Vetronic Services Limited - Period Ending 2014-12-31

 
 
 
 
 
 
 
  Vetronic Services Limited
 
  Unaudited Abbreviated Accounts
  Year Ended 31 December 2014
 
  Company Registration Number: 04694235

Vetronic Services Limited
Contents

Abbreviated Balance Sheet 1 to 2

Notes to the Abbreviated Accounts 3 to 4

Vetronic Services Limited
Abbreviated Balance Sheet
31 December 2014

		Note			2014 £			2013 £
Fixed assets
Intangible fixed assets		2			12,640			14,220
Tangible fixed assets		2			2,045			4,311
					14,685			18,531
Current assets
Stocks					81,492			86,925
Debtors					18,620			38,123
Cash at bank and in hand					58,382			62,054
					158,494			187,102
Creditors: Amounts falling due within one year					(53,481)			(127,673)
Net current assets					105,013			59,429
Net assets					119,698			77,960
Capital and reserves
Called up share capital		3			120			120
Profit and loss account					119,578			77,840
Shareholders' funds					119,698			77,960

The notes on pages 3 to 4 form an integral part of these financial statements.
Page 1

Vetronic Services Limited
Abbreviated Balance Sheet
31 December 2014 ......... continued

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 .

Approved by the director on 10 July 2015

K A Simpson
Director

Company Registration Number: 04694235

The notes on pages 3 to 4 form an integral part of these financial statements.
Page 2

Vetronic Services Limited
Notes to the Abbreviated Accounts
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 the fair value of consideration receivable, excluding Value Added Tax, in the ordinary course of business for goods and services provided.

Goodwill

Positive purchased goodwill arising on the aquisitions is capitalised, classified as an asset on the balance sheet and amortised over its useful economic life. Where a reliable estimate of the useful life of goodwill or intangible assets cannot be made, the life is presumed not to exceed 5 years. Useful economic lives are reviewed at the end of each reporting period and revised if necessary, subject to the constraint that the revised life shall not exceed 20 years from the date of aquisition. The carrying amount at the date of revision is depreciated over the revised estimate of remaining useful economic life.

Amortisation

Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful economic life of that asset.

Intellectual property is capitalised, classified as an asset in the balance sheet and amoritsed over its estimated useful life.

Asset class	Amortisation method and rate
Goodwill	20 years straight line
Intellectual Property	5 years straight line

Depreciation

Depreciation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful economic life of that asset,

Asset class	Depreciation method and rate
Leasehold Property Improvements	over the term of the lease
Fixtures, fittings and equipment	25% reducing balance/ 33% straight line
Motor Vehicles	25% straight line

Stock

Stock is valued at the lower of cost and net realisable value, after due regard for obsolete and slow moving stocks.

Foreign currency

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.

Page 3

Vetronic Services Limited
Notes to the Abbreviated Accounts
Year Ended 31 December 2014 ......... continued

Hire purchase and leasing

Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged against profits on a straight line basis over the period of the lease.

Assets help under hire purchase agreements are capitalised and disclosed under tangible fixed assets at their fair value. The capital element of the future payments is treated as a liability and the interest is charged to the profit and loss account on a straight line basis.

2	Fixed assets

		Intangible assets £			Tangible assets £			Total £
Cost
At 1 January 2014		31,600			35,479			67,079
Additions		-			151			151
At 31 December 2014		31,600			35,630			67,230
Depreciation
At 1 January 2014		17,380			31,168			48,548
Charge for the year		1,580			2,417			3,997
At 31 December 2014		18,960			33,585			52,545
Net book value
At 31 December 2014		12,640			2,045			14,685
At 31 December 2013		14,220			4,311			18,531

3	Share capital

Allotted, called up and fully paid shares

	2014						2013
		No.			£			No.			£
Ordinary 'A' shares of £1 each		100			100			100			100
Ordinary 'B' shares of £1 each		10			10			10			10
Ordinary 'C' shares of £1 each		10			10			10			10
		120			120			120			120

Page 4