Broadway Animal Clinic Limited Filleted accounts for Companies House (small and micro)

BROADWAY ANIMAL CLINIC LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 04567491

Broadway Animal Clinic Limited

Filleted Unaudited Financial Statements

31 October 2022

Broadway Animal Clinic Limited

Financial Statements

Year ended 31 October 2022

Contents	Page

Statement of financial position	1

Notes to the financial statements	3

Broadway Animal Clinic Limited

Statement of Financial Position

31 October 2022

	2022	2021
Note	£	£

Fixed assets

Tangible assets	6	221,743	213,193

Current assets

Stocks		11,651	29,258
Debtors	7	35,541	33,146
Cash at bank and in hand		38,499	31,583
		--------	--------
		85,691	93,987

Creditors: amounts falling due within one year	8	226,591	255,822
		---------	---------
Net current liabilities		140,900	161,835
		---------	---------
Total assets less current liabilities		80,843	51,358

Creditors: amounts falling due after more than one year	9	202,105	177,781

Provisions	3,100	2,131
	---------	---------
Net liabilities	( 124,362)	( 128,554)
	---------	---------

Capital and reserves

Called up share capital	100	100
Profit and loss account	( 124,462)	( 128,654)
	---------	---------
Shareholders deficit	( 124,362)	( 128,554)
	---------	---------

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.

For the year ending 31 October 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

- 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 ;

- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .

Broadway Animal Clinic Limited

Statement of Financial Position (continued)

31 October 2022

These financial statements were approved by the board of directors and authorised for issue on 20 March 2023 , and are signed on behalf of the board by:

Mr A P Green	Mrs S P Green
Director	Director

Company registration number: 04567491

Broadway Animal Clinic Limited

Notes to the Financial Statements

Year ended 31 October 2022

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Broadway Veterinary Group, Unit 1, The Links, Herne Business Park, Herne Bay, CT6 7FE, England.

2. Statement of compliance

These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Going concern

These accounts have been prepared on the going concern basis, on the understanding that the directors and shareholders will continue to financially support the company.

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax.

Income tax

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.

Goodwill

Goodwill arises on business acquisitions and represents the excess of the cost of the acquisition over the company's interest in the net amount of the identifiable assets, liabilities and contingent liabilities of the acquired business.

Amortisation

Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:

	Goodwill	-	10% straight line

If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

Long leasehold property	-	25% reducing balance
Plant and machinery	-	15% reducing balance
Fixtures and fittings	-	25% reducing balance
Equipment	-	25% reducing balance

Impairment of fixed assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.

Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.

Government grants

Government grants are recognised using the accrual model and the performance model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable.

Provisions

Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense.

Financial instruments

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses. Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment. If an arrangement constitutes a finance transaction it is measured at present value.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 29 (2021: 25 ).

5. Intangible assets

	Goodwill
	£
Cost
At 1 November 2021 and 31 October 2022	47,000
	--------
Amortisation
At 1 November 2021 and 31 October 2022	47,000
	--------
Carrying amount
At 31 October 2022	–
	--------
At 31 October 2021	–
	--------

6. Tangible assets

	Long leasehold property	Plant and machinery	Fixtures and fittings	Equipment	Total
	£	£	£	£	£
Cost
At 1 November 2021	317,104	82,372	90,584	47,757	537,817
Additions	38,461	26,553	15,988	1,128	82,130
	---------	---------	---------	--------	---------
At 31 October 2022	355,565	108,925	106,572	48,885	619,947
	---------	---------	---------	--------	---------
Depreciation
At 1 November 2021	167,237	60,312	59,285	37,790	324,624
Charge for the year	51,692	7,292	11,822	2,774	73,580
	---------	---------	---------	--------	---------
At 31 October 2022	218,929	67,604	71,107	40,564	398,204
	---------	---------	---------	--------	---------
Carrying amount
At 31 October 2022	136,636	41,321	35,465	8,321	221,743
	---------	---------	---------	--------	---------
At 31 October 2021	149,867	22,060	31,299	9,967	213,193
	---------	---------	---------	--------	---------

7. Debtors

	2022	2021
	£	£
Trade debtors	35,541	12,846
Other debtors	–	20,300
	--------	--------
	35,541	33,146
	--------	--------

8. Creditors: amounts falling due within one year

	2022	2021
	£	£
Bank loans and overdrafts	11,100	–
Trade creditors	93,700	67,288
Social security and other taxes	63,767	58,025
Other creditors	58,024	130,509
	---------	---------
	226,591	255,822
	---------	---------

The company's bankers have a fixed and floating charge over the property and all undertakings of the company.

9. Creditors: amounts falling due after more than one year

	2022	2021
	£	£
Bank loans and overdrafts	30,530	50,000
Other creditors	171,575	127,781
	---------	---------
	202,105	177,781
	---------	---------

The company's bankers have a fixed and floating charge over the property and all undertakings of the company.

10. Related party transactions

At the year end the company owed a Director £141,594 (2021: £143,201), of which £70,000 is not due within 12 months.