Griffin Veterinary Services Limited Filleted accounts for Companies House (small and micro)
Griffin Veterinary Services Limited Filleted accounts for Companies House (small and micro)
COMPANY REGISTRATION NUMBER:
5386648
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Financial Statements |
Year ended 31 March 2020
Contents |
Pages |
Statement of financial position |
1 to 2 |
Notes to the financial statements |
3 to 7 |
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Statement of Financial Position |
2020 |
2019 |
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Note |
£ |
£ |
Fixed assets
Tangible assets |
6 |
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Current assets
Debtors |
7 |
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Cash at bank and in hand |
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------- |
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Creditors: amounts falling due within one year |
8 |
(
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(
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Net current assets/(liabilities) |
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(
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-------- |
-------- |
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Total assets less current liabilities |
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Provisions
Taxation including deferred tax |
9 |
(
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(
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Net assets |
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Capital and reserves
Called up share capital |
11 |
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Profit and loss account |
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Shareholders funds |
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In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
Directors' responsibilities:
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The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476
;
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The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements
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Statement of Financial Position (continued) |
These financial statements were approved by the
board of directors
and authorised for issue on
6 October 2020
, and are signed on behalf of the board by:
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Director |
Company registration number:
5386648
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Notes to the Financial Statements |
Year ended 31 March 2020
1.
General information
The company is a private company limited by shares, registered in United Kingdom. The address of the registered office is Talgarreg, Graig, Burry Port, Dyfed, SA16 0DG.
2.
Statement of compliance
3.
Accounting policies
Basis of preparation
Going concern
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Revenue recognition
Taxation
Tangible assets
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:
Property Improvements |
- |
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Plant & Machinery |
- |
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Fixtures & Fittings |
- |
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Motor Vehicles |
- |
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Office Equipment |
- |
25% reducing balance |
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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.
Provisions
Financial instruments
A financial asset or a financial liability is recognised only when the entity 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.
4.
Employee numbers
The average number of persons employed by the company during the year amounted to
2
(2019:
2
).
5.
Tax on profit
Major components of tax expense
2020 |
2019 |
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£ |
£ |
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Current tax:
UK current tax expense |
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Deferred tax:
Origination and reversal of timing differences |
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(
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Tax on profit |
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------- |
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6.
Tangible assets
Property Improvements |
Plant & Machinery |
Fixtures & Fittings |
Motor Vehicles |
Office Equipment |
Total |
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£ |
£ |
£ |
£ |
£ |
£ |
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Cost |
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At 1 Apr 2019 |
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– |
8,033 |
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Additions |
– |
– |
– |
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2,498 |
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At 31 Mar 2020 |
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10,531 |
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Depreciation |
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At 1 Apr 2019 |
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– |
5,232 |
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Charge for the year |
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1,325 |
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-------- |
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At 31 Mar 2020 |
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6,557 |
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Carrying amount |
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At 31 Mar 2020 |
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3,974 |
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At 31 Mar 2019 |
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– |
2,801 |
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7.
Debtors
2020 |
2019 |
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£ |
£ |
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Trade debtors |
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Other debtors |
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Other debtors include an amount of £nil (2019 - £nil) falling due after more than one year.
8.
Creditors:
amounts falling due within one year
2020 |
2019 |
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£ |
£ |
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Trade creditors |
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Corporation tax |
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Social security and other taxes |
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Director loan accounts |
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Other creditors |
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9.
Provisions
Deferred tax (note 10) |
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£ |
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At 1 April 2019 |
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Additions |
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------- |
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At 31 March 2020 |
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------- |
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10.
Deferred tax
The deferred tax included in the statement of financial position is as follows:
2020 |
2019 |
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£ |
£ |
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Included in provisions (note 9) |
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------- |
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The deferred tax account consists of the tax effect of timing differences in respect of:
2020 |
2019 |
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£ |
£ |
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Accelerated capital allowances |
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------- |
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11.
Called up share capital
Issued, called up and fully paid
2020 |
2019 |
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No. |
£ |
No. |
£ |
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1 |
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1 |
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12.
Related party transactions
The company was under the control of
Mr BW Griffin
and Mrs A Griffin throughout the current and previous year. Mr BW Griffin
and Mrs A Griffin are the managing directors and hold 100% of the company's issued ordinary share capital. During the year the company paid dividends of £19,000 (2019 - £39,100) to Mr BW Griffin
and Mrs A Griffin.