Hillcrest Animal Health Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 04553053 (England and Wales)

Unaudited Financial Statements for the Year Ended 31st August 2019

for

HILLCREST ANIMAL HEALTH LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

Mrs C Shaw

Mr C Manning

SECRETARY:

Mrs C Shaw

REGISTERED OFFICE:

41 St Thomas's Road

Chorley

Lancashire

PR7 1JE

REGISTERED NUMBER:

04553053 (England and Wales)

ACCOUNTANTS:

Abrams Ashton - Chorley

Chartered Certified Accountants

41 St Thomas's Road

Chorley

Lancashire

PR7 1JE

FIXED ASSETS

Intangible assets

4

52,063

68,504

Tangible assets

5

489,195

609,351

541,258

677,855

CURRENT ASSETS

Stocks

107,392

125,856

Debtors

6

47,465

28,007

Cash at bank and in hand

19,616

40,869

174,473

194,732

CREDITORS

Amounts falling due within one year

7

251,469

265,281

NET CURRENT LIABILITIES

(76,996

)

(70,549

)

TOTAL ASSETS LESS CURRENT LIABILITIES

464,262

607,306

CREDITORS

Amounts falling due after more than one year

8

(38,426

)

(65,337

)

PROVISIONS FOR LIABILITIES

(4,954

)

(3,063

)

NET ASSETS

420,882

538,906

CAPITAL AND RESERVES

Called up share capital

12

2

2

Revaluation reserve

13

(116,960

)

-

Retained earnings

537,840

538,904

SHAREHOLDERS' FUNDS

420,882

538,906

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31st August 2019.

The members have not required the company to obtain an audit of its financial statements for the year ended 31st August 2019 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 applicable to companies subject to the small companies regime.

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 17th January 2020 and were signed on its behalf by:

Mrs C Shaw - Director

Mr C Manning - Director

1.	STATUTORY INFORMATION

Hillcrest Animal Health Limited is a private company, limited by shares , registered in England and Wales. 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 as modified by the revaluation of certain assets.

Revenue recognition

Revenue is measured at the fair value of the consideration received or receivable and represents amounts

received for services rendered and goods sold, stated net of discounts and of Value Added Tax.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2002, is being amortised evenly over its estimated useful life of twenty 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.

Improvements to property

-

20% on reducing balance

Plant and machinery

-

20% on reducing balance

Motor vehicles

-

25% on reducing balance

No depreciation is provided on the company's freehold properties. The directors consider that to depreciate them

would not give a true and fair view. Depreciation is only one of the many elements reflected in the annual

valuation of properties and accordingly the amount of depreciation which might otherwise have been charged

cannot be separately identified or quantified. The directors consider that this policy results in the financial

statements giving a true and fair view.

Impairment of assets

At each reporting date fixed assets are reviewed to determine whether there is any indication that those assets

have suffered an impairment loss. If there is an indication of possible impairment, the recoverable amount of any

affected asset is estimated and compared with its carrying amount. If estimated recoverable amount is lower, the

carrying amount is reduced to its estimated recoverable amount, and an impairment loss is recognised

immediately in profit or loss.

If an impairment loss subsequently reverses, the carry amount of the asset is increased to the revised estimate of

its recoverable amount, but not in excess of the amount that would have been determined had no impairment loss

been recognised for the asset in prior years. A reversal of an impairment loss is recognised immediately in profit

or loss.

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow

moving items.

Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12

‘Other Financial Instruments’ of FRS 102 to all its financial instruments.

Financial instruments are recognised in the company’s balance sheet when the company becomes party to the

contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there

is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or

to realise the asset and settle the liability simultaneously.

Hire purchase and leasing commitments

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.

Cash and cash equivalents

Cash and cash equivalents includes cash in hand, deposits held with banks, and bank overdrafts. Bank

overdrafts, when applicable, are shown within borrowings in current liabilities

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 43 (2018 - 40 ) .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1st September 2018

and 31st August 2019

328,816

AMORTISATION

At 1st September 2018

260,312

Amortisation for year

16,441

At 31st August 2019

276,753

NET BOOK VALUE

At 31st August 2019

52,063

At 31st August 2018

68,504

5.	TANGIBLE FIXED ASSETS

Improvements

Freehold

to

Plant and

Motor

property

property

machinery

vehicles

Totals

£

£

£

£

£

COST OR VALUATION

At 1st September 2018

576,960

16,540

164,994

9,848

768,342

Additions

-

-

3,616

-

3,616

Revaluations

(116,960

)

-

-

-

(116,960

)

At 31st August 2019

460,000

16,540

168,610

9,848

654,998

DEPRECIATION

At 1st September 2018

-

4,080

145,298

9,613

158,991

Charge for year

-

2,492

4,261

59

6,812

At 31st August 2019

-

6,572

149,559

9,672

165,803

NET BOOK VALUE

At 31st August 2019

460,000

9,968

19,051

176

489,195

At 31st August 2018

576,960

12,460

19,696

235

609,351

Cost or valuation at 31st August 2019 is represented by:

Improvements

Freehold

to

Plant and

Motor

property

property

machinery

vehicles

Totals

£

£

£

£

£

Valuation in 2018

(116,960

)

-

-

-

(116,960

)

Cost

576,960

16,540

168,610

9,848

771,958

460,000

16,540

168,610

9,848

654,998

If the property at Water Street, had not been revalued it would have been included at the following historical

cost:

31.8.19

31.8.18

£

£

Cost

579,960

579,960

Freehold land and buildings were valued on an open market basis on 2nd July 2018 by Peter Gilkes .

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.8.19

31.8.18

£

£

Trade debtors

33,843

15,166

Prepayments

13,622

12,841

47,465

28,007

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.8.19

31.8.18

£

£

Bank loans and overdrafts (see note 9)

34,994

22,088

Trade creditors

66,862

63,262

Tax

18,713

20,912

Social security and other taxes

81,100

85,915

Other creditors

3,638

3,684

Directors' current accounts

8,737

35,951

Accrued expenses

37,425

33,469

251,469

265,281

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.8.19

31.8.18

£

£

Bank loans (see note 9)

38,426

15,337

Directors' loan accounts

-

50,000

38,426

65,337

9.

LOANS

An analysis of the maturity of loans is given below:

31.8.19

31.8.18

£

£

Amounts falling due within one year or on demand:

Bank loans

34,994

22,088

Amounts falling due between one and two years:

Bank loans - 1-2 years

38,426

15,337

10.	LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:

31.8.19

31.8.18

£

£

Within one year

37,200

37,450

Between one and five years

23,750

60,950

60,950

98,400

11.	SECURED DEBTS

The following secured debts are included within creditors:

31.8.19

31.8.18

£

£

Bank loans

73,420

37,425

The company's bank borrowings are secured by a debenture on the company's assets, dated 4 November 2002,

and by a legal mortgage over the company premises dated 1 November 2002.

12.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.8.19

31.8.18

value:

£

£

2

Ordinary

£1

2

2

13.

RESERVES

Revaluation

reserve

£

Revaluation

(116,960

)

At 31st August 2019

(116,960

)

14.	RELATED PARTY DISCLOSURES

As at 31st August 2019, the company owed to its directors £8,737 (2018: £85,591). No Interest has been

charged to the company in respect of this loan and there is no formal repayment date for this loan.