Meadows Veterinary Centre Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: SC377868 (Scotland)

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 APRIL 2020

FOR

MEADOWS VETERINARY CENTRE LIMITED

Page

Company Information

1

Balance Sheet

2

to

3

Notes to the Financial Statements

4

to

7

DIRECTORS:

Mr R J Mathers

Mr J G Fowlie

A Pirie

Mr A M Mertin

Mr E Jamieson

REGISTERED OFFICE:

51-53 High Street

Turriff

Aberdeenshire

AB53 4EJ

REGISTERED NUMBER:

SC377868 (Scotland)

ACCOUNTANTS:

Bain Henry Reid

28 Broad Street

Peterhead

Aberdeenshire

AB42 1BY

BANKERS:

Clydesdale Bank Plc

Oldmeldrum Branch

26 West High Street

Inverurie

Aberdeenshire

AB51 3SL

FIXED ASSETS

Intangible assets

3

-

-

Tangible assets

4

693,185

705,319

693,185

705,319

CURRENT ASSETS

Stocks

214,312

274,515

Debtors

5

549,274

535,109

Cash at bank and in hand

514,364

474,632

1,277,950

1,284,256

CREDITORS

Amounts falling due within one year

6

709,717

698,988

NET CURRENT ASSETS

568,233

585,268

TOTAL ASSETS LESS CURRENT LIABILITIES

1,261,418

1,290,587

PROVISIONS FOR LIABILITIES

23,250

25,555

NET ASSETS

1,238,168

1,265,032

CAPITAL AND RESERVES

Called up share capital

2,850

3,000

Retained earnings

7

1,235,318

1,262,032

SHAREHOLDERS' FUNDS

1,238,168

1,265,032

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 April 2020.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 April 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.

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 31 January 2021 and were signed on its behalf by:

A Pirie - Director

Mr J G Fowlie - Director

1.	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 comprises the fair value of the sale of goods and services, net of value-added tax, rebates and discounts.

Turnover is recognised as follows:

Sale of goods

sales of goods are recognised when the company has delivered products to the customer, the customer has accepted the products, and collectability of the related receivables is fairly issued.

In respect of products sold with a right of return, accumulated experience is used to estimate and provide such returns at the time of sale.

Sale of services

Service revenues are recognised as those services are provided to customers.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2010, is being amortised evenly over its useful life of 5 years. Impairment of intangible assets is only reviewed where circumstances indicate that the carrying value of an asset may not be fully recoverable.

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.

Plant and machinery etc

-

25% on reducing balance, 20% on reducing balance and 15% on reducing balance

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

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.

2.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 32 (2019 - 30 ) .

3.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 May 2019

and 30 April 2020

186,285

AMORTISATION

At 1 May 2019

and 30 April 2020

186,285

NET BOOK VALUE

At 30 April 2020

-

At 30 April 2019

-

4.	TANGIBLE FIXED ASSETS

Plant and

Land and

machinery

buildings

etc

Totals

£

£

£

COST

At 1 May 2019

574,953

294,042

868,995

Additions

-

19,965

19,965

Disposals

-

(720

)

(720

)

At 30 April 2020

574,953

313,287

888,240

DEPRECIATION

At 1 May 2019

-

163,676

163,676

Charge for year

-

31,799

31,799

Eliminated on disposal

-

(420

)

(420

)

At 30 April 2020

-

195,055

195,055

NET BOOK VALUE

At 30 April 2020

574,953

118,232

693,185

At 30 April 2019

574,953

130,366

705,319

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2020

2019

£

£

Trade debtors

508,266

494,625

Other debtors

800

800

Directors' loan accounts

20,343

22,313

Taxation

8,105

8,105

Prepayments and accrued income

11,760

9,266

549,274

535,109

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2020

2019

£

£

Trade creditors

479,856

480,952

Taxation

136,844

130,921

Social security and other taxes

9,974

10,160

VAT

74,552

67,713

Other creditors

243

-

Directors' loan accounts

2,598

3,592

Accruals

5,650

5,650

709,717

698,988

7.

RESERVES

Retained

earnings

£

At 1 May 2019

1,262,032

Profit for the year

568,136

Dividends

(470,000

)

Purchase of own shares

(125,000

)

Cash share issue

150

At 30 April 2020

1,235,318

8.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits from directors subsisted during the years ended 30 April 2020 and 30 April 2019:

2020

2019

£

£

Mr J G Fowlie

Balance outstanding at start of year

2,598

2,598

Amounts repaid

-

-

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

2,598

2,598

Mr R J Mathers

Balance outstanding at start of year

993

993

Amounts repaid

(993

)

-

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

-

993

Mr A M Mertin

Balance outstanding at start of year

22,313

24,938

Amounts advanced

437

641

Amounts repaid

(2,405

)

(3,266

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

20,345

22,313

9.	POST BALANCE SHEET EVENTS

The COVID-19 pandemic has developed rapidly in 2020. Measures taken by the government to contain the virus have affected economic activity. Due to government measures taken work undertaken during the period from March 2020 to November 2020 has been subject to restrictions. As a result of this it is anticipated that expected turnover for the year ended 30 April 2021 will be reduced.The company has taken advantage of the available government assistance to reduce the financial impact incurred. As a result the company does not consider this to affect it's ability to continue as a going concern.

10.	ULTIMATE CONTROLLING PARTY

The controlling parties are Mr J G Fowlie and Mr E Jamieson.