Abbey Veterinary Centre (Grimsby) Ltd

Contents
	Page
Balance Sheet	1—2
Notes to the Financial Statements	3—6

Registered number: 07118410

		2017		2016
	Notes	£	£	£	£
FIXED ASSETS
Intangible Assets	3		200,720		215,057
Tangible Assets	4		1,050,483		563,970

			1,251,203		779,027
CURRENT ASSETS
Stocks	5	32,984		33,107
Debtors	6	18,176		16,803
Cash at bank and in hand		25,996		27,425

		77,156		77,335
Creditors: Amounts Falling Due Within One Year	7	(164,960 )		(166,404 )

NET CURRENT ASSETS (LIABILITIES)			(87,804 )		(89,069 )

TOTAL ASSETS LESS CURRENT LIABILITIES			1,163,399		689,958

Creditors: Amounts Falling Due After More Than One Year	8		(876,136 )		(314,866 )

NET ASSETS			287,263		375,092

CAPITAL AND RESERVES
Called up share capital	10		4		4
Profit and loss account			287,259		375,088

SHAREHOLDERS' FUNDS			287,263		375,092

Page 1

Balance Sheet (continued)

As at 31 January 2017

For the year ending 31 January 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities

The member has 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 and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.

On behalf of the board

Miss Jacqueline Buck

1 August 2017

1. Accounting Policies

1.1. Basis of Preparation of Financial Statements

The financial statements are prepared under the historical cost convention and in accordance with the FRS 102 Section 1A Small Entities - The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006.

1.2. Turnover

Turnover comprises the invoiced value of goods and services supplied by the company, net of Value Added Tax and trade discounts.

1.3. Intangible Fixed Assets and Amortisation - Goodwill

Goodwill is the difference between amounts paid on the acquisition of a business and the fair value of the separable net assets. It is amortised to profit and loss account over its estimated economic life of 20 years.

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 of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:

Freehold	Not depreciated
Plant & Machinery	15% reducing balance
Motor Vehicles	25% reducing balance
Fixtures & Fittings	10% reducing balance

1.5. Leasing and Hire Purchase Contracts

Assets obtained under hire purchase contracts and finance leases are capitalised as tangible fixed assets. Assets acquired under finance leases are depreciated over the shorter of the lease term and their useful lives. Assets acquired under hire purchase contracts are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in the creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to profit and loss account as incurred.

1.6. Stocks and Work in Progress

Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.

1.7. Registrar Filing Requirements

The company has taken advantage of Companies Act 2006 section 444(1) and opted not to file the profit and loss account, directors report, and notes to the financial statements relating to the profit and loss account. The notes which are not included have been hidden but original note numbering has remained the same for those that are present.

2. Average number of employees

Average number of employees, including directors, during the year was as follows:

	2017	2016
Office and administration	25	23

	25	23

Page 3

Abbey Veterinary Centre (Grimsby) Ltd

Notes to the Unaudited Accounts (continued)

For The Year Ended 31 January 2017

3. Intangible Assets

	Goodwill
	£
Cost
As at 1 February 2016	286,742

As at 31 January 2017	286,742

Amortisation
As at 1 February 2016	71,685
Provided during the period	14,337

As at 31 January 2017	86,022

Net Book Value
As at 31 January 2017	200,720

As at 1 February 2016	215,057

4. Tangible Assets

	Land & Property
	Freehold	Plant & Machinery	Motor Vehicles	Fixtures & Fittings	Total
	£	£	£	£	£
Cost
As at 1 February 2016	394,903	199,151	14,764	122,835	731,653
Additions	557,057	11,442	3,995	2,922	575,416

As at 31 January 2017	951,960	210,593	18,759	125,757	1,307,069

Depreciation
As at 1 February 2016	56,545	87,629	10,935	12,574	167,683
Provided during the period	59,102	17,288	1,290	11,223	88,903

As at 31 January 2017	115,647	104,917	12,225	23,797	256,586

Net Book Value
As at 31 January 2017	836,313	105,676	6,534	101,960	1,050,483

As at 1 February 2016	338,358	111,522	3,829	110,261	563,970

5. Stocks

	2017	2016
	£	£
Stock - materials and work in progress	32,984	33,107

	32,984	33,107

Page 4

Abbey Veterinary Centre (Grimsby) Ltd

Notes to the Unaudited Accounts (continued)

For The Year Ended 31 January 2017

6. Debtors

	2017	2016
	£	£
Due within one year
Trade debtors	9,812	10,779
Prepayments and accrued income	8,191	6,024
Other debtors	173	-

	18,176	16,803

7. Creditors: Amounts Falling Due Within One Year

	2017	2016
	£	£
Net obligations under finance lease and hire purchase contracts	19,236	17,826
Trade creditors	52,101	38,210
Bank loans and overdrafts	35,212	17,185
Corporation tax	19,044	44,312
Other taxes and social security	27,076	42,820
Other creditors	12,291	6,051

	164,960	166,404

8. Creditors: Amounts Falling Due After More Than One Year

	2017	2016
	£	£
Net obligations under finance lease and hire purchase contracts	18,871	38,107
Other creditors	857,265	276,759

	876,136	314,866

9. Obligations Under Finance Leases and Hire Purchase

	2017	2016
	£	£
The maturity of these amounts is as follows:
Amounts Payable:
Within one year	19,236	17,826
Between one and five years	18,871	38,107

	38,107	55,933

	38,107	55,933

Page 5

Abbey Veterinary Centre (Grimsby) Ltd

Notes to the Unaudited Accounts (continued)

For The Year Ended 31 January 2017

10. Share Capital

	Value	Number	2017	2016
Allotted, called up and fully paid	£		£	£
Ordinary shares	1.000	1	1	1

Ordinary A shares	1.000	1	1	1

Ordinary B shares	1.000	1	1	1

Ordinary C shares	1.000	1	1	1




		4	4	4

11. Dividends

	2017	2016
	£	£
On equity shares:
Final dividend paid	80,625	55,259

	80,625	55,259

12. General Information

Abbey Veterinary Centre (Grimsby) Ltd Registered number 07118410 is a limited by shares company incorporated in England & Wales. The Registered Office is 107 Cleethorpe Road, Grimsby, N E Lincolnshire, DN31 3ER.