Registration number:
Swale Veterinary Practice Limited
for the Year Ended 30 September 2024
Swale Veterinary Practice Limited
Contents
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Abridged Balance Sheet |
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Notes to the Unaudited Abridged Financial Statements |
Swale Veterinary Practice Limited
(Registration number: 14322455)
Abridged Balance Sheet as at 30 September 2024
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Note |
2024 |
2023 |
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Fixed assets |
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Intangible assets |
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- |
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Tangible assets |
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- |
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- |
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Current assets |
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Stocks |
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- |
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Debtors |
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Cash at bank and in hand |
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- |
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Creditors: Amounts falling due within one year |
( |
- |
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Net current (liabilities)/assets |
( |
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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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Net assets |
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Capital and reserves |
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Called up share capital |
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Profit and loss account |
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- |
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Total equity |
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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.
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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.
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.
Swale Veterinary Practice Limited
(Registration number: 14322455)
Abridged Balance Sheet as at 30 September 2024
Approved and authorised by the
Ms L J Richardson
Director
Mr D J Fall
Director
Swale Veterinary Practice Limited
Notes to the Unaudited Abridged Financial Statements for the Year Ended 30 September 2024
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General information |
The company is a private company limited by share capital, incorporated in England.
The address of its registered office is:
These financial statements were authorised for issue by the
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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 directors have considered the financial position of the company in view of the results in the year ended 30 September 2024.
The company's ability to continue trading is reliant on the directors continuing to support the company through their directors' loan accounts. All directors have agreed not to seek repayment of the amounts owed to them within 12 months of the date of the accounts where this would affect the company's ability to trade.
The directors have considered a period of 12 months from the date of approval of the financial statement and consider it appropriate to prepare the financial staements on the going concern basis.
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.
Swale 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:
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Asset class |
Depreciation method and rate |
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Leasehold improvements |
Straight line over the life of the lease |
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Motor vehicles |
25% straight line |
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Fixtures and fittings |
20% straight line |
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:
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Asset class |
Amortisation method and rate |
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Goodwill |
5% straight line |
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to sell.
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Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
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Intangible assets |
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Total |
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Cost or valuation |
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Additions acquired separately |
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At 30 September 2024 |
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Amortisation |
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Amortisation charge |
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At 30 September 2024 |
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Carrying amount |
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At 30 September 2024 |
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Swale Veterinary Practice Limited
Notes to the Unaudited Abridged Financial Statements for the Year Ended 30 September 2024
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Tangible assets |
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Total |
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Cost or valuation |
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Additions |
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At 30 September 2024 |
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Depreciation |
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Charge for the period |
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At 30 September 2024 |
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Carrying amount |
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At 30 September 2024 |
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Stocks |
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2024 |
2023 |
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Stock |
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- |
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Financial commitments, guarantees and contingencies |
Amounts not provided for in the balance sheet
The total amount of financial commitments not included in the balance sheet is £
The total amount of guarantees not included in the balance sheet is approximately £300,000 (2023 - £Nil). A director of the company has taken out a personal loan from a bank in order to buy out a retiring partner of Swale Veterinary LLP, whose trade and assets have been transferred to Swale Veterinary Practice Limited. The company has made a guarantee to the bank in respect of the loan, the guarantee is equal to the amount of the outstanding loan that is covered by the assets of the company that the bank has security over. The bank has by way of a fixed charge secured the leasehold property of the company and the fixed plant and machinery that is attached to the property. The bank has also by way of floating charges secured all debtor balances owed to the company and bank balances held by the company.