Drake Vets Limited - Period Ending 2016-05-31

Registration number: 06877248

Drake Vets Limited

Unaudited Abbreviated Accounts

for the Year Ended 31 May 2015
 

Drake Vets Limited
Contents

Abbreviated Balance Sheet 1 to 2

Notes to the Abbreviated Accounts 3 to 4

Drake Vets Limited
(Registration number: 06877248)
Abbreviated Balance Sheet at 31 May 2015

		Note			2015 £			2014 £
Fixed assets
Intangible fixed assets					210,000			225,000
Tangible fixed assets					71,214			82,065
					281,214			307,065
Current assets
Stocks					28,581			22,865
Debtors					21,442			27,795
Cash at bank and in hand					173,082			101,896
					223,105			152,556
Creditors: Amounts falling due within one year					(141,909)			(138,304)
Net current assets					81,196			14,252
Total assets less current liabilities					362,410			321,317
Creditors: Amounts falling due after more than one year					(207,534)			(248,973)
Provisions for liabilities					(8,783)			(11,128)
Net assets					146,093			61,216
Capital and reserves
Called up share capital		3			150			150
Profit and loss account					145,943			61,066
Shareholders' funds					146,093			61,216

For the year ending 31 May 2015 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.

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

Drake Vets Limited
(Registration number: 06877248)
Abbreviated Balance Sheet at 31 May 2015
......... continued

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

Approved by the Board on 24 February 2016 and signed on its behalf by:

.........................................
Mr P D MacKellar
Director

.........................................
Mrs K Tyrrell
Director

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

Drake Vets Limited
Notes to the Abbreviated Accounts for the Year Ended 31 May 2015
......... 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	5% straightline

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
Plant and machinery	25% straightline
Office equipment	25% straightline
Fixtures and fittings	20% reducing balance
Leasehold improvements	Over term of lease

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

Drake Vets Limited
Notes to the Abbreviated Accounts for the Year Ended 31 May 2015
......... continued

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.

Pensions

The company operates a defined contribution pension scheme. Contributions are recognised in the profit and loss account in the period in which they become payable in accordance with the rules of the scheme.

2	Fixed assets

		Intangible assets £			Tangible assets £			Total £
Cost
At 1 June 2014		300,000			201,917			501,917
Additions		-			13,642			13,642
At 31 May 2015		300,000			215,559			515,559
Depreciation
At 1 June 2014		75,000			119,852			194,852
Charge for the year		15,000			24,493			39,493
At 31 May 2015		90,000			144,345			234,345
Net book value
At 31 May 2015		210,000			71,214			281,214
At 31 May 2014		225,000			82,065			307,065

3	Share capital

Allotted, called up and fully paid shares

	2015						2014
		No.			£			No.			£
A Ordinary shares of £1 each		60			60			60			60
B Ordinary shares of £1 each		30			30			30			30
C Ordinary shares of £1 each		30			30			30			30
D Ordinary shares of £1 each		30			30			30			30
		150			150			150			150

Page 4