Company Registration No. 03749962 (England and Wales)
WOODLANDS ANIMAL CENTRE LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2017
PAGES FOR FILING WITH REGISTRAR
WOODLANDS ANIMAL CENTRE LIMITED
COMPANY INFORMATION
Director
Mrs Lisa Bradley
Company number
03749962
Registered office
226 Heath Road
Bedworth
Warks
CV12 0BN
Accountants
Burgis & Bullock
Gethin House
36 Bond Street
Nuneaton
Warwickshire
CV11 4DA
Business address
226 Heath Road
Bedworth
Warks
CV12 0BN
WOODLANDS ANIMAL CENTRE LIMITED
CONTENTS
Page
Statement of comprehensive income
Balance sheet
1 - 2
Statement of changes in equity
3
Notes to the financial statements
4 - 10
WOODLANDS ANIMAL CENTRE LIMITED
BALANCE SHEET
- 1 -
2017
2016
Notes
£
£
£
£
Fixed assets
Tangible assets
3
1,015,669
1,009,956
Current assets
Stocks
129,765
112,304
Debtors
4
18,638
19,409
Cash at bank and in hand
53,950
64,378
202,353
196,091
Creditors: amounts falling due within one year
5
(330,144)
(375,462)
Net current liabilities
(127,791)
(179,371)
Total assets less current liabilities
887,878
830,585
Creditors: amounts falling due after more than one year
6
(313,595)
(303,678)
Provisions for liabilities
(30,146)
(26,861)
Net assets
544,137
500,046
Capital and reserves
Called up share capital
7
200
200
Revaluation reserve
191,099
196,960
Profit and loss reserves
352,838
302,886
Total equity
544,137
500,046
The director of the company have elected not to include a copy of the profit and loss account within the financial statements.
true
For the financial year ended 31 May 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
T
he director acknowledges her responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
WOODLANDS ANIMAL CENTRE LIMITED
BALANCE SHEET (CONTINUED)
- 2 -
T
he member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476
.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
The financial statements were approved and signed by the director and authorised for issue on 22 February 2018
Mrs Lisa Bradley
Director
Company Registration No. 03749962
WOODLANDS ANIMAL CENTRE LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MAY 2017
- 3 -
Share capital
Revaluation reserve
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 1 June 2015
200
202,827
252,619
455,646
Year ended 31 May 2016:
Profit and total comprehensive income for the year
-
-
61,900
61,900
Dividends
-
-
(17,500)
(17,500)
Transfers
-
(5,867)
5,867
-
Balance at 31 May 2016
200
196,960
302,886
500,046
Year ended 31 May 2017:
Profit and total comprehensive income for the year
-
-
69,091
69,091
Dividends
-
-
(25,000)
(25,000)
Transfers
-
(5,861)
5,861
-
Balance at 31 May 2017
200
191,099
352,838
544,137
WOODLANDS ANIMAL CENTRE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2017
- 4 -
1
Accounting policies
Company information
Woodlands Animal Centre Limited is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
226 Heath Road, Bedworth, Warks, CV12 0BN.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in
sterling
, which is the functional currency of the company.
Monetary a
mounts
in these financial statements are
rounded to the nearest £.
The financial statements have been prepared under the historical cost convention modified to include the revaluation of freehold properties. The principal accounting policies adopted are set out below.
These financial statements for the year ended 31 May 2017
are the
first
financial statements of Woodlands Animal Centre Limited prepared in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland. The date of transition to FRS 102 was 1 June 2015. The reported financial position and financial performance for the previous period are not affected by the transition to FRS 102.
1.2
Going concern
A
t the time of approving the financial statements
,
t
he director has a reasonable expectation that the
company
has adequate resources to continue in operational existence for the foreseeable future. Thus
t
he director continues to adopt the going concern basis of accounting in preparing the financial statements.
1.3
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business
, and
is shown net of VAT
.
