Mounts Bay Veterinary Centre Limited - Period Ending 2016-03-31

Registration number: 07068300

Mounts Bay Veterinary Centre Limited

Unaudited Abbreviated Accounts

for the Year Ended 31 March 2016
 

Mounts Bay Veterinary Centre Limited
Contents

Abbreviated Balance Sheet 1

Notes to the Abbreviated Accounts 2 to 3

Mounts Bay Veterinary Centre Limited
(Registration number: 07068300)
Abbreviated Balance Sheet at 31 March 2016

		Note			2016 £			2015 £
Fixed assets
Tangible fixed assets					33,780			41,969
Current assets
Stocks					36,578			57,248
Debtors					30,093			30,705
Cash at bank and in hand					166,306			114,665
					232,977			202,618
Creditors: Amounts falling due within one year					(156,424)			(157,639)
Net current assets					76,553			44,979
Total assets less current liabilities					110,333			86,948
Provisions for liabilities					(3,092)			(4,113)
Net assets					107,241			82,835
Capital and reserves
Called up share capital		3			100			100
Profit and loss account					107,141			82,735
Shareholders' funds					107,241			82,835

For the year ending 31 March 2016 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 and in accordance with the Financial Reporting Standard for Smaller Entities (effective January 2015).

Approved by the Board on 16 June 2016 and signed on its behalf by:

.........................................
Dr Anna-Marie White
Director

The notes on pages 2 to 3 form an integral part of these financial statements.
Page 1

Mounts Bay Veterinary Centre Limited
Notes to the Abbreviated Accounts for the Year Ended 31 March 2016
......... 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 January 2015).

Turnover

Turnover represents amounts chargeable, net of value added tax, in respect of the sale of goods and services to customers.

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
Improvement of Leasehold property	Straight line over 12yr lease
Plant and machinery	20% p.a Straight line
Office equipment	20% p.a Straight line
Fixtures and fittings	20% p.a Straight line

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.

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 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 2

Mounts Bay Veterinary Centre Limited
Notes to the Abbreviated Accounts for the Year Ended 31 March 2016
......... continued

2	Fixed assets

		Tangible assets £			Total £
Cost
At 1 April 2015		107,718			107,718
Additions		895			895
At 31 March 2016		108,613			108,613
Depreciation
At 1 April 2015		65,749			65,749
Charge for the year		9,084			9,084
At 31 March 2016		74,833			74,833
Net book value
At 31 March 2016		33,780			33,780
At 31 March 2015		41,969			41,969

3	Share capital

Allotted, called up and fully paid shares

	2016						2015
		No.			£			No.			£
Ordinary shares of £1 each		100			100			100			100

Page 3