Midshire Veterinary Group Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 08206073 (England and Wales)

Unaudited Financial Statements for the Year Ended 30 September 2021

for

Midshire Veterinary Group Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

R G Henderson

I T Price

Miss H L Fletcher

A Rosiello

T D Clifton

REGISTERED OFFICE:

Edward Street

Nuneaton

Warwickshire

CV11 5RP

REGISTERED NUMBER:

08206073 (England and Wales)

ACCOUNTANTS:

Gopsall Services Limited

4 HRFC Business Centre

Leicester Road

Hinckley

Leicestershire

LE10 3DR

FIXED ASSETS

Intangible assets

4

517,000

564,000

Tangible assets

5

52,948

41,655

Investments

6

10,000

10,000

579,948

615,655

CURRENT ASSETS

Stocks

96,613

93,668

Debtors

7

215,779

216,675

Cash at bank and in hand

259,945

298,293

572,337

608,636

CREDITORS

Amounts falling due within one year

8

357,870

330,491

NET CURRENT ASSETS

214,467

278,145

TOTAL ASSETS LESS CURRENT LIABILITIES

794,415

893,800

CREDITORS

Amounts falling due after more than one year

9

-

(70,000

)

PROVISIONS FOR LIABILITIES

(6,781

)

(4,106

)

NET ASSETS

787,634

819,694

CAPITAL AND RESERVES

Called up share capital

10

400

400

Retained earnings

11

787,234

819,294

SHAREHOLDERS' FUNDS

787,634

819,694

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 September 2021.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 September 2021 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

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

In accordance with Section 444 of the Companies Act 2006, the Profit and Loss Account has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 19 May 2022 and were signed on its behalf by:

R G Henderson - Director

I T Price - Director

Miss H L Fletcher - Director

A Rosiello - Director

T D Clifton - Director

1.	STATUTORY INFORMATION

Midshire Veterinary Group 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 (£).

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

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

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 0, is being amortised evenly over its estimated useful life of nil years.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Fixtures and fittings

-

20% on reducing balance

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss Account, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 44 (2020 - 42 ) .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 October 2020

and 30 September 2021

940,000

AMORTISATION

At 1 October 2020

376,000

Amortisation for year

47,000

At 30 September 2021

423,000

NET BOOK VALUE

At 30 September 2021

517,000

At 30 September 2020

564,000

5.	TANGIBLE FIXED ASSETS

Fixtures

and

fittings

£

COST

At 1 October 2020

148,750

Additions

24,525

At 30 September 2021

173,275

DEPRECIATION

At 1 October 2020

107,095

Charge for year

13,232

At 30 September 2021

120,327

NET BOOK VALUE

At 30 September 2021

52,948

At 30 September 2020

41,655

6.	FIXED ASSET INVESTMENTS

Other

investments

£

COST

At 1 October 2020

and 30 September 2021

10,000

NET BOOK VALUE

At 30 September 2021

10,000

At 30 September 2020

10,000

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30.9.21

30.9.20

£

£

Trade debtors

190,932

191,244

Other debtors

9,465

10,093

Directors' current accounts

32

-

Prepayments

15,350

15,338

215,779

216,675

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30.9.21

30.9.20

£

£

Trade creditors

112,170

107,137

Tax

90,696

58,257

Social security and other taxes

118,314

132,235

Other creditors

20,204

18,311

Directors' current accounts

3,625

1,722

Accrued expenses

12,861

12,829

357,870

330,491

9.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

30.9.21

30.9.20

£

£

Other loans - 1-2 years

-

70,000

10.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

30.9.21

30.9.20

value:

£

£

400

Ordinary

£1

400

400

11.

RESERVES

Retained

earnings

£

At 1 October 2020

819,294

Profit for the year

347,940

Dividends

(380,000

)

At 30 September 2021

787,234