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Registration number: 12192083

Prepared for the registrar

Arthurs Veterinary Specialists Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 30 September 2024

 

Arthurs Veterinary Specialists Limited

Contents

Company Information

1

Profit and Loss Account

2

Balance Sheet

3

Notes to the Unaudited Financial Statements

4 to 10

 

Arthurs Veterinary Specialists Limited

Company Information

Directors

Gareth Arthurs

Valentina Brioschi

Registered office

Heyford Hills Farmhouse
Furnace Lane
Nether Heyford
England
NN7 3LB

Accountants

Hazlewoods LLP
Staverton Court
Staverton
Cheltenham
GL51 0UX

 

Arthurs Veterinary Specialists Limited

Profit and Loss Account for the Year Ended 30 September 2024

Note

2024
£

2023
£

Turnover

 

491,862

508,043

Cost of sales

 

(43,523)

(48,835)

Gross profit

 

448,339

459,208

Administrative expenses

 

(293,640)

(263,464)

Operating profit

 

154,699

195,744

Other interest receivable and similar income

 

5,502

2,457

Interest payable and similar expenses

 

(14,539)

(12,119)

   

(9,037)

(9,662)

Profit before tax

145,662

186,082

Tax on profit

(34,970)

(40,514)

Profit for the financial year

 

110,692

145,568

The above results were derived from continuing operations.

The company has no other comprehensive income for the year.

 

Arthurs Veterinary Specialists Limited

(Registration number: 12192083)
Balance Sheet as at 30 September 2024

Note

2024
£

2023
£

Fixed assets

 

Intangible assets

4

2

2

Tangible assets

5

39,691

47,872

 

39,693

47,874

Current assets

 

Debtors

6

95,964

99,686

Cash at bank and in hand

 

404,114

368,209

 

500,078

467,895

Creditors: Amounts falling due within one year

7

(194,783)

(212,474)

Net current assets

 

305,295

255,421

Total assets less current liabilities

 

344,988

303,295

Deferred tax liabilities

9

(9,923)

(11,922)

Net assets

 

335,065

291,373

Capital and reserves

 

Called up share capital

10

300

300

Retained earnings

334,765

291,073

Shareholders' funds

 

335,065

291,373

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.

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 27 February 2025 and signed on its behalf by:
 


Gareth Arthurs
Director


Valentina Brioschi
Director

 

Arthurs Veterinary Specialists Limited

Notes to the Unaudited 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 and Wales.

The address of its registered office is:
Heyford Hills Farmhouse
Furnace Lane
Nether Heyford
England
NN7 3LB

 

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, 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.
 

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

Revenue represents amounts earned from clients for veterinary services and the sale of products. Revenue for the delivery of veterinary services and products is recognised when the veterinary consultation or procedure is completed.

 

Arthurs Veterinary Specialists Limited

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

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

25% written down value

Office equipment

33.33% straight line

Goodwill

Goodwill is amortised over its useful life, estimated by the directors to be 10 years.

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.

 

Arthurs Veterinary Specialists Limited

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

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.

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.

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.

 

Arthurs Veterinary Specialists Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 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:

 

Arthurs Veterinary Specialists Limited

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

 

4

Intangible assets

Goodwill
 £

Total
£

Cost

At 1 October 2023

3

3

At 30 September 2024

3

3

Amortisation

At 1 October 2023

1

1

At 30 September 2024

1

1

Carrying amount

At 30 September 2024

2

2

At 30 September 2023

2

2

 

5

Tangible assets

Plant and equipment
 £

Office equipment
 £

Total
£

Cost

At 1 October 2023

110,309

5,030

115,339

Additions

2,984

1,766

4,750

At 30 September 2024

113,293

6,796

120,089

Depreciation

At 1 October 2023

62,915

4,552

67,467

Charge for the year

12,440

491

12,931

At 30 September 2024

75,355

5,043

80,398

Carrying amount

At 30 September 2024

37,938

1,753

39,691

At 30 September 2023

47,394

478

47,872

 

6

Debtors

2024
£

2023
£

Trade debtors

42,326

68,840

Prepayments

53,638

30,846

95,964

99,686

 

Arthurs Veterinary Specialists Limited

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

 

7

Creditors

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

8

112,716

115,136

Trade creditors

 

3,728

11,113

Taxation and social security

 

59,559

69,299

Accruals and deferred income

 

18,780

16,430

Other creditors

 

-

496

 

194,783

212,474

 

8

Loans and borrowings

Current loans and borrowings

2024
£

2023
£

Other borrowings

112,716

115,136

 

9

Deferred tax

Deferred tax assets and liabilities

2024

Liability
£

Difference between accumulated depreciation and amortisation and capital allowances

9,923

9,923

2023

Liability
£

Difference between accumulated depreciation and amortisation and capital allowances

11,922

11,922

 

10

Share capital

Allotted, called up and fully paid shares

 

2024

2023

 

No.

£

No.

£

A Ordinary shares of £0.10 each

1,000

100.00

1,000

100.00

B Ordinary shares of £0.10 each

1,000

100.00

1,000

100.00

C Ordinary shares of £0.10 each

1,000

100.00

1,000

100.00

 

3,000

300

3,000

300

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

 

Arthurs Veterinary Specialists Limited

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

 

11

Related party transactions

Summary of transactions with key management

As at the balance sheet date, the company owed the directors' £112,716 (2023: £115,136). This amount is included in other borrowings. There are no fixed repayment terms and interest is charged at 11.5%.