Registration number:
for the Period from 1 January 2018 to
Belmont Vets Limited
Contents
Company Information |
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Balance Sheet |
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Statement of Changes in Equity |
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Notes to the Financial Statements |
Belmont Vets Limited
Company Information
Directors |
A J Davis D R G Hillier |
Registered office |
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Accountants |
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Belmont Vets Limited
(Registration number: 06027579)
Balance Sheet as at 23 November 2018
Note |
23 November 2018 |
31 December 2017 |
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Fixed assets |
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Intangible assets |
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Tangible assets |
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Current assets |
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Stocks |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
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Net current assets |
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Total assets less current liabilities |
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Deferred tax liabilities |
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Net assets |
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Capital and reserves |
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Called up share capital |
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Capital redemption reserve |
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Profit and loss account |
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Total equity |
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For the financial period ending 23 November 2018 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
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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.
Belmont Vets Limited
(Registration number: 06027579)
Balance Sheet as at 23 November 2018
Approved and authorised by the
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Belmont Vets Limited
Statement of Changes in Equity for the Period from 1 January 2018 to 23 November 2018
Share capital |
Capital redemption reserve |
Profit and loss account |
Total |
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At 1 January 2018 |
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Loss for the period |
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- |
( |
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At 23 November 2018 |
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Share capital |
Capital redemption reserve |
Profit and loss account |
Total |
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At 1 January 2017 |
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Profit for the period |
- |
- |
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Dividends |
- |
- |
( |
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At 31 December 2017 |
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Belmont Vets Limited
Notes to the Financial Statements for the Period from 1 January 2018 to 23 November 2018
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:
94 Belmont Road
Hereford
HR2 7JS
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.
Critical accounting judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.
Judgements
No significant judgements have been made by management in preparing these financial statements. |
Key sources of estimation uncertainty
No key sources of estimation uncertainty have been identified by management in preparing these financial statements other than those detailed in these accounting policies.
Belmont Vets Limited
Notes to the Financial Statements for the Period from 1 January 2018 to 23 November 2018
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.
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 |
Leasehold land and buildings |
Over the term of the lease |
Fixtures and fittings |
10-15% of written down value |
Motor vehicles |
25% of written down value |
Office equipment |
33% of cost |
Goodwill
Goodwill is amortised over its useful life, which shall not exceed twenty years if a reliable estimate of the useful life cannot be made.
Intangible assets
Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date.
Belmont Vets Limited
Notes to the Financial Statements for the Period from 1 January 2018 to 23 November 2018
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.
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.
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.
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.
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.
Belmont Vets Limited
Notes to the Financial Statements for the Period from 1 January 2018 to 23 November 2018
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, analysed by category was as follows:
1 January 2018 to 23 November 2018 |
Year ended 31 December 2017 |
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Average number of employees |
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Belmont Vets Limited
Notes to the Financial Statements for the Period from 1 January 2018 to 23 November 2018
Intangible assets |
Goodwill |
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Cost |
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At 1 January 2018 |
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At 23 November 2018 |
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Amortisation |
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At 1 January 2018 |
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Amortisation charge |
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At 23 November 2018 |
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Carrying amount |
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At 23 November 2018 |
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At 31 December 2017 |
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Tangible assets |
Fixtures and fittings |
Office equipment |
Total |
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Cost |
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At 1 January 2018 |
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Additions |
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Disposals |
( |
( |
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At 23 November 2018 |
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Depreciation |
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At 1 January 2018 |
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Charge for the year |
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Eliminated on disposal |
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At 23 November 2018 |
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Carrying amount |
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At 23 November 2018 |
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At 31 December 2017 |
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Debtors |
23 November 2018 |
31 December 2017 |
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Trade debtors |
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Other debtors |
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Prepayments |
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Belmont Vets Limited
Notes to the Financial Statements for the Period from 1 January 2018 to 23 November 2018
Creditors |
Creditors: amounts falling due within one year
Note |
23 November 2018 |
31 December 2017 |
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Due within one year |
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Loans and borrowings |
- |
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Trade creditors |
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Social security and other taxes |
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Other creditors |
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Accrued expenses |
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Corporation tax liability |
( |
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Loans and borrowings |
2018 |
2017 |
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Current loans and borrowings |
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Other borrowings |
- |
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Deferred tax |
Deferred tax assets and liabilities
2018 |
Liability |
Difference between accumulated depreciation and amortisation and capital allowances. |
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2017 |
Liability |
Difference between accumulated depreciation and amortisation and capital allowances. |
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Belmont Vets Limited
Notes to the Financial Statements for the Period from 1 January 2018 to 23 November 2018
Share capital |
Allotted, called up and fully paid shares
23 November 2018 |
31 December 2017 |
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No. |
£ |
No. |
£ |
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800 |
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800 |
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100 |
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100 |
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100 |
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100 |
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The different classes of shares referred to above carry separate rights to dividends but, in all other significant respects rank pari passu.
Financial commitments |
2018 |
2017 |
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Not later than one year |
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Later than one year and not later than five years |
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The amount of non-cancellable operating lease payments recognised as an expense during the period was £
Related party transactions |
Summary of transactions with key management
As at the balance sheet date, M J Pugh purchased a metal shed from the company for £967.