Cinque Ports Veterinary Group Limited - Period Ending 2016-06-30

Registration number: 08454782

Cinque Ports Veterinary Group Limited

Unaudited Abbreviated Accounts

for the Year Ended 30 June 2016
 

Cinque Ports Veterinary Group Limited
Contents

Abbreviated Balance Sheet 1 to 2

Notes to the Abbreviated Accounts 3 to 4

Cinque Ports Veterinary Group Limited
(Registration number: 08454782)
Abbreviated Balance Sheet at 30 June 2016

		Note			2016 £			2015 £
Fixed assets
Intangible fixed assets					1,729,318			1,831,043
Tangible fixed assets					150,100			123,791
					1,879,418			1,954,834
Current assets
Stocks					95,788			83,773
Debtors					93,581			100,536
Cash at bank and in hand					414,340			305,897
					603,709			490,206
Creditors: Amounts falling due within one year					(961,978)			(912,482)
Net current liabilities					(358,269)			(422,276)
Total assets less current liabilities					1,521,149			1,532,558
Creditors: Amounts falling due after more than one year					(405,015)			(749,406)
Provisions for liabilities					(21,511)			(16,760)
Net assets					1,094,623			766,392
Capital and reserves
Called up share capital		3			100			100
Profit and loss account					1,094,523			766,292
Shareholders' funds					1,094,623			766,392

The notes on pages 3 to 4 form an integral part of these financial statements.
Page 1

Cinque Ports Veterinary Group Limited
(Registration number: 08454782)
Abbreviated Balance Sheet at 30 June 2016
......... continued

For the year ending 30 June 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 .

Approved by the Board on 11 October 2016 and signed on its behalf by:

 R Williams
 Director

 S Marsh
 Director

 D McDonald
 Director

 H Newitt
 Director

The notes on pages 3 to 4 form an integral part of these financial statements.
Page 2

Cinque Ports Veterinary Group Limited
Notes to the Abbreviated Accounts for the Year Ended 30 June 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).

Going concern

The directors have considered the financial position of the company in view of the results in the year ended 30 June 2016.

The company's ability to continue trading is reliant on the directors continuing to support the company through their directors' loan accounts. All directors have agreed not to seek repayment of the amounts owed to them within 12 months of the date of the accounts where this would affect the company's ability to trade.

The directors have considered a period of 12 months from the date of approval of the financial statement and consider it appropriate to prepare the financial statements on the going concern basis.

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
Land and buildings	5% straight line
Fixtures and fittings	20% straight line
Computer equipment	25% 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.

Page 3

Cinque Ports Veterinary Group Limited
Notes to the Abbreviated Accounts for the Year Ended 30 June 2016
......... continued

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.

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.

2	Fixed assets

		Intangible assets £			Tangible assets £			Total £
Cost
At 1 July 2015		2,034,493			165,084			2,199,577
Additions		-			67,059			67,059
At 30 June 2016		2,034,493			232,143			2,266,636
Depreciation
At 1 July 2015		203,450			41,293			244,743
Charge for the year		101,725			40,750			142,475
At 30 June 2016		305,175			82,043			387,218
Net book value
At 30 June 2016		1,729,318			150,100			1,879,418
At 30 June 2015		1,831,043			123,791			1,954,834

3	Share capital

Allotted, called up and fully paid shares

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

Page 4