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Registration number: 07068300

Prepared for the registrar
Mounts Bay Veterinary Centre Limited
Annual Report and Unaudited Financial Statements
for the Year Ended 31 March 2025

Mounts Bay Veterinary Centre Limited

Contents

Company Information | 1
Balance Sheet | 2
Notes to the Unaudited Financial Statements | 3 to 9

Mounts Bay Veterinary Centre Limited

Company Information

Directors | Mr L J Stevens Dr A M White

Registered office | Units 15 D&E Cuxhaven Way Long Rock Industrial Estate Penzance Cornwall TR20 8HX

Accountants | Hazlewoods LLP Staverton Court Staverton Cheltenham GL51 0UX

Mounts Bay Veterinary Centre Limited

(Registration number: 07068300)
Balance Sheet as at 31 March 2025

| Note | 2025 £ | 2024 £
Fixed assets |  |  |
Tangible assets | 4 | 147,487 | 129,902
Current assets |  |  |
Stocks |  | 43,261 | 41,347
Debtors | 5 | 82,273 | 44,998
Cash at bank and in hand |  | 1,031,123 | 942,483
|  | 1,156,657 | 1,028,828
Creditors: Amounts falling due within one year | 6 | (255,811) | (269,001)
Net current assets |  | 900,846 | 759,827
Total assets less current liabilities |  | 1,048,333 | 889,729
Deferred tax liabilities | 7 | (16,782) | (26,727)
Net assets |  | 1,031,551 | 863,002
Capital and reserves |  |  |
Called up share capital | 9 | 100 | 100
Retained earnings |  | 1,031,451 | 862,902
Shareholders' funds |  | 1,031,551 | 863,002

For the financial year ending 31 March 2025 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 11 September 2025 and signed on its behalf by:

Mr L J Stevens
Director

Dr A M White
Director

Mounts Bay Veterinary Centre Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2025

| 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:
Units 15 D&E
Cuxhaven Way
Long Rock Industrial Estate
Penzance
Cornwall
TR20 8HX

| 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 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

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.

Mounts Bay Veterinary Centre Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2025

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
Improvement of Leasehold property | Straight line over 12 yr lease
Plant and machinery | 20% p.a. Straight line
Office equipment | 20% p.a. Straight line
Fixtures and fittings | 20% p.a. Straight line
Motor vehicles | 25% written down value

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.

Mounts Bay Veterinary Centre Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2025

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.

Mounts Bay Veterinary Centre Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2025

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 20 (2024 - 17).

Mounts Bay Veterinary Centre Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2025

| 4 | Tangible assets

| Land and buildings £ | Furniture, fittings and equipment £ | Motor vehicles £ | Total £
Cost
At 1 April 2024 | 95,039 | 137,020 | 88,913 | 320,972
Additions | - | 5,001 | 82,974 | 87,975
Disposals | - | - | (88,913) | (88,913)
At 31 March 2025 | 95,039 | 142,021 | 82,974 | 320,034
Depreciation
At 1 April 2024 | 41,684 | 104,748 | 44,638 | 191,070
Charge for the year | 4,447 | 12,194 | 17,775 | 34,416
Eliminated on disposal | - | - | (52,939) | (52,939)
At 31 March 2025 | 46,131 | 116,942 | 9,474 | 172,547
Carrying amount
At 31 March 2025 | 48,908 | 25,079 | 73,500 | 147,487
At 31 March 2024 | 53,355 | 32,272 | 44,275 | 129,902

| 5 | Debtors

| 2025 £ | 2024 £
Trade debtors | 15,654 | 21,122
Receivables from related parties | 53,998 | -
Prepayments | 10,662 | 21,327
Other debtors | 1,959 | 2,549
| 82,273 | 44,998

| 6 | Creditors

| Note | 2025 £ | 2024 £
Due within one year |  |  |
Loans and borrowings | 8 | - | 39,682
Trade creditors |  | 50,864 | 71,336
Taxation and social security |  | 193,104 | 152,309
Accruals and deferred income |  | 6,240 | 4,500
Other creditors |  | 5,603 | 1,174
|  | 255,811 | 269,001

Mounts Bay Veterinary Centre Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2025

| 7 | Deferred tax

Deferred tax assets and liabilities

2025 | Liability £
Difference between accumulated depreciation, amortisation and capital allowances | 16,960
Short term timing differences | (178)
| 16,782

2024 | Liability £
Difference between accumulated depreciation, amortisation and capital allowances | 26,858
Short term timing differences | (131)
| 26,727

| 8 | Loans and borrowings

Current loans and borrowings

| 2025 £ | 2024 £
Other borrowings | - | 39,682

| 9 | Share capital

Allotted, called up and fully paid shares

| 2025 | 2024
| No. | £ | No. | £
Ordinary A £1 of £1 each | 45 | 45 | 45 | 45
Ordinary B £1 of £1 each | 50 | 50 | 50 | 50
Ordinary C £1 of £1 each | 5 | 5 | 5 | 5
| 100 | 100 | 100 | 100

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

| 10 | Financial commitments, guarantees and contingencies

Operating leases

The total of future minimum lease payments is as follows:

| 2025 £ | 2024 £
Not later than one year | 36,315 | 33,750
Later than one year and not later than five years | 145,260 | 135,000
Later than five years | 108,945 | 135,000
| 290,520 | 303,750

The amount of non-cancellable operating lease payments recognised as an expense during the year was £37,791 (2024 - £34,276).

Mounts Bay Veterinary Centre Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2025

| 11 | Related party transactions

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

Key management personnel

Key management personnel are the directors of the company.

Summary of transactions with key management

As at the balance sheet date, the directors owed the company £53,998 (2024 - the company owed the directors £39,682). This amount is included in receivables from related parties (2024 - other borrowings). There are no fixed repayment terms and interest is charged on the balance.

Transactions with directors

2025 | At 1 April 2024 £ | Advances to director £ | Repayments by director £ | At 31 March 2025 £
Dr A M White
Amounts due to / (from) director | 16,740 | (49,948) | 4,863 | (28,345)
Mr L J Stevens
Amounts due to / (from) director | 22,942 | (49,219) | 624 | (25,653)

2024 | At 1 April 2023 £ | Advances to director £ | Repayments by director £ | At 31 March 2024 £
Dr A M White
Amounts due to / (from) director | (1,992) | (2,580) | 21,312 | 16,740
Mr L J Stevens
Amounts due to / (from) director | (1,831) | (1,039) | 25,812 | 22,942