Vicarage Veterinary Centre Limited - Period Ending 2015-03-31

Registration number: 07135271

Vicarage Veterinary Centre Limited

Unaudited Abbreviated Accounts

for the Year Ended 31 March 2015
 

Vicarage Veterinary Centre Limited
Contents

Abbreviated Balance Sheet 1

Notes to the Abbreviated Accounts 2 to 3

Vicarage Veterinary Centre Limited
(Registration number: 07135271)
Abbreviated Balance Sheet at 31 March 2015

		Note			2015 £			2014 £
Fixed assets
Intangible fixed assets					106,780			113,898
Tangible fixed assets					27,629			31,394
					134,409			145,292
Current assets
Stocks					17,861			17,324
Debtors					4,067			5,091
Cash at bank and in hand					89,469			84,114
					111,397			106,529
Creditors: Amounts falling due within one year					(175,058)			(196,653)
Net current liabilities					(63,661)			(90,124)
Total assets less current liabilities					70,748			55,168
Provisions for liabilities					(4,814)			(4,610)
Net assets					65,934			50,558
Capital and reserves
Called up share capital		3			1			1
Profit and loss account					65,933			50,557
Shareholders' funds					65,934			50,558

For the year ending 31 March 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 director acknowledges her 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 director on 16 September 2015

 A Sackx
 Director

The notes on pages 2 to 3 form an integral part of these financial statements.
Page 1

Vicarage Veterinary Centre Limited
Notes to the Abbreviated Accounts for the Year Ended 31 March 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).

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, classified 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

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
Fixtures and equipment	15% reducing balance
Motor vehicles	25% reducing balance

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 the 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.

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.

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Vicarage Veterinary Centre Limited
Notes to the Abbreviated Accounts for the Year Ended 31 March 2015
......... continued

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.

2	Fixed assets

		Intangible assets £			Tangible assets £			Total £
Cost
At 1 April 2014		142,370			54,313			196,683
Additions		-			3,444			3,444
Disposals		-			(7,375)			(7,375)
At 31 March 2015		142,370			50,382			192,752
Depreciation
At 1 April 2014		28,472			22,919			51,391
Charge for the year		7,118			4,876			11,994
Eliminated on disposals		-			(5,042)			(5,042)
At 31 March 2015		35,590			22,753			58,343
Net book value
At 31 March 2015		106,780			27,629			134,409
At 31 March 2014		113,898			31,394			145,292

3	Share capital

Allotted, called up and fully paid shares

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

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