Strathmore Veterinary Clinic Ltd - Period Ending 2016-10-31

Registration number: 6983534

Strathmore Veterinary Clinic Ltd
 
 Unaudited Abbreviated Accounts
 
 for the Year Ended 31 October 2016
 

Strathmore Veterinary Clinic Ltd
Contents

Abbreviated Balance Sheet 1

Notes to the Abbreviated Accounts 2 to 4

Strathmore Veterinary Clinic Ltd
(Registration number: 6983534)
Abbreviated Balance Sheet at 31 October 2016

		Note			2016 £			2015 £
Fixed assets
Intangible fixed assets					432,040			459,042
Tangible fixed assets					59,024			56,281
					491,064			515,323
Current assets
Stocks					16,391			13,970
Debtors					48,060			18,015
Cash at bank and in hand					142,114			78,606
					206,565			110,591
Creditors: Amounts falling due within one year					(338,789)			(459,241)
Net current liabilities					(132,224)			(348,650)
Total assets less current liabilities					358,840			166,673
Creditors: Amounts falling due after more than one year					(76,790)			(44,350)
Provisions for liabilities					(9,330)			(2,837)
Net assets					272,720			119,486
Capital and reserves
Called up share capital		4			2			2
Profit and loss account					272,718			119,484
Shareholders' funds					272,720			119,486

For the year ending 31 October 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 director acknowledges his 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 director on 6 May 2017

 SN Robinson
 Director

The notes on pages 2 to 4 form an integral part of these financial statements.
Page 1

Strathmore Veterinary Clinic Ltd
Notes to the Abbreviated Accounts for the Year Ended 31 October 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.

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
Equipment, fixtures and fittings	15% 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 2

Strathmore Veterinary Clinic Ltd
Notes to the Abbreviated Accounts for the Year Ended 31 October 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.

2	Fixed assets

		Intangible assets £			Tangible assets £			Total £
Cost
At 1 November 2015		540,048			86,620			626,668
Additions		-			13,159			13,159
At 31 October 2016		540,048			99,779			639,827
Depreciation
At 1 November 2015		81,006			30,339			111,345
Charge for the year		27,002			10,416			37,418
At 31 October 2016		108,008			40,755			148,763
Net book value
At 31 October 2016		432,040			59,024			491,064
At 31 October 2015		459,042			56,281			515,323

3

Creditors

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

		2016 £			2015 £
Amounts falling due within one year		71,822			12,108
Amounts falling due after more than one year		76,790			44,350
Total secured creditors		148,612			56,458

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

Page 3

Strathmore Veterinary Clinic Ltd
Notes to the Abbreviated Accounts for the Year Ended 31 October 2016
......... continued

		2016 £			2015 £
After more than five years by instalments		5,476			14,807

4	Share capital

Allotted, called up and fully paid shares

	2016						2015
		No.			£			No.			£
Ordinary of £1 each		2			2			2			2

Page 4