Real Vets Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: SC261307 (Scotland)

Unaudited Financial Statements

For The Year Ended 31st December 2018

for

Real Vets Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

Report of the Accountants

8

DIRECTORS:

R D Lees

A Mills

SECRETARY:

A Mills

REGISTERED OFFICE:

8 Douglas Street

Hamilton

Lanarkshire

ML3 0BP

REGISTERED NUMBER:

SC261307 (Scotland)

ACCOUNTANTS:

J.S. Mackie & Co Ltd

8 Douglas Street

Hamilton

Lanarkshire

ML3 0BP

FIXED ASSETS

Intangible assets

4

-

-

Tangible assets

5

133,622

141,234

133,622

141,234

CURRENT ASSETS

Stocks

38,687

36,876

Debtors

6

17,057

16,795

Cash at bank and in hand

24,158

995

79,902

54,666

CREDITORS

Amounts falling due within one year

7

(121,355

)

(110,923

)

NET CURRENT LIABILITIES

(41,453

)

(56,257

)

TOTAL ASSETS LESS CURRENT LIABILITIES

92,169

84,977

CREDITORS

Amounts falling due after more than one year

8

63,384

75,992

PROVISIONS FOR LIABILITIES

10

5,337

4,383

CAPITAL AND RESERVES

Called up share capital

12

12

Retained earnings

23,436

4,590

SHAREHOLDERS' FUNDS

23,448

4,602

92,169

84,977

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31st December 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.

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 1st May 2019 and were signed on its behalf by:

A Mills - Director

R D Lees - Director

1.	STATUTORY INFORMATION

Real Vets Limited is a private company, limited by shares , registered in Scotland. 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 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 recognised when the service has been provided. It represents net invoiced sales, excluding value

added tax.

Goodwill

Goodwill, being the amount paid in consideration with the aquisition of the business in 2004, was amortised

evenly over it's useful life of 10 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 or, if held under a finance lease, over the lease term, whichever is the shorter.

Land and buildings

-

2% on cost

Plant and machinery etc

-

33% on cost, 25% on reducing balance, 20% on reducing balance and 10% on cost

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 23 (2017 - 21 ) .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1st January 2018

and 31st December 2018

33,000

AMORTISATION

At 1st January 2018

and 31st December 2018

33,000

NET BOOK VALUE

At 31st December 2018

-

At 31st December 2017

-

5.	TANGIBLE FIXED ASSETS

Plant and

Land and

machinery

buildings

etc

Totals

£

£

£

COST

At 1st January 2018

112,309

199,814

312,123

Additions

-

2,037

2,037

At 31st December 2018

112,309

201,851

314,160

DEPRECIATION

At 1st January 2018

4,492

166,397

170,889

Charge for year

2,246

7,403

9,649

At 31st December 2018

6,738

173,800

180,538

NET BOOK VALUE

At 31st December 2018

105,571

28,051

133,622

At 31st December 2017

107,817

33,417

141,234

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

Plant and

machinery

etc

£

COST

At 1st January 2018

and 31st December 2018

32,383

DEPRECIATION

At 1st January 2018

16,928

Charge for year

3,355

At 31st December 2018

20,283

NET BOOK VALUE

At 31st December 2018

12,100

At 31st December 2017

15,455

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2018

2017

£

£

Trade debtors

6,516

8,814

Prepayments and accrued income

10,541

7,981

17,057

16,795

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2018

2017

£

£

Bank loans and overdrafts

8,200

8,986

Hire purchase contracts

7,037

9,685

Trade creditors

35,221

35,652

Tax

27,302

18,225

Social security and other taxes

5,659

5,491

VAT

30,780

25,005

Other creditors

2,688

1,582

Credit card

190

1,363

Accrued expenses

4,278

4,934

121,355

110,923

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2018

2017

£

£

Bank loans - 2-5 years

61,227

69,624

Hire purchase contracts

2,157

6,368

63,384

75,992

9.	SECURED DEBTS

There is a bond and floating charge held by the Bank of Scotland PLC for all sums due or to become due over

the business undertakings and all properties and assets, present and future, including uncalled capital.

10.	PROVISIONS FOR LIABILITIES

2018

2017

£

£

Deferred tax

5,337

4,383

Deferred

tax

£

Balance at 1st January 2018

4,383

Charge to Income Statement during year

954

Balance at 31st December 2018

5,337

11.	ULTIMATE CONTROLLING PARTY

The company is under the ultimate control of its directors by virtue of their shareholding in the ultimate parent

company. No individual director has a controlling interest in the business.

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 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 31st December 2018 set out on pages one to eight 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.

J.S. Mackie & Co Ltd

8 Douglas Street

Hamilton

Lanarkshire

ML3 0BP

1st May 2019