Kings Bounty Equine Practice Limited - Accounts to registrar (filleted) - small 17.3

REGISTERED NUMBER: 08634181 (England and Wales)

Unaudited Financial Statements for the Year Ended 31 August 2017

for

Kings Bounty Equine Practice Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTOR:

Ms J Palliser MRVCS

REGISTERED OFFICE:

Kings Bounty

Church Street

Binsted

Alton

Hampshire

GU34 4NX

REGISTERED NUMBER:

08634181 (England and Wales)

ACCOUNTANTS:

Poolemead Accountants (Winchester) Ltd

31 Basepoint Business Centre

1 Winnall Valley Road

Winchester

Hampshire

SO23 0LD

FIXED ASSETS

Intangible assets

4

72,000

84,000

Tangible assets

5

83,886

89,132

155,886

173,132

CURRENT ASSETS

Stocks

20,717

18,025

Debtors

6

44,345

38,304

Prepayments and accrued income

4,402

4,060

Cash at bank and in hand

104,158

82,252

173,622

142,641

CREDITORS

Amounts falling due within one year

7

145,912

148,847

NET CURRENT ASSETS/(LIABILITIES)

27,710

(6,206

)

TOTAL ASSETS LESS CURRENT LIABILITIES

183,596

166,926

CREDITORS

Amounts falling due after more than one year

8

(54,730

)

(62,676

)

PROVISIONS FOR LIABILITIES

(5,500

)

(8,947

)

NET ASSETS

123,366

95,303

CAPITAL AND RESERVES

Called up share capital

100

100

Retained earnings

123,266

95,203

SHAREHOLDERS' FUNDS

123,366

95,303

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 August 2017.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 August 2017 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges her 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 Income Statement has not been delivered.

The financial statements were approved by the director on 18 December 2017 and were signed by:

Ms J Palliser MRVCS - Director

1.	STATUTORY INFORMATION

Kings Bounty Equine Practice 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.

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.

First year adoption of Financial Reporting Standard 102 ( FRS 102) Section 1A

These financial statements for the year ended 31 August 2017 are the first that are prepared

in accordance with FRS 102 Section 1A. The previous financial statements were prepared in

accordance with UK GAAP, the date of transition to FRS 102 Section 1A is

1 September 2015.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding

discounts, rebates, value added tax and other sales taxes.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2013, is being amortised evenly over its estimated useful life of ten years.

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.

Plant and machinery etc

-

33% on cost and 25% on reducing balance

Depreciation is charged in the year of purchase but not in the year of disposal.

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 Income

Statement, 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 4 (2016 - 4 ) .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 September 2016

and 31 August 2017

120,000

AMORTISATION

At 1 September 2016

36,000

Charge for year

12,000

At 31 August 2017

48,000

NET BOOK VALUE

At 31 August 2017

72,000

At 31 August 2016

84,000

5.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 September 2016

160,871

Additions

17,982

At 31 August 2017

178,853

DEPRECIATION

At 1 September 2016

71,739

Charge for year

23,228

At 31 August 2017

94,967

NET BOOK VALUE

At 31 August 2017

83,886

At 31 August 2016

89,132

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

follows:

Plant and

machinery

etc

£

COST

At 1 September 2016

88,243

Additions

15,330

At 31 August 2017

103,573

DEPRECIATION

At 1 September 2016

27,409

Charge for year

16,084

At 31 August 2017

43,493

NET BOOK VALUE

At 31 August 2017

60,080

At 31 August 2016

60,834

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.8.17

31.8.16

£

£

Trade debtors

42,845

38,304

Other debtors

1,500

-

44,345

38,304

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.8.17

31.8.16

£

£

Bank loans and overdrafts

-

5,514

Hire purchase contracts

20,978

17,475

Trade creditors

8,924

6,711

Taxation and social security

56,884

44,009

Other creditors

59,126

75,138

145,912

148,847

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.8.17

31.8.16

£

£

Hire purchase contracts

19,730

27,676

Other creditors

35,000

35,000

54,730

62,676