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Registration number: 14322455

Swale Veterinary Practice Limited

Annual Report and Unaudited Filleted Abridged Financial Statements

for the Year Ended 30 September 2024

 

Swale Veterinary Practice Limited

Contents

Abridged Balance Sheet

1 to 2

Notes to the Unaudited Abridged Financial Statements

3 to 5

 

Swale Veterinary Practice Limited

(Registration number: 14322455)
Abridged Balance Sheet as at 30 September 2024

Note

2024
£

2023
£

Fixed assets

 

Intangible assets

4

782,238

-

Tangible assets

5

147,193

-

 

929,431

-

Current assets

 

Stocks

6

65,356

-

Debtors

328,228

150

Cash at bank and in hand

 

461,811

-

 

855,395

150

Creditors: Amounts falling due within one year

(1,497,243)

-

Net current (liabilities)/assets

 

(641,848)

150

Total assets less current liabilities

 

287,583

150

Creditors: Amounts falling due after more than one year

(27,378)

-

Provisions for liabilities

(7,176)

-

Net assets

 

253,029

150

Capital and reserves

 

Called up share capital

150

150

Profit and loss account

252,879

-

Total equity

 

253,029

150

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.

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

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

1

General information

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

The address of its registered office is:
Fairfield Way
Gallowfields Trading Estate
Richmond
North Yorkshire
DL10 4TB

These financial statements were authorised for issue by the Board on 19 May 2025.

2

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:

Asset class

Depreciation method and rate

Leasehold improvements

Straight line over the life of the lease

Motor vehicles

25% straight line

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:

Asset class

Amortisation method and rate

Goodwill

5% straight line

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 34 (2023 - 3).

4

Intangible assets

Total
£

Cost or valuation

Additions acquired separately

823,408

At 30 September 2024

823,408

Amortisation

Amortisation charge

41,170

At 30 September 2024

41,170

Carrying amount

At 30 September 2024

782,238

 

Swale Veterinary Practice Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 30 September 2024

5

Tangible assets

Total
£

Cost or valuation

Additions

188,331

At 30 September 2024

188,331

Depreciation

Charge for the period

41,138

At 30 September 2024

41,138

Carrying amount

At 30 September 2024

147,193

6

Stocks

2024
£

2023
£

Stock

65,356

-

7

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 £94,881 (2023 - £Nil).

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.