Oak House Veterinary Centre Ltd - Period Ending 2017-07-31

Registration number: 05159295

Oak House Veterinary Centre Ltd
 
 Unaudited Abbreviated Accounts
 
 for the Year Ended 31 July 2016
 

Oak House Veterinary Centre Ltd
Contents

Abbreviated Balance Sheet 1 to 2

Notes to the Abbreviated Accounts 3 to 5

Oak House Veterinary Centre Ltd
(Registration number: 05159295)
Abbreviated Balance Sheet at 31 July 2016

		Note			2016 £			2015 £
Fixed assets
Intangible fixed assets					162,318			182,608
Tangible fixed assets					542,909			573,576
					705,227			756,184
Current assets
Stocks					24,575			15,777
Debtors					43,131			19,500
Cash at bank and in hand					94,931			123,715
					162,637			158,992
Creditors: Amounts falling due within one year					(193,916)			(176,254)
Net current liabilities					(31,279)			(17,262)
Total assets less current liabilities					673,948			738,922
Creditors: Amounts falling due after more than one year					(419,319)			(480,438)
Provisions for liabilities					(15,944)			(16,687)
Net assets					238,685			241,797
Capital and reserves
Called up share capital		4			100			100
Profit and loss account					238,585			241,697
Shareholders' funds					238,685			241,797

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

Oak House Veterinary Centre Ltd
(Registration number: 05159295)
Abbreviated Balance Sheet at 31 July 2016
......... continued

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 30 March 2017 and signed on its behalf by:

 Mr A Draper
 Director

 Ms CR Cullen
 Director

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

Oak House Veterinary Centre Ltd
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
Leasehold property improvements	4% straight line
Fixtures and fittings	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

Oak House Veterinary Centre Ltd
Notes to the Abbreviated Accounts for the Year Ended 31 July 2016
......... continued

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.

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		405,800			759,004			1,164,804
Additions		-			1,658			1,658
Disposals		-			(29,578)			(29,578)
At 31 July 2016		405,800			731,084			1,136,884
Depreciation
At 1 August 2015		223,192			185,428			408,620
Charge for the year		20,290			25,307			45,597
Eliminated on disposals		-			(22,560)			(22,560)
At 31 July 2016		243,482			188,175			431,657
Net book value
At 31 July 2016		162,318			542,909			705,227
At 31 July 2015		182,608			573,576			756,184

3

Creditors

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

Page 4

Oak House Veterinary Centre Ltd
Notes to the Abbreviated Accounts for the Year Ended 31 July 2016
......... continued

		2016 £			2015 £
Amounts falling due within one year		60,900			60,688
Amounts falling due after more than one year		419,318			480,438
Total secured creditors		480,218			541,126

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

		2016 £			2015 £
After more than five years by instalments		215,935			260,868

4	Share capital

Allotted, called up and fully paid shares

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

Page 5