Calweton Veterinary Services Limited Company accounts

Calweton Veterinary Services Limited Company accounts

CALWETON VETERINARY SERVICES LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 04540277
Calweton Veterinary Services Limited
Unaudited Abridged Financial Statements
30 September 2018
Calweton Veterinary Services Limited
Abridged Financial Statements
Year ended 30 September 2018
Contents
Page
Strategic report
1
Directors' report
2
Abridged statement of income and retained earnings
3
Abridged statement of financial position
4
Notes to the abridged financial statements
6
Calweton Veterinary Services Limited
Strategic Report
Year ended 30 September 2018
This report was approved by the board of directors on 8 February 2019 and signed on behalf of the board by:
Mr C.M. Luckhurst
Company Secretary
Registered office:
79 Tavistock Road
Callington
Cornwall
PL17 7RD
Calweton Veterinary Services Limited
Directors' Report
Year ended 30 September 2018
The directors present their report and the unaudited abridged financial statements of the company for the year ended 30 September 2018 .
Directors
The directors who served the company during the year were as follows:
Mr S C Gough
Mr C M Luckhurst
Dividends
The Directors recommended Dividend payments of £150,700 for the year
This report was approved by the board of directors on 8 February 2019 and signed on behalf of the board by:
Mr C.M. Luckhurst
Company Secretary
Registered office:
79 Tavistock Road
Callington
Cornwall
PL17 7RD
Calweton Veterinary Services Limited
Abridged Statement of Income and Retained Earnings
Year ended 30 September 2018
2018
2017
Note
£
£
Gross profit
914,162
700,510
Administrative expenses
665,996
561,600
---------
---------
Operating profit
248,166
138,910
Other interest receivable and similar income
15,098
23,276
---------
---------
Profit before taxation
5
263,264
162,186
Tax on profit
52,642
33,520
---------
---------
Profit for the financial year and total comprehensive income
210,622
128,666
---------
---------
Retained earnings at the start of the year
162,396
133,063
---------
---------
Retained earnings at the end of the year
222,318
162,396
---------
---------
All the activities of the company are from continuing operations.
Calweton Veterinary Services Limited
Abridged Statement of Financial Position
30 September 2018
2018
2017
Note
£
£
Fixed assets
Intangible assets
6
12,000
15,000
Tangible assets
7
188,904
200,493
Investments
8
17,671
17,671
---------
---------
218,575
233,164
Current assets
Stocks
89,479
78,129
Debtors
297,514
285,810
Cash at bank and in hand
73,727
38,032
---------
---------
460,720
401,971
Creditors: amounts falling due within one year
418,982
417,565
---------
---------
Net current assets/(liabilities)
41,738
( 15,594)
---------
---------
Total assets less current liabilities
260,313
217,570
Creditors: amounts falling due after more than one year
12,145
29,227
Provisions
24,650
24,747
---------
---------
Net assets
223,518
163,596
---------
---------
Capital and reserves
Called up share capital
1,200
1,200
Profit and loss account
222,318
162,396
---------
---------
Shareholders funds
223,518
163,596
---------
---------
These abridged financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
For the year ending 30 September 2018 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 abridged 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 abridged financial statements .
All of the members have consented to the preparation of the abridged statement of income and retained earnings and the abridged statement of financial position for the year ending 30 September 2018 in accordance with Section 444(2A) of the Companies Act 2006.
Calweton Veterinary Services Limited
Abridged Statement of Financial Position (continued)
30 September 2018
These abridged financial statements were approved by the board of directors and authorised for issue on 8 February 2019 , and are signed on behalf of the board by:
Mr S C Gough
Director
Company registration number: 04540277
Calweton Veterinary Services Limited
Notes to the Abridged Financial Statements
Year ended 30 September 2018
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 79 Tavistock Road, Callington, Cornwall, PL17 7RD.
2. Statement of compliance
These abridged 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 abridged 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 abridged financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
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. Goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. It is amortised on a straight-line basis over its useful life. Where a reliable estimate of the useful life of goodwill or intangible assets cannot be made, the life is presumed not to exceed ten years.
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:
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. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
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:
Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
Investments in associates
Investments in associates accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses. Investments in associates accounted for in accordance with the fair value model are initially recorded at the transaction price. At each reporting date, the investments are measured at fair value, with changes in fair value recognised in other comprehensive income/profit or loss. Where it is impracticable to measure fair value reliably without undue cost or effort, the cost model will be adopted. Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the associate arising before or after the date of acquisition.
Investments in joint ventures
Investments in jointly controlled entities accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses. Investments in jointly controlled entities accounted for in accordance with the fair value model are initially recorded at the transaction price. At each reporting date, the investments are measured at fair value, with changes in fair value recognised in other comprehensive income/profit or loss. Where it is impracticable to measure fair value reliably without undue cost or effort, the cost model will be adopted. Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the joint venture arising before or after the date of acquisition.
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 the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. 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.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the abridged statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
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 abridged statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 46 (2017: 46 ).
5. Profit before taxation
Profit before taxation is stated after charging:
2018
2017
£
£
Amortisation of intangible assets
3,000
3,000
Depreciation of tangible assets
40,023
34,401
--------
--------
6. Intangible assets
£
Cost
At 1 October 2017 and 30 September 2018
60,000
--------
Amortisation
At 1 October 2017
45,000
Charge for the year
3,000
--------
At 30 September 2018
48,000
--------
Carrying amount
At 30 September 2018
12,000
--------
At 30 September 2017
15,000
--------
7. Tangible assets
£
Cost
At 1 October 2017
579,687
Additions
28,434
---------
At 30 September 2018
608,121
---------
Depreciation
At 1 October 2017
379,194
Charge for the year
40,023
---------
At 30 September 2018
419,217
---------
Carrying amount
At 30 September 2018
188,904
---------
At 30 September 2017
200,493
---------
8. Investments
£
Cost
At 1 October 2017 and 30 September 2018
17,671
--------
Impairment
At 1 October 2017 and 30 September 2018
–
--------
Carrying amount
At 30 September 2018
17,671
--------
At 30 September 2017
17,671
--------