Rutland Veterinary Centre Limited

	Page
Balance Sheet	1—2
Notes to the Financial Statements	3—7

1. General Information

Rutland Veterinary Centre Limited is a private company, limited by shares, incorporated in England & Wales, registered number 05007107 . The registered office is Friars Gate, 1011 Stratford Road, Shirley, West Midlands, B90 4BN.

2. Accounting Policies

2.1. Basis of Preparation of Financial Statements

The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

2.2. Turnover

Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Company and the turnover can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

2.3. Intangible Fixed Assets and Amortisation - Goodwill

Goodwill is the difference between amounts paid on the acquisition of a business and the fair value of the separable net assets. It is amortised to profit and loss account over its estimated economic life of 10 years.

2.4. Tangible Fixed Assets and Depreciation

Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:

Freehold	in accordance with the property
Leasehold	in accordance with the property
Motor Vehicles	20% on cost
Fixtures & Fittings	Between 20% and 33% on cost

2.5. Leasing and Hire Purchase Contracts

Assets obtained under finance leases are capitalised as tangible fixed assets. Assets acquired under finance leases are depreciated over the shorter of the lease term and their useful lives. Assets acquired under hire purchase contracts are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in the creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to the profit and loss account as incurred.

2.6. Stocks and Work in Progress

Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.

2.7. Cash and Cash Equivalents

Cash and cash equivalents are basic financial assets and include cash in hand and deposits held at call with banks, other short-term highly liquid investments that mature in no more than three months from the date of acquisition and are readily convertible to a known amount of cash with insignificant risk of change in value, and bank overdrafts.

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Rutland Veterinary Centre Limited

Notes to the Financial Statements (continued)

For the Period 1 January 2024 to 8 January 2025

2.8. Financial Instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

Basic financial assets

Basic financial assets, which include debtors and bank balances, are measured at transaction price including transaction costs.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, are recognised at transaction price including transaction costs.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities.

2.9. Taxation

Tax is recognised in profit or loss except that a charge is attributable to an item of income and expense recognised as other comphrehensive income or to an item recognised directly in equity is also recognised in other comphrehensive 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 balance sheet date in the countries where the company operates and generates 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.

2.10. Pensions

The company operates a defined pension contribution scheme. Contributions are charged to the profit and loss account as they become payable in accordance with the rules of the scheme.

3. Average Number of Employees

Average number of employees, including directors, during the period was: 103 (2023: 111)

4. Intangible Assets

	Goodwill
	£
Cost
As at 1 January 2024	95,936

As at 8 January 2025	95,936

Amortisation
As at 1 January 2024	95,037
Provided during the period	899

As at 8 January 2025	95,936

...CONTINUED

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Rutland Veterinary Centre Limited

Notes to the Financial Statements (continued)

For the Period 1 January 2024 to 8 January 2025

Net Book Value
As at 8 January 2025	-

As at 1 January 2024	899

5. Tangible Assets

	Land & Property
	Leasehold	Motor Vehicles	Fixtures & Fittings	Total
	£	£	£	£
Cost
As at 1 January 2024	281,638	165,721	1,273,910	1,721,269
Additions	13,367	-	134,338	147,705
Disposals	(6,117 )	(141,786 )	(102,317 )	(250,220 )

As at 8 January 2025	288,888	23,935	1,305,931	1,618,754

Depreciation
As at 1 January 2024	145,568	118,620	789,630	1,053,818
Provided during the period	27,294	16,936	162,849	207,079
Disposals	(6,117 )	(116,452 )	(76,894 )	(199,463 )

As at 8 January 2025	166,745	19,104	875,585	1,061,434

Net Book Value
As at 8 January 2025	122,143	4,831	430,346	557,320

As at 1 January 2024	136,070	47,101	484,280	667,451

6. Investments

	Subsidiaries	Listed	Total
	£	£	£
Cost
As at 1 January 2024	12	4,167	4,179

As at 8 January 2025	12	4,167	4,179

Provision
As at 1 January 2024	-	-	-

As at 8 January 2025	-	-	-

Net Book Value
As at 8 January 2025	12	4,167	4,179

As at 1 January 2024	12	4,167	4,179

7. Stocks

	8 January 2025	31 December 2023
	£	£
Stock	121,416	282,962

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Rutland Veterinary Centre Limited

Notes to the Financial Statements (continued)

For the Period 1 January 2024 to 8 January 2025

8. Debtors

	8 January 2025	31 December 2023
	£	£
Due within one year
Trade debtors	62,339	535,108
Prepayments and accrued income	44,215	37,630
Other debtors	315,111	138,076
Amounts owed by group undertakings	1,367,644	199,712

	1,789,309	910,526

9. Creditors: Amounts Falling Due Within One Year

	8 January 2025	31 December 2023
	£	£
Trade creditors	392,664	535,421
Corporation tax	321,427	376,086
Other taxes and social security	80,236	92,963
VAT	323,518	355,072
Other creditors	212,824	24,290
Accruals and deferred income	268,247	68,877
Amounts owed to group undertakings	-	4,106

	1,598,916	1,456,815

10. Creditors: Amounts Falling Due After More Than One Year

	8 January 2025	31 December 2023
	£	£
Net obligations under finance lease and hire purchase contracts	51,555	-

11. Obligations Under Finance Leases and Hire Purchase

	8 January 2025	31 December 2023
	£	£
The future minimum finance lease payments are as follows:
Later than one year and not later than five years	51,555	-

12. Share Capital

	8 January 2025	31 December 2023
Allotted, called up and fully paid	£	£
136,382 Ordinary Shares of £ 1.00 each	136,382	136,382

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Rutland Veterinary Centre Limited

Notes to the Financial Statements (continued)

For the Period 1 January 2024 to 8 January 2025

13. Other Commitments

The total of future minimum lease payments under non-cancellable operating leases are as following:

	8 January 2025	31 December 2023
	£	£
Not later than one year	70,275	70,275
Later than one year and not later than five years	187,567	211,447
Later than five years	239,794	286,188

	497,636	567,910

14. Controlling Parties

The company's immediate parent undertaking is Lyddington Holding Company Limited .

The ultimate parent undertaking is Rutco Holding Company Limited (incorporated in England & Wales). Its registered office is 12a Ayston Road, Uppingham, Rutland, LE15 9RL .

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		8 January 2025		31 December 2023
	Notes	£	£	£	£
FIXED ASSETS
Intangible Assets	4		-		899
Tangible Assets	5		557,320		667,451
Investments	6		4,179		4,179

			561,499		672,529
CURRENT ASSETS
Stocks	7	121,416		282,962
Debtors	8	1,789,309		910,526
Cash at bank and in hand		736,767		553,605

		2,647,492		1,747,093
Creditors: Amounts Falling Due Within One Year	9	(1,598,916 )		(1,456,815 )

NET CURRENT ASSETS (LIABILITIES)			1,048,576		290,278

TOTAL ASSETS LESS CURRENT LIABILITIES			1,610,075		962,807

Creditors: Amounts Falling Due After More Than One Year	10		(51,555 )		-

PROVISIONS FOR LIABILITIES
Deferred Taxation			(123,413 )		(74,114 )

NET ASSETS			1,435,107		888,693

CAPITAL AND RESERVES
Called up share capital	12		136,382		136,382
Revaluation reserve			(43,449 )		(43,449 )
Capital redemption reserve			1		1
Profit and Loss Account			1,342,173		795,759

SHAREHOLDERS' FUNDS			1,435,107		888,693