XL Farmcare Midlands Limited Small abridged accounts

FARMCARE CENTRAL LIMITED - Company Information

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Statement of Consent to Prepare Abridged Financial Statements

All of the members of XL Farmcare Midlands Limited have consented to the preparation of the abridged statement of income and retained earnings and the abridged statement of financial position for the year ending 28 February 2017 in accordance with Section 444(2A) of the Companies Act 2006.

COMPANY REGISTRATION NUMBER: 07668954

XL Farmcare Midlands Limited

Filleted Unaudited Abridged Financial Statements

28 February 2017

XL Farmcare Midlands Limited

Abridged Financial Statements

Year ended 28 February 2017

Contents	Page

Officers and professional advisers	1

Chartered accountants report to the board of directors on the preparation of the unaudited statutory abridged financial statements	2

Abridged statement of financial position	3

Notes to the abridged financial statements	5

XL Farmcare Midlands Limited

Officers and Professional Advisers

The board of directors	Mr G S Keevill BVSc MRCVS
	Mr M J Pugh BVetMed MRCVS
	Mr M H Thorne BVSc CertCHP MRCVS
	Mr S J Brown BVSc MRCVS
	Mr R G Henderson BVetMed MRCVS
	Mr A M Jamieson BVM&S MRCVS
	Mr A M Macpherson BVMS MRCVS
	Mr T E Wright VetMB MA MRCVS

Registered office	c/o Glenthorne Veterinary Group
	Derby Road
	Uttoxeter
	Staffordshire
	ST14 8EB

Accountants	Plant & Co Limited
	Chartered Accountants
	17 Lichfield Street
	Stone
	Staffordshire
	ST15 8NA

XL Farmcare Midlands Limited

Chartered Accountants Report to the Board of Directors on the Preparation of the Unaudited Statutory Abridged Financial Statements of XL Farmcare Midlands Limited

Year ended 28 February 2017

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the abridged financial statements of XL Farmcare Midlands Limited for the year ended 28 February 2017, which comprise the abridged statement of financial position and the related notes from the company's accounting records and from information and explanations you have given us. As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at www.icaew.com/en/membership/regulations-standards-and-guidance. This report is made solely to the Board of Directors of XL Farmcare Midlands Limited, as a body, in accordance with the terms of our engagement letter dated 1 November 2015. Our work has been undertaken solely to prepare for your approval the abridged financial statements of XL Farmcare Midlands Limited and state those matters that we have agreed to state to you, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF as detailed at www.icaew.com/compilation. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than XL Farmcare Midlands Limited and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that XL Farmcare Midlands Limited has kept adequate accounting records and to prepare statutory abridged financial statements that give a true and fair view of the assets, liabilities, financial position and profit of XL Farmcare Midlands Limited. You consider that XL Farmcare Midlands Limited is exempt from the statutory audit requirement for the year. We have not been instructed to carry out an audit or a review of the abridged financial statements of XL Farmcare Midlands Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory abridged financial statements.

Plant & Co Limited Chartered Accountants

17 Lichfield Street Stone Staffordshire ST15 8NA

30 November 2017

XL Farmcare Midlands Limited

Abridged Statement of Financial Position

28 February 2017

	2017		2016
Note	£	£	£

Current assets

Work in progress	429,194	459,388
Debtors	14,690	32,506
Cash at bank and in hand	238,311	43,242
	---------	---------
	682,195	535,136

Creditors: amounts falling due within one year	679,786		521,550
	---------		---------
Net current assets		2,409	13,586
		-------	--------
Total assets less current liabilities		2,409	13,586

Creditors: amounts falling due after more than one year	–	12,286
	-------	--------
Net assets	2,409	1,300
	-------	--------

Capital and reserves

Called up share capital	900	900
Profit and loss account	1,509	400
	-------	-------
Shareholders funds	2,409	1,300
	-------	-------

These abridged financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the abridged statement of income and retained earnings has not been delivered.

For the year ending 28 February 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

- The members have not required the company to obtain an audit of its abridged financial statements for the year in question in accordance with section 476 ;

- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of abridged financial statements .

XL Farmcare Midlands Limited

Abridged Statement of Financial Position (continued)

28 February 2017

These abridged financial statements were approved by the board of directors and authorised for issue on 30 November 2017 , and are signed on behalf of the board by:

Mr G S Keevill BVSc MRCVS

Director

Company registration number: 07668954

XL Farmcare Midlands Limited

Notes to the Abridged Financial Statements

Year ended 28 February 2017

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is c/o Glenthorne Veterinary Group, Derby Road, Uttoxeter, Staffordshire, ST14 8EB.

2. Statement of compliance

These abridged financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. Accounting policies

Basis of preparation

The abridged financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

The abridged financial statements are prepared in sterling, which is the functional currency of the entity.

Transition to FRS 102

The entity transitioned from previous UK GAAP to FRS 102 as at 1 March 2015. Details of how FRS 102 has affected the reported financial position and financial performance is given in note 8.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

Income tax

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.

Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.

4. Events after the end of the reporting period

There were no material events up to 30 November 2017, being the date of the approval of the financial statements by the Board.

5. Directors' advances, credits and guarantees

As at the period end, the company owed one of the directors £25 (2016 £25).

6. Related party transactions

The company was under the control of the directors throughout the current and previous year. As at the period end, £180,000 (2016 £12,287) was owed to veterinary practices within which the directors held interests. During the year the company made payments totalling £2,461,073 (2016 £1,508,917) to veterinary practices within which the directors held interests. These payments were for services rendered which were charged for on a fully commercial basis.

7. Controlling party

Throughout the current period, the company was controlled by the directors by virtue of their ability to act in concert in respect of the operating and financial policies of the company.

8. Transition to FRS 102

These are the first abridged financial statements that comply with FRS 102. The company transitioned to FRS 102 on 1 March 2015.

No transitional adjustments were required in equity or profit or loss for the year.