Laurels Veterinary Centre Limited - Period Ending 2021-09-23

Laurels Veterinary Centre Limited

Contents

Company Information	1
Director's Report	2
Accountants' Report	3
Profit and Loss Account	4
Balance Sheet	5
Statement of Changes in Equity	6
Notes to the Unaudited Financial Statements	7 to 10
Non-statutory pages	11 to 13

Laurels Veterinary Centre Limited

Company Information

Director

Mr B F Borms

Company secretary

Mr B F Borms

Registered office

Unit 4 Mowat Industrial Estate Sandown Road Watford Hertfordshire WD24 7UY

Accountants

Moore Scarrott Ltd Chartered Accountants Calyx House South Road Taunton Somerset TA1 3DU

Laurels Veterinary Centre Limited

Director's Report for the Period from 1 August 2020 to 23 September 2021

The director presents his report and the financial statements for the period from 1 August 2020 to 23 September 2021.

Principal activity

The principal activity of the company is a veterinary practice.

Directors of the company

The directors who held office during the period were as follows:

Mrs E Torbet-Smith (ceased 24 September 2021)

Mr CJ Torbet-Smith (ceased 24 September 2021)

The following directors were appointed after the period end:

Mr A S Levy (appointed 24 September 2021 and ceased 1 February 2022)

Mr K L Morris (appointed 24 September 2021 and ceased 1 February 2022)

Mr J W H Smithers (appointed 24 September 2021 and ceased 1 February 2022)

Mr B F Borms - Company secretary and director (appointed 1 February 2022)

Statement of Directors' Responsibilities

The director acknowledges his responsibilities for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.

Company law requires the director to prepare financial statements for each financial year. Under that law the director has elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the director must not approve the financial statements unless he is satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the director is required to:

•	select suitable accounting policies and apply them consistently;

•	make judgements and accounting estimates that are reasonable and prudent;

•	prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The director is responsible for keeping adequate accounting records that disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Small companies provision statement

This report has 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.

Approved by the Board on 13 July 2022 and signed on its behalf by:

Mr B F Borms
Company secretary and director

Chartered Accountants' Report to the Director on the Preparation of the Unaudited Statutory Accounts of
Laurels Veterinary Centre Limited
for the Period Ended 23 September 2021

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Laurels Veterinary Centre Limited for the period ended 23 September 2021 as set out on pages 4 to 10 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at
http://www.icaew.com/regulation.

This report is made solely to the Board of Directors of Laurels Veterinary Centre Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of Laurels Veterinary Centre Limited and state those matters that we have agreed to state to the Board of Directors of Laurels Veterinary Centre Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Laurels Veterinary Centre Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Laurels Veterinary Centre Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Laurels Veterinary Centre Limited. You consider that Laurels Veterinary Centre Limited is exempt from the statutory audit requirement for the period.

We have not been instructed to carry out an audit or a review of the accounts of Laurels Veterinary Centre Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.

Moore Scarrott Ltd
Chartered Accountants
Calyx House
South Road
Taunton
Somerset
TA1 3DU

13 July 2022

Laurels Veterinary Centre Limited

Profit and Loss Account for the Period from 1 August 2020 to 23 September 2021

	Note	2021 £	2020 £
Turnover		1,328,583	988,836
Cost of sales		(315,042)	(243,982)
Gross profit		1,013,541	744,854
Administrative expenses		(918,964)	(805,237)
Other operating income		33,430	29,945
Operating profit/(loss)		128,007	(30,438)
Other interest receivable and similar income		38	459
Profit/(loss) before tax		128,045	(29,979)
Taxation		(28,025)	2,272
Profit/(loss) for the financial period		100,020	(27,707)

The company has no recognised gains or losses for the period other than the results above.

