ACCOUNTS - Final Accounts preparation

Hire purchase and finance leases

Minimum lease payments under hire purchase fall due as follows:

Company registration number: 08572712

	UNAUDITED FINANCIAL STATEMENTS
	FOR THE PERIOD ENDED 31 DECEMBER 2024

	HAMMOND VETS LIMITED


HAMMOND VETS LIMITED

COMPANY INFORMATION

Director	L Hammond


Registered number	08572712


Registered office	Southend Farm
	Stapleford
	Hertford
	SG143NJ


Accountants	Menzies LLP
	Chartered Accountants
	Richmond House
	Walkern Road
	Stevenage
	SG1 3QP


HAMMOND VETS LIMITED

CONTENTS

	Page
Statement of financial position	1 - 2
Notes to the financial statements	3 - 9


HAMMOND VETS LIMITED REGISTERED NUMBER:08572712

STATEMENT OF FINANCIAL POSITION

AS AT 31 DECEMBER 2024

		2024		2023
Note		£		£

Fixed assets
Tangible assets	4		18,895		33,097
			18,895		33,097
Current assets
Stocks		80,001		74,662
Debtors: amounts falling due within one year	5	48,035		69,059
Bank and cash balances		1,767		6,647
		129,803		150,368
Creditors: amounts falling due within one year	6	(62,920)		(53,614)
Net current assets			66,883		96,754
Total assets less current liabilities			85,778		129,851
Creditors: amounts falling due after more than one year	7		(4,999)		(17,855)

Net assets			80,779		111,996

Capital and reserves
Called up share capital	9	110,000	100,000
Profit and loss account		(29,221)	11,996
		80,779	111,996

Page 1


HAMMOND VETS LIMITED REGISTERED NUMBER:08572712

STATEMENT OF FINANCIAL POSITION (CONTINUED)

AS AT 31 DECEMBER 2024

The director considers that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the period in question in accordance with section 476 of the Companies Act 2006.

The director acknowledges her responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by:

................................................

L Hammond

Director

Date: 29 September 2025

The notes on pages 3 to 9 form part of these financial statements.

Page 2


HAMMOND VETS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 31 DECEMBER 2024

1.	General information

Hammond Vets Limited is a private company, limited by shares, registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.
The presentation currency of the financial statements is the Pound Sterling (£).
The period covered by the prior year financial statements is the 18 month period from 1 July 2022 to 31 December 2023. The extended period should be taken into account when reviewing the comparative information within the financial statements.

2.Accounting policies

2.1

Basis of preparation of financial statements

As explained in accounting policy 2.2, the directors intend to dissolve the company after the approval of the financial statements. As required by UK accounting standards, the directors have prepared the financial statements on the basis that the company is no longer a going concern. No material adjustments arose as a result of ceasing to apply the going concern basis.
Other than as noted above, the financial statements have been prepared in accordance with FRS 102 'The Financial Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The following principal accounting policies have been applied:

2.2

Going concern

The financial statements have not been prepared on a going concern basis given the cessation of the trade and the directors' intention to disolve the company once all matters are brought up to date.

Page 3


HAMMOND VETS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

2.3

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:

∙the Company has transferred the significant risks and rewards of ownership to the buyer;

∙the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;

∙the amount of revenue can be measured reliably;

∙it is probable that the Company will receive the consideration due under the transaction; and

∙the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:

∙the amount of revenue can be measured reliably;

∙it is probable that the Company will receive the consideration due under the contract;

∙the stage of completion of the contract at the end of the reporting period can be measured reliably; and

∙the costs incurred and the costs to complete the contract can be measured reliably.

2.4

Borrowing costs

All borrowing costs are recognised in profit or loss in the period in which they are incurred.

2.5

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of financial position. The assets of the plan are held separately from the Company in independently administered funds.

Page 4


HAMMOND VETS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

2.6

Taxation

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

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 income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:

∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and

∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

2.7

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Short-term leasehold property	-	20%
Plant and machinery	-	15%
Motor vehicles	-	20%

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

Page 5


HAMMOND VETS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

2.8

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a weighted average basis. Work in progress and finished goods include labour and attributable overheads.

At each reporting date, stocks are assessed for impairment. If stock is 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.

Employees

The average monthly number of employees, including directors, during the period was 8 (2023 - 8).

4.	Tangible fixed assets

	Short-term leasehold property	Plant and machinery	Motor vehicles	Total
	£	£	£	£
Cost or valuation
At 1 January 2024	17,500	85,835	115,684	219,019
Additions	-	541	-	541
At 31 December 2024	17,500	86,376	115,684	219,560
Depreciation
At 1 January 2024	17,500	76,864	91,558	185,922
Charge for the period on owned assets	-	6,273	8,470	14,743
At 31 December 2024	17,500	83,137	100,028	200,665
Net book value
At 31 December 2024	-	3,239	15,656	18,895
At 31 December 2023	-	8,971	24,126	33,097

Page 6


HAMMOND VETS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 31 DECEMBER 2024

Debtors

					2024	2023
					£	£


Trade debtors	47,718	68,742
Other debtors	317	317
	48,035	69,059

6.	Creditors: Amounts falling due within one year
		2024	2023
		£	£

Bank overdrafts	48	-
Bank loans	10,000	10,000
Trade creditors	19,728	9,739
Other taxation and social security	11,059	15,068
Obligations under finance lease and hire purchase contracts	2,853	6,400
Other creditors	19,232	12,407
	62,920	53,614

The following liabilities were secured:
	2024	2023
	£	£


Bank loans	10,000	10,000
Obligations under finance lease and hire purchase contracts	2,853	6,400
	12,853	16,400

Details of security provided:

The bank loan and other facilities are secured by a fixed and floating charge over the company's assets.
Obligations under finance lease and hire purchase contracts are secured against the assets concerned.

Page 7


HAMMOND VETS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 31 DECEMBER 2024

7.	Creditors: Amounts falling due after more than one year
		2024	2023
		£	£

Bank loans	4,999	15,000
Net obligations under finance leases and hire purchase contracts	-	2,855
	4,999	17,855

The following liabilities were secured:
	2024	2023
	£	£


Bank loans	4,999	15,000
Obligations under finance lease and hire purchase contracts	-	2,855
	4,999	17,855

Details of security provided:

Within one year	2,853	6,400
Between 1-5 years	-	2,855
	2,853	9,255

Page 8


HAMMOND VETS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 31 DECEMBER 2024

9.	Share capital
		2024	2023
		£	£

Allotted, called up and fully paid

110,000 (2023 - 100,000) Ordinary shares of £1.00 each	110,000	100,000

During the period, the company issued 10,000 ordinary shares of £1.00 each for cash at par.

10.	Related party transactions
	At the balance sheet date the company owed £16,820 (2024: 11,481) to the director. The balance can be found within creditors due within one year. No interest is being charged on this loan. During the year the practice paid rent to the director of £9,900. This transaction was on an arms length basis.

Page 9