Oak House Veterinary Centre Ltd - Period Ending 2016-07-31

Registration number: 05159295

Oak House Veterinary Centre Ltd

Unaudited Abbreviated Accounts

for the Year Ended 31 July 2015
 

Oak House Veterinary Centre Ltd
Contents

Abbreviated Balance Sheet 1 to 2

Notes to the Abbreviated Accounts 3 to 5

Oak House Veterinary Centre Ltd
(Registration number: 05159295)
Abbreviated Balance Sheet at 31 July 2015

		Note			2015 £			2014 £
Fixed assets
Intangible fixed assets					182,608			202,900
Tangible fixed assets					573,576			607,744
					756,184			810,644
Current assets
Stocks					15,777			27,700
Debtors					19,500			53,216
Cash at bank and in hand					123,715			48,010
					158,992			128,926
Creditors: Amounts falling due within one year					(176,254)			(159,555)
Net current liabilities					(17,262)			(30,629)
Total assets less current liabilities					738,922			780,015
Creditors: Amounts falling due after more than one year					(480,438)			(541,475)
Provisions for liabilities					(16,687)			-
Net assets					241,797			238,540
Capital and reserves
Called up share capital		4			100			100
Profit and loss account					241,697			238,440
Shareholders' funds					241,797			238,540

For the year ending 31 July 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.

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

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

Oak House Veterinary Centre Ltd
(Registration number: 05159295)
Abbreviated Balance Sheet at 31 July 2015
......... continued

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

 Mr A Draper
 Director

 Ms CR Cullen
 Director

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

Oak House Veterinary Centre Ltd
Notes to the Abbreviated Accounts for the Year Ended 31 July 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).

Going concern

The financial statements have been prepared on a going concern basis. The company's working capital requirements for the period of 12 months from the balance sheet date have been considered and there are sufficient external funds available to meet the company's requirements.

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% 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
Leasehold property improvements	4% straight line
Fixtures and 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.

Page 3

Oak House Veterinary Centre Ltd
Notes to the Abbreviated Accounts for the Year Ended 31 July 2015
......... continued

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.

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 August 2014		405,800			763,034			1,168,834
Additions		-			476			476
Disposals		-			(4,506)			(4,506)
At 31 July 2015		405,800			759,004			1,164,804
Depreciation
At 1 August 2014		202,900			155,290			358,190
Charge for the year		20,292			30,138			50,430
At 31 July 2015		223,192			185,428			408,620
Net book value
At 31 July 2015		182,608			573,576			756,184
At 31 July 2014		202,900			607,744			810,644

Page 4

Oak House Veterinary Centre Ltd
Notes to the Abbreviated Accounts for the Year Ended 31 July 2015
......... continued

3

Creditors

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

		2015 £			2014 £
Amounts falling due within one year		60,688			59,716
Amounts falling due after more than one year		480,438			541,475
Total secured creditors		541,126			601,191

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

		2015 £			2014 £
After more than five years by instalments		260,868			309,269

4	Share capital

Allotted, called up and fully paid shares

	2015						2014
		No.			£			No.			£
Ordinary shares of £1 each		100			100			100			100

Page 5