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Registration number: 09310467

Prepared for the registrar

Belmont Farm and Equine Vets Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 December 2024

 

Belmont Farm and Equine Vets Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 12

 

Belmont Farm and Equine Vets Limited

Company Information

Directors

M J Pugh

A Cooke

N Gibbon

G Millan

J Cooke

S Gibbon

M Bellamy

B Bellamy

K Allman

W Allman

Registered office

Unit 5b Sigeric Business Park
Rotherwas
Hereford
Herefordshire
HR2 6BQ

Accountants

Hazlewoods LLP
Staverton Court
Staverton
Cheltenham
GL51 0UX

 

Belmont Farm and Equine Vets Limited

(Registration number: 09310467)
Balance Sheet as at 31 December 2024

Note

2024
£

2023
£

Fixed assets

 

Intangible assets

4

3,304

11,253

Tangible assets

5

573,145

314,083

Investments

6

17,929

17,929

 

594,378

343,265

Current assets

 

Stocks

317,125

269,440

Debtors

7

1,165,565

1,100,922

Cash at bank and in hand

 

339,218

776,851

 

1,821,908

2,147,213

Creditors: Amounts falling due within one year

8

(719,949)

(734,333)

Net current assets

 

1,101,959

1,412,880

Total assets less current liabilities

 

1,696,337

1,756,145

Deferred tax liabilities

9

(83,872)

(57,066)

Net assets

 

1,612,465

1,699,079

Capital and reserves

 

Called up share capital

10

1,788

2,000

Retained earnings

1,610,677

1,697,079

Shareholders' funds

 

1,612,465

1,699,079

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 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.

 

Belmont Farm and Equine Vets Limited

(Registration number: 09310467)
Balance Sheet as at 31 December 2024

Approved and authorised by the Board on 27 June 2025 and signed on its behalf by:
 


M J Pugh
Director


A Cooke
Director

 

Belmont Farm and Equine Vets Limited

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 England and Wales.

The address of its registered office is:
Unit 5b Sigeric Business Park
Rotherwas
Hereford
Herefordshire
HR2 6BQ

 

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, together with the facilities available to the company, 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.

 

Belmont Farm and Equine Vets Limited

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

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 and after eliminating sales within the company.

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.

Government grants

Government grants are recognised based on the accrual model and are measured at the fair value of the asset received or receivable. Grants are classified as relating either to revenue or to assets. Grants relating to revenue are recognised in income over the period in which the related costs are recognised. Grants relating to assets are recognised over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income.

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

Short leasehold property

Over the term of the lease

Plant and machinery

15% written down value

Motor cars

25% written down value

Fixtures and fittings

10% written down value

Office equipment

33.33% written down value

Goodwill

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

 

Belmont Farm and Equine Vets Limited

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

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.

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 5 years

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.

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.

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.

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.

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.

 

Belmont Farm and Equine Vets Limited

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

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.

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, analysed by category was as follows:

 

Belmont Farm and Equine Vets Limited

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

 

4

Intangible assets

Goodwill
 £

Total
£

Cost

At 1 January 2024

378,023

378,023

At 31 December 2024

378,023

378,023

Amortisation

At 1 January 2024

366,770

366,770

Amortisation charge

7,949

7,949

At 31 December 2024

374,719

374,719

Carrying amount

At 31 December 2024

3,304

3,304

At 31 December 2023

11,253

11,253

 

Belmont Farm and Equine Vets Limited

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

 

5

Tangible assets

Short leasehold property
£

Plant and machinery
 £

Motor vehicles
 £

Fixtures and fittings
 £

Office equipment
 £

Total
£

Cost

At 1 January 2024

57,493

342,851

76,527

56,003

59,722

592,596

Additions

235,239

42,178

40,370

19,841

3,424

341,052

Disposals

-

-

(14,450)

-

-

(14,450)

At 31 December 2024

292,732

385,029

102,447

75,844

63,146

919,198

Depreciation

At 1 January 2024

32,607

144,829

22,935

25,695

52,447

278,513

Charge for the year

16,019

31,237

19,113

3,915

4,390

74,674

Eliminated on disposal

-

-

(7,134)

-

-

(7,134)

At 31 December 2024

48,626

176,066

34,914

29,610

56,837

346,053

Carrying amount

At 31 December 2024

244,106

208,963

67,533

46,234

6,309

573,145

At 31 December 2023

24,886

198,022

53,592

30,308

7,275

314,083

 

Belmont Farm and Equine Vets Limited

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

 

6

Investments

2024
£

2023
£

Other investments

17,929

17,929

Other investments

£

Cost

At 1 January 2024

17,929

Carrying amount

At 31 December 2024

17,929

At 31 December 2023

17,929

 

7

Debtors

2024
£

2023
£

Trade debtors

812,829

742,480

Prepayments

63,263

57,768

Other debtors

289,473

300,674

1,165,565

1,100,922

 

8

Creditors

2024
£

2023
£

Due within one year

Trade creditors

212,952

193,206

Taxation and social security

485,715

528,165

Accruals and deferred income

16,818

12,087

Other creditors

4,464

875

719,949

734,333

 

9

Deferred tax

Deferred tax assets and liabilities

2024

Liability
£

Difference between accumulated depreciation and amortisation and capital allowances

83,872

2023

Liability
£

Difference between accumulated depreciation and amortisation and capital allowances

57,066

 

Belmont Farm and Equine Vets Limited

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

 

10

Share capital

Allotted, called up and fully paid shares

 

2024

2023

 

No.

£

No.

£

Ordinary A shares of £0.01 (2023 - £1) each

35,750

357.50

370

370

Ordinary B shares of £0.01 (2023 - £1) each

35,750

357.50

370

370

Ordinary C shares of £0 (2023 - £1) each

-

-

370

370

Ordinary D shares of £0.01 (2023 - £1) each

20,000

200.00

200

200

Ordinary E Shares of £0.01 (2023 - £1) each

15,750

157.50

170

170

Ordinary F shares of £0.01 (2023 - £1) each

20,000

200.00

200

200

Ordinary G shares of £0.01 (2023 - £1) each

15,750

157.50

120

120

Ordinary H shares of £0.01 (2023 - £1) each

35,750

357.50

200

200

Ordinary I shares of £0.01 (2023 - £0) each

1

0.01

-

-

 

178,751

1,788

2,000

2,000

On 9 January 2024, 2,000 Ordinary shares (A-H) were sub divided into 200,000 Ordinary shares (A-H).

On 9 January 2024, 1,250 Ordinary A shares was re-designated as 1,250 Ordinary G shares, 1,250 Ordinary B shares was re-designated as 1,250 Ordinary G shares, 1,250 Ordinary E shares was re-designated as 1,250 Ordinary G shares, 15,750 Ordinary C shares was re-designated as 15,750 Ordinary H shares, 1 Ordinary C share was re-designated as 1 Ordinary I share.

During the year the company purchased 21,249 Ordinary C shares from Dominic Alexander (retired director). The shares were purchased at a premium of £319,444.
 

 

Belmont Farm and Equine Vets Limited

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

 

11

Financial commitments

Operating leases

The total of future minimum lease payments is as follows:

2024
 £

2023
 £

Not later than one year

63,498

40,254

Later than one year and not later than five years

200,617

150,396

Later than five years

255,000

1,833

519,115

192,483

The amount of non-cancellable operating lease payments recognised as an expense during the year was £85,600 (2023 - £61,524).

 

12

Related party transactions

Summary of transactions with key management

Key management personnel are considered to be the directors of the company.