Oak House Veterinary Centre Ltd - Period Ending 2019-07-31

Registration number: 05159295

Oak House Veterinary Centre Ltd

Annual Report and Unaudited Filleted Abridged Financial Statements

for the Year Ended 31 July 2019

Oak House Veterinary Centre Ltd

Contents

Abridged Balance Sheet	1 to 2
Notes to the Abridged Financial Statements	3 to 6

Oak House Veterinary Centre Ltd

(Registration number: 05159295)
Abridged Balance Sheet as at 31 July 2019

	Note	2019 £	2018 £
Fixed assets
Intangible assets	4	101,448	121,738
Tangible assets	5	258,239	509,871
		359,687	631,609
Current assets
Stocks		19,983	16,986
Debtors		16,572	34,384
Cash at bank and in hand		221,307	103,729
		257,862	155,099
Creditors: Amounts falling due within one year	6	(187,965)	(204,983)
Net current assets/(liabilities)		69,897	(49,884)
Total assets less current liabilities		429,584	581,725
Creditors: Amounts falling due after more than one year	7	(187,745)	(319,605)
Provisions for liabilities		(13,926)	(13,210)
Net assets		227,913	248,910
Capital and reserves
Called up share capital		100	100
Profit and loss account		227,813	248,810
Total equity		227,913	248,910

The notes on pages 3 to 6 form an integral part of these abridged financial statements.

Page 1

Oak House Veterinary Centre Ltd

(Registration number: 05159295)
Abridged Balance Sheet as at 31 July 2019

For the financial year ending 31 July 2019 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 year 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 Profit and Loss Account and an Abridged Balance Sheet in accordance with Section 444(2A) of the Companies Act 2006.

Approved and authorised by the Board on 6 December 2019 and signed on its behalf by:
 

Mr A Draper

Director

Ms CR Cullen

Director

The notes on pages 3 to 6 form an integral part of these abridged financial statements.

Page 2

Oak House Veterinary Centre Ltd

Notes to the Abridged Financial Statements for the Year Ended 31 July 2019

1	General information

The company is a private company limited by share capital incorporated in England.

The address of its registered office is:
333 Mapperley Plains
Nottingham
Nottinghamshire
NG3 5RG

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.

Going concern

The directors have considered the financial position of the company in view of the results in the year ended 31 July 2018.

The company's ability to continue trading is reliant on the directors, Mr A Draper and Ms CR Cullen continuing to support the company through their directors' loan account. The directors have agreed not to seek repayment of the amounts owed to them within 12 months of the date of the accounts where this would affect the company's ability to trade.

The directors have considered a period of 12 months from the date of approval of the financial statements and considers it appropriate to prepare the financial statements on the going concern basis.

Revenue recognition

Turnover represents the amounts, excluding value added tax, derived from the provision of goods and services to customers during the year.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the company. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

Page 3

Oak House Veterinary Centre Ltd

Notes to the Abridged Financial Statements for the Year Ended 31 July 2019

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
Freehold Property	2% Straight line
Short Leasehold Property	4% Straight line
Fixtures and Fittings	15% Reducing balance
Motor Vehicles	25% Reducing balance

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	5% 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 year, was 30 (2018 - 25).

4	Intangible assets

	Total £
Cost or valuation
At 1 August 2018	405,800
At 31 July 2019	405,800
Amortisation
At 1 August 2018	284,062
Amortisation charge	20,290
At 31 July 2019	304,352
Carrying amount
At 31 July 2019	101,448
At 31 July 2018	121,738

Page 4

Oak House Veterinary Centre Ltd

Notes to the Abridged Financial Statements for the Year Ended 31 July 2019

5	Tangible assets

	Total £
Cost or valuation
At 1 August 2018	750,458
Additions	18,435
Disposals	(250,843)
At 31 July 2019	518,050
Depreciation
At 1 August 2018	240,587
Charge for the year	24,168
Eliminated on disposal	(4,944)
At 31 July 2019	259,811
Carrying amount
At 31 July 2019	258,239
At 31 July 2018	509,871

6	Creditors: amounts falling due within one year

Creditors include bank loans and overdrafts and net obligations under finance lease and hire purchase contracts which are secured of £30,516 (2018 - £48,375).

7	Creditors: amounts falling due after more than one year

Creditors include bank loans and overdrafts and net obligations under finance lease and hire purchase contracts which are secured of £187,277 (2018 - £319,605).

Creditors include bank loans repayable by instalments of £75,682 (2018 - £170,674) due after more than five years.

8	Financial commitments, guarantees and contingencies

The total amount of financial commitments not included in the balance sheet is £16,154 (2018 - £-).

Page 5

Oak House Veterinary Centre Ltd

Notes to the Abridged Financial Statements for the Year Ended 31 July 2019

9	Related party transactions

Transactions with directors

2019	Advances to directors £	Repayments by director £	At 31 July 2019 £
Mr A Draper
Directors advances and credits - repayable on demand and interest charged at commercial rate.	16,398	(16,398)	-
Ms CR Cullen
Directors advances and credits - repayable on demand and interest charged at commercial rate.	16,397	(16,397)	-

2018	Advances to directors £	Repayments by director £	At 31 July 2018 £
Mr A Draper
Directors advances and credits - repayable on demand and interest charged at commercial rate.	15,503	(15,503)	-
Ms CR Cullen
Directors advances and credits - repayable on demand and interest charged at commercial rate.	15,503	(15,503)	-

Page 6