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FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2017 |
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THE CATTLE INFORMATION SERVICE LIMITED |
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REGISTERED NUMBER:
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FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2017 |
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FOR |
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THE CATTLE INFORMATION SERVICE LIMITED |
THE CATTLE INFORMATION SERVICE LIMITED (REGISTERED NUMBER: SC144462) |
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CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2017 |
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Company Information | 1 |
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Balance Sheet | 2 |
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Notes to the Financial Statements | 3 |
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THE CATTLE INFORMATION SERVICE LIMITED |
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COMPANY INFORMATION |
FOR THE YEAR ENDED 31 DECEMBER 2017 |
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DIRECTORS: |
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SECRETARY: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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AUDITORS: |
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Chartered Accountants and Statutory Auditors |
4th & 5th Floor |
14-15 Lower Grosvenor Place |
London |
SW1W 0EX |
THE CATTLE INFORMATION SERVICE LIMITED (REGISTERED NUMBER: SC144462) |
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BALANCE SHEET |
31 DECEMBER 2017 |
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31.12.17 | 31.12.16 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
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CURRENT ASSETS |
Stocks |
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Debtors | 5 |
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Cash at bank and in hand |
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CREDITORS |
Amounts falling due within one year | 6 |
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NET CURRENT (LIABILITIES)/ASSETS | ( |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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CAPITAL AND RESERVES |
Called up share capital |
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Share premium |
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Retained earnings | ( |
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SHAREHOLDERS' FUNDS |
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In accordance with Section 444 of the Companies Act 2006, the Profit and Loss Account has not been delivered. |
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The financial statements were approved by the Board of Directors on
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THE CATTLE INFORMATION SERVICE LIMITED (REGISTERED NUMBER: SC144462) |
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NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2017 |
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1. | STATUTORY INFORMATION |
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The Cattle Information Service Limited is a
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company's registered number and registered office address can be found on the Company Information page. |
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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Going concern |
The company meets its day-to-day working capital requirements through its bank facility and support provided by |
the parent entity, Holstein UK. The current economic conditions continue to create uncertainty over (a) the level |
of demand for the company's products; and (b) the availability of finance from the bank and parent for the |
foreseeable future. The company's forecasts and projections, taking account of reasonably possible changes in |
trading performance, show that the company should be able to operate within the level of its current facilities. |
After making enquiries, 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. |
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Turnover |
Turnover represents net invoice sales, excluding value added tax. Sales represents services rendered |
concerning provision of milk recording and testing facilities. Revenue is recognised when services are supplied. |
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Tangible fixed assets |
Tangible fixed assets are initially measured at historic cost and subsequently carried at cost less accumulated |
depreciation and any accumulated impairment losses. The cost of a plant and machinery initially recognised |
includes its purchase price and any cost that is directly attributable to bringing the asset to the location and |
condition necessary for it to be capable of operating in the manner intended by management. |
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At the reporting date, the company assesses whether there is any indication that an asset may be impaired. An |
impairment loss is recognised if the recoverable amount of an asset is less than its carrying amount. |
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Depreciation is provided at rates calculated to write down the cost of each asset to its residual value (its scrap or |
realistic value at the end of its economic life) on a systematic basis over its useful economic life. The |
depreciation rates in use on a straight line basis are as follows: |
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Plant and machinery |
- Laboratory and recording equipment | - | varying rates - 2,5 to 10 years |
- Furniture and fittings | - | varying rates - 5 to 10 years |
- Motor vehicles | - | varying rates - 3 to 4 years |
- Office machinery and equipment | - | varying rates - 2 to 8 years |
- Computer equipment | - | 2 years |
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Stocks |
Stocks are stated at the lower of cost and net realisable value. Stocks represent laboratory consumables utilised |
in testing processes. Cost is determined using the first-in, first-out method. The cost of consumables comprises |
finished goods and other direct costs. Net realisable value is based on estimated selling prices, less further costs |
expected to be incurred to finish and disposal. Provision is made for obsolete or slow-moving items where |
appropriate. |
THE CATTLE INFORMATION SERVICE LIMITED (REGISTERED NUMBER: SC144462) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2017 |
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2. | ACCOUNTING POLICIES - continued |
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Financial instruments |
The company only enters into basic financial instruments transactions that result in the recognition of financial |
assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to |
related parties and investments in non-puttable ordinary shares. |
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Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period |
for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is |
recognised in profit or loss. |
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Financial assets and liabilities are offset and the net amount reported in the balance sheet when there is an |
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. |
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Debtors |
Basic financial assets, including trade and other debtors, are initially recognised at transaction price, 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. Such assets are subsequently carried at amortised cost |
