Rainbow Equine Hospital Limited Accounts

RAINBOW EQUINE HOSPITAL LIMITED - Company Information






Rainbow Equine Hospital Limited
	Company No. 08825966
		Information for Filing with The Registrar
		07 August 2018

The Directors present their report and the accounts for the period ended 7 August 2018.

Principal activities
The principal activity of the company during the period under review was Veterinary Surgeons.




Directors

The Directors who served at any time during the period were as follows:

J.D.C. Anderson			(Resigned 9 August 2018)
M.J. Brennan			(Resigned 9 August 2018)

I.V. Pritchard			(Resigned 9 August 2018)
J.B.C. Reed			(Resigned 9 August 2018)
D.I. Rendle			(Resigned 9 August 2018)





























































The following Directors were appointed after the accounting period

J. C. Malone			(Appointed 9 August 2018)
M. Stanworth			(Appointed 9 August 2018)
The above report has been prepared in accordance with the provisions applicable to companies subject to the small companies regime as set out in Part 15 of the Companies Act 2006.

Signed on behalf of the board

M. Stanworth
Director
14 June 2019

at	7 August 2018
Company No.		08825966	Notes	2018	2017
				£	£
Fixed assets

	Tangible assets		2	873,961	823,946

	Investments		3	50	50
				874,011	823,996
Current assets
	Stocks		4	146,975	43,500
	Debtors		5	969,869	895,933

	Cash at bank and in hand			1,343,627	1,300,816
				2,460,471	2,240,249
Creditors: Amount falling due within one year			6	(961,716)	(1,267,650)
Net current assets				1,498,755	972,599
Total assets less current liabilities				2,372,766	1,796,595

Provisions for liabilities
	Deferred taxation		7	(66,535)	(68,523)

Net assets				2,306,231	1,728,072

Capital and reserves
	Called up share capital			60	60



	Profit and loss account		8	2,306,171	1,728,012

Total equity				2,306,231	1,728,072


These accounts have been prepared in accordance with the special provisions applicable to companies subject to the small companies regime of the Companies Act 2006.
For the period ended 7 August 2018 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.

As permitted by section 444 (5A)of the Companies Act 2006 the directors have not delivered to the Registrar a copy of the company's profit and loss account.

Approved by the board on 14 June 2019
And signed on its behalf by:
M. Stanworth
Director

for the period ended 7 August 2018

Accounting policies

Basis of preparation

The accounts have been prepared in accordance with FRS 102 - The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard) and the Companies Act 2006 . There were no material departures from that standard.

The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets and in accordance with the accounting policies set out below.

Turnover

Turnover is measured at the fair value of the consideration received or receivable. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Revenue from the sale of goods is recognised when all the following conditions are satisfied:
• the Company has transferred to the buyer the significant risks and rewards of ownership of the
goods;
• the Company retains neither continuing managerial involvement to the degree usually associated
with ownership nor effective control over the goods sold;
• the amount of revenue can be measured reliably;
• it is probable that the economic benefits associated with the transaction will flow to the Company;
and
• the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Specifically, revenue from the sale of goods is recognised when goods are delivered and legal title is passed.

Taxation

Income tax expense represents the sum of the tax currently payable and deferred tax.

The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the profit and loss account because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The Company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.

Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable temporary differences. Deferred tax assets are generally recognised for all deductible timing differences to the extent that it is probable that taxable profits will be available against which those deductible temporary differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.

Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period.

Current or deferred tax for the year is recognised in profit or loss, except when they relate to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.

Tangible fixed assets and depreciation

Tangible fixed assets held for the company's own use are stated at cost less accumulated depreciation and accumulated impairment losses.

At each balance sheet date, the company reviews the carrying amount of its tangible fixed assets to determine whether there is any indication that any items have suffered an impairment loss. If any such indication exists, the recoverable amount of an asset is estimated in order to determine the extent of the impairment loss.

Depreciation is provided at the following annual rates in order to write off the cost or valuation less the estimated residual value of each asset over its estimated useful life:

Leasehold land and buildings

10% Reducing balance

Plant and machinery

20% Straight line

Motor vehicles

20% Straight line

Investments

Unlisted investments are recognised initially at fair value less attributable transaction costs. Subsequent to initial recognition, any changes in fair value are recognised in profit and loss.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Costs, which comprise direct production costs, are based on the method most appropriate to the type of inventory class, but usually on a first-in-first-out basis. Overheads are charged to profit or loss as incurred. Net realisable value is based on the estimated selling price less any estimated completion or selling costs.

