ACCOUNTS - Final Accounts preparation

Analysis of the maturity of loans is given below:

OVAL PET CENTRE LIMITED - Company Information

Caseware UK (AP4) 2016.0.181 2016.0.181 2017-12-312017-12-31The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.truetrueNo description of principal activityfalse2017-01-01 04924063 2017-01-01 2017-12-31 04924063 2017-12-31 04924063 2016-12-31 04924063 c:Director1 2017-01-01 2017-12-31 04924063 d:Buildings 2017-01-01 2017-12-31 04924063 d:Buildings 2017-12-31 04924063 d:Buildings 2016-12-31 04924063 d:Buildings d:LongLeaseholdAssets 2017-01-01 2017-12-31 04924063 d:Buildings d:LongLeaseholdAssets 2017-12-31 04924063 d:Buildings d:LongLeaseholdAssets 2016-12-31 04924063 d:Buildings d:ShortLeaseholdAssets 2017-01-01 2017-12-31 04924063 d:MotorVehicles 2017-01-01 2017-12-31 04924063 d:MotorVehicles 2017-12-31 04924063 d:MotorVehicles 2016-12-31 04924063 d:MotorVehicles d:LeasedAssetsHeldAsLessee 2017-01-01 2017-12-31 04924063 d:FurnitureFittings 2017-01-01 2017-12-31 04924063 d:FurnitureFittings 2017-12-31 04924063 d:FurnitureFittings 2016-12-31 04924063 d:FurnitureFittings d:OwnedOrFreeholdAssets 2017-01-01 2017-12-31 04924063 d:FurnitureFittings d:LeasedAssetsHeldAsLessee 2017-01-01 2017-12-31 04924063 d:OwnedOrFreeholdAssets 2017-01-01 2017-12-31 04924063 d:LeasedAssetsHeldAsLessee 2017-01-01 2017-12-31 04924063 d:Goodwill 2017-12-31 04924063 d:Goodwill 2016-12-31 04924063 d:Non-currentFinancialInstruments d:UnlistedNon-exchangeTraded 2017-12-31 04924063 d:Non-currentFinancialInstruments d:UnlistedNon-exchangeTraded 2016-12-31 04924063 c:FRS102 2017-01-01 2017-12-31 04924063 c:AuditExempt-NoAccountantsReport 2017-01-01 2017-12-31 04924063 c:FullAccounts 2017-01-01 2017-12-31 04924063 c:PrivateLimitedCompanyLtd 2017-01-01 2017-12-31 04924063 d:HirePurchaseContracts d:WithinOneYear 2017-12-31 04924063 d:HirePurchaseContracts d:WithinOneYear 2016-12-31 04924063 d:HirePurchaseContracts d:BetweenOneFiveYears 2017-12-31 04924063 d:HirePurchaseContracts d:BetweenOneFiveYears 2016-12-31 iso4217:GBP

Registered number: 04924063

OVAL PET CENTRE LIMITED

UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 DECEMBER 2017

OVAL PET CENTRE LIMITED

REGISTERED NUMBER: 04924063

BALANCE SHEET

AS AT 31 DECEMBER 2017

		2017		2016
Note		£		£

Fixed assets
Tangible assets	4		266,836		288,194
Investments	5		99		99
			266,935		288,293
Current assets
Stocks	6	35,864		25,584
Debtors: amounts falling due within one year	7	780,023		55,893
Cash at bank and in hand	8	147,247		119,547
		963,134		201,024
Creditors: amounts falling due within one year	9	(304,816)		(143,067)
Net current assets			658,318		57,957
Total assets less current liabilities			925,253		346,250
Creditors: amounts falling due after more than one year	10		(22,442)		(54,784)
Provisions for liabilities
Deferred tax		(13,624)		(14,185)
			(13,624)		(14,185)
Net assets			889,187		277,281

Capital and reserves
Called up share capital	100	100
Profit and loss account	889,087	277,181
	889,187	277,281

Page 1

OVAL PET CENTRE LIMITED

REGISTERED NUMBER: 04924063

BALANCE SHEET (CONTINUED)

AS AT 31 DECEMBER 2017

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 9 August 2018.

C Fornengo

Director

The notes on pages 3 to 11 form part of these financial statements.

Page 2

OVAL PET CENTRE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2017

1.	General information

Oval Pet Centre Limited is a private company, limited by shares and registered in England & Wales. The address of the registered office is shown in the company information.
The nature of the entity's operations and principal activity in the year under reveiw was that of veterinarian services.

2.Accounting policies

2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

2.2

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:

∙the Company has transferred the significant risks and rewards of ownership to the buyer;

∙the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;

∙the amount of revenue can be measured reliably;

∙it is probable that the Company will receive the consideration due under the transaction; and

∙the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:

∙the amount of revenue can be measured reliably;

∙it is probable that the Company will receive the consideration due under the contract;

∙the stage of completion of the contract at the end of the reporting period can be measured reliably; and

∙the costs incurred and the costs to complete the contract can be measured reliably.

2.3

Intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

Page 3

OVAL PET CENTRE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2017

2.Accounting policies (continued)

2.4

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the reducing balance and straight-line methods.

Depreciation is provided on the following basis:

Freehold property	-	Not depreciated
Leasehold propery improvements	-	15 years straight line
Motor vehicles	-	25% reducing balance
Fixtures and fittings & equipment	-	25% reducing balance

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in the Statement of income and retained earnings.

2.5

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

Investments in unlisted Company shares, whose market value can be reliably determined, are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in the Statement of income and retained earnings for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment.

