Meadows Veterinary Centre Limited - Accounts to registrar (filleted) - small 17.3

REGISTERED NUMBER: SC377868 (Scotland)

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 APRIL 2017

FOR

MEADOWS VETERINARY CENTRE LIMITED

Page

Company Information

1

Abridged Balance Sheet

2

to

3

Notes to the Financial Statements

4

to

6

DIRECTORS:

Mr R J Mathers

Mr J G Fowlie

REGISTERED OFFICE:

51-53 High Street

Turriff

Aberdeenshire

AB53 4EJ

REGISTERED NUMBER:

SC377868 (Scotland)

ACCOUNTANTS:

Bain Henry Reid

51-53 High Street

Turriff

AB53 4EJ

BANKERS:

Clydesdale Bank Plc

Oldmeldrum Branch

26 West High Street

Inverurie

Aberdeenshire

AB51 3SL

FIXED ASSETS

Intangible assets

4

-

-

Tangible assets

5

640,000

645,815

640,000

645,815

CURRENT ASSETS

Stocks

264,507

189,097

Debtors

367,340

358,150

Cash at bank and in hand

560,049

466,135

1,191,896

1,013,382

CREDITORS

Amounts falling due within one year

(672,829

)

(775,369

)

NET CURRENT ASSETS

519,067

238,013

TOTAL ASSETS LESS CURRENT LIABILITIES

1,159,067

883,828

PROVISIONS FOR LIABILITIES

(9,279

)

(11,233

)

NET ASSETS

1,149,788

872,595

CAPITAL AND RESERVES

Called up share capital

3,000

3,000

Retained earnings

1,146,788

869,595

SHAREHOLDERS' FUNDS

1,149,788

872,595

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 April 2017.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 April 2017 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.

All the members have consented to the preparation of an abridged Income Statement and an abridged Balance Sheet for the year ended 30 April 2017 in accordance with Section 444(2A) of the Companies Act 2006.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors on 30 January 2018 and were signed on its behalf by:

Mr R J Mathers - Director

Mr J G Fowlie - Director

1.	STATUTORY INFORMATION

Meadows Veterinary Centre Limited is a private company, limited by shares , registered in Scotland. 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.

Turnover

Turnover represents net invoiced sales of goods and services, excluding value added tax.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2010, is being amortised evenly over its

useful life of 5 years. Impairment of intangible assets is only reviewed where circumstances indicate that the carrying value

of an asset may not be fully recoverable.

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.

Plant and machinery etc

-

25% on reducing balance, 20% on reducing balance and 15% on reducing balance

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

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 31 .

4.	INTANGIBLE FIXED ASSETS

Totals

£

COST

At 1 May 2016

158,502

Additions

27,783

At 30 April 2017

186,285

AMORTISATION

At 1 May 2016

158,502

Amortisation for year

27,783

At 30 April 2017

186,285

NET BOOK VALUE

At 30 April 2017

-

At 30 April 2016

-

5.	TANGIBLE FIXED ASSETS

Totals

£

COST

At 1 May 2016

743,312

Additions

9,078

At 30 April 2017

752,390

DEPRECIATION

At 1 May 2016

97,497

Charge for year

14,893

At 30 April 2017

112,390

NET BOOK VALUE

At 30 April 2017

640,000

At 30 April 2016

645,815

6.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits from directors subsisted during the years ended 30 April 2017 and 30 April 2016:

2017

2016

£

£

Mr J G Fowlie

Balance outstanding at start of year

144,554

47,159

Amounts advanced

10,000

100,000

Amounts repaid

(149,557

)

(2,605

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

4,997

144,554

Mr R J Mathers

Balance outstanding at start of year

103,649

7,859

Amounts advanced

10,000

100,000

Amounts repaid

(110,258

)

(4,210

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

3,391

103,649

7.	ULTIMATE CONTROLLING PARTY

The controlling party is Randal J Mathers Limited togetherwith Mr J G Fowlie.