XL Farmcare South East Limited Small abridged accounts

XL FARMCARE SOUTH EAST LIMITED - Company Information

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Statement of Consent to Prepare Abridged Financial Statements

All of the members of XL Farmcare South East Limited have consented to the preparation of the abridged statement of income and retained earnings and the abridged statement of financial position for the year ending 28 February 2017 in accordance with Section 444(2A) of the Companies Act 2006.

COMPANY REGISTRATION NUMBER: 07891251

XL Farmcare South East Limited

Unaudited Abridged Financial Statements

28 February 2017

XL Farmcare South East Limited

Abridged Financial Statements

Year ended 28 February 2017

Contents	Page

Officers and professional advisers	1

Directors' report	2

Chartered accountants report to the board of directors on the preparation of the unaudited statutory abridged financial statements	3

Abridged statement of income and retained earnings	4

Abridged statement of financial position	5

Notes to the abridged financial statements	6

The following pages do not form part of the abridged financial statements

Detailed abridged income statement	9

Notes to the detailed abridged income statement	10

XL Farmcare South East Limited

Officers and Professional Advisers

The board of directors	Mr. S Baldwyn BVSc MRCVS
	Ms. J M James VetMB MA MRCVS
	Mr. W J Pepper BVSc CertCHP MRCVS
	Mr. S Trickey BVM&S MRCVS

Registered office	21 Cliffe High Street
	Lewes
	East Sussex
	BN7 2AH

Accountants	Plant & Co Limited
	Chartered Accountants
	17 Lichfield Street
	Stone
	Staffordshire
	ST15 8NA

XL Farmcare South East Limited

Directors' Report

Year ended 28 February 2017

The directors present their report and the unaudited abridged financial statements of the company for the year ended 28 February 2017 .

Directors

The directors who served the company during the year were as follows:

Mr. S Baldwyn BVSc MRCVS
Ms. J M James VetMB MA MRCVS
Mr. W J Pepper BVSc CertCHP MRCVS
Mr. S Trickey BVM&S MRCVS

Events after the end of the reporting period

Particulars of events after the reporting date are detailed in note 4 to the abridged financial statements.

Small company provisions

This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.

This report was approved by the board of directors on 23 November 2017 and signed on behalf of the board by:

Mr. W J Pepper BVSc CertCHP MRCVS

Director

Registered office:

21 Cliffe High Street

Lewes

East Sussex

BN7 2AH

XL Farmcare South East Limited

Chartered Accountants Report to the Board of Directors on the Preparation of the Unaudited Statutory Abridged Financial Statements of XL Farmcare South East Limited

Year ended 28 February 2017

As described on the abridged statement of financial position, the directors of the company are responsible for the preparation of the abridged financial statements for the year ended 28 February 2017, which comprise the abridged statement of income and retained earnings, abridged statement of financial position and the related notes. You consider that the company is exempt from an audit under the Companies Act 2006. In accordance with your instructions we have compiled these abridged financial statements in order to assist you to fulfil your statutory responsibilities, from the accounting records and from information and explanations supplied to us.

Plant & Co Limited Chartered Accountants

17 Lichfield Street Stone Staffordshire ST15 8NA

23 November 2017

XL Farmcare South East Limited

Abridged Statement of Income and Retained Earnings

Year ended 28 February 2017

	2017	2016
Note	£	£
Gross profit	3,825	26,937

Administrative expenses	3,058	3,492
	-------	--------
Operating profit	767	23,445

	-------	--------
Profit before taxation	767	23,445

Tax on profit	153	4,689
	----	--------
Profit for the financial year and total comprehensive income	614	18,756
	----	--------

Retained earnings at the start of the year	18,756	–
	--------	--------
Retained earnings at the end of the year	19,370	18,756
	--------	--------

All the activities of the company are from continuing operations.

XL Farmcare South East Limited

Abridged Statement of Financial Position

28 February 2017

	2017		2016
Note	£	£	£

Current assets

Stocks	149,496	142,240
Debtors	1,188	4,870
Cash at bank and in hand	24,688	19,177
	---------	---------
	175,372	166,287

Creditors: amounts falling due within one year	155,902		147,431
	---------		---------
Net current assets		19,470	18,856
		--------	--------
Total assets less current liabilities		19,470	18,856
		--------	--------
Net assets		19,470	18,856
		--------	--------

Capital and reserves

Called up share capital	100	100
Profit and loss account	19,370	18,756
	--------	--------
Shareholders funds	19,470	18,856
	--------	--------

These abridged financial statements have been prepared 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'.

For the year ending 28 February 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 abridged financial statements for the year 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 abridged financial statements .

These abridged financial statements were approved by the board of directors and authorised for issue on 23 November 2017 , and are signed on behalf of the board by:

Mr. W J Pepper BVSc CertCHP MRCVS

Director

Company registration number: 07891251

XL Farmcare South East Limited

Notes to the Abridged Financial Statements

Year ended 28 February 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 21 Cliffe High Street, Lewes, East Sussex, BN7 2AH.

2. Statement of compliance

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

Transition to FRS 102

The entity transitioned from previous UK GAAP to FRS 102 as at 1 March 2015. Details of how FRS 102 has affected the reported financial position and financial performance is given in note 7.

Revenue recognition

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

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.

Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.

4. Events after the end of the reporting period

There were no material events up to 23 November 2017, being the date of the approval of the financial statements by the Board.

5. Related party transactions

As at the period end, £600 (2016 £600) was owed to veterinary practices within which the directors held interests. During the year the company made payments totalling £350,614 (2016 £234,076) to associated veterinary practices. These payments were for professional services rendered and which were calculated using normal commercial rates. Save for otherwise disclosed, no transactions with related parties were undertaken such as are required to be disclosed under Financial Reporting Standard 102.

6. Controlling party

Throughout the current period, the company was controlled by the directors by virtue of their ability to act in concert in respect of the operating and financial polices of the company.

7. Transition to FRS 102

These are the first abridged financial statements that comply with FRS 102. The company transitioned to FRS 102 on 1 March 2015.

No transitional adjustments were required in equity or profit or loss for the year.

8. Other spare note 99 heading

XL Farmcare South East Limited

Management Information

Year ended 28 February 2017

The following pages do not form part of the abridged financial statements.

XL Farmcare South East Limited

Detailed Abridged Income Statement

Year ended 28 February 2017

	2017	2016
	£	£
Turnover	1,284,682	783,840

Cost of sales

Opening work in progress	142,240	24,644
Purchases	1,209,342	787,633
Management fees	78,771	86,866
	------------	---------
	1,430,353	899,143

Closing work in progress	149,496	142,240
	------------	---------
	1,280,857	756,903
	------------	---------

	-------	--------
Gross profit	3,825	26,937

Overheads

Administrative expenses	3,058	3,492

	-------	--------
Operating profit	767	23,445

	-------	--------
Profit before taxation	767	23,445
	-------	--------

XL Farmcare South East Limited

Notes to the Detailed Abridged Income Statement

Year ended 28 February 2017

	2017	2016
	£	£

Administrative expenses

Insurance	2,494	3,069
Meeting expenses	458	360
Sundry expenses	35	35
Bank charges	71	28
	-------	-------
	3,058	3,492
	-------	-------