Griffin Veterinary Services Limited Filleted accounts for Companies House (small and micro)

GRIFFIN VETERINARY SERVICES LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 5386648

Griffin Veterinary Services Limited

Filleted Unaudited Financial Statements

31 March 2018

Griffin Veterinary Services Limited

Financial Statements

Year ended 31 March 2018

Contents	Pages

Statement of financial position	1

Notes to the financial statements	2 to 5

Griffin Veterinary Services Limited

Statement of Financial Position

31 March 2018

	2018	2017
Note	£	£

Fixed assets

Tangible assets	6	47,866	27,699

Current assets

Debtors	7	17,960	13,824
Cash at bank and in hand		34,133	7,115
		--------	--------
		52,093	20,939

Creditors: amounts falling due within one year	8	( 57,676)	( 17,615)
		--------	--------
Net current (liabilities)/assets		( 5,583)	3,324
		--------	--------
Total assets less current liabilities		42,283	31,023

Provisions

Taxation including deferred tax	( 4,623)	( 713)
	--------	--------
Net assets	37,660	30,310
	--------	--------

Capital and reserves

Called up share capital	10	1	1
Profit and loss account		37,659	30,309
		--------	--------
Shareholders funds		37,660	30,310
		--------	--------

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 year ending 31 March 2018 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

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

- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .

These financial statements were approved by the board of directors and authorised for issue on 26 November 2018 , and are signed on behalf of the board by:

Mr BW Griffin
Director

Company registration number: 5386648

Griffin Veterinary Services Limited

Notes to the Financial Statements

Year ended 31 March 2018

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Talgarreg, Graig, Burry Port, Dyfed, SA16 0DG.

2. Statement of compliance

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

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 and investment properties measured at fair value through profit or loss.

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

Going concern

The directors have a reasonable expectation that the company has adequate resources to continue operational existence for the foreseeable future. For this reason, the directors continue to adopt the going concern basis of accounting in preparing the annual financial statements.

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax. Revenue from the sale of goods and services is recognised when the significant risks and rewards of ownership of the goods 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. Turnover represents net invoiced sales of goods and services, excluding VAT.

Taxation

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. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated 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:

Property Improvements	-	2% straight line
Plant & Machinery	-	25% reducing balance
Fixtures & Fittings	-	25% reducing balance
Office Equipment	-	25% 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.

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.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 2 (2017: 2 ).

5. Tax on profit

Major components of tax expense

	2018	2017
	£	£

Current tax:

UK current tax expense	198	6,308
Adjustments in respect of prior periods	( 248)	–
	----	-------
Total current tax	( 50)	6,308
	----	-------

Deferred tax:

Origination and reversal of timing differences	3,910	( 238)
	-------	-------
Tax on profit	3,860	6,070
	-------	-------

6. Tangible assets

	Property Improvements	Plant & Machinery	Fixtures & Fittings	Office Equipment	Total
	£	£	£	£	£
Cost
At 1 April 2017	29,970	6,314	179	4,070	40,533
Additions	–	24,725	191	3,963	28,879
	--------	--------	----	-------	--------
At 31 March 2018	29,970	31,039	370	8,033	69,412
	--------	--------	----	-------	--------
Depreciation
At 1 April 2017	5,836	3,779	165	3,054	12,834
Charge for the year	600	6,815	52	1,245	8,712
	--------	--------	----	-------	--------
At 31 March 2018	6,436	10,594	217	4,299	21,546
	--------	--------	----	-------	--------
Carrying amount
At 31 March 2018	23,534	20,445	153	3,734	47,866
	--------	--------	----	-------	--------
At 31 March 2017	24,134	2,535	14	1,016	27,699
	--------	--------	----	-------	--------

7. Debtors

	2018	2017
	£	£
Trade debtors	16,077	12,962
Other debtors	1,883	862
	--------	--------
	17,960	13,824
	--------	--------

Other debtors include an amount of £nil (2017 - £nil) falling due after more than one year .

8. Creditors: amounts falling due within one year

	2018	2017
	£	£
Trade creditors	32,995	1,544
Corporation tax	198	6,308
Social security and other taxes	–	4,136
Other creditors	24,483	5,627
	--------	--------
	57,676	17,615
	--------	--------

9. Deferred tax

The deferred tax included in the statement of financial position is as follows:

	2018	2017
	£	£
Included in provisions	4,623	713
	-------	----

The deferred tax account consists of the tax effect of timing differences in respect of:

	2018	2017
	£	£
Accelerated capital allowances	4,623	713
	-------	----

10. Called up share capital

Issued, called up and fully paid

	2018		2017
	No.	£	No.	£
Ordinary shares of £ 1 each	1	1	1	1
	----	----	----	----

11. Related party transactions

The company was under the control of Mr BW Griffin and Mrs A Griffin throughout the current and previous year. Mr BW Griffin is the managing director and jointly with Mrs A Griffin holds 100% of the company's issued ordinary share capital. During the year the company paid dividends of £10,000 (2017 - £17,000) to Mr BW Griffin and Mrs A Griffin.