Company Registration No. 03749962 (England and Wales)
WOODLANDS ANIMAL CENTRE LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE PERIOD 1 SEPTEMBER 2018 TO 30 SEPTEMBER 2018
PAGES FOR FILING WITH REGISTRAR
WOODLANDS ANIMAL CENTRE LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Statement of changes in equity
Notes to the financial statements
3 - 7
WOODLANDS ANIMAL CENTRE LIMITED
BALANCE SHEET
AS AT
30 SEPTEMBER 2018
30 September 2018
- 1 -
30 September
31 August
2018
2018
Notes
£
£
£
£
Fixed assets
Tangible assets
3
921,157
925,795
Current assets
Stocks
63,350
143,210
Debtors
4
23,760
9,860
Cash at bank and in hand
14,725
81,834
101,835
234,904
Creditors: amounts falling due within one year
5
(389,158)
(491,059)
Net current liabilities
(287,323)
(256,155)
Total assets less current liabilities
633,834
669,640
Provisions for liabilities
(22,018)
(22,498)
Net assets
611,816
647,142
Capital and reserves
Called up share capital
6
200
200
Revaluation reserve
183,224
183,716
Profit and loss reserves
428,392
463,226
Total equity
611,816
647,142
WOODLANDS ANIMAL CENTRE LIMITED
BALANCE SHEET (CONTINUED)
AS AT
30 SEPTEMBER 2018
30 September 2018
- 2 -
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.
true
For the financial period ended 30 September 2018 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
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.
T
he member has not required the company to obtain an audit of its financial statements for the period 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 by the board of directors and authorised for issue on 21 June 2019 and are signed on its behalf by:
Mr A S Levy
Director
Company Registration No. 03749962
WOODLANDS ANIMAL CENTRE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 SEPTEMBER 2018
- 3 -
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
Unit 4 Mowat Industrial Estate, Sandown Road, Watford, WD24 7UY.
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.
1.2
Reporting period
The entity's accounting period has been shortened to 30 September 2018. The comparative amounts presented in the financial statements (including related notes) are in respect of the period 1 June 2017 to 31 August 2018.
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.
Depreciation is recognised so as to write off the cost or valuation of assets
, except freehold land,
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
WOODLANDS ANIMAL CENTRE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 SEPTEMBER 2018
1
Accounting policies
(Continued)
- 4 -
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 30 September 2018 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.
Basic financial assets
Basic financial assets, which include
debtors and cash and bank balances
, 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.
WOODLANDS ANIMAL CENTRE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 SEPTEMBER 2018
1
Accounting policies
(Continued)
- 5 -
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 transaction 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.
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.
WOODLANDS ANIMAL CENTRE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 SEPTEMBER 2018
1
Accounting policies
(Continued)
- 6 -
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 profit or loss 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
profit or loss
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
s
asset are consumed.
2
Employees
The average monthly number of persons (including directors) employed by the company during the period was 18 (31.8.18 - 17).
3
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost or valuation
At 1 September 2018
900,120
367,806
1,267,926
Disposals
-
(16,409)
(16,409)
At 30 September 2018
900,120
351,397
1,251,517
Depreciation and impairment
At 1 September 2018
63,512
278,619
342,131
Depreciation charged in the period
1,638
1,189
2,827
Eliminated in respect of disposals
-
(14,598)
(14,598)
At 30 September 2018
65,150
265,210
330,360
Carrying amount
At 30 September 2018
834,970
86,187
921,157
At 31 August 2018
836,608
89,187
925,795
WOODLANDS ANIMAL CENTRE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 SEPTEMBER 2018
- 7 -
4
Debtors
2018
2018
Amounts falling due within one year:
£
£
Trade debtors
430
-
Other debtors
23,330
9,860
23,760
9,860
5
Creditors: amounts falling due within one year
2018
2018
£
£
Bank loans and overdrafts
261,433
264,260
Trade creditors
41,476
115,333
Taxation and social security
79,492
106,416
Other creditors
6,757
5,050
389,158
491,059
The bank loans of £261,433 (31.8.18 £264,260) are secured by a fixed and floating charge over the assets of the company.
6
Called up share capital
2018
2018
£
£
Ordinary share capital
Issued and fully paid
200 Ordinary of £1 each
200
200
7
Events after the reporting date
On 1 October 2018 Woodlands Animal Centre Ltd was acquired by Medivet Group.
8
Controlling party
The company is under the immediate control of Medivet Group. The ultimate controlling party is Medivet Partnership LLP.