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Company Registration number: 09170406

Mile House Vets Limited

Annual Report and Unaudited
Financial Statements


for the Year Ended 31 August 2024

 

Mile House Vets Limited

Contents

Pages

Balance sheet

1 to 2

Notes to the financial statements

3 to 10

 

Mile House Vets Limited

Balance Sheet as at 31 August 2024

Note

2024
£

2023
£

Fixed assets

 

Intangible assets

4

-

13,400

Tangible assets

5

77,661

83,636

 

77,661

97,036

Current assets

 

Stocks

6

25,240

34,912

Debtors

7

608,637

391,632

Cash at bank and in hand

 

3,250

3,251

 

637,127

429,795

Creditors: Amounts falling due within one year

8

(278,502)

(171,984)

Net current assets

 

358,625

257,811

Total assets less current liabilities

 

436,286

354,847

Creditors: Amounts falling due after more than one year

8

(8,648)

(32,185)

Provisions for liabilities

(16,602)

(15,891)

Net assets

 

411,036

306,771

Capital and reserves

 

Called up share capital

100

100

Retained earnings

410,935

306,671

Shareholders' funds

 

411,036

306,771

 

Mile House Vets Limited

Balance Sheet as at 31 August 2024 (continued)

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

Director's 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 director acknowledges his 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 director has not delivered to the registrar a copy of the Profit and Loss Account.

Company registration number: 09170406

Approved and authorised by the director on 19 May 2025
 

.........................................
Mr E G Bulman
Director

 

Mile House Vets Limited

Notes to the financial statements for the Year Ended 31 August 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:
Mile House
Mile House Business Park
Darlington Road
Northallerton
DL6 2NW

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

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 - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

The financial statements have been prepared on the historical cost basis and in accordance with applicable accounting standards.

The financial statements are prepared in sterling, which is the functional currency of the entity. Monetary amounts in these financial statements are rounded to the nearest £.

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. Actual results may differ from these estimates.

 

Mile House Vets Limited

Notes to the financial statements for the Year Ended 31 August 2024 (continued)

2

ACCOUNTING POLICIES (continued)

Key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. Actual results may differ from these estimates.

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.

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.

Taxation

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 corporation 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 in respect of all timing differences between taxable profits and profits reported in the financial statements.

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

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the balance sheet 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% reducing balance

Motor vehicles

25% reducing balance

Leasehold property improvements

20% straight line

 

Mile House Vets Limited

Notes to the financial statements for the Year Ended 31 August 2024 (continued)

2

ACCOUNTING POLICIES (continued)

Goodwill

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. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

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

10% straight line

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the
risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the
lease and the present value of the minimum lease payments. These assets are depreciated on a
straight-line basis over the shorter of the useful life of the asset and the lease term. The
corresponding liability to the lessor is included in the Balance Sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the Profit and Loss Account and reduction
of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance
of the liability.

 

Mile House Vets Limited

Notes to the financial statements for the Year Ended 31 August 2024 (continued)

2

ACCOUNTING POLICIES (continued)

Financial instruments

Classification
A financial asset or a financial liability is recognised only when the company becomes a party to the
contractual provisions of the instrument.

 Recognition and measurement
Basic financial instruments are initially recognised at the transaction price.

Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of
impairment at the end of each reporting date. If there is objective evidence of impairment, an
impairment loss is recognised in profit or loss immediately.

Any reversals of impairment are recognised in profit or loss immediately, to the extent that the
reversal does not result in a carrying amount of the financial asset that exceeds what the carrying
amount would have been had the impairment not previously been recognised.

 Impairment
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately.

Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.

3

STAFF NUMBERS

The average number of persons employed by the company (including the director) during the year, was 9 (2023 - 10).

 

Mile House Vets Limited

Notes to the financial statements for the Year Ended 31 August 2024 (continued)

4

INTANGIBLE ASSETS

Goodwill
 £

Total
£

Cost or valuation

At 1 September 2023

134,000

134,000

At 31 August 2024

134,000

134,000

Amortisation

At 1 September 2023

120,600

120,600

Amortisation charge

13,400

13,400

At 31 August 2024

134,000

134,000

Carrying amount

At 31 August 2024

-

-

At 31 August 2023

13,400

13,400

 

Mile House Vets Limited

Notes to the financial statements for the Year Ended 31 August 2024 (continued)

5

TANGIBLE ASSETS

Leasehold property improvements
£

Motor vehicles
 £

Plant and Machinery
£

Total
£

Cost or valuation

At 1 September 2023

-

59,680

122,341

182,021

Additions

11,560

-

1,689

13,249

At 31 August 2024

11,560

59,680

124,030

195,270

Depreciation

At 1 September 2023

-

18,428

79,957

98,385

Charge for the year

305

10,313

8,606

19,224

At 31 August 2024

305

28,741

88,563

117,609

Carrying amount

At 31 August 2024

11,255

30,939

35,467

77,661

At 31 August 2023

-

41,252

42,384

83,636

6

STOCKS

2024
£

2023
£

Stocks

25,240

34,912

7

DEBTORS

Current

2024
£

2023
£

Trade debtors

121,188

110,576

Prepayments

793

3,100

Other debtors

486,656

277,956

 

608,637

391,632

 

Mile House Vets Limited

Notes to the financial statements for the Year Ended 31 August 2024 (continued)

8

CREDITORS

Creditors: amounts falling due within one year

2024
£

2023
£

Due within one year

 

Loans and borrowings

95,092

40,039

Trade creditors

 

56,898

34,222

Taxation and social security

 

118,603

92,349

Accruals and deferred income

 

7,373

5,200

Other creditors

 

536

174

 

278,502

171,984


Creditors include net obligations under hire purchase contracts which are secured of £9,079 (2023 - £11,988).

Creditors include bank loans and overdrafts which are secured of £73,844 (2023 - £18,153).

Creditors: amounts falling due after more than one year

2024
£

2023
£

Due after one year

 

Loans and borrowings

8,648

32,185


Creditors include net obligations under hire purchase contracts which are secured of £4,730 (2023 - £13,809).

 

Mile House Vets Limited

Notes to the financial statements for the Year Ended 31 August 2024 (continued)

9

RELATED PARTY TRANSACTIONS

Transactions with the director

2024

At 1 September 2023
£

Advances to director
£

Repayments by director
£

At 31 August 2024
£

Mr E G Bulman

Directors loan account

207,956

416,657

(207,956)

416,657

2023

At 1 September 2022
£

Advances to director
£

Repayments by director
£

At 31 August 2023
£

Mr E G Bulman

Directors loan account

102,128

207,956

(102,128)

207,956