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Registration number: 05536301

Faversham Veterinary Clinic Limited

Annual Report and Unaudited Filleted Abridged Financial Statements

for the Year Ended 31 August 2024

 

Faversham Veterinary Clinic Limited

Contents

Abridged Balance Sheet

1 to 2

Notes to the Unaudited Abridged Financial Statements

3 to 5

 

Faversham Veterinary Clinic Limited

(Registration number: 05536301)
Abridged Balance Sheet as at 31 August 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

32,222

24,044

Current assets

 

Stocks

30,409

17,079

Debtors

500,374

385,736

Cash at bank and in hand

 

179,247

226,607

 

710,030

629,422

Creditors: Amounts falling due within one year

5

(162,237)

(198,367)

Net current assets

 

547,793

431,055

Total assets less current liabilities

 

580,015

455,099

Creditors: Amounts falling due after more than one year

6

(296,747)

(22,946)

Provisions for liabilities

(8,056)

(5,174)

Net assets

 

275,212

426,979

Capital and reserves

 

Called up share capital

2

2

Profit and loss account

275,210

426,977

Total equity

 

275,212

426,979

 

Faversham Veterinary Clinic Limited

(Registration number: 05536301)
Abridged Balance Sheet as at 31 August 2024

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.

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.

Approved and authorised by the Board on 28 May 2025 and signed on its behalf by:
 

Mr T Munro

Director

 

Faversham Veterinary Clinic Limited

Notes to the Unaudited Abridged 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:
2 South Road
Faversham
Kent
ME13 7LR

These financial statements were authorised for issue by the Board on 28 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.

Revenue recognition

Turnover represents the amounts, excluding value added tax, derived from the provision of goods and services to customers during the year.

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 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.

 

Faversham Veterinary Clinic Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 August 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

Equipment, fixtures and fittings

25% Straight line

Surgery equipment

15% Reducing balance

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 15 (2023 - 12).

4

Tangible assets

Total
£

Cost or valuation

At 1 September 2023

105,376

Additions

14,511

At 31 August 2024

119,887

Depreciation

At 1 September 2023

81,328

Charge for the year

6,337

At 31 August 2024

87,665

Carrying amount

At 31 August 2024

32,222

At 31 August 2023

24,044

5

Creditors: amounts falling due within one year

Creditors include bank loans and overdrafts and net obligations under finance lease and hire purchase contracts which are secured of £38,260. (2023 - £3,780)

6

Creditors: amounts falling due after more than one year

Creditors include bank loans and overdrafts and net obligations under finance lease and hire purchase contracts which are secured of £285,223. (2023 - £1,280)

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 £115,583 (2023 - £134,583).

 

Faversham Veterinary Clinic Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 August 2024

8

Related party transactions

Advances to directors


Mr T Munro

During the period Mr T Munro went overdrawn on their director's loan account. The maximum overdrawn balance during the year was £161,815 (2023 - £135,481). At the year end the amount outstanding from Mr T Munro was £161,240 (2023 - £124,140). Interest has been charged at the commercial rate.


Mrs N Munro

During the period Mrs N Munro went overdrawn on their director's loan account. The maximum overdrawn balance during the year was £161,815 (2023 - £135,481). At the year end the amount outstanding from Mrs N Munro was £161,240 (2023 - £124,140). Interest has been charged at the commercial rate.