Registration number:
for the
Period from 1 November 2016 to 30 June 2017
Staverton Court
Staverton
Cheltenham
Gloucestershire
GL51 0UX
Corner House Vets Limited (Formerly Animal Corner Veterinary Services Limited)
Contents
Company Information |
|
Balance Sheet |
|
Notes to the Financial Statements |
Corner House Vets Limited (Formerly Animal Corner Veterinary Services Limited)
Company Information
Directors |
A J Davis D R G Hillier |
Registered office |
|
Accountants |
|
Corner House Vets Limited (Formerly Animal Corner Veterinary Services Limited)
(Registration number: 05883638)
Balance Sheet as at 30 June 2017
Note |
30 June 2017 |
31 October 2016 |
|
Fixed assets |
|||
Intangible assets |
|
|
|
Tangible assets |
|
|
|
|
|
||
Current assets |
|||
Stocks |
|
|
|
Debtors |
|
|
|
Cash at bank and in hand |
|
|
|
|
|
||
Creditors: Amounts falling due within one year |
( |
( |
|
Net current assets/(liabilities) |
|
( |
|
Total assets less current liabilities |
|
|
|
Creditors: Amounts falling due after more than one year |
- |
( |
|
Deferred tax liabilities |
(4,473) |
- |
|
Net assets |
|
|
|
Capital and reserves |
|||
Called up share capital |
|
|
|
Profit and loss account |
|
|
|
Total equity |
|
|
For the financial period ending 30 June 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
• |
|
• |
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.
Corner House Vets Limited (Formerly Animal Corner Veterinary Services Limited)
(Registration number: 05883638)
Balance Sheet as at 30 June 2017
Approved and authorised by the
.........................................
A J Davis
Director
Corner House Vets Limited (Formerly Animal Corner Veterinary Services Limited)
Notes to the Financial Statements for the Period from 1 November 2016 to 30 June 2017
General information |
The company is a private company limited by share capital incorporated in England and Wales.
The address of its registered office is:
The principal place of business is:
20 Canterbury Road
Herne Bay
Kent
CT6 5DJ
Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.
Basis of preparation
These financial statements have been prepared using the historical cost convention except for, where disclosed in these accounting policies, certain items that are shown at fair value.
The presentational currency of the financial statements is Pounds Sterling, being the functional currency of the primary economic environment in which the company operates. Monetary amounts in these financial statements are rounded to the nearest Pound.
Going concern
After reviewing the company's forecasts and projections, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The company therefore continues to adopt the going concern basis in preparing its financial statements.
Judgements and estimation uncertainty
These financial statements do not contain any significant judgements or estimation uncertainty. |
Key sources of estimation uncertainty
No key sources of uncertainty have been identified by management in preparing these financial statements other than those detailed in these accounting policies.
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts and after eliminating sales within the company.
The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.
Corner House Vets Limited (Formerly Animal Corner Veterinary Services Limited)
Notes to the Financial Statements for the Period from 1 November 2016 to 30 June 2017
Tax
The tax expense for the period comprises current and deferred tax. Tax is recognised in the profit and loss account, except that a charge attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.
Deferred income tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the company. Deferred income tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.
The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.
Tangible assets
Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Depreciation
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:
Asset class |
Depreciation method and rate |
Plant and machinery |
25% reducing balance and 15% reducing balance basis |
Fixtures and fittings |
15% straight line basis |
Motor vehicles |
25% reducing balance basis |
Office equipment |
25% straight line basis |
Goodwill
Goodwill arises on the acquisition of the practice in November 2006 from its previous owner together with associated costs.
Goodwill is assumed to have an indefinite life and therefore the accounts depart from the specific requirements of the Companies Act 1985 Schedule 4 paragraph 21 to amortise goodwill over a finite life in order to give a true and fair value. The departure is in compliance with FRS 10 "Goodwill and intangible assets".
Goodwill is subject to an annual impairment review and whenever events or changes in circumstances indicate that the carrying value may not be recoverable an impairment charge is reflected in the profit and loss account.
