Westmorland Veterinary Services Ltd - Period Ending 2016-06-30

Registration number: 06191194

Westmorland Veterinary Services Ltd

Unaudited Abbreviated Accounts

for the Year Ended 30 June 2015
 

Westmorland Veterinary Services Ltd
Contents

Abbreviated Balance Sheet 1 to 2

Notes to the Abbreviated Accounts 3 to 6

Westmorland Veterinary Services Ltd
(Registration number: 06191194)
Abbreviated Balance Sheet at 30 June 2015

		Note			2015 £			2014 £
Fixed assets
Intangible fixed assets					387,174			419,438
Tangible fixed assets					918,517			521,289
Investments					10,000			10,000
					1,315,691			950,727
Current assets
Stocks					144,081			126,367
Debtors					273,849			244,559
Cash at bank and in hand					300,280			180,371
					718,210			551,297
Creditors: Amounts falling due within one year					(505,417)			(445,581)
Net current assets					212,793			105,716
Total assets less current liabilities					1,528,484			1,056,443
Creditors: Amounts falling due after more than one year					(721,751)			(384,928)
Provisions for liabilities					(25,376)			(24,147)
Net assets					781,357			647,368
Capital and reserves
Called up share capital		4			1,200			1,200
Profit and loss account					780,157			646,168
Shareholders' funds					781,357			647,368

The notes on pages 3 to 6 form an integral part of these financial statements.
Page 1

Westmorland Veterinary Services Ltd
(Registration number: 06191194)
Abbreviated Balance Sheet at 30 June 2015
......... continued

For the year ending 30 June 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 .

Approved by the Board on 22 March 2016 and signed on its behalf by:

 Mr B Sapsford
 Director

 Mr J G Winnard
 Director

 Mr R J Knight
 Director

 Mrs J A King
 Director

The notes on pages 3 to 6 form an integral part of these financial statements.
Page 2

Westmorland Veterinary Services Ltd
Notes to the Abbreviated Accounts for the Year Ended 30 June 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	20 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
Freehold buildings	2% on cost
Leasehold property	Over the period of the lease
Motor vehicles	25% on cost
Plant and machinery	15% on cost
Computer equipment	25% on cost

Fixed asset investments

Fixed asset investments are stated at historical cost less provision for any diminution in value.

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

Westmorland Veterinary Services Ltd
Notes to the Abbreviated Accounts for the Year Ended 30 June 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 £			Investments £			Total £
Cost
At 1 July 2014		613,022			854,505			10,000			1,477,527
Additions		-			480,725			-			480,725
Disposals		-			(27,825)			-			(27,825)
At 30 June 2015		613,022			1,307,405			10,000			1,930,427
Depreciation
At 1 July 2014		193,584			333,216			-			526,800
Charge for the year		32,264			83,498			-			115,762
Eliminated on disposals		-			(27,826)			-			(27,826)
At 30 June 2015		225,848			388,888			-			614,736
Net book value
At 30 June 2015		387,174			918,517			10,000			1,315,691
At 30 June 2014		419,438			521,289			10,000			950,727

Page 4

Westmorland Veterinary Services Ltd
Notes to the Abbreviated Accounts for the Year Ended 30 June 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		61,700			33,000
Amounts falling due after more than one year		721,751			384,928
Total secured creditors		783,451			417,928

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

		2015 £			2014 £
After more than five years by instalments		515,198			252,000

4	Share capital

Allotted, called up and fully paid shares

	2015						2014
		No.			£			No.			£
Ordinary A Shares of £1 each		159			159			159			159
Ordinary B Shares of £1 each		120			120			120			120
Ordinary C Shares of £1 each		120			120			120			120
Ordinary D Shares of £1 each		120			120			120			120
Ordinary E Shares of £1 each		120			120			120			120
Ordinary F Shares of £1 each		120			120			120			120
Ordinary G Shares of £1 each		123			123			123			123
Ordinary H Shares of £1 each		159			159			159			159
Ordinary I Shares of £1 each		159			159			159			159
		1,200			1,200			1,200			1,200

Page 5

Westmorland Veterinary Services Ltd
Notes to the Abbreviated Accounts for the Year Ended 30 June 2015
......... continued

5	Related party transactions

Directors' advances and credits

	2015 Advance/ Credit £	2015 Repaid £	2014 Advance/ Credit £	2014 Repaid £
Mrs J A King
Loan advances received. Repaid by rent charged by the director and dividends received. No interest charged on advance. No specific terms for repayment.	82,110	82,209	14,772	14,772
Mr R J Knight
Loan advances received. Partially repaid by rent charged by the director and dividends received. No interest charged on advance. No specific terms for repayment.	123,761	129,833	46,717	44,221
Mr J G Winnard
Loan advances received. Repaid by rent charged by the director and dividends received. No interest charged on advance. No specific terms for repayment.	91,779	95,417	33,446	33,380
Mr B Sapsford
Loan advances received. Repaid by rent charged by the director and dividends received. Interest charged on advances at 4%. No specific terms for repayment.	125,746	132,890	56,090	53,814

Page 6