Loch Leven Equine Practice Limited SC355384 false 2024-01-01 2024-12-31 2024-12-31 The principal activity of the company is veterinary practice Digita Accounts Production Advanced 6.30.9574.0 true SC355384 2024-01-01 2024-12-31 SC355384 2024-12-31 SC355384 bus:OrdinaryShareClass1 2024-12-31 SC355384 bus:OrdinaryShareClass2 2024-12-31 SC355384 bus:OrdinaryShareClass3 2024-12-31 SC355384 core:HirePurchaseContracts core:CurrentFinancialInstruments 2024-12-31 SC355384 core:HirePurchaseContracts core:Non-currentFinancialInstruments 2024-12-31 SC355384 core:CurrentFinancialInstruments 2024-12-31 SC355384 core:CurrentFinancialInstruments core:WithinOneYear 2024-12-31 SC355384 core:Non-currentFinancialInstruments 2024-12-31 SC355384 core:Non-currentFinancialInstruments core:AfterOneYear 2024-12-31 SC355384 core:Goodwill 2024-12-31 SC355384 core:FurnitureFittingsToolsEquipment 2024-12-31 SC355384 core:LandBuildings 2024-12-31 SC355384 core:MotorVehicles 2024-12-31 SC355384 bus:SmallEntities 2024-01-01 2024-12-31 SC355384 bus:AuditExemptWithAccountantsReport 2024-01-01 2024-12-31 SC355384 bus:FilletedAccounts 2024-01-01 2024-12-31 SC355384 bus:SmallCompaniesRegimeForAccounts 2024-01-01 2024-12-31 SC355384 bus:RegisteredOffice 2024-01-01 2024-12-31 SC355384 bus:Director1 2024-01-01 2024-12-31 SC355384 bus:Director2 2024-01-01 2024-12-31 SC355384 bus:OrdinaryShareClass1 2024-01-01 2024-12-31 SC355384 bus:OrdinaryShareClass2 2024-01-01 2024-12-31 SC355384 bus:OrdinaryShareClass3 2024-01-01 2024-12-31 SC355384 bus:PrivateLimitedCompanyLtd 2024-01-01 2024-12-31 SC355384 core:Goodwill 2024-01-01 2024-12-31 SC355384 core:FurnitureFittingsToolsEquipment 2024-01-01 2024-12-31 SC355384 core:Land 2024-01-01 2024-12-31 SC355384 core:LandBuildings 2024-01-01 2024-12-31 SC355384 core:MotorVehicles 2024-01-01 2024-12-31 SC355384 core:OfficeEquipment 2024-01-01 2024-12-31 SC355384 core:PlantMachinery 2024-01-01 2024-12-31 SC355384 core:Vehicles 2024-01-01 2024-12-31 SC355384 countries:Scotland 2024-01-01 2024-12-31 SC355384 2023-12-31 SC355384 core:Goodwill 2023-12-31 SC355384 core:FurnitureFittingsToolsEquipment 2023-12-31 SC355384 core:LandBuildings 2023-12-31 SC355384 core:MotorVehicles 2023-12-31 SC355384 2023-01-01 2023-12-31 SC355384 2023-12-31 SC355384 bus:OrdinaryShareClass1 2023-12-31 SC355384 bus:OrdinaryShareClass2 2023-12-31 SC355384 bus:OrdinaryShareClass3 2023-12-31 SC355384 core:HirePurchaseContracts core:CurrentFinancialInstruments 2023-12-31 SC355384 core:HirePurchaseContracts core:Non-currentFinancialInstruments 2023-12-31 SC355384 core:CurrentFinancialInstruments 2023-12-31 SC355384 core:CurrentFinancialInstruments core:WithinOneYear 2023-12-31 SC355384 core:Non-currentFinancialInstruments 2023-12-31 SC355384 core:Non-currentFinancialInstruments core:AfterOneYear 2023-12-31 SC355384 core:Goodwill 2023-12-31 SC355384 core:FurnitureFittingsToolsEquipment 2023-12-31 SC355384 core:LandBuildings 2023-12-31 SC355384 core:MotorVehicles 2023-12-31 SC355384 bus:OrdinaryShareClass1 2023-01-01 2023-12-31 iso4217:GBP xbrli:pure xbrli:shares

