Abbey Veterinary Centres Limited - Period Ending 2016-09-30

Registration number: 06481044

Abbey Veterinary Centres Limited

Unaudited Abbreviated Accounts

for the Year Ended 29 February 2016
 

Abbey Veterinary Centres Limited
Contents

Abbreviated Balance Sheet 1 to 2

Notes to the Abbreviated Accounts 3 to 5

Abbey Veterinary Centres Limited
(Registration number: 06481044)
Abbreviated Balance Sheet at 29 February 2016

		Note			2016 £			2015 £
Fixed assets
Intangible fixed assets					105,661			140,881
Tangible fixed assets					813,336			693,710
					918,997			834,591
Current assets
Stocks					100,675			81,222
Debtors					300,547			257,102
Cash at bank and in hand					442,037			200,138
					843,259			538,462
Creditors: Amounts falling due within one year					(362,528)			(267,472)
Net current assets					480,731			270,990
Total assets less current liabilities					1,399,728			1,105,581
Creditors: Amounts falling due after more than one year					(388,877)			(430,330)
Provisions for liabilities					(66,852)			(62,733)
Net assets					943,999			612,518
Capital and reserves
Called up share capital		4			100			100
Share premium account					165,750			165,750
Profit and loss account					778,149			446,668
Shareholders' funds					943,999			612,518

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

Abbey Veterinary Centres Limited
(Registration number: 06481044)
Abbreviated Balance Sheet at 29 February 2016
......... continued

For the year ending 29 February 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 28 October 2016 and signed on its behalf by:

 Mr B Hynes
 Director

 Mr RJ Fisher
 Director

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

Abbey Veterinary Centres Limited
Notes to the Abbreviated Accounts for the Year Ended 29 February 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
Goodwill	Straight line over 5 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 land and buildings	2% straight line
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.

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

Abbey Veterinary Centres Limited
Notes to the Abbreviated Accounts for the Year Ended 29 February 2016
......... continued

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 March 2015		230,726			828,025			1,058,751
Additions		-			165,761			165,761
At 29 February 2016		230,726			993,786			1,224,512
Depreciation
At 1 March 2015		89,845			134,315			224,160
Charge for the year		35,220			46,135			81,355
At 29 February 2016		125,065			180,450			305,515
Net book value
At 29 February 2016		105,661			813,336			918,997
At 28 February 2015		140,881			693,710			834,591

3

Creditors

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

		2016 £			2015 £
Amounts falling due within one year		41,500			41,616
Amounts falling due after more than one year		388,877			430,330
Total secured creditors		430,377			471,946

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

		2016 £			2015 £
After more than five years by instalments		222,877			263,866

Page 4

Abbey Veterinary Centres Limited
Notes to the Abbreviated Accounts for the Year Ended 29 February 2016
......... continued

4	Share capital

Allotted, called up and fully paid shares

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

5	Related party transactions

Directors' advances and credits

	2016 Advance/ Credit £	2016 Repaid £	2015 Advance/ Credit £	2015 Repaid £
Mr B Hynes
Loan advances - interest charged at 3% and repayable on demand	44,209	-	30,375	-
Loan repayments	-	-	-	-
	44,209	-	30,375	-
Mr RJ Fisher
Loan advances - interest charged at 3% and repayable on demand	40,211	-	21,331	-

Page 5