Head & Head Veterinary Practice Limited - Period Ending 2017-06-30

Head & Head Veterinary Practice Limited

Annual Report and Unaudited Financial Statements
Year Ended 30 June 2017

Registration number: 08519493

Head & Head Veterinary Practice Limited

Contents

Company Information	1
Balance Sheet	2 to 3
Notes to the Financial Statements	4 to 10

Head & Head Veterinary Practice Limited

Company Information

Directors

P Riley J D Alston

Company secretary

P Riley

Registered office

Lowin House Tregolls Road Truro Cornwall TR1 2NA

Accountants

Francis Clark LLP Chartered Accountants Lowin House Tregolls Road Truro Cornwall TR1 2NA

Page 1

Head & Head Veterinary Practice Limited

Balance Sheet

30 June 2017

	Note	2017 £	2016 £
Fixed assets
Intangible assets	4	169,970	226,627
Tangible assets	5	376,094	353,426
		546,064	580,053
Current assets
Stock and work in progress	6	73,047	73,116
Debtors	7	155,755	153,794
Cash at bank and in hand		34,772	35,495
		263,574	262,405
Creditors: Amounts falling due within one year	8	(497,706)	(570,154)
Net current liabilities		(234,132)	(307,749)
Total assets less current liabilities		311,932	272,304
Creditors: Amounts falling due after more than one year	8	(9,046)	(24,466)
Provisions for liabilities		(19,360)	(13,632)
Net assets		283,526	234,206
Capital and reserves
Called up share capital		1,000	1,000
Profit and loss account		282,526	233,206
Total equity		283,526	234,206

The notes on pages 4 to 10 form an integral part of these financial statements.

Page 2

Head & Head Veterinary Practice Limited

Balance Sheet

30 June 2017

For the financial year ending 30 June 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 accounts for the year in question in accordance with section 476; and
•	The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

These financial statements have been prepared and delivered in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

Approved and authorised by the Board on 16 March 2018 and signed on its behalf by:
 

.........................................

J D Alston

Director

Company Registration Number: 08519493

The notes on pages 4 to 10 form an integral part of these financial statements.

Page 3

Head & Head Veterinary Practice Limited

Notes to the Financial Statements

Year Ended 30 June 2017

1	General information

The company is a private company limited by share capital incorporated in England and Wales.

The address of its registered office is:
Lowin House
Tregolls Road
Truro
Cornwall
TR1 2NA

The principal place of business is:
The Veterinary Centre
Water Ma Trout
Helston
Cornwall
TR13 0LW

These financial statements were authorised for issue by the Board on 16 March 2018.

2	Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 including Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Change in basis of accounting

The company's financial statements have been prepared in accordance with FRS102 - the Financial Reporting Standard applicable in the UK and Republic of Ireland. The company has transferred from previously extant UK GAAP to FRS102 as at 1 July 2015. There is no material impact on the reported financial position and financial performance.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Page 4

Head & Head Veterinary Practice Limited

Notes to the Financial Statements

Year Ended 30 June 2017

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class	Depreciation method and rate
Buildings	50 years, straight line basis
Fixtures, fittings and equipment	10 years, straight line basis
Motor vehicles	5 years, straight line basis
Computer equipment	4 years, straight line basis

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class	Amortisation method and rate
Goodwill	7 years, straight line basis

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the Balance Sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the Profit and Loss Account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Financial instruments

Page 5

Head & Head Veterinary Practice Limited

Notes to the Financial Statements

Year Ended 30 June 2017

Classification
The company holds the following financial instruments:

• Short term trade and other debtors and creditors;
• Bank loans; and
• Cash and bank balances.

All financial instruments are classified as basic.

 Recognition and measurement
The company has chosen to apply the recognition and measurement principles in FRS102.

Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument and derecognised when in the case of assets, the contractual rights to cash flows from the assets expire or substantially all the risks and rewards of ownership are transferred to another party, or in the case of liabilities, when the company’s obligations are discharged, expire or are cancelled.