The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
1.4
Tangible fixed assets
Land and buildings are initially measured at cost, and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
All other assets are measured at cost, net of depreciation and any impairment losses.
WOODLANDS ANIMAL CENTRE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2017
1
Accounting policies
(Continued)
- 5 -
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Buildings freehold
2% on cost
Plant and machinery
15% reducing balance and 20% straight line
Fixtures, fittings & equipment
15% reducing balance and 20% straight line
Motor vehicles
25% reducing balance
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and
is credited or charged to profit or loss
.
1.5
Impairment of fixed assets
At each reporting
period
end date, the
company
reviews the carrying amounts of its tangible
assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). At 31 May 2017 there was no indication of any impairment.
1.6
Stocks
Stocks are stated at the lower of cost and estimated selling price
.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
1.7
Cash at bank and in hand
Cash at bank and in hand
are basic financial assets
and
include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.8
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
WOODLANDS ANIMAL CENTRE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2017
1
Accounting policies
(Continued)
- 6 -
Basic financial assets
Basic financial assets, which include
creditors and bank loans
, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest
method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.
Financial assets classified as receivable within one year are not amortised.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors and bank loans, are
initially recognised at transaction price unless the arrangement constitutes a
financing transaction, where the debt instrument is measured at the present value of
the future
paymen
ts discounted at a market rate of interest.
Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective
interest rate method.
Trade creditors
are obligations to pay for goods or services that have been acquired
in the ordinary course of business from suppliers. A
m
ounts payable are classified as
current liabilities if payment is due within one year or less. If not, they are presented
as non-current liabilities. Trade creditors are recognised initially at transaction price
and subsequently measured at amortised cost using the effective interest method.
1.9
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.10
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The
company’s
liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
WOODLANDS ANIMAL CENTRE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2017
1
Accounting policies
(Continued)
- 7 -
Deferred tax
Deferred tax is provided in full on timing differences which result in an obligation at the balance sheet date to pay more tax, or a right to pay less tax at a future date at rates expected to apply when they crystallise based on current tax rates and law. Timing differences arise from the inclusion of items of income and expenditure in taxation computations in periods different from those in which they are included in financial statements. Deferred tax assets are recognised to the extent that it is regarded as more likely than not that they will be recovered. Deferred tax assets and liabilities are not discounted.
1.11
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense
.
1.12
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.13
Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.
Assets held under finance leases are recognised as assets at the lower of the assets fair
value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to the profit and loss account so as to produce a constant periodic rate of interest on the remaining balance of the liability.
Rentals payable under operating leases,
including
any lease incentives received, are charged to income on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the lease asset are consumed.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was 17 (2016 - 17).
WOODLANDS ANIMAL CENTRE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2017
- 8 -
3
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost or valuation
At 1 June 2016
885,000
389,608
1,274,608
Additions
15,120
56,640
71,760
Disposals
-
(22,055)
(22,055)
At 31 May 2017
900,120
424,193
1,324,313
Depreciation and impairment
At 1 June 2016
19,387
245,265
264,652
Depreciation charged in the year
19,558
37,185
56,743
Eliminated in respect of disposals
-
(12,751)
(12,751)
At 31 May 2017
38,945
269,699
308,644
Carrying amount
At 31 May 2017
861,175
154,494
1,015,669
At 31 May 2016
865,613
144,343
1,009,956
4
Debtors
2017
2016
Amounts falling due within one year:
£
£
Trade debtors
1
-
Other debtors
18,637
19,409
18,638
19,409
WOODLANDS ANIMAL CENTRE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2017
- 9 -
5
Creditors: amounts falling due within one year
2017
2016
£
£
Bank loans and overdrafts
28,335
49,705
Trade creditors
209,440
210,195
Corporation tax
22,272
22,078
Other taxation and social security
43,280
36,127
Other creditors
26,817
57,357
330,144
375,462
The bank loans of £28,335 (2016 £49,705) and hire purchase and finance leases of £10,798 (2016 £41,039) are secured by a fixed and floating charge over the assets of the company.
