Company Registration No. 06449678 (England and Wales)
VALLEY VETCARE LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 MARCH 2023
31 March 2023
PAGES FOR FILING WITH REGISTRAR
PM+M Solutions for Business LLP
Chartered Accountants
New Century House
Greenbank Technology Park
Challenge Way
Blackburn
Lancashire
BB1 5QB
VALLEY VETCARE LIMITED
COMPANY INFORMATION
Directors
Mrs F Hammad
Dr M H Sarwar
Secretary
Mrs F Hammad
Company number
06449678
Registered office
209a Bacup Road
Rawtenstall
Rossendale
Lancashire
BB4 7PA
Accountants
PM+M Solutions for Business LLP
New Century House
Greenbank Technology Park
Challenge Way
Blackburn
Lancashire
BB1 5QB
VALLEY VETCARE LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 6
VALLEY VETCARE LIMITED
BALANCE SHEET
AS AT
31 MARCH 2023
31 March 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Intangible assets
3
59,093
70,915
Tangible assets
4
53,638
54,915
112,731
125,830
Current assets
Stocks
45,108
46,500
Debtors
5
163,521
127,703
Cash at bank and in hand
362,830
132,821
571,459
307,024
Creditors: amounts falling due within one year
6
(274,082)
(170,502)
Net current assets
297,377
136,522
Total assets less current liabilities
410,108
262,352
Creditors: amounts falling due after more than one year
7
(65,042)
(79,084)
Provisions for liabilities
(13,410)
(13,729)
Net assets
331,656
169,539
Capital and reserves
Called up share capital
100
100
Profit and loss reserves
331,556
169,439
Total equity
331,656
169,539
The notes on pages 3 to 6 form part of these financial statements.
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 31 March 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
VALLEY VETCARE LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 MARCH 2023
31 March 2023
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 11 December 2023 and are signed on its behalf by:
Dr M H Sarwar
Director
Company Registration No. 06449678
VALLEY VETCARE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
- 3 -
1
Accounting policies
Company information
Valley Vetcare Limited is a private company limited by shares incorporated in England and Wales. The registered office is 209a Bacup Road, Rawtenstall, Rossendale, Lancashire, BB4 7PA.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. 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 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 £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover represents net invoiced sales of goods and services, excluding value added tax.
1.3
Intangible fixed assets - goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2009, is being amortised evenly over its estimated useful life of twenty years.
1.4
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Equipment and fittings
10% and 15% on reducing balance
Computers
33% on cost
Motor vehicles
25% on reducing balance
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.5
Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.
1.6
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
VALLEY VETCARE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
1
Accounting policies
(Continued)
- 4 -
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
27
28
3
Intangible fixed assets
Goodwill
£
Cost
At 1 April 2022 and 31 March 2023
236,441
Amortisation and impairment
At 1 April 2022
165,526
Amortisation charged for the year
11,822
At 31 March 2023
177,348
Carrying amount
At 31 March 2023
59,093
At 31 March 2022
70,915
VALLEY VETCARE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 5 -
4
Tangible fixed assets
Equipment and fittings
Computers
Motor vehicles
Total
£
£
£
£
Cost
At 1 April 2022
102,078
17,567
4,000
123,645
Additions
12,265
1,281
13,546
Disposals
(21,779)
(21,779)
At 31 March 2023
92,564
18,848
4,000
115,412
Depreciation and impairment
At 1 April 2022
48,674
16,183
3,873
68,730
Depreciation charged in the year
7,717
1,044
32
8,793
Eliminated in respect of disposals
(15,749)
(15,749)
At 31 March 2023
40,642
17,227
3,905
61,774
Carrying amount
At 31 March 2023
51,922
1,621
95
53,638
At 31 March 2022
53,404
1,384
127
54,915
5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
58,775
56,393
Other debtors
104,746
71,310
163,521
127,703
6
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans
15,001
15,001
Trade creditors
51,833
50,489
Taxation and social security
123,462
68,294
Other creditors
83,786
36,718
274,082
170,502
Bank loans amounting to £80,043 (2022 - £93,335) are secured by fixed and floating charges over the assets of the company.
VALLEY VETCARE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 6 -
7
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
65,042
78,334
Other creditors
750
65,042
79,084
8
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2023
2022
£
£
105,000
126,000