using the effective interest method, less any impairment. |
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Cash and cash equivalents |
Cash and cash equivalents are represented by cash in hand, deposits held at call with financial institutions, and |
other short-term highly liquid investments that mature in no more than three months from the date of acquisition |
and that are readily convertible to known amounts of cash with insignificant risk of change in value. |
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Creditors |
Basic financial liabilities, including trade and other creditors, loans from third parties and loans from related |
parties, 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. Such instruments are subsequently carried at amortised cost using the effective interest method, less |
any impairment. |
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Taxation |
The tax expense for the year comprises current and deferred tax. |
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Tax is recognised in profit or loss except that a change attributable to an item of income and expense recognised |
as other comprehensive income or to an item recognised directly in equity is also recognised in other |
comprehensive income or directly in equity respectively. |
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Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by |
the balance sheet date, except that: |
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the recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered
against the reversal of deferred tax liabilities or other future taxable profits; and |
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any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances
have been met. |
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Both current and deferred tax is determined using tax rates and laws that have been enacted or substantively |
enacted by the balance sheet date. |
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Foreign currencies |
Transactions denominated in foreign currencies are translated at the rate of exchange at the end of the month as |
an approximation to actual transaction dates. Foreign currency balances are translated at the rate of exchange |
prevailing at the balance sheet date. Foreign exchange gains/losses incurred are included in profit or loss for the |
period in which they are incurred. |
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Leasing commitments |
Payments made under operating leases (net of any incentives received from the lessors) are recognised in profit |
or loss on a straight-line basis over the period of the lease. |
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Pension costs |
The company makes contributes into personal retirement schemes of certain employees. The contributions |
payable by the company and the staff are deposited in the respective pension schemes within 30 days following |
the deduction. Once the contributions have been paid, the company as employer, has no further obligations. The |
company's contributions are charged to the profit and loss account in the period to which they relate. |
THE CATTLE INFORMATION SERVICE LIMITED (REGISTERED NUMBER: SC144462) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2017 |
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3. | EMPLOYEES AND DIRECTORS |
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The average number of employees during the year was
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4. | TANGIBLE FIXED ASSETS |
Plant and |
machinery |
etc |
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COST |
At 1 January 2017 |
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Additions |
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Reclassification/transfer | ( |
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At 31 December 2017 |
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DEPRECIATION |
At 1 January 2017 |
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Charge for year |
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Charge written back | (29,879 | ) |
At 31 December 2017 |
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NET BOOK VALUE |
At 31 December 2017 |
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At 31 December 2016 |
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5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.12.17 | 31.12.16 |
£ | £ |
Trade debtors |
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Amounts owed by group undertaking |
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Other debtors |
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6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.12.17 | 31.12.16 |
£ | £ |
Bank overdraft |
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Trade creditors |
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Amounts owed to group undertaking |
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Taxation and social security |
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Other creditors |
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Certain trade creditors are secured over the goods concerned. |
THE CATTLE INFORMATION SERVICE LIMITED (REGISTERED NUMBER: SC144462) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2017 |
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7. | SECURED DEBTS |
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The following secured debts are included within creditors: |
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31.12.17 | 31.12.16 |
£ | £ |
Bank overdraft | 392,692 | - |
VAT | 138,810 | 172,625 |
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The bank overdraft is secured by a cross guarantee between the company and parent entity. |
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The company is party to a Group registration for VAT purposes. Holstein UK, a charitable entity and parent, is |
the representative member, the company and parent are jointly and severally liable forany VAT liabilities of |
group companies that are part of the same VAT registration. |
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8. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
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The Report of the Auditors was unqualified. |
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for and on behalf of
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9. | RELATED PARTY DISCLOSURES |
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The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The |
Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party |
transactions with wholly owned subsidiaries within the group. |
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The company is party to a Group registration for VAT purposes. Holstein UK, a charitable entity and parent, is |
the representative member, the company and parent are jointly and severally liable forany VAT liabilities of |
group companies that are part of the same VAT registration. |
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10. | ULTIMATE CONTROLLING PARTY |
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The company directors are of the opinion that Holstein UK is the immediate controlling party and that Holstein |
UK, as a charitable entity has no ultimate controlling party. Control is established by virtue of sole membership |
and the right to appoint the directors. |
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The largest group for which consolidated financial statements are prepared which include the results of this |
company is that headed by Holstein UK, whose registered office is at Scotsbridge House, Rickmansworth, |
Hertfordshire. |