance Sheet as at 30 September 2024
Note |
2024 |
2023 |
|
Fixed assets |
|||
Intangible assets |
|
|
|
Tangible assets |
|
|
|
|
|
||
Current assets |
|||
Stocks |
|
|
|
Debtors |
|
|
|
Cash at bank and in hand |
|
|
|
|
|
||
Creditors: Amounts falling due within one year |
( |
( |
|
Net current assets |
|
|
|
Total assets less current liabilities |
|
|
|
Deferred tax liabilities |
(10,040) |
(13,566) |
|
Net assets |
|
|
|
Capital and reserves |
|||
Called up share capital |
100 |
100 |
|
Retained earnings |
322,858 |
357,112 |
|
Shareholders' funds |
322,958 |
357,212 |
Appleton Hall Veterinary Clinic Ltd
(Registration number: 08656270)
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.
Directors' responsibilities:
• |
|
• |
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.
Approved and authorised by the
Director
Director
Appleton Hall Veterinary Clinic Ltd
Notes to the Unaudited Financial Statements for the Year Ended 30 September 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:
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 and estimation uncertainty
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.
Appleton Hall Veterinary Clinic Ltd
Notes to the Unaudited Financial Statements for the Year Ended 30 September 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 |
Leasehold improvements |
10% of cost |
Plant and machinery |
15% reducing balance |
Office equipment |
33.33% of cost |
Furniture, fittings, tools and equipment |
10% reducing balance |
Goodwill
Positive goodwill is capitalised, classified as an asset on the balance sheet and amortised on a straight line basis over its useful economic life, which the directors believe to be 20 years. It is reviewed for impairment at the end of its first full financial year following the acquisition and in other periods if events or changes in circumstances indicate that the carrying value may not be recoverable.
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.
Appleton Hall Veterinary Clinic Ltd
Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024
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.
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.
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.
Financial instruments
Classification
Recognition and measurement
Impairment
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.
Appleton Hall Veterinary Clinic Ltd
Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was as follows:
2024 |
2023 |
|
Average number of employees |
|
|
Intangible assets |
Goodwill |
Total |
|
Cost |
||
At 1 October 2023 |
|
|
At 30 September 2024 |
|
|
Amortisation |
||
At 1 October 2023 |
|
|
Amortisation charge |
|
|
At 30 September 2024 |
|
|
Carrying amount |
||
At 30 September 2024 |
|
|
At 30 September 2023 |
|
|
Appleton Hall Veterinary Clinic Ltd
Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024
Tangible assets |
Land and buildings |
Furniture, fittings and equipment |
Motor vehicles |
Total |
|
Cost |
||||
At 1 October 2023 |
|
|
|
|
Additions |
- |
|
- |
|
At 30 September 2024 |
|
|
|
|
Depreciation |
||||
At 1 October 2023 |
|
|
|
|
Charge for the year |
|
|
|
|
At 30 September 2024 |
|
|
|
|
Carrying amount |
||||
At 30 September 2024 |
|
|
|
|
At 30 September 2023 |
|
|
|
|
Appleton Hall Veterinary Clinic Ltd
Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024
Debtors |
2024 |
2023 |
|
Trade debtors |
|
|
Prepayments |
|
|
Other debtors |
- |
|
|
|
Creditors |
Note |
2024 |
2023 |
|
Due within one year |
|||
Loans and borrowings |
|
|
|
Trade creditors |
|
|
|
Taxation and social security |
|
|
|
Accruals and deferred income |
|
|
|
Other creditors |
|
|
|
|
|
Deferred tax |
Deferred tax assets and liabilities
2024 |
Liability |
Difference between accumulated depreciation and amortisation and capital allowances |
|
|
2023 |
Liability |
Difference between accumulated depreciation and amortisation and capital allowances |
|
|
Loans and borrowings |
Current loans and borrowings
2024 |
2023 |
|
Bank borrowings |
- |
|
Other borrowings |
|
- |
|
|
Appleton Hall Veterinary Clinic Ltd
Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024
Share capital |
Allotted, called up and fully paid shares
2024 |
2023 |
|||
No. |
£ |
No. |
£ |
|
Ordinary A Shares of £1 each |
50 |
50 |
50 |
50 |
Ordinary B Shares of £1 each |
50 |
50 |
50 |
50 |
100 |
100 |
100 |
100 |
The different classes of shares referred to above to carry separate rights to dividends, but in all other significant respects, rank pari passu.
Financial commitments |
Operating leases
The total of future minimum lease payments is as follows:
2024 |
2023 |
|
Not later than one year |
|
|
The amount of non-cancellable operating lease payments recognised as an expense during the year was £
Appleton Hall Veterinary Clinic Ltd
Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024
Related party transactions |
Summary of transactions with key management
Summary of transactions with other related parties
Bold Veterinary Clinic Limited (The directors and shareholders of Appleton Hall Veterinary Clinic Limited were formally directors and shareholders of Bold Veterinary Clinic Limited - resigned on 2 March 2021).
As at 30 September 2024, Appleton Hall Veterinary Clinic Limited owed £334 (2023 - £334) to Bold Veterinary Clinic Limited. There are no fixed repayment terms or interest charged. This amount is included within other creditors. All transactions were on an arms length basis.
Transactions with directors |
2024 |
At 1 October 2023 |
Advances to director |
Repayments by director |
At 30 September 2024 |
Mr S Grove |
||||
Directors Loan Account |
( |
( |
|
|
2023 |
At 1 October 2022 |
Advances to director |
Repayments by director |
At 30 September 2023 |
Mr S Grove |
||||
Directors Loan Account |
|
( |
|
( |