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

REGISTERED NUMBER: 05392263 (England and Wales)

Unaudited Financial Statements

for the Year Ended 30 April 2020

for

Witten Lodge Veterinary Centre Ltd

Page

Company Information

1

Abridged Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

Mr H E Hartley

Mr G T Cross

REGISTERED OFFICE:

69 High Street

Bideford

Devon

EX39 2AT

REGISTERED NUMBER:

05392263 (England and Wales)

ACCOUNTANTS:

R T Marke & Co Ltd

Chartered Accountants

69 High Street

Bideford

Devon

EX39 2AT

FIXED ASSETS

Intangible assets

5

30,000

36,000

Tangible assets

6

238,787

255,862

268,787

291,862

CURRENT ASSETS

Stocks

35,500

33,426

Debtors

93,761

119,607

Cash at bank and in hand

355,244

210,921

484,505

363,954

CREDITORS

Amounts falling due within one year

239,767

232,630

NET CURRENT ASSETS

244,738

131,324

TOTAL ASSETS LESS CURRENT LIABILITIES

513,525

423,186

CREDITORS

Amounts falling due after more than one year

(129,910

)

(148,606

)

PROVISIONS FOR LIABILITIES

(15,630

)

(17,451

)

NET ASSETS

367,985

257,129

CAPITAL AND RESERVES

Called up share capital

9

100

100

Retained earnings

367,885

257,029

SHAREHOLDERS' FUNDS

367,985

257,129

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.

All the members have consented to the preparation of an abridged Balance Sheet for the year ended 30 April 2020 in accordance with Section 444(2A) of the Companies Act 2006.

In accordance with Section 444 of the Companies Act 2006, the Statement of Comprehensive Income has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 16 March 2021 and were signed on its behalf by:

Mr G T Cross - Director

Mr H E Hartley - Director

1.	STATUTORY INFORMATION

Witten Lodge 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.

The presentation currency of the financial statements is the Pound Sterling (£).

2.	STATEMENT OF COMPLIANCE

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. There were no material departures from that standard.

3.	ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements have been prepared under the historical cost convention.

The principal accounting policies adopted in the preparation of the financial statements are set out below and remain unchanged from the previous period, and also have been consistently applied within the same accounts.

The consequences of the COVID-19 pandemic and the measures taken to control its spread have materially and adversely affected the company's operations. The impact of the pandemic, as well as the effectiveness of government and central bank responses, remain unclear at this time. It is not possible to reliably estimate the duration and severity of these consequences, as well as their impact on the financial position and results of the company for future periods. The directors are optimistic that necessary measures can be taken to ensure the viability of the company and so they have continued to adopt the going concern basis of accounting.

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

Goodwill representing the excess of the purchase price over the fair value of the net assets of undertakings acquired is capitalised in the balance sheet and is amortised by equal annual instalments over the expected useful economic lives of between 5 and 20 years.

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

-

2% straight line and nil on land

Improvements to property

-

33% straight line and 5% straight line

Fixtures and fittings

-

20% straight line

Motor vehicles

-

20% straight line

Tangible fixed assets are stated at cost (or deemed cost) or valuation less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended by management.

Government grants

Government grants in respect of revenue items are credited to the profit and loss account when they are receivable.

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

Basic financial instruments with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in administrative expenses. Loans and borrowings are initially recognised at the transaction price including transaction costs.

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.

Going concern

Having regard to the company's anticipated future revenues and costs including repayment of debt where appropriate, together with the expected availability of working capital, the directors consider that it is appropriate to prepare the financial statements on the going concern basis.

4.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 23 (2019 - 22 ) .

5.	INTANGIBLE FIXED ASSETS

Totals

£

COST

At 1 May 2019

and 30 April 2020

195,000

AMORTISATION

At 1 May 2019

159,000

Amortisation for year

6,000

At 30 April 2020

165,000

NET BOOK VALUE

At 30 April 2020

30,000

At 30 April 2019

36,000

6.	TANGIBLE FIXED ASSETS

Totals

£

COST

At 1 May 2019

367,290

Additions

449

Disposals

(832

)

At 30 April 2020

366,907

DEPRECIATION

At 1 May 2019

111,428

Charge for year

17,190

Eliminated on disposal

(498

)

At 30 April 2020

128,120

NET BOOK VALUE

At 30 April 2020

238,787

At 30 April 2019

255,862

Included in cost of land and buildings is freehold land of £ 34,074 (2019 - £ 34,074 ) which is not depreciated.

7.	LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Finance leases

2020

2019

£

£

Net obligations repayable:

Within one year

4,199

4,199

Between one and five years

7,349

11,548

11,548

15,747

Non-cancellable

operating leases

2020

2019

£

£

Within one year

48,876

48,736

Between one and five years

30,734

79,611

79,610

128,347

8.	SECURED DEBTS

The following secured debts are included within creditors:

2020

2019

£

£

Bank loans

138,375

152,872

Finance leases

11,548

15,747

149,923

168,619

Bank loans are secured by fixed and floating charges over the company's assets.

The hire purchase and finance lease contracts are secured over the assets to which they relate.

9.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2020

2019

value:

£

£

100

Ordinary shares

£1

100

100

10.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

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

2020

2019

£

£

Mr H E Hartley

Balance outstanding at start of year

-

81

Amounts advanced

-

1,633

Amounts repaid

-

(1,714

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

-

-

Mr G T Cross

Balance outstanding at start of year

-

1,344

Amounts advanced

313

1,637

Amounts repaid

(96

)

(2,981

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

217

-

The maximum overdrawn balances during the year was £313.

The loans were interest free and had no fixed date for repayment.