Carmel Veterinary Centre Limited - Period Ending 2015-02-28

Registration number: 07022023

Carmel Veterinary Centre Limited

Unaudited Abbreviated Accounts

for the Year Ended 28 February 2015
 

Carmel Veterinary Centre Limited
Contents

Abbreviated Balance Sheet 1 to 2

Notes to the Abbreviated Accounts 3 to 5

Carmel Veterinary Centre Limited
(Registration number: 07022023)
Abbreviated Balance Sheet at 28 February 2015

		Note			2015 £			2014 £
Fixed assets
Intangible fixed assets					361,271			385,356
Tangible fixed assets					52,674			61,016
					413,945			446,372
Current assets
Stocks					26,067			24,305
Debtors					28,073			29,109
Cash at bank and in hand					86,302			53,203
					140,442			106,617
Creditors: Amounts falling due within one year					(199,183)			(260,301)
Net current liabilities					(58,741)			(153,684)
Total assets less current liabilities					355,204			292,688
Provisions for liabilities					(8,504)			(9,727)
Net assets					346,700			282,961
Capital and reserves
Called up share capital		3			2			2
Profit and loss account					346,698			282,959
Shareholders' funds					346,700			282,961

The notes on pages 3 to 5 form an integral part of these financial statements.
Page 1

Carmel Veterinary Centre Limited
(Registration number: 07022023)
Abbreviated Balance Sheet at 28 February 2015
......... continued

For the year ending 28 February 2015 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime .

Approved by the Board on 4 September 2015 and signed on its behalf by:

 JM McCullagh
 Director

 PJ McCullagh
 Director

The notes on pages 3 to 5 form an integral part of these financial statements.
Page 2

Carmel Veterinary Centre Limited
Notes to the Abbreviated Accounts for the Year Ended 28 February 2015
......... continued

1	Accounting policies

Basis of preparation

The full financial statements, from which these abbreviated accounts have been extracted, have been prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (Effective April 2008).

Going concern

The financial statements have been prepared on a going concern basis. The company meets its day to day working capital requirements through the funding provided by the directors shown within other creditors. The directors have confirmed they will provide sufficient funding to enable the company to continue trading for at least one year from the date of the approval of these accounts.

Turnover

Turnover represents amounts chargeable, net of value added tax, in respect of the sale of goods and services to customers.

Goodwill

Positive goodwill is capitalised, classifed as an asset on the balance sheet and amortised on a straight line basis over its useful economic life. It is reviewed for impairment at the end of the first full financial year following the acquisition and in other periods if events or changes in circumstances indicate that the carrying value may not be recoverable.

Amortisation

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

Asset class	Amortisation method and rate
Goodwill	5% straight line basis

Depreciation

Depreciation is provided on tangible fixed assets so as to write off the cost or valuation, less any estimated residual value, over their expected useful economic life as follows:

Asset class	Depreciation method and rate
Plant and machinery	15% reducing balance basis
Motor vehicles	25% reducing balance basis

Stock

Stock is valued at the lower of cost and net realisable value, after due regard for obsolete and slow moving stocks. Net realisable value is based on selling price less anticipated costs to completion and selling costs.

Deferred tax

Deferred tax is recognised, without discounting, in respect of all timing differences between the treatment of certain items for taxation and accounting purposes, which have arisen but not reversed by th balance sheet date, except as required by the FRSSE. Deferred tax is measured at the rates that are expected to apply in the periods when the timing differences are expected to reverse, based on the tax rates and law enacted at the balance sheet date.

Page 3

Carmel Veterinary Centre Limited
Notes to the Abbreviated Accounts for the Year Ended 28 February 2015
......... continued

Hire purchase and leasing

Rentals payable under operating leases are charged in the profit and loss account on a straight line basis over the lease term.

Rentals payable under operating leases are charged in the profit and loss account on a straight line basis over the lease term.

Financial instruments

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Where shares are issued, any component that creates a financial liability of the company is presented as a liability in the balance sheet. The corresponding dividends relating to the liability component are charged as interest expense in the profit and loss account.

Pensions

The company operates a defined contribution pension scheme. Contributions are recognised in the profit and loss account in the period in which they become payable in accordance with the rules of the scheme.

2	Fixed assets

		Intangible assets £			Tangible assets £			Total £
Cost
At 1 March 2014		481,696			107,567			589,263
Additions		-			1,018			1,018
At 28 February 2015		481,696			108,585			590,281
Depreciation
At 1 March 2014		96,340			46,551			142,891
Charge for the year		24,085			9,360			33,445
At 28 February 2015		120,425			55,911			176,336
Net book value
At 28 February 2015		361,271			52,674			413,945
At 28 February 2014		385,356			61,016			446,372

3	Share capital

Allotted, called up and fully paid shares

	2015						2014
		No.			£			No.			£
Ordinary shares of £1 each		2			2			2			2

Page 4

Carmel Veterinary Centre Limited
Notes to the Abbreviated Accounts for the Year Ended 28 February 2015
......... continued

4	Related party transactions

Directors' advances and credits

	2015 Advance/ Credit £	2015 Repaid £	2014 Advance/ Credit £	2014 Repaid £
PJ McCullagh
Loan advance received. No interest charged on advance. No specific terms for repayment.	-	-	853	-

Page 5