Equine Dental Services (South West) Limited - Period Ending 2016-03-31

Registration number: 07212510

Equine Dental Services (South West) Limited

Unaudited Abbreviated Accounts

for the Year Ended 31 March 2016
 

Equine Dental Services (South West) Limited
Contents

Abbreviated Balance Sheet 1 to 2

Notes to the Abbreviated Accounts 3 to 5

Equine Dental Services (South West) Limited
(Registration number: 07212510)
Abbreviated Balance Sheet at 31 March 2016

		Note			2016 £			2015 £
Fixed assets
Intangible fixed assets					133,000			142,500
Tangible fixed assets					32,646			40,089
					165,646			182,589
Current assets
Debtors					18,143			31,975
Cash at bank and in hand					11,661			14,428
					29,804			46,403
Creditors: Amounts falling due within one year					(133,081)			(131,235)
Net current liabilities					(103,277)			(84,832)
Total assets less current liabilities					62,369			97,757
Creditors: Amounts falling due after more than one year					(9,970)			(12,434)
Provisions for liabilities					(6,530)			(6,118)
Net assets					45,869			79,205
Capital and reserves
Called up share capital		4			100			100
Profit and loss account					45,769			79,105
Shareholders' funds					45,869			79,205

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

Equine Dental Services (South West) Limited
(Registration number: 07212510)
Abbreviated Balance Sheet at 31 March 2016
......... continued

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 .

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

 Mr H Billson
 Director

 Mr T Lee
 Director

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

Equine Dental Services (South West) 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).

Going concern

The financial statements have been prepared on a going concern basis. Of the company's liabilities at 31 March 2016 £104,078.95 is owed to associated companies and the directors, who have agreed not to demand repayment of this amount for at least one year after the date of the approval of these accounts to the extent that any such repayment would jeopardise the future of the company. The associated comapnies and directors have also agreed that they will continue to provide financial support for at least 12 months from the date of approval of these accounts.

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
Plant and machinery	20% Reducing balance
Office equipment	20% Reducing balance
Motor vehicles	20% Reducing balance

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

Equine Dental Services (South West) Limited
Notes to the Abbreviated Accounts for the Year Ended 31 March 2016
......... continued

Foreign currency

Transactions in foreign currencies are recorded at the exchange rate ruling at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated at the closing rates at the balance sheet date. All exchange differences are included in the profit and loss account.

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 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 April 2015		190,000			72,293			262,293
Additions		-			719			719
At 31 March 2016		190,000			73,012			263,012
Depreciation
At 1 April 2015		47,500			32,204			79,704
Charge for the year		9,500			8,162			17,662
At 31 March 2016		57,000			40,366			97,366
Net book value
At 31 March 2016		133,000			32,646			165,646
At 31 March 2015		142,500			40,089			182,589

3

Creditors

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

Page 4

Equine Dental Services (South West) Limited
Notes to the Abbreviated Accounts for the Year Ended 31 March 2016
......... continued

		2016 £			2015 £
Amounts falling due within one year		2,461			2,461
Amounts falling due after more than one year		9,970			12,434
Total secured creditors		12,431			14,895

4	Share capital

Allotted, called up and fully paid shares

	2016						2015
		No.			£			No.			£
Ordinary A 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 T Lee
Loan advances	626	-	-	-
Repayments in the period	-	5,204	-	-
	626	5,204	-	-
Mr H Billson
Loan advances	649	-	-	-
Interest charged at HMRC rate	9	-	-	-
Repayments in the period	-	16,786	-	-
	658	16,786	-	-

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