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Corner House Vets Limited (Formerly Animal Corner Veterinary Services Limited)
Notes to the Financial Statements for the Period from 1 November 2016 to 30 June 2017
Trade debtors
Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. All trade debtors are repayable within one year and hence are included at the undiscounted cost of cash expected to be received. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the debtors.
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.
Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price and all are repayable within one year and hence are included at the undiscounted amount of cash expected to be paid.
Borrowings
Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and Loss Account over the period of the relevant borrowing.
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.
Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.
Leases
Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.
Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the Balance Sheet as a finance lease obligation.
Lease payments are apportioned between finance costs in the Profit and Loss Account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
Corner House Vets Limited (Formerly Animal Corner Veterinary Services Limited)
Notes to the Financial Statements for the Period from 1 November 2016 to 30 June 2017
Dividends
Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.
Defined contribution pension obligation
A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.
Financial instruments
Classification
Recognition and measurement
Impairment
A non financial asset is impaired where there is objective evidence that, as a result of one or more events that occurred after initial recognition, the estimated recoverable value of the asset has been reduced. The recoverable amount of an asset is the higher of its fair value less costs to sell and its value in use.
Staff numbers |
The average number of persons employed by the company (including directors) during the period, was as follows:
1 November 2016 to 30 June 2017 |
Year ended 31 October 2016 |
|
Average number of employees |
15 |
17 |
Corner House Vets Limited (Formerly Animal Corner Veterinary Services Limited)
Notes to the Financial Statements for the Period from 1 November 2016 to 30 June 2017
Taxation |
Deferred tax
Deferred tax assets and liabilities
2017 |
Liability |
Difference between depreciation and amortisation and capital allowances |
|
Intangible assets |
Goodwill |
|
Cost |
|
At 1 November 2016 |
|
At 30 June 2017 |
|
Amortisation |
|
Carrying amount |
|
At 30 June 2017 |
|
At 31 October 2016 |
|
Tangible assets |
Short Leasehold |
Furniture, fittings and equipment |
Motor vehicles |
Total |
|
Cost |
||||
At 1 November 2016 |
|
|
|
|
Additions |
- |
|
- |
|
Disposals |
- |
- |
( |
( |
At 30 June 2017 |
|
|
|
|
Depreciation |
||||
At 1 November 2016 |
- |
|
|
|
Charge for the year |
- |
|
|
|
Eliminated on disposal |
- |
- |
( |
( |
At 30 June 2017 |
- |
|
|
|
Carrying amount |
||||
At 30 June 2017 |
|
|
|
|
At 31 October 2016 |
|
|
|
|
Corner House Vets Limited (Formerly Animal Corner Veterinary Services Limited)
Notes to the Financial Statements for the Period from 1 November 2016 to 30 June 2017
Debtors |
Note |
30 June 2017 |
31 October 2016 |
|
Trade debtors |
|
|
|
Amounts owed by related parties |
|
- |
|
Other debtors |
|
|
|
Prepayments |
|
- |
|
|
|
Creditors |
Note |
30 June 2017 |
31 October 2016 |
|
Due within one year |
|||
Loans and borrowings |
- |
|
|
Trade creditors |
|
|
|
Amounts due to related parties |
- |
|
|
Social security and other taxes |
|
|
|
Accrued expenses |
|
|
|
Corporation tax liability |
|
|
|
|
|
||
Due after one year |
|||
Loans and borrowings |
- |
|
The hire purchase liabilities are secured on the assets to which the liability relates.
Loans and borrowings |
2017 |
2016 |
|
Current loans and borrowings |
||
Finance lease liabilities |
- |
|
2017 |
2016 |
|
Non-current loans and borrowings |
||
Finance lease liabilities |
- |
|
The hire purchase liabilities are secured on the assets to which the liability relates.
Corner House Vets Limited (Formerly Animal Corner Veterinary Services Limited)
Notes to the Financial Statements for the Period from 1 November 2016 to 30 June 2017
Related party transactions |
Key management personnel
The key management personnel are the directors of the company.
Summary of transactions with key management