Ensbury Park Veterinary Practice Limited - Period Ending 2016-01-31

Registration number: 06730292

Ensbury Park Veterinary Practice Limited

Unaudited Abbreviated Accounts

for the Year Ended 31 January 2016
 

Ensbury Park Veterinary Practice Limited
Contents

Abbreviated Balance Sheet 1 to 2

Notes to the Abbreviated Accounts 3 to 5

Ensbury Park Veterinary Practice Limited
(Registration number: 06730292)
Abbreviated Balance Sheet at 31 January 2016

		Note			2016 £			2015 £
Fixed assets
Intangible fixed assets					96,941			129,255
Tangible fixed assets					34,823			40,443
					131,764			169,698
Current assets
Stocks					6,994			7,191
Debtors					12,671			10,031
Cash at bank and in hand					150,029			120,910
					169,694			138,132
Creditors: Amounts falling due within one year					(66,524)			(76,907)
Net current assets					103,170			61,225
Total assets less current liabilities					234,934			230,923
Creditors: Amounts falling due after more than one year					(214,027)			(222,628)
Provisions for liabilities					(6,362)			(7,354)
Net assets					14,545			941
Capital and reserves
Called up share capital		4			100			100
Profit and loss account					14,445			841
Shareholders' funds					14,545			941

For the year ending 31 January 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 .

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

Ensbury Park Veterinary Practice Limited
(Registration number: 06730292)
Abbreviated Balance Sheet at 31 January 2016
......... continued

Approved by the Board on 12 July 2016 and signed on its behalf by:

 P Griffiths
 Director

 S Griffiths
 Director

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

Ensbury Park Veterinary Practice Limited
Notes to the Abbreviated Accounts for the Year Ended 31 January 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.

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
Acquired goodwill	10% 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
Fixtures and equipment	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

Ensbury Park Veterinary Practice Limited
Notes to the Abbreviated Accounts for the Year Ended 31 January 2016
......... 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 February 2015		323,139			69,669			392,808
Additions		-			2,610			2,610
At 31 January 2016		323,139			72,279			395,418
Depreciation
At 1 February 2015		193,884			29,226			223,110
Charge for the year		32,314			8,230			40,544
At 31 January 2016		226,198			37,456			263,654
Net book value
At 31 January 2016		96,941			34,823			131,764
At 31 January 2015		129,255			40,443			169,698

Page 4

Ensbury Park Veterinary Practice Limited
Notes to the Abbreviated Accounts for the Year Ended 31 January 2016
......... continued

3

Creditors

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

		2016 £			2015 £
Amounts falling due within one year		13,300			17,935
Amounts falling due after more than one year		210,694			215,701
Total secured creditors		223,994			233,636

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

		2016 £			2015 £
After more than five years by instalments		157,494			143,958

4	Share capital

Allotted, called up and fully paid shares

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

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