VETERINARY_TISSUE_BANK_LI - Accounts

VETERINARY TISSUE BANK LIMITED - Company Information

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VETERINARY TISSUE BANK LIMITED

ABBREVIATED ACCOUNTS

FOR THE YEAR ENDED 31 MARCH 2014

Company Registration No. 06795761 (England and Wales)

VETERINARY TISSUE BANK LIMITED

CONTENTS

Page

Abbreviated balance sheet

Notes to the abbreviated accounts

2 - 3

VETERINARY TISSUE BANK LIMITED

ABBREVIATED BALANCE SHEET

AS AT

31 MARCH 2014

- 1 -

2014

2013

Notes

Fixed assets

Tangible assets

13,730

5,348

Current assets

Stocks

11,334

5,937

Debtors

11,171

10,224

Cash at bank and in hand

139

3,442

22,644

19,603

Creditors: amounts falling due within one year

(7,661)

(9,953)

Net current assets

14,983

9,650

Total assets less current liabilities

28,713

14,998

Accruals and deferred income

(1,500)

(374)

27,213

14,624

Capital and reserves

Called up share capital

1,000

Share premium account

49,600

Profit and loss account

(23,387)

(35,976)

Shareholders' funds

27,213

14,624

For the financial year ended 31 March 2014 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 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 financial statements.

These abbreviated financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime.

Approved by the Board and authorised for issue on 23 December 2014

Mr J F Innes

Dr P Myint

Director

Company Registration No. 06795761

VETERINARY TISSUE BANK LIMITED

NOTES TO THE ABBREVIATED ACCOUNTS

FOR THE YEAR ENDED 31 MARCH 2014

- 2 -

Accounting policies

1.1

Accounting convention

The financial statements are prepared under the historical cost convention.

1.2

Compliance with accounting standards

The financial statements are prepared in accordance with applicable United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), which have been applied consistently (except as otherwise stated).

1.3

Turnover

Turnover represents amounts receivable for goods and services net of VAT and trade discounts.

1.4

Tangible fixed assets and depreciation

Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost less estimated residual value of each asset over its expected useful life, as follows:

Plant and machinery

Straight Line 25%

Computer equipment

Straight Line 25%

Fixtures, fittings & equipment

Straight Line 25%

1.5

Leasing

Rentals payable under operating leases are charged against income on a straight line basis over the lease term.

1.6

Stock

Stock is valued at the lower of cost and net realisable value.

1.7

Deferred taxation

Deferred taxation is provided in full in respect of taxation deferred by timing differences between the treatment of certain items for taxation and accounting purposes. The deferred tax balance is not discounted. Deferred tax assets are recognised only to the extent that it is considered more likely than not that there will be suitable taxable profits from which the future reversal of the underlying timing differences can be deducted.

1.8

Government grants

Grants are credited to deferred revenue. Grants towards capital expenditure are released to the profit and loss account over the expected useful life of the assets. Grants towards revenue expenditure are released to the profit and loss account as the related expenditure is incurred.

VETERINARY TISSUE BANK LIMITED

NOTES TO THE ABBREVIATED ACCOUNTS (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2014

- 3 -

Fixed assets

Tangible assets

Cost

At 1 April 2013

16,430

Additions

13,949

At 31 March 2014

30,379

Depreciation

At 1 April 2013

11,082

Charge for the year

5,567

At 31 March 2014

16,649

Net book value

At 31 March 2014

13,730

At 31 March 2013

5,348

Share capital

2014

2013

Allotted, called up and fully paid

1,000 Ordinary Shares of £1 each

1,000

Ultimate parent company

The company is not under the control of any one person