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Registration number: 08769440

Prepared for the registrar

SandC Practice Management Ltd

Annual Report and Unaudited Financial Statements

for the Year Ended 31 December 2024

 

SandC Practice Management Ltd

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 9

 

SandC Practice Management Ltd

Company Information

Directors

C Ratcliffe

C Ratcliffe

Registered office

Kelperland Veterinary Centre Ledger Farm
Forest Green Road
Fifield
Maidenhead
Berkshire
SL6 2NR

Accountants

Hazlewoods LLP
Staverton Court
Staverton
Cheltenham
GL51 0UX

 

SandC Practice Management Ltd

(Registration number: 08769440)
Balance Sheet as at 31 December 2024

Note

2024
£

2023
£

Fixed assets

 

Intangible assets

4

163,863

175,574

Tangible assets

5

168,156

146,903

 

332,019

322,477

Current assets

 

Stocks

39,000

48,063

Debtors

6

39,935

21,404

Cash at bank and in hand

 

208,461

157,848

 

287,396

227,315

Creditors: Amounts falling due within one year

7

(290,374)

(242,532)

Net current liabilities

 

(2,978)

(15,217)

Total assets less current liabilities

 

329,041

307,260

Deferred tax liabilities

8

(20,590)

(17,346)

Net assets

 

308,451

289,914

Capital and reserves

 

Called up share capital

10

2

2

Retained earnings

308,449

289,912

Shareholders' funds

 

308,451

289,914

For the financial year ending 31 December 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

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. 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 Board on 19 May 2025 and signed on its behalf by:
 


C Ratcliffe
Director

 

SandC Practice Management Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

 

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Kelperland Veterinary Centre Ledger Farm
Forest Green Road
Fifield
Maidenhead
Berkshire
SL6 2NR
England

 

2

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.
 

 

SandC Practice Management Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

Judgements

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.

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 can be reliably measured, and it is probable that future economic benefits will flow to the entity. Revenue from the sale of goods is recognised when the risks and rewards of ownership are transferred to the customer. Revenue from services is recognised in the accounting period in which the services are rendered and specific criteria have been met for each of the company's activities.

Government grants

Government grants are recognised based on the accrual model and are measured at the fair value of the asset received or receivable. Grants are classified as relating either to revenue or to assets. Grants relating to revenue are recognised in income over the period in which the related costs are recognised. Grants relating to assets are recognised over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income.

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

Plant and machinery

20% written down value

Fixtures, fittings and equipment

20% written down value

Motor vehicles

20% written down value

Leasehold

Over the term of the lease

Goodwill

Goodwill is amortised over its useful life, which is estimated by the directors to be 15 years on a reducing balance basis.

 

SandC Practice Management Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

Intangible assets

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date.

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.

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.

At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

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.

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.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

 

SandC Practice Management Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

Financial instruments


Classification
Financial instruments are classified and accounted for according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Where shares are issued, any component that creates a financial liability of the company is presented as a liability on the balance sheet. The corresponding dividends relating to the liability component are charged as interest expenses in the profit and loss account.

 Recognition and measurement
All financial assets and liabilities are initially measured at transaction price (including transaction costs), except for those financial assets classified as at fair value through profit or loss, which are initially measured at fair value (which is normally the transaction price excluding transaction costs), unless the arrangement constitutes a financing transaction. If an arrangement constitutes a financing transaction, the financial asset or financial liability is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

 Impairment
Assets, other than those measured at fair value, are assessed for indicators of impairment at each balance sheet date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss as described below.

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.

 

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was as follows:

 

SandC Practice Management Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

 

4

Intangible assets

Goodwill
 £

Total
£

Cost

At 1 January 2024

340,000

340,000

At 31 December 2024

340,000

340,000

Amortisation

At 1 January 2024

164,426

164,426

Amortisation charge

11,711

11,711

At 31 December 2024

176,137

176,137

Carrying amount

At 31 December 2024

163,863

163,863

At 31 December 2023

175,574

175,574

 

5

Tangible assets

Land and buildings
£

Plant & machinery
 £

Furniture, fittings and equipment
 £

Total
£

Cost

At 1 January 2024

84,836

111,587

52,732

249,155

Additions

12,845

15,113

11,139

39,097

At 31 December 2024

97,681

126,700

63,871

288,252

Depreciation

At 1 January 2024

8,215

67,441

26,597

102,253

Charge for the year

1,897

10,258

5,688

17,843

At 31 December 2024

10,112

77,699

32,285

120,096

Carrying amount

At 31 December 2024

87,569

49,001

31,586

168,156

At 31 December 2023

76,621

44,146

26,136

146,903

Included within the net book value of land and buildings above is £87,569 (2023 - £76,621) in respect of long leasehold land and buildings.
 

 

6

Debtors

2024
£

2023
£

Trade debtors

12,179

7,397

Prepayments

16,931

12,587

Other debtors

10,825

1,420

39,935

21,404

 

SandC Practice Management Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

 

7

Creditors

2024
£

2023
£

Due within one year

Trade creditors

36,117

31,958

Amounts due to related parties

107,547

78,805

Taxation and social security

97,947

94,717

Accruals and deferred income

21,131

9,960

Other creditors

27,632

27,092

290,374

242,532

 

8

Deferred tax

Deferred tax assets and liabilities

2024

Liability
£

Difference between accumulated depreciation and amortisation and capital allowances

20,590

20,590

2023

Liability
£

Difference between accumulated depreciation and amortisation and capital allowances

17,346

17,346

 

9

Financial commitments, guarantees and contingencies

Operating leases

The total of future minimum lease payments is as follows:

2024
 £

2023
 £

Not later than one year

77,825

48,000

Later than one year and not later than five years

311,300

192,000

Later than five years

2,801,697

816,000

3,190,822

1,056,000

The amount of non-cancellable operating lease payments recognised as an expense during the year was £69,209 (2023 - £43,227).

 

10

Share capital

Allotted, called up and fully paid shares

 

2024

2023

 

No.

£

No.

£

Ordinary A of £1 each

1

1

1

1

Ordinary B of £1 each

1

1

1

1

 

2

2

2

2

The different classes of share referred to above carry separate rights to dividends but, in all other significant respects, rank pari passu.
 

 

SandC Practice Management Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

 

11

Related party transactions

Summary of transactions with key management

At the balance sheet date the company owed the directors £107,547 (2023: £78,805). This amount is included within amounts due to related parties and interest is paid on the outstanding balance at 11.5%.