Rainbow Equine Hospital Limited Accounts

RAINBOW EQUINE HOSPITAL LIMITED - Company Information






Rainbow Equine Hospital Limited
	Company No. 08825966
		Information for Filing with The Registrar
		31 December 2016

The Directors present their report and the accounts for the year ended 31 December 2016.

Principal activities
The principal activity of the company during the year under review was Veterinary Surgeons.




Directors

The Directors who served at any time during the year were as follows:

J.D.C. Anderson
M.J. Brennan
I.V. Pritchard
J.B.C. Reed
































































The above report has been prepared in accordance with the provisions applicable to companies subject to the small companies regime as set out in Part 15 of the Companies Act 2006.

Signed on behalf of the board

J.D.C. Anderson
Director
28 September 2017

at	31 December 2016

Company No.		08825966	Notes	2016	2015
				£	£
Fixed assets

	Tangible assets		2	799,449	832,252

	Investments		3	50	50
				799,499	832,302
Current assets
	Stocks		4	43,500	44,000
	Debtors		5	758,989	723,300

	Cash at bank and in hand			1,080,351	399,950
				1,882,840	1,167,250
Creditors: Amount falling due within one year			6	(1,495,414)	(1,312,902)
Net current assets/(liabilities)				387,426	(145,652)
Total assets less current liabilities				1,186,925	686,650

Provisions for liabilities
	Deferred taxation		7	(79,405)	(105,805)

Net assets				1,107,520	580,845

Capital and reserves
	Called up share capital			60	60



	Profit and loss account		8	1,107,460	580,785

Total equity				1,107,520	580,845


These accounts have been prepared in accordance with the special provisions applicable to companies subject to the small companies regime of the Companies Act 2006.
For the year ended 31 December 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 Companies Act 2006 with respect to accounting records and the preparation of accounts.

As permitted by section 444 (5A)of the Companies Act 2006 the directors have not delivered to the Registrar a copy of the company's profit and loss account.

Approved by the board on 28 September 2017

And signed on its behalf by:

I.V. Pritchard
Director
28 September 2017

for the year ended 31 December 2016

Accounting policies

Basis of preparation

The accounts have been prepared in accordance with FRS 102 - The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard) and the Companies Act 2006 . There were no material departures from that standard.

The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets and in accordance with the accounting policies set out below.

Turnover

Turnover is measured at the fair value of the consideration received or receivable. Turnover is reduced for estimated customer returns, rebates and other similar allowances.

Taxation

Income tax expense represents the sum of the tax currently payable and deferred tax.

Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the profit and loss account because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The Company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.

Deferred tax
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable temporary differences. Deferred tax assets are generally recognised for all deductible timing differences to the extent that it is probable that taxable profits will be available against which those deductible temporary differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.

Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period.

Current or deferred tax for the year is recognised in profit or loss, except when they relate to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.

Tangible fixed assets and depreciation

Tangible fixed assets held for the company's own use are stated at cost less accumulated depreciation and accumulated impairment losses.

At each balance sheet date, the company reviews the carrying amount of its tangible fixed assets to determine whether there is any indication that any items have suffered an impairment loss. If any such indication exists, the recoverable amount of an asset is estimated in order to determine the extent of the impairment loss.

Depreciation is provided at the following annual rates in order to write off the cost or valuation less the estimated residual value of each asset over its estimated useful life:

Leasehold land and buildings

10% Straight line

Plant and machinery

20% Reducing balance

Motor vehicles

20% Reducing balance

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Net realisable value is based on the estimated selling price less any estimated completion or selling costs.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method, less impairment losses for bad and doubtful debts.

