Palmer & Duncan Vets Limited - Period Ending 2018-09-03

Registration number: 09033367

Palmer & Duncan Vets Limited

Annual Report and Unaudited Filleted Abridged Financial Statements

for the Period from 1 June 2017 to 3 September 2018

Palmer & Duncan Vets Limited

Contents

Abridged Balance Sheet	1 to 2
Notes to the Abridged Financial Statements	3 to 5

Palmer & Duncan Vets Limited

(Registration number: 09033367)
Abridged Balance Sheet as at 3 September 2018

	Note	2018 £	2017 £
Fixed assets
Intangible assets	4	299,000	364,000
Tangible assets	5	99,831	107,002
		398,831	471,002
Current assets
Stocks		20,272	30,924
Debtors		35,695	54,181
Cash at bank and in hand		22,567	20,780
		78,534	105,885
Creditors: Amounts falling due within one year		(184,873)	(359,675)
Net current liabilities		(106,339)	(253,790)
Total assets less current liabilities		292,492	217,212
Creditors: Amounts falling due after more than one year		-	(6,814)
Provisions for liabilities		(4,699)	(4,717)
Net assets		287,793	205,681
Capital and reserves
Called up share capital		100	100
Profit and loss account		287,693	205,581
Total equity		287,793	205,681

The notes on pages 3 to 5 form an integral part of these abridged financial statements.

Page 1

Palmer & Duncan Vets Limited

(Registration number: 09033367)
Abridged Balance Sheet as at 3 September 2018

For the financial period ending 3 September 2018 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 directors acknowledge their 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.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

All of the company’s members have consented to the preparation of an Abridged Balance Sheet in accordance with Section 444(2A) of the Companies Act 2006.

Approved and authorised by the Board on 29 May 2019 and signed on its behalf by:
 

M Stanworth

Director

The notes on pages 3 to 5 form an integral part of these abridged financial statements.

Page 2

Palmer & Duncan Vets Limited

Notes to the Abridged Financial Statements for the Period from 1 June 2017 to 3 September 2018

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:
Leeman House
Station Business Park
Holgate Park Drive
York
North Yorkshire
YO26 4GB
England

2	Accounting policies

Statement of compliance

These abridged financial statements were 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 abridged 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.

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
Plant and machinery	25% Reducing balance
Fixtures and fittings	15% Reducing balance
Short leasehold improvements	5% Straight line

Goodwill

Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

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	10% 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 directors) during the period, was 18 (2017 - 17).

Page 3

Palmer & Duncan Vets Limited

Notes to the Abridged Financial Statements for the Period from 1 June 2017 to 3 September 2018

4	Intangible assets

	Total £
Cost or valuation
At 1 June 2017	520,000
At 3 September 2018	520,000
Amortisation
At 1 June 2017	156,000
Amortisation charge	65,000
At 3 September 2018	221,000
Carrying amount
At 3 September 2018	299,000
At 31 May 2017	364,000

5	Tangible assets

	Total £
Cost or valuation
At 1 June 2017	136,557
Additions	9,069
At 3 September 2018	145,626
Depreciation
At 1 June 2017	29,555
Charge for the year	16,240
At 3 September 2018	45,795
Carrying amount
At 3 September 2018	99,831
At 31 May 2017	107,002

6	Financial commitments, guarantees and contingencies

The total amount of financial commitments not included in the balance sheet is £121,182 (2017 - £79,574).

7	Parent and ultimate parent undertaking

At the balance sheet date, the company’s immediate controlling party was VetPartners Limited, whose ultimate controlling parent undertaking was VetPartners UK Holdings Ltd, registered in England and Wales.

VetPartners UK Holdings Ltd was controlled by funds managed by August Equity Partners Ill GP Limited, a company registered in Scotland which is considered to have no single controlling party.

Page 4

Palmer & Duncan Vets Limited

Notes to the Abridged Financial Statements for the Period from 1 June 2017 to 3 September 2018

8	Non adjusting events after the financial period

Since the balance sheet date, the Group has entered into a contract to dispose of its interest in VetPartners Group Limited and its subsidiaries, effectively comprising all the trading entities including VetPartners Limited and Palmer and Duncan Vets Limited to BC European Capital X a collection of Limited partnerships with no single controlling party.

Page 5