Petcare Veterinary Practice Limited - Period Ending 2013-11-30

Registration number: 04879448

Petcare Veterinary Practice Limited

Unaudited Abbreviated Accounts

for the Year Ended 30 November 2013
 

Petcare Veterinary Practice Limited
Contents

Abbreviated Balance Sheet 1 to 2

Notes to the Abbreviated Accounts 3 to 5

Petcare Veterinary Practice Limited
(Registration number: 04879448)
Abbreviated Balance Sheet at 30 November 2013

		Note			2013 £			2012 £
Fixed assets
Intangible fixed assets					229,996			265,496
Tangible fixed assets					442,460			445,068
					672,456			710,564
Current assets
Stocks					20,234			19,788
Debtors					36,317			123,858
Cash at bank and in hand					113,354			41,792
					169,905			185,438
Creditors: Amounts falling due within one year					(133,844)			(119,738)
Net current assets					36,061			65,700
Total assets less current liabilities					708,517			776,264
Creditors: Amounts falling due after more than one year					(685,496)			(732,742)
Provisions for liabilities					(11,239)			(9,905)
Net assets					11,782			33,617
Capital and reserves
Called up share capital		4			100			100
Profit and loss account					11,682			33,517
Shareholders' funds					11,782			33,617

For the year ending 30 November 2013 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.

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

These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime .

Approved by the Board on 28 August 2014 and signed on its behalf by:

S Mangabhai
 Director

The notes on pages 3 to 5 form an integral part of these financial statements.
Page 1

Petcare Veterinary Practice Limited
(Registration number: 04879448)
Abbreviated Balance Sheet at 30 November 2013
......... continued

M Mangabhai
 Director

The notes on pages 3 to 5 form an integral part of these financial statements.
Page 2

Petcare Veterinary Practice Limited
Notes to the Abbreviated Accounts for the Year Ended 30 November 2013
......... continued

1	Accounting policies

Basis of preparation

The full financial statements, from which these abbreviated accounts have been extracted, have been prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (Effective April 2008).

Turnover

Turnover represents amounts chargeable, net of value added tax, in respect of the sale of goods and services to customers.

Goodwill

Positive goodwill is capitalised, classified as an asset on the balance sheet and amortised on a straight line basis over its useful economic life. It is reviewed for impairment at the end of the first full financial year following the acquisition and in other periods if events or changes in circumstances indicate that the carrying value may not be recoverable.

Amortisation

Amortisation is provided on intangible fixed assets so as to write off the cost, less any estimated residual value, over their expected useful economic life as follows:

Asset class	Amortisation method and rate
Goodwill	10% straight line

Depreciation

Depreciation is provided on tangible fixed assets so as to write off the cost or valuation, less any estimated residual value, over their expected useful economic life as follows:

Asset class	Depreciation method and rate
Fixtures & fittings	15% reducing balance
Motor vehicles	25% reducing balance

Stock

Stock is valued at the lower of cost and net realisable value, after due regard for obsolete and slow moving stocks. Net realisable value is based on selling price less anticipated costs to completion and selling costs.

Deferred tax

Deferred tax is recognised, without discounting, in respect of all timing differences between the treatment of certain items for taxation and accounting purposes, which have arisen but not reversed by the balance sheet date, except as required by the FRSSE. Deferred tax is measured at the rates that are expected to apply in the periods when the timing differences are expected to reverse, based on the tax rates and law enacted at the balance sheet date.

Hire purchase and leasing

Rentals payable under operating leases are charged in the profit and loss account on a straight line basis over the lease term.

Page 3

Petcare Veterinary Practice Limited
Notes to the Abbreviated Accounts for the Year Ended 30 November 2013
......... continued

Assets held under finance leases, which are leases where substantially all the risks and rewards of ownership of the asset have passed to the company, are capitalised in the balance sheet as tangible fixed assets and are depreciated over the shorter of the lease term and their useful lives. The capital elements of future obligations under the leases are included as liabilities in the balance sheet. The interest element of the rental obligation is charged to the profit and loss account over the period of the lease and represents a constant proportion of the balance of capital repayments outstanding. Assets held under hire purchase agreements are capitalised as tangible fixed assets and are depreciated over the shorter of the lease term and their useful lives. The capital element of future finance payments is included within creditors. Finance charges are allocated to accounting periods over the length of the contract and represent a constant proportion of the balance of capital repayments outstanding.

Financial instruments

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Where shares are issued, any component that creates a financial liability of the company is presented as a liability in the balance sheet. The corresponding dividends relating to the liability component are charged as interest expense in the profit and loss account.

2	Fixed assets

		Intangible assets £			Tangible assets £			Total £
Cost
At 1 December 2012		354,996			508,450			863,446
Additions		-			16,568			16,568
At 30 November 2013		354,996			525,018			880,014
Depreciation
At 1 December 2012		89,500			63,382			152,882
Charge for the year		35,500			19,176			54,676
At 30 November 2013		125,000			82,558			207,558
Net book value
At 30 November 2013		229,996			442,460			672,456
At 30 November 2012		265,496			445,068			710,564

3

Creditors

Creditors includes the following liabilities, on which security has been given by the company:

		2013 £			2012 £
Amounts falling due within one year		47,023			47,023
Amounts falling due after more than one year		685,566			732,742
Total secured creditors		732,589			779,765

Page 4

Petcare Veterinary Practice Limited
Notes to the Abbreviated Accounts for the Year Ended 30 November 2013
......... continued

Included in the creditors are the following amounts due after more than five years:

		2013 £			2012 £
After more than five years by instalments		516,025			557,288

4	Share capital

Allotted, called up and fully paid shares

	2013						2012
		No.			£			No.			£
Ordinary shares of £1 each		100			100			100			100

5	Related party transactions

Directors' advances and credits

	2013 Advance/ Credit £	2013 Repaid £	2012 Advance/ Credit £	2012 Repaid £
M Mangabhai
Loan advance received. Partially repaid by rent charged by the directors and dividends received. No interest charged on advance. No specific terms for repayment.	10,100	10,100	14,876	14,876
S Mangabhai
Loan advance received. Partially repaid by rent charged by the directors and dividends received. No interest charged on advance. No specific terms for repayment.	10,100	10,100	14,877	14,877

Page 5