6
Creditors: amounts falling due after more than one year
2017
2016
£
£
Bank loans and overdrafts
273,599
302,009
Other creditors
39,996
1,669
313,595
303,678
The bank loans, hire purchase and finance lease agreements of £313,595 (2016 £303,678) are secured by a fixed and floating charge over the assets of the company.
Amounts included above which fall due after five years are as follows:
Payable by instalments
182,627
206,534
7
Called up share capital
2017
2016
£
£
Ordinary share capital
Issued and fully paid
200 Ordinary of £1 each
200
200
200
200
WOODLANDS ANIMAL CENTRE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2017
- 10 -
8
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2017
2016
£
£
1,350
1,630
2017-05-31
2016-06-01
false
CCH Software
CCH Accounts Production 2017.300
No description of principal activity
22 February 2018
03749962
2016-06-01
2017-05-31
03749962
bus:RegisteredOffice
2016-06-01
2017-05-31
03749962
2017-05-31
03749962
2016-05-31
03749962
core:LandBuildings
2017-05-31
03749962
core:OtherPropertyPlantEquipment
2017-05-31
03749962
core:LandBuildings
2016-05-31
03749962
core:OtherPropertyPlantEquipment
2016-05-31
03749962
core:CurrentFinancialInstruments
2017-05-31
03749962
core:CurrentFinancialInstruments
2016-05-31
03749962
core:Non-currentFinancialInstruments
2017-05-31
03749962
core:Non-currentFinancialInstruments
2016-05-31
03749962
core:ShareCapital
2017-05-31
03749962
core:ShareCapital
2016-05-31
03749962
core:RevaluationReserve
2017-05-31
03749962
core:RevaluationReserve
2016-05-31
03749962
core:RetainedEarningsAccumulatedLosses
2017-05-31
03749962
core:RetainedEarningsAccumulatedLosses
2016-05-31
03749962
core:ShareCapital
core:RestatedAmount
2015-05-31
03749962
core:RevaluationReserve
core:RestatedAmount
2015-05-31
03749962
core:RetainedEarningsAccumulatedLosses
core:RestatedAmount
2015-05-31
03749962
core:RestatedAmount
2015-05-31
03749962
core:ShareCapitalOrdinaryShares
2017-05-31
03749962
core:ShareCapitalOrdinaryShares
2016-05-31
03749962
bus:Director1
2016-06-01
2017-05-31
03749962
2015-06-01
2016-05-31
03749962
core:RetainedEarningsAccumulatedLosses
2015-06-01
2016-05-31
03749962
core:LandBuildings
core:OwnedOrFreeholdAssets
2016-06-01
2017-05-31
03749962
core:PlantMachinery
2016-06-01
2017-05-31
03749962
core:FurnitureFittings
2016-06-01
2017-05-31
03749962
core:MotorVehicles
2016-06-01
2017-05-31
03749962
core:LandBuildings
2016-05-31
03749962
core:OtherPropertyPlantEquipment
2016-05-31
03749962
2016-05-31
03749962
core:LandBuildings
2016-06-01
2017-05-31
03749962
core:OtherPropertyPlantEquipment
2016-06-01
2017-05-31
03749962
bus:OrdinaryShareClass1
2016-06-01
2017-05-31
03749962
bus:OrdinaryShareClass1
2017-05-31
03749962
bus:PrivateLimitedCompanyLtd
2016-06-01
2017-05-31
03749962
bus:FRS102
2016-06-01
2017-05-31
03749962
bus:AuditExemptWithAccountantsReport
2016-06-01
2017-05-31
03749962
bus:SmallCompaniesRegimeForAccounts
2016-06-01
2017-05-31
03749962
bus:FullAccounts
2016-06-01
2017-05-31
xbrli:pure
xbrli:shares
iso4217:GBP