Larkmead Veterinary Group Limited - Period Ending 2015-12-31

Registration number: 08224672

Larkmead Veterinary Group Limited

Unaudited Abbreviated Accounts

for the Year Ended 31 December 2015
 

Larkmead Veterinary Group Limited
Contents

Abbreviated Balance Sheet 1

Notes to the Abbreviated Accounts 2 to 4

Larkmead Veterinary Group Limited
(Registration number: 08224672)
Abbreviated Balance Sheet at 31 December 2015

		Note			2015 £			2014 £
Fixed assets
Intangible fixed assets					1,563,838			1,655,829
Tangible fixed assets					1,636,702			1,657,518
Investments					10,000			10,000
					3,210,540			3,323,347
Current assets
Stocks					145,428			170,600
Debtors					497,083			506,354
Cash at bank and in hand					721,591			371,060
					1,364,102			1,048,014
Creditors: Amounts falling due within one year					(2,788,342)			(2,980,030)
Net current liabilities					(1,424,240)			(1,932,016)
Total assets less current liabilities					1,786,300			1,391,331
Creditors: Amounts falling due after more than one year					(699,959)			(751,237)
Provisions for liabilities					(17,624)			(15,606)
Net assets					1,068,717			624,488
Capital and reserves
Called up share capital		4			100			100
Profit and loss account					1,068,617			624,388
Shareholders' funds					1,068,717			624,488

For the year ending 31 December 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 23 June 2016 and signed on its behalf by:

 T Hutchinson
 Director

The notes on pages 2 to 4 form an integral part of these financial statements.
Page 1

Larkmead Veterinary Group Limited
Notes to the Abbreviated Accounts for the Year Ended 31 December 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 January 2015).

Exemption from preparing group accounts

The company is part of a small group. The company has taken advantage of the exemption provided by Section 398 of the Companies Act 2006 and has not prepared group 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, 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
Freehold property	2%Straight line
Leasehold property	Over lease term
Plant and machinery	25% Reducing balance

Fixed asset investments

Fixed asset investments are stated at historical cost less provision for any diminution in value.

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.

Page 2

Larkmead Veterinary Group Limited
Notes to the Abbreviated Accounts for the Year Ended 31 December 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.

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 £			Investments £			Total £
Cost
At 1 January 2015		1,839,811			1,734,967			10,000			3,584,778
Additions		-			24,698			-			24,698
At 31 December 2015		1,839,811			1,759,665			10,000			3,609,476
Depreciation
At 1 January 2015		183,982			77,449			-			261,431
Charge for the year		91,991			45,514			-			137,505
At 31 December 2015		275,973			122,963			-			398,936
Net book value
At 31 December 2015		1,563,838			1,636,702			10,000			3,210,540
At 31 December 2014		1,655,829			1,657,518			10,000			3,323,347

3

Creditors

Creditors includes the following liabilities, on which security has been given by the company:

		2015 £			2014 £
Amounts falling due within one year		49,000			47,000
Amounts falling due after more than one year		699,959			751,237
Total secured creditors		748,959			798,237

Page 3

Larkmead Veterinary Group Limited
Notes to the Abbreviated Accounts for the Year Ended 31 December 2015
......... continued

4	Share capital

Allotted, called up and fully paid shares

	2015						2014
		No.			£			No.			£
Ordinary shares of £1 each		100			100			100			100

5

Control

The company is controlled by Larkmead Practice LLP.

Page 4