Arun Veterinary Group Limited - Period Ending 2016-12-31

Registration number: 05649864

Arun Veterinary Group Limited

Unaudited Abbreviated Accounts

for the Year Ended 31 December 2015
 

Arun Veterinary Group Limited
Contents

Abbreviated Balance Sheet 1 to 2

Notes to the Abbreviated Accounts 3 to 5

Arun Veterinary Group Limited
(Registration number: 05649864)
Abbreviated Balance Sheet at 31 December 2015

		Note			2015 £			2014 £
Fixed assets
Intangible fixed assets					84,178			92,596
Tangible fixed assets					1,084,924			1,079,437
					1,169,102			1,172,033
Current assets
Stocks					38,105			35,593
Debtors					30,945			31,239
Cash at bank and in hand					187,622			76,203
					256,672			143,035
Creditors: Amounts falling due within one year					(238,713)			(208,648)
Net current assets/(liabilities)					17,959			(65,613)
Total assets less current liabilities					1,187,061			1,106,420
Creditors: Amounts falling due after more than one year					(978,175)			(1,042,663)
Provisions for liabilities					(23,933)			(12,239)
Net assets					184,953			51,518
Capital and reserves
Called up share capital		4			590			590
Capital redemption reserve					370			370
Profit and loss account					183,993			50,558
Shareholders' funds					184,953			51,518

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

Arun Veterinary Group Limited
(Registration number: 05649864)
Abbreviated Balance Sheet at 31 December 2015
......... continued

For the year ending 31 December 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 9 September 2016 and signed on its behalf by:

 Mr M Gittings
 Director

 Mrs S Gittings
 Director

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

Arun Veterinary Group Limited
Notes to the Abbreviated Accounts for the Year Ended 31 December 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 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
Net goodwill	5% on cost

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 property	5% on cost
Motor vehicles	25% on cost
Fixtures, fittings, tools and equipment	20% - 25% on cost

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

Arun Veterinary Group Limited
Notes to the Abbreviated Accounts for the Year Ended 31 December 2015
......... continued

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 January 2015		168,358			1,314,665			1,483,023
Additions		-			78,934			78,934
At 31 December 2015		168,358			1,393,599			1,561,957
Depreciation
At 1 January 2015		75,762			235,228			310,990
Charge for the year		8,418			73,447			81,865
At 31 December 2015		84,180			308,675			392,855
Net book value
At 31 December 2015		84,178			1,084,924			1,169,102
At 31 December 2014		92,596			1,079,437			1,172,033

Page 4

Arun Veterinary Group Limited
Notes to the Abbreviated Accounts for the Year Ended 31 December 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		41,700			35,000
Amounts falling due after more than one year		978,175			1,042,663
Total secured creditors		1,019,875			1,077,663

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

		2015 £			2014 £
After more than five years by instalments		803,621			879,496

4	Share capital

Allotted, called up and fully paid shares

	2015						2014
		No.			£			No.			£
Ordinary A shares of £1 each		160			160			160			160
Ordinary B shares of £1 each		160			160			160			160
Ordinary C shares of £1 each		160			160			160			160
Ordinary D shares of £1 each		110			110			110			110
		590			590			590			590

Page 5