Laurels Veterinary Centre Limited

(Registration number: 07603426)
Balance Sheet as at 23 September 2021

	Note	2021 £	2020 £
Fixed assets
Intangible assets	4	172,881	191,767
Tangible assets	5	54,212	63,401
		227,093	255,168
Current assets
Stocks	6	35,375	29,689
Debtors	7	26,685	26,475
Cash at bank and in hand		440,579	270,335
		502,639	326,499
Creditors: Amounts falling due within one year	8	(173,244)	(115,666)
Net current assets		329,395	210,833
Total assets less current liabilities		556,488	466,001
Provisions for liabilities		(9,002)	(10,535)
Net assets		547,486	455,466
Capital and reserves
Called up share capital		100	100
Profit and loss account		547,386	455,366
Shareholders' funds		547,486	455,466

For the financial period ending 23 September 2021 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

	The members have not required the company to obtain an audit of its accounts for the period in question in accordance with section 476; and
	The director acknowledges his 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.

Approved and authorised by the director on 13 July 2022
 

Mr B F Borms

Company secretary and director

Laurels Veterinary Centre Limited

Statement of Changes in Equity for the Period from 1 August 2020 to 23 September 2021

	Share capital £	Profit and loss account £	Total £
At 1 August 2020	100	455,366	455,466
Profit for the period	-	100,020	100,020
Dividends	-	(8,000)	(8,000)
At 23 September 2021	100	547,386	547,486

	Share capital £	Profit and loss account £	Total £
At 1 August 2019	100	503,073	503,173
Loss for the period	-	(27,707)	(27,707)
Dividends	-	(20,000)	(20,000)
At 31 July 2020	100	455,366	455,466

Laurels Veterinary Centre Limited

Notes to the Unaudited Financial Statements for the Period from 1 August 2020 to 23 September 2021

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:
Unit 4 Mowat Industrial Estate
Sandown Road
Watford
Hertfordshire
WD24 7UY
England

2	Accounting policies

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

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.

The company recognises revenue when the amount of revenue can be reliably measured, it is probable the future economic benefits will flow into the entity, and specific criteria have been met for each of the company activities.

Government grants

Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.

A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria is satisfied is recognised as a liability.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current 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 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.

Laurels Veterinary Centre Limited

Notes to the Unaudited Financial Statements for the Period from 1 August 2020 to 23 September 2021

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

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
Fixtures and fittings	15% Reducing balance
Motor vehicles	25% Reducing balance
Leasehold improvements	10% Reducing balance

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class	Amortisation method and rate
Goodwill	5% Straight line

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell.

3	Staff numbers

The average number of persons employed by the company (including the director) during the period, was 23 (2020 - 15).

Laurels Veterinary Centre Limited

Notes to the Unaudited Financial Statements for the Period from 1 August 2020 to 23 September 2021

4	Intangible assets

	Goodwill  £	Total £
Cost or valuation
At 1 August 2020	348,666	348,666
At 23 September 2021	348,666	348,666
Amortisation
At 1 August 2020	156,899	156,899
Amortisation charge	18,886	18,886
At 23 September 2021	175,785	175,785
Carrying amount
At 23 September 2021	172,881	172,881
At 31 July 2020	191,767	191,767

5	Tangible assets

	Land and buildings £	Fixtures and fittings  £	Motor vehicles  £	Total £
Cost or valuation
At 1 August 2020	9,816	135,297	167	145,280
Additions	-	994	-	994
At 23 September 2021	9,816	136,291	167	146,274
Depreciation
At 1 August 2020	4,599	77,126	154	81,879
Charge for the year	565	9,614	4	10,183
At 23 September 2021	5,164	86,740	158	92,062
Carrying amount
At 23 September 2021	4,652	49,551	9	54,212
At 31 July 2020	5,217	58,171	13	63,401

6

Stocks

	2021 £	2020 £
Stock	35,375	29,689

Laurels Veterinary Centre Limited

Notes to the Unaudited Financial Statements for the Period from 1 August 2020 to 23 September 2021

7

Debtors

	2021 £	2020 £
Trade debtors	22,575	14,986
Other debtors	4,110	11,489
	26,685	26,475

8

Creditors

	2021 £	2020 £
Due within one year
Trade creditors	31,973	42,838
Taxation and social security	60,074	50,681
Other creditors	51,677	22,147
Corporation tax	29,520	-
	173,244	115,666

9	Financial commitments, guarantees and contingencies

Amounts not provided for in the balance sheet

The total amount of financial commitments not included in the balance sheet is £9,504 (2020 - £14,688).

