E C Straiton & Partners Limited - Accounts to registrar - small 17.2

REGISTERED NUMBER: 07097933 (England and Wales)

Unaudited Financial Statements

for the Year Ended 31 December 2016

for

E C Straiton & Partners Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

C F P McCreath

K W Anderson

S Woodcock

M C Mincher-Lockett

REGISTERED OFFICE:

Veterinary Hospital

Cannock Road

Penkridge

Staffs

ST19 5RY

REGISTERED NUMBER:

07097933 (England and Wales)

FIXED ASSETS

Intangible assets

4

515,000

643,750

Tangible assets

5

468,440

514,945

983,440

1,158,695

CURRENT ASSETS

Stocks

85,222

100,774

Debtors

6

337,159

327,244

Cash at bank and in hand

450,922

673,847

873,303

1,101,865

CREDITORS

Amounts falling due within one year

7

577,210

918,406

NET CURRENT ASSETS

296,093

183,459

TOTAL ASSETS LESS CURRENT LIABILITIES

1,279,533

1,342,154

CREDITORS

Amounts falling due after more than one year

8

(19,558

)

(40,516

)

PROVISIONS FOR LIABILITIES

(56,883

)

(64,438

)

NET ASSETS

1,203,092

1,237,200

CAPITAL AND RESERVES

Called up share capital

400

400

Retained earnings

1,202,692

1,236,800

SHAREHOLDERS' FUNDS

1,203,092

1,237,200

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2016.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2016 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

In accordance with Section 444 of the Companies Act 2006, the Profit and Loss Account has not been delivered.

The financial statements were approved by the Board of Directors on 6 April 2017 and were signed on its behalf by:

S Woodcock - Director

1.	STATUTORY INFORMATION

E C Straiton & Partners Limited is a private company, limited by shares , registered in England and Wales. The

company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

These financial statements for the year ended 31st December 2016 are the first financial statements that

comply with section 1A "Small Entities" of FRS 102. The date of transition is 1st January 2015. There are no

transition adjustments.

Turnover

Turnover represents net invoiced sales of goods and services, excluding value added tax, and is recognised as

the company becomes entitled to consideration for those goods and services.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2010, is being amortised evenly over its estimated useful life of ten years.

The useful economic life of goodwill has been reassessed during the year and has been reduced from twenty

years to ten years. The directors' believe this is a more accurate reflection of the use of goodwill.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost

less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Freehold property

-

Straight line over 10 years

Plant and machinery

-

20% on reducing balance

Fixtures and fittings

-

20% on reducing balance

Motor vehicles

-

25% on reducing balance

Office equipment

-

20% on reducing balance

Leasehold property is depreciated evenly over the life of the lease.

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and

slow moving items.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss Account,

except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or

substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the

balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from

those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws

that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal

of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that

they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Hire purchase and leasing commitments

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those

held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance

leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital

element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the

lease.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's

pension scheme are charged to profit or loss in the period to which they relate.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 53 (2015 - 50 ) .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 January 2016

and 31 December 2016

1,200,000

AMORTISATION

At 1 January 2016

556,250

Charge for year

128,750

At 31 December 2016

685,000

NET BOOK VALUE

At 31 December 2016

515,000

At 31 December 2015

643,750

5.	TANGIBLE FIXED ASSETS

Freehold

Long

Plant and

property

leasehold

machinery

£

£

£

COST

At 1 January 2016

263,245

152,076

227,695

Additions

-

-

31,527

Disposals

-

-

(289

)

At 31 December 2016

263,245

152,076

258,933

DEPRECIATION

At 1 January 2016

51,939

44,363

102,636

Charge for year

26,325

7,605

31,272

Eliminated on disposal

-

-

(58

)

At 31 December 2016

78,264

51,968

133,850

NET BOOK VALUE

At 31 December 2016

184,981

100,108

125,083

At 31 December 2015

211,306

107,713

125,059

Fixtures

and

Motor

Office

fittings

vehicles

equipment

Totals

£

£

£

£

COST

At 1 January 2016

7,490

81,184

42,770

774,460

Additions

-

-

4,950

36,477

Disposals

-

-

-

(289

)

At 31 December 2016

7,490

81,184

47,720

810,648

DEPRECIATION

At 1 January 2016

4,911

33,444

22,222

259,515

Charge for year

516

11,935

5,098

82,751

Eliminated on disposal

-

-

-

(58

)

At 31 December 2016

5,427

45,379

27,320

342,208

NET BOOK VALUE

At 31 December 2016

2,063

35,805

20,400

468,440

At 31 December 2015

2,579

47,740

20,548

514,945

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Plant and

machinery

£

COST

At 1 January 2016

and 31 December 2016

84,000

DEPRECIATION

At 1 January 2016

30,594

Charge for year

10,681

At 31 December 2016

41,275

NET BOOK VALUE

At 31 December 2016

42,725

At 31 December 2015

53,406

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2016

2015

£

£

Trade debtors

311,599

300,931

Other debtors

25,560

26,313

337,159

327,244

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2016

2015

£

£

Bank loans and overdrafts

4,347

4,347

Hire purchase contracts

16,780

16,780

Trade creditors

152,414

148,039

Taxation and social security

251,720

299,766

Other creditors

151,949

449,474

577,210

918,406

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2016

2015

£

£

Bank loans

2,778

6,956

Hire purchase contracts

16,780

33,560

19,558

40,516

9.	SECURED DEBTS

The following secured debts are included within creditors:

2016

2015

£

£

Hire purchase contracts

33,560

50,340

Hire purchase contracts are secured on the vehicles to which they relate.

10.	FINANCIAL COMMITMENTS

Total financial commitments, guarantees and contingencies which are not included in the balance sheet

amount to £77,649 (2015 £96,806). This financial commitment represents the total amount of payments

remaining on operating leases.

11.	RELATED PARTY DISCLOSURES

12.	ULTIMATE CONTROLLING PARTY