Investments in listed company shares are remeasured to market value at each Balance sheet date. Gains and losses on remeasurement are recognised in profit or loss for the period.

2.6

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first outbasis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

2.7

Debtors

Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

Page 4

OVAL PET CENTRE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2017

2.Accounting policies (continued)

2.8

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

2.9

Creditors

Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

2.10

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

2.11

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to the Statement of income and retained earnings on a straight line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

The Company has taken advantage of the optional exemption available on transition to FRS 102 which allows lease incentives on leases entered into before the date of transition to the standard 01 January 2016 to continue to be charged over the period to the first market rent review rather than the term of the lease.

2.12

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in the Statement of income and retained earnings when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the Company in independently administered funds.

2.13

Interest income

Interest income is recognised in the Statement of income and retained earnings using the effective interest method.

2.14

Borrowing costs

All borrowing costs are recognised in the Statement of income and retained earnings in the year in which they are incurred.

Page 5

OVAL PET CENTRE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2017

2.Accounting policies (continued)

2.15

Provisions for liabilities

Provisions are made where an event has taken place that gives the Company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.
Provisions are charged as an expense to the Statement of income and retained earnings in the year that the Company becomes aware of the obligation, and are measured at the best estimate at the Balance sheet date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.
When payments are eventually made, they are charged to the provision carried in the Balance sheet.

2.16

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in the Statement of income and retained earnings, except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the Balance sheet date, except that:

∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and

∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

2.17

Exceptional items

Exceptional items are transactions that fall within the ordinary activities of the Company but are presented separately due to their size or incidence.

Page 6

OVAL PET CENTRE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2017

3.	Intangible assets

		Goodwill
		£
	Cost
	At 1 January 2017	25,000
	At 31 December 2017	25,000
	Amortisation
	At 1 January 2017	25,000
	At 31 December 2017	25,000
	Net book value
	At 31 December 2017	-
	At 31 December 2016	-

Page 7

OVAL PET CENTRE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2017

4.	Tangible fixed assets

	Freehold property	Leasehold improvement	Motor vehicles	Fixtures, fittings & equipment	Total
	£	£	£	£	£
Cost or valuation
At 1 January 2017	145,219	103,562	60,010	202,981	511,772
Additions	-	-	-	31,646	31,646
Disposals	-	-	(27,763)	(21,487)	(49,250)
At 31 December 2017	145,219	103,562	32,247	213,140	494,168
Depreciation
At 1 January 2017	-	59,938	28,605	135,035	223,578
Charge for the year on owned assets	-	6,904	-	14,050	20,954
Charge for the year on financed assets	-	-	7,851	9,831	17,682
Disposals	-	-	(20,258)	(14,624)	(34,882)
At 31 December 2017	-	66,842	16,198	144,292	227,332
Net book value
At 31 December 2017	145,219	36,720	16,049	68,848	266,836
At 31 December 2016	145,219	43,624	31,405	67,946	288,194

The net book value of assets held under finance leases or hire purchase contracts, included above, are as follows:
	2017	2016
	£	£


Motor vehicles	16,049	31,405
Fixtures, fittings and equipment	29,494	39,956
	45,543	71,361

Page 8

OVAL PET CENTRE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2017

5.	Fixed asset investments

		Unlisted investments
		£
	Cost or valuation
	At 1 January 2017	99
	At 31 December 2017	99

	Net book value
	At 31 December 2017	99
	At 31 December 2016	99

Subsidiary undertakings
The following were subsidiary undertakings of the Company:
Name	Class of shares	Holding	Principal activity

Mondocane Limited

Ordinary

100%

Vet services

The aggregate of the share capital and reserves as at 31 December 2017 and of the profit or loss for the year ended on that date for the subsidiary undertakings were as follows:
	Aggregate of share capital and reserves	Profit/(loss)
	£	£

Mondocane Limited

(19,027)

33,048

6.	Stocks
		2017	2016
		£	£

	Finished goods and goods for resale	35,864	25,584

Page 9

OVAL PET CENTRE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2017

Debtors

					2017	2016
					£	£


Trade debtors	5,751	6,834
Amounts owed by group undertakings	28,414	31,514
Prepayments and accrued income	745,858	17,545
	780,023	55,893

8.	Cash and cash equivalents
		2017	2016
		£	£

	Cash at bank and in hand	147,247	119,547

9.	Creditors: Amounts falling due within one year
		2017	2016
		£	£

Bank loans	14,540	15,188
Trade creditors	25,522	31,441
Corporation tax	175,234	15,296
Other taxation and social security	57,305	45,247
Obligations under finance lease and hire purchase contracts	21,038	21,587
Other creditors	4,416	5,857
Accruals and deferred income	6,761	8,451
	304,816	143,067

10.	Creditors: Amounts falling due after more than one year
		2017	2016
		£	£

Bank loans	-	15,502
Net obligations under finance leases and hire purchase contracts	22,442	39,282
	22,442	54,784

Page 10

OVAL PET CENTRE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2017

Amounts falling due within one year
Bank loans	14,540	15,188
	14,540	15,188

Amounts falling due 2-5 years
Bank loans	-	15,502

	14,540	30,690

Within one year	21,038	21,587
Between 1-5 years	22,442	39,282
	43,480	60,869

13.	Related party transactions
	As at 31 December 2017 debtors included £28,414 was due from Mondocane Limited (£31,514 - 2016), the wholly owned subsidiary undertaking.

14.	Controlling party

The Company was controlled througout this year and the preceeding year by the Directors.

Page 11