Calweton Veterinary Services Limited Filleted accounts for Companies House (small and micro)

CALWETON VETERINARY SERVICES LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 04540277

Calweton Veterinary Services Limited

Filleted Unaudited Financial Statements

20 June 2019

Calweton Veterinary Services Limited

Statement of Financial Position

20 June 2019

	20 Jun 19	30 Sep 18
Note	£	£

Fixed assets

Intangible assets	5	9,831	12,000
Tangible assets	6	180,749	188,904
Investments	7	17,672	17,671
		---------	---------
		208,252	218,575

Current assets

Stocks		95,839	89,479
Debtors	8	313,411	297,514
Cash at bank and in hand		174,444	73,727
		---------	---------
		583,694	460,720

Creditors: amounts falling due within one year	9	489,315	418,982
		---------	---------
Net current assets		94,379	41,738
		---------	---------
Total assets less current liabilities		302,631	260,313

Creditors: amounts falling due after more than one year	10	1,167	12,145

Provisions	22,978	24,650
	---------	---------
Net assets	278,486	223,518
	---------	---------

Capital and reserves

Called up share capital	1,200	1,200
Profit and loss account	277,286	222,318
	---------	---------
Shareholders funds	278,486	223,518
	---------	---------

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.

For the period ending 20 June 2019 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

- The members have not required the company to obtain an audit of its financial statements for the period in question in accordance with section 476 ;

- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .

Calweton Veterinary Services Limited

Statement of Financial Position (continued)

20 June 2019

These financial statements were approved by the board of directors and authorised for issue on 12 June 2020 , and are signed on behalf of the board by:

M Stanworth

Director

Company registration number: 04540277

Calweton Veterinary Services Limited

Notes to the Financial Statements

Period from 1 October 2018 to 20 June 2019

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Leeman House, Station Business Park, Holgate Park Drive, York, YO26 4GB.

2. Statement of compliance

These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

Income tax

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.

Operating leases

Lease income is recognised in profit or loss on a straight line basis over the lease term. The aggregate cost of lease incentives are recognised as a reduction to income over the lease term on a straight-line basis. Costs, including depreciation, incurred in earning the lease income are recognised as an expense. Any initial direct costs incurred in negotiating and arranging the operating lease are added to the carrying amount of the lease and recognised as an expense over the lease term on the same basis as the lease income.

Goodwill

Goodwill arises on business acquisitions and represents the excess of the cost of the acquisition over the company's interest in the net amount of the identifiable assets, liabilities and contingent liabilities of the acquired business. Goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. It is amortised on a straight-line basis over its useful life. Where a reliable estimate of the useful life of goodwill or intangible assets cannot be made, the life is presumed not to exceed ten years.

Amortisation

Goodwill 5% straight line

If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful life of that asset as follows: Leasehold Property - Over the term of the lease Hydrotherapy Pool - 25% straight line Fixtures & Fittings - 20% straight line Motor Vehicles - 20% straight line Surgical Equipment - 20% straight line Office Equipment - 33.3% straight line

Investments

Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.

Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.

Investments in associates

Investments in associates accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses. Investments in associates accounted for in accordance with the fair value model are initially recorded at the transaction price. At each reporting date, the investments are measured at fair value, with changes in fair value recognised in other comprehensive income/profit or loss. Where it is impracticable to measure fair value reliably without undue cost or effort, the cost model will be adopted. Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the associate arising before or after the date of acquisition.

Investments in joint ventures

Investments in jointly controlled entities accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses. Investments in jointly controlled entities accounted for in accordance with the fair value model are initially recorded at the transaction price. At each reporting date, the investments are measured at fair value, with changes in fair value recognised in other comprehensive income/profit or loss. Where it is impracticable to measure fair value reliably without undue cost or effort, the cost model will be adopted. Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the joint venture arising before or after the date of acquisition.

Impairment of fixed assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.

Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.

Finance leases and hire purchase contracts

Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.

Provisions

Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.

Financial instruments

A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.

Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.

4. Employee numbers

The average number of persons employed by the company during the period amounted to 46 (2018: 47 ).

5. Intangible assets

	Goodwill
	£
Cost
At 1 October 2018 and 20 June 2019	60,000
	--------
Amortisation
At 1 October 2018	48,000
Charge for the period	2,169
	--------
At 20 June 2019	50,169
	--------
Carrying amount
At 20 June 2019	9,831
	--------
At 30 September 2018	12,000
	--------

6. Tangible assets

	Long leasehold property	Plant and machinery	Total
	£	£	£
Cost
At 1 October 2018	252,038	356,083	608,121
Additions	25,036	–	25,036
	---------	---------	---------
At 20 June 2019	277,074	356,083	633,157
	---------	---------	---------
Depreciation
At 1 October 2018	140,551	278,666	419,217
Charge for the period	17,088	16,103	33,191
	---------	---------	---------
At 20 June 2019	157,639	294,769	452,408
	---------	---------	---------
Carrying amount
At 20 June 2019	119,435	61,314	180,749
	---------	---------	---------
At 30 September 2018	111,487	77,417	188,904
	---------	---------	---------

7. Investments

	Other loans
	£
Cost
At 1 October 2018	17,671
Additions	1
	--------
At 20 June 2019	17,672
	--------
Impairment
At 1 October 2018 and 20 June 2019	–
	--------

Carrying amount
At 20 June 2019	17,672
	--------
At 30 September 2018	17,671
	--------

8. Debtors

	20 Jun 19	30 Sep 18
	£	£
Trade debtors	221,976	215,481
Other debtors	91,435	82,033
	---------	---------
	313,411	297,514
	---------	---------

9. Creditors: amounts falling due within one year

	20 Jun 19	30 Sep 18
	£	£
Trade creditors	207,953	150,419
Corporation tax	90,341	52,739
Social security and other taxes	91,115	98,289
Directors' Current Accounts	2,544	80
Bank Overdraft	–	74,613
Other creditors	97,362	42,842
	---------	---------
	489,315	418,982
	---------	---------

10. Creditors: amounts falling due after more than one year

	20 Jun 19	30 Sep 18
	£	£
Other creditors	1,167	12,145
	-------	--------

11. Financial instruments at fair value

Financial assets measured at fair value through profit or loss

2019 2018

Unlisted investments 17,672 17,671

12. Leasing agreements

Leasing Agreements

Minimum lease payments fall due as follows:

Hire Purchase Contracts

2019 2018

Net obligations repayable

Within one year 15,917 23,141

Between two and five years 1,167 12,145

Non cancellable

operating leases

2019 2018

Annual net obligations

repayable:

Between two and five years 67,360 67,360

13. Related party transactions

During the year the company entered into the following transactions with related parties:

Transaction Value

2019 2018

SC Gough & CM Luckhurst 50,520 67,360

14. Controlling party

At the balance sheet date, the company's immediate controlling party was VetPartners Limited, whose ultimate controlling parent undertaking was BC European Capital X, a collection of Limited Partnerships with no single controlling entity.