Westmorland Veterinary Services Ltd - Period Ending 2017-06-30

Registration number: 06191194

Westmorland Veterinary Services Ltd

Unaudited Abbreviated Accounts

for the Year Ended 30 June 2016
 

Westmorland Veterinary Services Ltd
Contents

Abbreviated Balance Sheet 1 to 2

Notes to the Abbreviated Accounts 3 to 8

Westmorland Veterinary Services Ltd
(Registration number: 06191194)
Abbreviated Balance Sheet at 30 June 2016

		Note			2016 £			2015 £
Fixed assets
Intangible fixed assets					-			387,174
Tangible fixed assets					849,512			918,517
Investments					10,360			10,000
					859,872			1,315,691
Current assets
Stocks					-			144,081
Debtors					2,083,557			273,849
Cash at bank and in hand					174,671			300,280
					2,258,228			718,210
Creditors: Amounts falling due within one year					(245,270)			(505,417)
Net current assets					2,012,958			212,793
Total assets less current liabilities					2,872,830			1,528,484
Creditors: Amounts falling due after more than one year					(659,515)			(721,751)
Provisions for liabilities					(16,091)			(25,376)
Net assets					2,197,224			781,357
Capital and reserves
Called up share capital		4			927			1,200
Capital redemption reserve					273			-
Profit and loss account					2,196,024			780,157
Shareholders' funds					2,197,224			781,357

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 25 January 2017 and signed on its behalf by:

The notes on pages 3 to 8 form an integral part of these financial statements.
Page 1

Westmorland Veterinary Services Ltd
(Registration number: 06191194)
Abbreviated Balance Sheet at 30 June 2016
......... continued

.........................................
Mr B Sapsford
Director

.........................................
Mr J G Winnard
Director

.........................................
Mr R J Knight
Director

The notes on pages 3 to 8 form an integral part of these financial statements.
Page 2

Westmorland Veterinary Services Ltd
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).

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.

Negative goodwill is included within fixed assets and released to the profit and loss account in the periods in which the fair values of the non-monetary assets purchased on the same acquisition are recovered, whether through sale or depreciation.

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	20 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 buildings	2% on cost
Leasehold property	Over the period of the lease
Motor vehicles	25% on cost
Plant and machinery	15% on cost
Computer equipment	25% on cost

Fixed asset investments

Fixed asset investments are stated at historical cost less provision for any diminution in value.

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

Westmorland Veterinary Services Ltd
Notes to the Abbreviated Accounts for the Year Ended 30 June 2016
......... continued

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 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.

2	Fixed assets

		Intangible assets £			Tangible assets £			Investments £			Total £
Cost
At 1 July 2015		613,022			1,307,405			10,000			1,930,427
Additions		-			28,992			360			29,352
Disposals		(613,022)			(178,050)			-			(791,072)
At 30 June 2016		-			1,158,347			10,360			1,168,707
Depreciation
At 1 July 2015		225,848			388,888			-			614,736
Charge for the year		-			58,165			-			58,165
Eliminated on disposals		(225,848)			(138,218)			-			(364,066)
At 30 June 2016		-			308,835			-			308,835
Net book value
At 30 June 2016		-			849,512			10,360			859,872
At 30 June 2015		387,174			918,517			10,000			1,315,691

3

Creditors

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

Page 4

Westmorland Veterinary Services Ltd
Notes to the Abbreviated Accounts for the Year Ended 30 June 2016
......... continued

		2016 £			2015 £
Amounts falling due within one year		73,712			61,700
Amounts falling due after more than one year		629,515			721,751
Total secured creditors		703,227			783,451

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

		2016 £			2015 £
After more than five years by instalments		461,551			515,198

4	Share capital

Allotted, called up and fully paid shares

	2016						2015
		No.			£			No.			£
Ordinary A Shares of £1 each		159			159			159			159
Ordinary B Shares of £1 each		120			120			120			120
Ordinary C Shares of £1 each		90			90			120			120
Ordinary D Shares of £1 each		-			-			120			120
Ordinary E Shares of £1 each		120			120			120			120
Ordinary F Shares of £1 each		120			120			120			120
Ordinary G Shares of £1 each		-			-			123			123
Ordinary H Shares of £1 each		159			159			159			159
Ordinary I Shares of £1 each		159			159			159			159
		927			927			1,200			1,200

Purchase of own shares

Page 5

Westmorland Veterinary Services Ltd
Notes to the Abbreviated Accounts for the Year Ended 30 June 2016
......... continued

During the year the company purchased 30 of its own Ordinary C Shares at a nominal value of £30. The Ordinary C Shares were purchased for a consideration of £45,665 and represent 100% of the called up share capital of that class of share.

Page 6

Westmorland Veterinary Services Ltd
Notes to the Abbreviated Accounts for the Year Ended 30 June 2016
......... continued

During the year the company purchased 120 of its own Ordinary D Shares at a nominal value of £120. The Ordinary D Shares were purchased for a consideration of £182,658 and represent 100% of the called up share capital of that class of share.

Page 7

Westmorland Veterinary Services Ltd
Notes to the Abbreviated Accounts for the Year Ended 30 June 2016
......... continued

During the year the company purchased 123 of its own Ordinary G Shares at a nominal value of £123. The Ordinary G Shares were purchased for a consideration of £187,225 and represent 100% of the called up share capital of that class of share.

5	Related party transactions

Directors' advances and credits

	2016 Advance/ Credit £	2016 Repaid £	2015 Advance/ Credit £	2015 Repaid £
Mrs J A King
Loan advances received. Repaid by rent charged by the director and dividends received. No interest charged on advance. No specific terms for repayment.	56,390	53,333	82,110	82,209
Mr R J Knight
Loan advances received. Partially repaid by rent charged by the director and dividends received. No interest charged on advance. No specific terms for repayment.	-	-	123,761	129,833
Mr J G Winnard
Loan advances received. Repaid by rent charged by the director and dividends received. No interest charged on advance. No specific terms for repayment.	-	-	91,779	95,417
Mr B Sapsford
Loan advances received. Repaid by rent charged by the director and dividends received. Interest charged on advances at 4%. No specific terms for repayment.	-	-	125,746	132,890

Page 8