James Arkley Equine Dental Services Limited Company Accounts

JAMES ARKLEY EQUINE DENTAL SERVICES LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 10450260

James Arkley Equine Dental Services Limited

Unaudited Financial Statements

for the period 28th October 2016 to

31 October 2017

James Arkley Equine Dental Services Limited

Financial Statements

for the period from 28th October 2016 to 31st October 2017

Contents	Pages

Chartered accountants report to the board of directors on the preparation of the unaudited statutory financial statements	1

Statement of financial position	2 to 3

Notes to the financial statements	4 to 8

James Arkley Equine Dental Services Limited

Chartered Accountants Report to the Board of Directors on the Preparation of the Unaudited Statutory Financial Statements of James Arkley Equine Dental Services Limited

for the period from 28th October 2016 to 31st October 2017

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of James Arkley Equine Dental Services Limited for the period ended 31st October 2017, which comprise the 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 James Arkley Equine Dental Services Limited, as a body. Our work has been undertaken solely to prepare for your approval the financial statements of James Arkley Equine Dental Services 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 James Arkley Equine Dental Services Limited and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that James Arkley Equine Dental Services Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of James Arkley Equine Dental Services Limited. You consider that James Arkley Equine Dental Services Limited is exempt from the statutory audit requirement for the period. We have not been instructed to carry out an audit or a review of the financial statements of James Arkley Equine Dental Services 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 financial statements.

MOORE THOMPSON Chartered Accountants

Bank House Broad Street Spalding PE11 1TB

Dated: 10 May 2018

James Arkley Equine Dental Services Limited

Statement of Financial Position

as at 31 October 2017

	31 Oct 17
Note	£	£

Fixed assets

Tangible assets	5		23,048

Current assets

Debtors	6	884
Cash at bank and in hand		9,523
		-----------
		10,407

Creditors: amounts falling due within one year	7	24,108
		-----------
Net current liabilities			13,701
			-----------
Total assets less current liabilities			9,347

Creditors: amounts falling due after more than one year	8		4,997

Provisions		3,966
		-----------
Net assets		384
		-----------

Capital and reserves

Called up share capital	10	100
Profit and loss account		284
		-----------
Shareholders funds		384
		-----------

These 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 statement of comprehensive income has not been delivered.

For the period ending 31st October 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 financial statements for the period 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 financial statements .

James Arkley Equine Dental Services Limited

Statement of Financial Position (continued)

as at 31 October 2017

These financial statements were approved by the board of directors and authorised for issue on 10 May 2018 , and are signed on behalf of the board by:

J D Arkley	K Savic
Director	Director

Company registration number: 10450260

James Arkley Equine Dental Services Limited

Notes to the Financial Statements

for the period from 28th October 2016 to 31st October 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 Bank House, Board Street, Spalding, Lincolnshire, PE11 1TB. The trading address of the business is West Dale Cottage, West Dale Drove, Donington, Spalding, Lincs, PE11 4XG.

2. Statement of compliance

These 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 financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities. The financial statements are prepared in sterling, which is the functional currency of the entity.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for services rendered, stated net of discounts.

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.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

Motor vehicles	-	25% reducing balance
Equipment	-	33% reducing balance

Impairment of fixed assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets.

Finance leases and hire purchase contracts

Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.

Provisions

Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.

Financial instruments

A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship. Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.

4. Employee numbers

The average number of persons employed by the company during the period amounted to 2 .

5. Tangible assets

Motor vehicles	Equipment	Total
£	£	£

Cost
At 28th October 2016	–	–	–
Additions	38,704	825	39,529
Disposals	( 8,710)	–	( 8,710)
	-----------	-----------	-----------
At 31st October 2017	29,994	825	30,819
	-----------	-----------	-----------
Depreciation
At 28th October 2016	–	–	–
Charge for the period	7,499	272	7,771
	-----------	-----------	-----------
At 31st October 2017	7,499	272	7,771
	-----------	-----------	-----------
Carrying amount
At 31st October 2017	22,495	553	23,048
	-----------	-----------	-----------

Finance leases and hire purchase contracts

Included within the carrying value of tangible assets are the following amounts relating to assets held under finance leases or hire purchase agreements:

	Motor vehicles
	£

At 31st October 2017	22,495
	-----------

6. Debtors

	31 Oct 17
	£

Prepayments and accrued income	884
	-----------

7. Creditors: amounts falling due within one year

	31 Oct 17
	£

Trade creditors	256
Accruals and deferred income	10,519
Corporation tax	112
Obligations under finance leases and hire purchase contracts	3,331
Director loan accounts	9,890
	-----------
	24,108
	-----------

8. Creditors: amounts falling due after more than one year

	31 Oct 17
	£

Obligations under finance leases and hire purchase contracts	4,997
	-----------

9. Finance leases and hire purchase contracts

The total future minimum lease payments under finance leases and hire purchase contracts are as follows:

	31 Oct 17
	£

Not later than 1 year	3,331
Later than 1 year and not later than 5 years	4,997
	-----------
	8,328
	-----------

10. Called up share capital

Issued, called up and fully paid

	31 Oct 17
	No.	£

Ordinary shares of £ 1 each	100	100
	-----------	-----------

On 28th October 2016 the company issued 100 ordinary shares of £1 each at parto form the capital base of the company.