Corner House Equine Clinic Limited - Period Ending 2014-04-30

Registration number: 06849407

Corner House Equine Clinic Limited

Unaudited Abbreviated Accounts

for the Year Ended 30 April 2014
 

Corner House Equine Clinic Limited
Contents

Abbreviated Balance Sheet 1 to 2

Notes to the Abbreviated Accounts 3 to 4

Corner House Equine Clinic Limited
(Registration number: 06849407)
Abbreviated Balance Sheet at 30 April 2014

		Note			2014 £			2013 £
Fixed assets
Intangible fixed assets					412,174			437,935
Tangible fixed assets					52,433			65,287
					464,607			503,222
Current assets
Stocks					16,482			11,577
Debtors					101,576			76,328
Cash at bank and in hand					217,887			159,272
					335,945			247,177
Creditors: Amounts falling due within one year					(358,863)			(405,366)
Net current liabilities					(22,918)			(158,189)
Total assets less current liabilities					441,689			345,033
Provisions for liabilities					(7,119)			(9,142)
Net assets					434,570			335,891
Capital and reserves
Called up share capital		3			40			40
Profit and loss account					434,530			335,851
Shareholders' funds					434,570			335,891

For the year ending 30 April 2014 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 4 November 2014 and signed on its behalf by:

.........................................
Mr R Walsh
Director

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

Corner House Equine Clinic Limited
(Registration number: 06849407)
Abbreviated Balance Sheet at 30 April 2014
......... continued

.........................................
Mrs A Walsh
Director

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

Corner House Equine Clinic Limited
Notes to the Abbreviated Accounts for the Year Ended 30 April 2014
......... 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 April 2008).

Going concern

The financial statements have been prepared on a going concern basis.

At 30 April 2014, the company had net current liabilities of £22,918 The company meets its day to day working capital requirements through loans from its directors. The two directors have confirmed that they will not seek repayment of their loans until at least 12 months from the date of approval of the 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
Net 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 premises	2% straight line
Plant and machinery	25% 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.

Page 3

Corner House Equine Clinic Limited
Notes to the Abbreviated Accounts for the Year Ended 30 April 2014
......... 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.

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 May 2013		515,218			115,612			630,830
Additions		-			3,119			3,119
At 30 April 2014		515,218			118,731			633,949
Depreciation
At 1 May 2013		77,283			50,325			127,608
Charge for the year		25,761			15,973			41,734
At 30 April 2014		103,044			66,298			169,342
Net book value
At 30 April 2014		412,174			52,433			464,607
At 30 April 2013		437,935			65,287			503,222

3	Share capital

Allotted, called up and fully paid shares

	2014						2013
		No.			£			No.			£
Class A Ordinary shares of £1 each		20			20			20			20
Class B Ordinary shares of £1 each		10			10			10			10
Class C Ordinary shares of £1 each		10			10			10			10
		40			40			40			40

Page 4