Martin Brookes Equine Dental Services Limited - Period Ending 2014-12-31

Registration number: 08137498

Martin Brookes Equine Dental Services Limited

Unaudited Abbreviated Accounts

for the Year Ended 31 December 2014
 

Landin Wilcock & Co
Chartered Accountants
68 Queen Street
Sheffield
S1 1WR

Martin Brookes Equine Dental Services Limited
Contents

Accountants' Report 1

Abbreviated Balance Sheet 2 to 3

Notes to the Abbreviated Accounts 4 to 6

The following reproduces the text of the accountants' report in respect of the company's annual financial statements, from which the abbreviated accounts (set out on pages 2 to 6) have been prepared.

Chartered Accountants' Report to the Director on the Preparation of the Unaudited Statutory Accounts of
Martin Brookes Equine Dental Services Limited
for the Year Ended 31 December 2014

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Martin Brookes Equine Dental Services Limited for the year ended 31 December 2014 set out on pages 4 to 14 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at icaew.com/membershandbook.

This report is made solely to the Board of Directors of Martin Brookes Equine Dental Services Limited, as a body, in accordance with the terms of our engagement letter . Our work has been undertaken solely to prepare for your approval the accounts of Martin Brookes Equine Dental Services Limited and state those matters that we have agreed to state to them, as a body, in this report in accordance with AAF 2/10 as detailed at icaew.com/compilation. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Martin Brookes Equine Dental Services Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Martin Brookes Equine Dental Services Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Martin Brookes Equine Dental Services Limited. You consider that Martin Brookes Equine Dental Services Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of Martin Brookes Equine Dental Services Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.

......................................

Landin Wilcock & Co
Chartered Accountants
68 Queen Street
Sheffield
S1 1WR

2 July 2015

Page 1

Martin Brookes Equine Dental Services Limited
(Registration number: 08137498)
Abbreviated Balance Sheet at 31 December 2014

		Note			31 December 2014 £			31 December 2013 £
Fixed assets
Intangible fixed assets		2			6,000			8,000
Tangible fixed assets		2			23,589			29,331
					29,589			37,331
Current assets
Stocks					3,000			3,000
Debtors					169			2,114
Cash at bank and in hand					50,638			32,148
					53,807			37,262
Creditors: Amounts falling due within one year		3			(42,042)			(42,931)
Net current assets/(liabilities)					11,765			(5,669)
Total assets less current liabilities					41,354			31,662
Provisions for liabilities					(4,114)			(5,129)
Net assets					37,240			26,533
Capital and reserves
Called up share capital		4			1			1
Profit and loss account					37,239			26,532
Shareholders' funds					37,240			26,533

For the year ending 31 December 2014 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 director acknowledges his 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 and in accordance with the Financial Reporting Standard for Smaller Entities (effective April 2008).

The notes on pages 4 to 6 form an integral part of these financial statements.
Page 2

Martin Brookes Equine Dental Services Limited
(Registration number: 08137498)
Abbreviated Balance Sheet at 31 December 2014
......... continued

Approved by the director on 20 June 2015

.........................................
Mr Martin George Brookes
Director

The notes on pages 4 to 6 form an integral part of these financial statements.
Page 3

Martin Brookes Equine Dental Services Limited
Notes to the Abbreviated Accounts for the Year Ended 31 December 2014
......... 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 services to customers for equine dentistry. Revenue is recognised in the accounting period in which the services are rendered.

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	Straight line over 5 years

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 and fittings	33% 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.

Page 4

Martin Brookes Equine Dental Services Limited
Notes to the Abbreviated Accounts for the Year Ended 31 December 2014
......... continued

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.

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.

Page 5

Martin Brookes Equine Dental Services Limited
Notes to the Abbreviated Accounts for the Year Ended 31 December 2014
......... continued

2	Fixed assets

		Intangible assets £			Tangible assets £			Total £
Cost
At 1 January 2014		10,000			39,469			49,469
Additions		-			3,098			3,098
At 31 December 2014		10,000			42,567			52,567
Depreciation
At 1 January 2014		2,000			10,138			12,138
Charge for the year		2,000			8,840			10,840
At 31 December 2014		4,000			18,978			22,978
Net book value
At 31 December 2014		6,000			23,589			29,589
At 31 December 2013		8,000			29,331			37,331

3

Creditors

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

		31 December 2014 £			31 December 2013 £
Amounts falling due within one year		354			4,004

4	Share capital

Allotted, called up and fully paid shares

	31 December 2014						31 December 2013
		No.			£			No.			£
Ordinary Shares of £1 each		1			1			1			1

Page 6