Company Registration No. 11710377 (England and Wales)
COQUET ANIMAL HEALTH LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE PERIOD ENDED
31 MARCH 2020
PAGES FOR FILING WITH REGISTRAR
Company Registration No. 11710377
COQUET ANIMAL HEALTH LIMITED
STATEMENT OF FINANCIAL POSITION
AS AT
31 MARCH 2020
31 March 2020
- 1 -
2020
Notes
£
£
Fixed assets
Tangible assets
3
50,173
Current assets
Debtors
4
15,861
Cash at bank and in hand
50
15,911
Creditors: amounts falling due within one year
5
(47,162)
Net current liabilities
(31,251)
Total assets less current liabilities
18,922
Creditors: amounts falling due after more than one year
6
(105,000)
Net liabilities
(86,078)
Capital and reserves
Called up share capital
7
100
Profit and loss reserves
(86,178)
Total equity
(86,078)
The directors of the company have elected not to include a copy of the income statement within the financial statements.
true
For the financial period ended 31 March 2020 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
T
he members have not required the company to obtain an audit of its financial statements for the period in question in accordance with section 476
.
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.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies
'
regime.
Company Registration No. 11710377
COQUET ANIMAL HEALTH LIMITED
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT
31 MARCH 2020
31 March 2020
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 4 December 2020 and are signed on its behalf by:
S M Forsyth
Director
COQUET ANIMAL HEALTH LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2020
- 3 -
1
Accounting policies
Company information
Coquet Animal Health Limited is a private company limited by shares and is registered and incorporated in England and Wales. The registered office is Coquet Lodge, Warkworth, Morpeth, Northumberland, NE65 0UD.
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. The principal accounting policies adopted are set out below.
Going concern
Notwithstanding the net liabilities of the company
true
and uncertainties in relation to the current coronavirus pandemic
, the financial statements have been drawn up on the going concern basis which assumes the continued financial support of the company's
directors and
bankers.
If the going concern basis proved to be invalid, the financial statements would have to be prepared on a break up basis in which the balance sheet would be restated to include all assets at their estimated realisable values and all liabilities would become current and would have to be increased to include those liabilities contingent on the cessation of trade.
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 and other sales related taxes
.
The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
Tangible fixed assets
Tangible fixed assets
are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
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:
Plant and equipment
25% straight line
Fixtures and fittings
25% straight line
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
.
Cash and cash equivalents
Cash and cash equivalents are basic financial instruments and include cash in hand, deposits held at call with banks, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
COQUET ANIMAL HEALTH LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2020
1
Accounting policies (Continued)
- 4 -
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset
, with
the net amounts presented in the financial statements
,
when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include trade and other 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 financial asset is measured at the present value of the future receipts discounted at a market rate of interest.
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 trade and other creditors, 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 payments discounted at a market rate of interest.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Equity instruments
Equity instruments issued by the company are recorded at the fair value of 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.
Taxation
Current tax is based on taxable profit for the year.
Current tax assets and liabilities are measured using tax rates that have been enacted or substantively enacted by the reporting
date
.
Deferred tax is calculated at the tax rates that are expected to apply to the period when the asset is realised or the liability is settled based on tax rates that have been enacted or substantively enacted by the reporting date.
Deferred tax liabilities are recognised in respect of all timing differences that exist at the reporting date.
Timing differences are differences between taxable profits and total comprehensive income that arise from the inclusion of income and expenses in tax assessments in different periods from their recognition in the financial statements.
Deferred tax assets are recognised only to the extent that it is probable that they will be recovered by the reversal of deferred tax liabilities or other future taxable profits.
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
COQUET ANIMAL HEALTH LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2020
1
Accounting policies (Continued)
- 5 -
Retirement benefits
For defined contribution schemes the amount charged to profit or loss is the contributions payable in the year. Differences between contributions payable in the year and contributions actually paid are shown as either accruals or prepayments.
2
Employees
The average monthly number of persons (including directors) employed by the company during the period was 1
.
3
Tangible fixed assets
Plant and equipment
Fixtures and fittings
Total
£
£
£
Cost
Additions
46,911
6,526
53,437
At 31 March 2020
46,911
6,526
53,437
Depreciation and impairment
Depreciation charged in the period
3,128
136
3,264
At 31 March 2020
3,128
136
3,264
Carrying amount
At 31 March 2020
43,783
6,390
50,173
4
Debtors
2020
Amounts falling due within one year:
£
Trade debtors
1,575
Other debtors
14,286
15,861
COQUET ANIMAL HEALTH LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2020
- 6 -
5
Creditors: amounts falling due within one year
2020
£
Bank overdrafts
12,155
Trade creditors
23,070
Taxation and social security
3,814
Other creditors
8,123
47,162
6
Creditors: amounts falling due after more than one year
2020
£
Other creditors
105,000
7
Called up share capital
2020
£
Ordinary share capital
Issued and fully paid
75 A Ordinary shares of £1 each
75
25 B Ordinary shares of £1 each
25
100
On incorporation, the company issued 100 Ordinary shares of £1 each.
On 14 November 2019 the company redesignated 75 Ordinary shares to 'A Ordinary shares' and 25 Ordinary shares to 'B Ordinary shares'.
8
Related party transactions
2020
Amounts due to related parties
£
Directors
105,000