Registration number: SC355384

Loch Leven Equine Practice Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 December 2024

 

Contents

Balance Sheet

1 to 2

Notes to the Unaudited Financial Statements

3 to 9

 

(Registration number: SC355384)
Balance Sheet as at 31 December 2024

Note

2024
£

2023
£

Fixed assets

 

Goodwill

4

21,560

26,632

Tangible assets

5

413,923

404,401

Current assets

 

Stocks

43,069

34,810

Debtors

6

122,415

105,614

Cash at bank and in hand

 

24,635

33,155

 

190,119

173,579

Creditors: Amounts falling due within one year

7

(324,143)

(326,443)

Net current liabilities

 

(134,024)

(152,864)

Total assets less current liabilities

 

301,459

278,169

Creditors: Amounts falling due after more than one year

7

(201,728)

(202,457)

Provisions for liabilities

(36,015)

(36,015)

Net assets

 

63,716

39,697

Capital and reserves

 

Called up share capital

8

90

90

Capital redemption reserve

90

90

Retained earnings

63,536

39,517

Shareholders' funds

 

63,716

39,697

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 and 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 4 June 2025 and signed on its behalf by:
 

 

(Registration number: SC355384)
Balance Sheet as at 31 December 2024

.........................................
Mrs EJ Somerville
Director

.........................................
Mr HA Somerville
Director

 

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 Scotland.

The address of its registered office is:
Beauford Paddock
Cleish
Kinross
KY13 0LS
Scotland

These financial statements were authorised for issue by the Board on 4 June 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 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 that as disclosed in the accounting policies certain items are shown at fair value.

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.

Tax

The tax expense for the period comprises current 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 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 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.

 

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

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

Freehold land and buildings

2% Straight Line

Plant and equipment

20% reducing balance

Computer equipment

33% reducing balance

Motor vehicles

25% reducing balance

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

Over 20 years

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. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. 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 receivables.

 

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

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.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. 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 subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

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.

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.

 

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

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.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 17 (2023 - 15).

 

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

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 January 2024

200,084

200,084

At 31 December 2024

200,084

200,084

Amortisation

At 1 January 2024

173,452

173,452

Amortisation charge

5,072

5,072

At 31 December 2024

178,524

178,524

Carrying amount

At 31 December 2024

21,560

21,560

At 31 December 2023

26,632

26,632

Negative goodwill

5

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 January 2024

342,136

360,168

115,811

818,115

Additions

8,977

36,907

-

45,884

At 31 December 2024

351,113

397,075

115,811

863,999

Depreciation

At 1 January 2024

62,425

288,318

62,968

413,711

Charge for the year

6,222

16,932

13,211

36,365

At 31 December 2024

68,647

305,250

76,179

450,076

Carrying amount

At 31 December 2024

282,466

91,825

39,632

413,923

At 31 December 2023

279,710

71,850

52,841

404,401

Included within the net book value of land and buildings above is £282,466 (2023 - £279,710) in respect of freehold land and buildings.
 

 

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

6

Debtors

Current

2024
£

2023
£

Trade debtors

99,552

93,629

Prepayments

18,281

7,297

Other debtors

4,582

4,688

 

122,415

105,614

7

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

9

119,224

128,997

Trade creditors

 

102,318

82,291

Taxation and social security

 

71,136

64,703

Accruals and deferred income

 

3,925

3,200

Other creditors

 

27,540

47,252

 

324,143

326,443

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

9

201,728

202,457

8

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary A shares of £1 each

30

30

30

30

Ordinary B shares of £1 each

30

30

30

30

Ordinary C shares of £1 each

30

30

30

30

90

90

90

90

 

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

9

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

188,382

191,424

Hire purchase contracts

13,346

11,033

201,728

202,457

Current loans and borrowings

2024
£

2023
£

Bank borrowings

102,659

108,400

Hire purchase contracts

16,565

20,597

119,224

128,997

10

Dividends

Interim dividends paid

2024
£

2023
£

Interim dividend of £1,965.21 (2023 - £2,133.33) per each Ordinary A shares

58,956

64,000