Trade and other creditors

Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Leased assets

Where the company enters into a lease which entails taking substantially all the risks and rewards of ownership of an asset, the lease is treated as a finance lease.
Leases which do not transfer substantially all the risks and rewards of ownership to the Company are classified as operating leases.
Assets held under finance leases are initially recognised as assets of the Company at their fair value at the inception of the lease or, if lower, at the present value of the minimum lease payments. The corresponding liability to the lessor is included in the balance sheet date as a finance lease obligation. Lease payments are apportioned between finance expenses and reduction of the lease obligation so as to achieve a constant rate of interest on the remaining balance of the liability. Finance expenses are recognised immediately in profit or loss, unless they are directly attributable to qualifying assets, in which case they are capitalised in accordance with the Company's policy on borrowing costs (see the accounting policy above).
Assets held under finance leases are depreciated in the same way as owned assets.

Operating lease payments are recognised as an expense on a straight-line basis over the lease term.

Pensions

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further payments obligations. The contributions are recognised as expenses when they fall due. Amounts not paid are shown in accruals in the balance sheet. The assets of the plan are held separately from the company in independently administered funds.

Provisions

Provisions are made where an event has taken place that gives the Company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.
Provisions are charged as an expense to the profit and loss account in the year that the Company becomes aware of the obligation, and are measured at the best estimate at balance sheet date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.
When payments are eventually made, they are charged to the provision carried in the balance sheet.

2	Tangible fixed assets
			Land and buildings	Plant and machinery	Motor vehicles	Total
			£	£	£	£
		Cost or revaluation
		At 1 January 2016	366,800	676,360	17,637	1,060,797
		Additions	48,097	93,905	13,600	155,602



		At 31 December 2016	414,897	770,265	31,237	1,216,399
		Depreciation
		At 1 January 2016	39,947	184,406	4,192	228,545
		Charge for the year	37,495	144,663	6,247	188,405



		At 31 December 2016	77,442	329,069	10,439	416,950
		Net book values
		At 31 December 2016	337,455	441,196	20,798	799,449
		At 31 December 2015	326,853	491,954	13,445	832,252

3	Investments
			Investment in Joint venture	Total
			£	£
		Cost or valuation
		At 1 January 2016	50	50



		At 31 December 2016	50	50






		Net book values
		At 31 December 2016	50	50
		At 31 December 2015	50	50

4	Stocks
			2016	2015
			£	£
		Raw materials and consumables	43,500	44,000


			43,500	44,000

5	Debtors
			2016	2015
			£	£
		Trade debtors	714,452	679,642
		Loan owed by Participating interest	10,000	10,000





		Prepayments and accrued income	34,537	33,658
			758,989	723,300

6	Creditors:
		amounts falling due within one year
			2016	2015
			£	£




		Trade creditors	105,898	127,769

		Corporation tax	214,280	150,858
		Other taxes and social security	155,572	118,127
		Loans from directors	994,584	897,420

		Accruals and deferred income	25,080	18,728
			1,495,414	1,312,902

7	Provisions for liabilities
		Deferred taxation

			Accelerated capital allowances, losses and other timing differences	Arising from revaluation	Total
			£	£	£
		At 1 January 2016	105,805	-	105,805
		Charge to the profit and loss account for the period	(26,400)		(26,400)

		At 31 December 2016	79,405	-	79,405



			2016		2015
			£		£
		Accelerated capital allowances	79,405		105,805



			79,405		105,805

Reserves

Profit and loss account - includes all current and prior period retained profits and losses.

9	Dividends
			2016	2015
			£	£
		Dividends for the period:
		Dividends paid in the period	288,000	252,000

			288,000	252,000

		Dividends by type:

		Equity dividends	288,000	252,000
			288,000	252,000

Related party disclosures

2016

2015

Transactions with related parties

Name of related party

Rainbow Equine Reproductive Services Limited

Description of relationship between the parties

This is a joint venture and Rainbow Equine Hospital Ltd owns 50% of the issued share capital

Description of transaction and general amounts involved

Management and administration services and loan advanced

Amount due from/(to) the related party

21,820

18,850

Controlling parties

Immediate controlling parties

I V Pritchard, J D C Anderson M J Brennan, J B C Reed

Additional information

Its registered number is:

08825966

Its registered office is:

1 Wheelgate

Malton

North Yorkshire

YO17 7HT

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