Ewell Veterinary Centre Ltd - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 10200189 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MAY 2020

FOR

EWELL VETERINARY CENTRE LTD

Page

Company Information

1

Report of the Accountants

2

Abridged Balance Sheet

3

Notes to the Financial Statements

5

DIRECTORS:

J R Ball

P Melville

REGISTERED OFFICE:

4 Langton Avenue

Ewell

Epsom

Surrey

KT17 1LD

REGISTERED NUMBER:

10200189 (England and Wales)

ACCOUNTANTS:

Accountancy Online Limited

6 Elsley Road

Tilehurst

Reading

RG31 6RN

TAX ADVISORS:

R S Porter & Co Limited

Albion Dockside Building

Hanover Place

Bristol

BS1 6UT

The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Abridged Income Statement and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies.

As described on the Balance Sheet you are responsible for the preparation of the financial statements for the year ended 31 May 2020 set out on pages four to twelve and you consider that the company is exempt from an audit.

In accordance with your instructions, we have compiled these unaudited financial statements in order to assist you to fulfil your statutory responsibilities, from the accounting records and information and explanations supplied to us.

Accountancy Online Limited

6 Elsley Road

Tilehurst

Reading

RG31 6RN

4 January 2021

FIXED ASSETS

Intangible assets

4

366,000

366,000

Tangible assets

5

579,768

527,025

945,768

893,025

CURRENT ASSETS

Stocks

17,793

27,914

Debtors

13,041

17,321

Cash at bank and in hand

127,343

150,273

158,177

195,508

CREDITORS

Amounts falling due within one year

(178,529

)

(157,923

)

NET CURRENT (LIABILITIES)/ASSETS

(20,352

)

37,585

TOTAL ASSETS LESS CURRENT LIABILITIES

925,416

930,610

CREDITORS

Amounts falling due after more than one year

6

(811,439

)

(852,558

)

PROVISIONS FOR LIABILITIES

9

(5,690

)

(3,648

)

NET ASSETS

108,287

74,404

CAPITAL AND RESERVES

Called up share capital

10

100

100

Retained earnings

11

108,187

74,304

SHAREHOLDERS' FUNDS

108,287

74,404

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 May 2020.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 May 2020 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.

All the members have consented to the preparation of an abridged Income Statement and an abridged Balance Sheet for the year ended 31 May 2020 in accordance with Section 444(2A) of the Companies Act 2006.

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 and authorised for issue on 4 January 2021 and were signed on its behalf by:

J R Ball - Director

1.	STATUTORY INFORMATION

Ewell Veterinary Centre Ltd 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.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Goodwill

As a departure from FRS 102 Section 19 the directors have not amortised goodwill in these financial statements.This treatment is adopted on the basis of the true and fair override concept in the preparation of financial statements. Veterinary businesses tend to increase in value over time and amortisation of goodwill would be in conflict with this underlying commercial reality.

The directors will carry out a regular impairment review to confirm whether the current value of goodwill is at

least equal to its carrying value. If not, the goodwill will be written down to the lower value determined in the

impairment review less residual value.

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 or, if held under a finance lease, over the lease term, whichever is the shorter.

Freehold property

-

in accordance with the property

Plant and machinery

-

25% on reducing balance

Fixtures and fittings

-

25% on reducing balance

Motor vehicles

-

25% on reducing balance

For the freehold property no depreciation charge has been made on the grounds that it would be immaterial because the estimated residual value is not considered to be materially different from the carrying value of the asset.

Stocks

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

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Hire purchase and leasing commitments

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 12 (2019 - 13 ) .

4.	INTANGIBLE FIXED ASSETS

Totals

£

COST

At 1 June 2019

and 31 May 2020

366,000

NET BOOK VALUE

At 31 May 2020

366,000

At 31 May 2019

366,000

5.	TANGIBLE FIXED ASSETS

Totals

£

COST

At 1 June 2019

542,446

Additions

59,576

At 31 May 2020

602,022

DEPRECIATION

At 1 June 2019

15,421

Charge for year

6,833

At 31 May 2020

22,254

NET BOOK VALUE

At 31 May 2020

579,768

At 31 May 2019

527,025

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Totals

£

COST

At 1 June 2019

14,000

Additions

12,126

At 31 May 2020

26,126

DEPRECIATION

At 1 June 2019

3,500

Charge for year

3,636

At 31 May 2020

7,136

NET BOOK VALUE

At 31 May 2020

18,990

At 31 May 2019

10,500

6.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN FIVE YEARS

2020

2019

£

£

Repayable by instalments

Bank loans more 5 yr by instal

35,474

71,858

7.

LOANS

An analysis of the maturity of loans is given below:

2020

2019

£

£

Amounts falling due within one year or on demand:

Bank loans

47,904

48,602

Amounts falling due between one and two years:

Bank loans - 1-2 years

95,808

94,765

Amounts falling due between two and five years:

Bank loans - 2-5 years

143,712

142,147

Amounts falling due in more than five years:

Repayable by instalments

Bank loans more 5 yr by instal

35,474

71,858

8.	SECURED DEBTS

The following secured debts are included within creditors:

2020

2019

£

£

Bank loans

322,898

357,372

Lloyds Bank PLC has a fixed and floating charge over the business.

9.	PROVISIONS FOR LIABILITIES

2020

2019

£

£

Deferred tax

5,690

3,648

Deferred

tax

£

Balance at 1 June 2019

3,648

Charge to Income Statement during year

2,042

Balance at 31 May 2020

5,690

10.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2020

2019

value:

£

£

100

Ordinary

£1

100

100

11.

RESERVES

Retained

earnings

£

At 1 June 2019

74,304

Profit for the year

33,883

At 31 May 2020

108,187

12.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

13.	RELATED PARTY DISCLOSURES

14.	ULTIMATE CONTROLLING PARTY

The company is under the control of Mr P Melville and Mr J R Ball who own the entire share capital.