Molesey Services Ltd - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 07025246 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MAY 2018

FOR

MOLESEY SERVICES LTD

Page

Company Information

1

Report of the Accountants

2

Abridged Balance Sheet

3

Notes to the Financial Statements

5

DIRECTORS:

D R Partridge

J R Ball

SECRETARY:

D R Partridge

REGISTERED OFFICE:

4 Park Road

East Molesey

Surrey

KT8 9LE

REGISTERED NUMBER:

07025246 (England and Wales)

ACCOUNTANTS:

Accountancy Online Limited

Albion Dockside Building

Albion Dockside Estate

Hanover Place

Bristol

BS1 6UT

TAX ADVISORS:

R S Porter & Co Limited

Albion Dockside Building

Hanover Place

Bristol

BS1 6UT

The following reproduces the text of the report prepared for the directors in respect of the company's annual

unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file

a Balance Sheet. Readers are cautioned that the Abridged Income Statement and certain other primary

statements and the Report of the Directors are not required to be filed with the Registrar of Companies.

As described on the Balance Sheet you are responsible for the preparation of the financial statements for the year ended 31 May 2018 set out on pages four to twelve and you consider that the company is exempt from an audit.

In accordance with your instructions, we have compiled these unaudited financial statements in order to assist you to fulfil your statutory responsibilities, from the accounting records and information and explanations supplied to us.

Accountancy Online Limited

Albion Dockside Building

Albion Dockside Estate

Hanover Place

Bristol

BS1 6UT

19 August 2018

FIXED ASSETS

Intangible assets

4

599,504

599,504

Tangible assets

5

40,168

37,595

639,672

637,099

CURRENT ASSETS

Stocks

39,746

43,722

Debtors

20,758

34,272

Cash at bank and in hand

21,164

19,474

81,668

97,468

CREDITORS

Amounts falling due within one year

(189,081

)

(153,458

)

NET CURRENT LIABILITIES

(107,413

)

(55,990

)

TOTAL ASSETS LESS CURRENT LIABILITIES

532,259

581,109

CREDITORS

Amounts falling due after more than one year

6

(431,050

)

(465,980

)

NET ASSETS

101,209

115,129

CAPITAL AND RESERVES

Called up share capital

9

4

4

Retained earnings

10

101,205

115,125

SHAREHOLDERS' FUNDS

101,209

115,129

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 May 2018.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 May 2018 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 of Part 15 of the Companies Act 2006 relating to small companies.

All the members have consented to the preparation of an abridged Income Statement and an abridged Balance Sheet for the year ended 31 May 2018 in accordance with Section 444(2A) of the Companies Act 2006.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors on 19 August 2018 and were signed on its behalf by:

D R Partridge - Director

1.	STATUTORY INFORMATION

Molesey Services Ltd 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.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" 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

As a departure from FRS 102 Section 19 the directors have not amortised goodwill in these financial statements.

This treatment is adopted on the basis of the true and fair override concept in the preparation of financial

statements. Veterinary businesses tend to increase in value over time and amortisation of goodwill would be in

conflict with this underlying commercial reality.

The directors will carry out a regular impairment review to confirm whether the current value of goodwill is at

least equal to its carrying value. If not, the goodwill will be written down to the lower value determined in the

impairment review less residual value.

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 or, if held under a finance lease, over the lease term, whichever is the shorter.

Plant and machinery

-

25% on reducing balance

Fixtures and fittings

-

25% on reducing balance

Motor vehicles

-

25% 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 Income Statement, 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

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held

under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases

are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element

of the future payments is treated as a liability.

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 11 (2017 - 12 ) .

4.	INTANGIBLE FIXED ASSETS

Totals

£

COST

At 1 June 2017

and 31 May 2018

599,504

NET BOOK VALUE

At 31 May 2018

599,504

At 31 May 2017

599,504

5.	TANGIBLE FIXED ASSETS

Totals

£

COST

At 1 June 2017

69,985

Additions

15,583

At 31 May 2018

85,568

DEPRECIATION

At 1 June 2017

32,390

Charge for year

13,010

At 31 May 2018

45,400

NET BOOK VALUE

At 31 May 2018

40,168

At 31 May 2017

37,595

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Totals

£

COST

At 1 June 2017

and 31 May 2018

16,035

DEPRECIATION

At 1 June 2017

10,818

Charge for year

1,304

At 31 May 2018

12,122

NET BOOK VALUE

At 31 May 2018

3,913

At 31 May 2017

5,217

6.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN FIVE YEARS

2018

2017

£

£

Repayable otherwise than by instalments

Other loans more 5yrs non-inst

43,922

242,922

Repayable by instalments

Bank loans more 5 yr by instal

178,925

-

7.

LOANS

An analysis of the maturity of loans is given below:

2018

2017

£

£

Amounts falling due within one year or on demand:

Bank loans

33,858

-

Amounts falling due between one and two years:

Bank loans - 1-2 years

67,715

-

Amounts falling due between two and five years:

Bank loans - 2-5 years

101,573

-

Amounts falling due in more than five years:

Repayable otherwise than by instalments

Other loans more 5yrs non-inst

43,922

242,922

Repayable by instalments

Bank loans more 5 yr by instal

178,925

-

8.	SECURED DEBTS

The following secured debts are included within creditors:

2018

2017

£

£

Bank overdraft

-

3,776

Bank loans

382,071

-

382,071

3,776

Lloyds Bank PLC hold a fixed and floating charge over the company.

9.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2018

2017

value:

£

£

4

Ordinary

£1

4

4

10.

RESERVES

Retained

earnings

£

At 1 June 2017

115,125

Profit for the year

166,080

Dividends

(180,000

)

At 31 May 2018

101,205

11.	RELATED PARTY DISCLOSURES

During the year, total dividends of £135,000 (2017 - £214,500) were paid to the directors .

12.	ULTIMATE CONTROLLING PARTY