Except for bank loans, such instruments are initially measured at transaction price, including transaction costs, and are subsequently carried at the undiscounted amount of the cash or other consideration expected to be paid or received, after taking account of impairment adjustments.

Bank loans are initially measured at transaction price, including transaction costs, and are subsequently carried at amortised cost using the effective interest method.


 

3	Staff numbers

The average number of persons employed by the company (including directors) during the year, was 29 (2016 - 29).

Page 6

Head & Head Veterinary Practice Limited

Notes to the Financial Statements

Year Ended 30 June 2017

4	Intangible assets

	Goodwill  £	Total £
Cost or valuation
At 1 July 2016	396,598	396,598
At 30 June 2017	396,598	396,598
Amortisation
At 1 July 2016	169,971	169,971
Amortisation charge	56,657	56,657
At 30 June 2017	226,628	226,628
Carrying amount
At 30 June 2017	169,970	169,970
At 30 June 2016	226,627	226,627

Page 7

Head & Head Veterinary Practice Limited

Notes to the Financial Statements

Year Ended 30 June 2017

5	Tangible assets

	Land and buildings £	Office Equipment  £	Motor vehicles  £	Plant and machinery  £	Total £
Cost or valuation
At 1 July 2016	291,990	17,300	16,558	86,303	412,151
Additions	-	1,252	35,230	19,219	55,701
Disposals	-	-	(16,561)	-	(16,561)
At 30 June 2017	291,990	18,552	35,227	105,522	451,291
Depreciation
At 1 July 2016	13,372	12,331	9,936	23,086	58,725
Charge for the year	4,173	4,638	7,046	10,552	26,409
Eliminated on disposal	-	-	(9,937)	-	(9,937)
At 30 June 2017	17,545	16,969	7,045	33,638	75,197
Carrying amount
At 30 June 2017	274,445	1,583	28,182	71,884	376,094
At 30 June 2016	278,618	4,969	6,622	63,217	353,426

Leased assets
Included within the net book value of tangible fixed assets is £28,308 (2016 - £32,602) in respect of assets held under finance leases and similar hire purchase contracts. Depreciation for the year on these assets was £4,293 (2016 - £4,293).

Page 8

Head & Head Veterinary Practice Limited

Notes to the Financial Statements

Year Ended 30 June 2017

Included within the net book value of land and buildings above is £274,445 (2016 - £278,618) in respect of freehold land and buildings.
 

6

Stocks

	2017 £	2016 £
Stocks and work in progress	73,047	73,116

7

Debtors

	2017  £	2016  £
Trade debtors	144,978	144,469
Other debtors	750	-
Prepayments	10,027	9,325
	155,755	153,794

8

Creditors

	Note	2017  £	2016  £
Due within one year
Loans and borrowings	9	49,735	25,811
Trade creditors		53,823	56,806
Social security and other taxes		45,773	39,893
Other creditors		302,546	385,133
Accrued expenses		4,806	4,402
Corporation tax		41,023	58,109
		497,706	570,154
Due after one year
Loans and borrowings	9	9,046	24,466

Page 9

Head & Head Veterinary Practice Limited

Notes to the Financial Statements

Year Ended 30 June 2017

9	Loans and borrowings

	2017 £	2016 £
Current loans and borrowings
Bank borrowings	7,751	7,250
Bank overdrafts	34,315	9,997
Finance lease liabilities	7,669	8,564
	49,735	25,811

	2017 £	2016 £
Non-current loans and borrowings
Bank borrowings	4,062	11,813
Finance lease liabilities	4,984	12,653
	9,046	24,466

Bank borrowings

The company's bank borrowing is secured by a fixed and floating charge over the company assets.

10	Financial commitments, guarantees and contingencies

The total amount of financial commitments not included in the balance sheet is £32,425 (2016 - £43,191).

Page 10