When stocks are sold, the carrying amount of those stocks is recognised as an expense in the period in which the related revenue is recognised. The amount of any write-down of stocks to net realisable value and all losses of stocks are recognised as an expense in the period in which the write-down or loss occurs. The amount of any reversal of any write-down of stocks is recognised as a reduction in the amount of inventories recognised as an expense in the period in which the reversal occurs.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method, less impairment losses for bad and doubtful debts.

Trade and other creditors

Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Pensions

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further payments obligations. The contributions are recognised as expenses when they fall due. Amounts not paid are shown in accruals in the balance sheet. The assets of the plan are held separately from the company in independently administered funds.

Provisions

Provisions are made where an event has taken place that gives the Company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.
Provisions are charged as an expense to the profit and loss account in the year that the Company becomes aware of the obligation, and are measured at the best estimate at balance sheet date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.
When payments are eventually made, they are charged to the provision carried in the balance sheet.

2	Tangible fixed assets
			Land and buildings	Plant and machinery	Motor vehicles	Total
			£	£	£	£
		Cost or revaluation
		At 1 January 2018	451,451	1,002,320	31,237	1,485,008
		Additions	3,568	217,799	-	221,367



		At 7 August 2018	455,019	1,220,119	31,237	1,706,375
		Depreciation
		At 1 January 2018	114,843	529,532	16,687	661,062
		Charge for the year	20,503	147,083	3,766	171,352



		At 7 August 2018	135,346	676,615	20,453	832,414
		Net book values
		At 7 August 2018	319,673	543,504	10,784	873,961
		At 31 December 2017	336,608	472,788	14,550	823,946

3	Investments
			Investment in Subsidiaries	Total
			£	£
		Cost or valuation
		At 1 January 2018	50	50



		At 7 August 2018	50	50






		Net book values
		At 7 August 2018	50	50
		At 31 December 2017	50	50

4	Stocks
			2018	2017
			£	£
		Raw materials and consumables	146,975	43,500


			146,975	43,500

5	Debtors
			2018	2017
			£	£
		Trade debtors	843,695	868,980
		Amounts owed by group undertakings	-	10,000




		Other debtors	80,402	-
		Prepayments and accrued income	45,772	16,953
			969,869	895,933

6	Creditors:
		amounts falling due within one year
			2018	2017
			£	£




		Trade creditors	275,057	200,942

		Corporation tax	302,884	255,877
		Other taxes and social security	256,012	165,365
		Loans from directors	31,010	636,284

		Accruals and deferred income	96,753	9,182
			961,716	1,267,650

7	Provisions for liabilities
		Deferred taxation

			Accelerated Capital Allowances, Losses and Other Timing Differences	Total
			£	£
		At 1 January 2018	68,523	68,523
		Charge to the profit and loss account for the period	(1,988)	(1,988)

		At 7 August 2018	66,535	66,535



			2018	2017
			£	£
		Accelerated capital allowances	66,535	68,523



			66,535	68,523

Reserves

Profit and loss account - includes all current and prior period retained profits and losses.

9	Dividends
			2018	2017
			£	£
		Dividends for the period:
		Dividends paid in the period	-	440,000

			-	440,000

		Dividends by type:

		Equity dividends	-	440,000
			-	440,000

Related party disclosures

2018

2017

Transactions with related parties

Name of related party

Rainbow Equine Reproductive Services Limited

Description of relationship between the parties

Joint venture (now ceased)

Description of transaction and general amounts involved

Professional and management servcies provided

Amount due from/(to) the related party

10,000

Controlling parties

Immediate controlling parties

After the Balance Sheet date the Company was acquired by VetPartners Limited. The Group subsequently 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 Rainbow Equine Hospital Limited to BC European Capital X a collection of Limited partnerships with no single controlling party.

Additional information

Its registered number is:

08825966

Its registered office is:

Leeman House

Station Business Park

Holgate Park Drive, York

YO26 4GB