Laurels Veterinary Centre Limited - Period Ending 2016-07-31

Registration number: 07603426

Laurels Veterinary Centre Limited
 
 Unaudited Abbreviated Accounts
 
 for the Year Ended 31 July 2016
 

Laurels Veterinary Centre Limited
Contents

Abbreviated Balance Sheet 1 to 2

Notes to the Abbreviated Accounts 3 to 4

Laurels Veterinary Centre Limited
(Registration number: 07603426)
Abbreviated Balance Sheet at 31 July 2016

		Note			2016 £			2015 £
Fixed assets
Intangible fixed assets					261,501			278,934
Tangible fixed assets					46,965			53,496
					308,466			332,430
Current assets
Stocks					28,085			28,146
Debtors					25,210			23,798
Cash at bank and in hand					116,617			84,890
					169,912			136,834
Creditors: Amounts falling due within one year					(169,307)			(212,855)
Net current assets/(liabilities)					605			(76,021)
Total assets less current liabilities					309,071			256,409
Provisions for liabilities					(2,929)			(7,456)
Net assets					306,142			248,953
Capital and reserves
Called up share capital		3			100			100
Profit and loss account					306,042			248,853
Shareholders' funds					306,142			248,953

For the year ending 31 July 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 10 February 2017 and signed on its behalf by:

 Mrs Evelyn Torbet-Smith
 Director

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

Laurels Veterinary Centre Limited
(Registration number: 07603426)
Abbreviated Balance Sheet at 31 July 2016
......... continued

 Mr Christopher John Torbet-Smith
 Director

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

Laurels Veterinary Centre Limited
Notes to the Abbreviated Accounts for the Year Ended 31 July 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	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
Fixtures and fittings	15% reducing balance
Motor vehicles	25% reducing balance
Leashold Improvements	10% 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

Laurels Veterinary Centre Limited
Notes to the Abbreviated Accounts for the Year Ended 31 July 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 August 2015		348,666			82,083			430,749
Additions		-			1,243			1,243
At 31 July 2016		348,666			83,326			431,992
Depreciation
At 1 August 2015		69,732			28,587			98,319
Charge for the year		17,433			7,774			25,207
At 31 July 2016		87,165			36,361			123,526
Net book value
At 31 July 2016		261,501			46,965			308,466
At 31 July 2015		278,934			53,496			332,430

3	Share capital

Allotted, called up and fully paid shares

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

4	Related party transactions

Director's guarantee

During the year the company entered into the following guarantee on behalf of the directors:

A personal loan with The Royal Bank of Scotland plc on behalf of Mrs Evelyn Torbet-Smith. The maximum liability that may be incurred by the company is £nil (2015 - £242,344).

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