10	Parent and ultimate parent undertaking

During the period, the directors held 100% of the share capital. On 24 September 2021, Medivet Group Limited acquired 100% of the share capital. Medivet Group Limited are the immediate controlling party,
 

11	Non adjusting events after the financial period

On 24 September 2021, 100% of the share capital was acquired by Medivet Group Limited, the immediate parent undertaking.

Laurels Veterinary Centre Limited

Detailed Profit and Loss Account for the Period from 1 August 2020 to 23 September 2021

	1 August 2020 to 23 September 2021  £	Year ended 31 July 2020  £
Turnover	1,328,583	988,836
Cost of sales	(315,042)	(243,982)
Gross profit	1,013,541	744,854
Gross profit (%)	76.29%	75.33%
Administrative expenses
Labour costs	722,270	638,544
Establishment costs	94,409	77,806
General administrative expenses	59,298	52,723
Finance charges	13,918	7,882
Depreciation costs	29,069	28,282
	918,964	805,237
Other operating income	33,430	29,945
Operating profit/(loss)	128,007	(30,438)
Other interest receivable and similar income	38	459
Profit/(loss) before tax	128,045	(29,979)

Laurels Veterinary Centre Limited

Detailed Profit and Loss Account for the Period from 1 August 2020 to 23 September 2021

2021 £

2020 £

Turnover
Turnover	1,328,583	988,836

Cost of sales
Opening stock	29,689	33,922
Purchases	305,425	237,397
Manufacturer rebates	(51,391)	(46,932)
Laboratory costs - internal	7,665	3,931
Laboratory costs - external	29,918	24,719
Waste disposal and cremation	12,726	9,989
Referral fees	16,385	10,645
Closing stock	(35,375)	(29,689)
	315,042	243,982

Labour costs
Veterinary assistant salaries	172,987	128,180
Veterinary locums	25,698	40,484
Nurse salaries	254,058	195,227
Administration salaries	24,197	18,418
Reception salaries	66,877	53,914
Laboratory salaries	29,492	21,746
Staff pensions	13,064	9,221
CPD and training costs	3,903	1,985
Director's remuneration	27,083	24,038
Director's NI	662	1,068
Director's pensions - defined contribution	104,249	144,263
	722,270	638,544

Establishment costs
Rent	44,300	36,000
Rates and water	21,705	17,629
Heat and light	6,003	5,827
Insurance	1,650	1,261
Cleaning	4,124	3,850
Property repairs and maintenance	16,627	13,239
	94,409	77,806

General administrative expenses
Telephone	5,656	4,300
Professional indemnity insurance	2,450	2,278
Computer costs	9,168	8,091
Printing, postage and stationery	6,546	8,073
Equipment repairs and renewals	5,997	3,192
Protective clothing and uniforms	202	283
Trade subscriptions	1,172	1,330
Hire of plant and machinery	5,420	5,184
Sundry expenses	908	1,610

Laurels Veterinary Centre Limited

Detailed Profit and Loss Account for the Period from 1 August 2020 to 23 September 2021

2021 £

2020 £

Motor expenses	1,880	1,791
Phone	-	89
Advertising	5,379	4,635
Staff entertaining	1,030	1,459
Accountancy fees	5,605	3,923
Consultancy fees	3,293	2,825
Legal and professional fees	4,592	3,660
	59,298	52,723

Finance charges
Bad debts	333	(284)
Bank charges	959	964
Credit card charges	12,626	7,202
	13,918	7,882

Depreciation costs
Amortisation of goodwill	18,886	17,433
Depreciation of freehold property	565	580
Depreciation of fixtures and fittings	9,614	10,265
Depreciation of motor vehicles	4	4
	29,069	28,282

Other operating income
Rent receivable	16,100	4,405
Grants and subsidies receivable	17,330	25,540
	33,430	29,945

Other interest receivable and similar income
Bank interest receivable	38	459