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Strategic Report, Report of the Directors and |
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Financial Statements for the Year Ended 31 December 2016 |
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for |
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IDEXX Laboratories Limited |
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REGISTERED NUMBER:
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Strategic Report, Report of the Directors and |
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Financial Statements for the Year Ended 31 December 2016 |
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for |
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IDEXX Laboratories Limited |
IDEXX Laboratories Limited (Registered number: 02454226) |
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Contents of the Financial Statements |
for the Year Ended 31 December 2016 |
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Page |
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Company Information | 1 |
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Strategic Report | 2 |
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Report of the Directors | 3 |
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Statement of Directors' Responsibilities | 5 |
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Report of the Independent Auditors | 6 |
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Statement of Comprehensive Income | 8 |
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Statement of Financial Position | 9 |
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Statement of Changes in Equity | 10 |
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Notes to the Financial Statements | 11 |
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IDEXX Laboratories Limited |
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Company Information |
for the Year Ended 31 December 2016 |
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DIRECTORS: |
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SECRETARIES: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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AUDITORS: |
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Chartered Accountants |
& Statutory Auditor |
The Mill House |
Boundary Road |
Loudwater |
High Wycombe |
Bucks. |
HP10 9QN |
IDEXX Laboratories Limited (Registered number: 02454226) |
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Strategic Report |
for the Year Ended 31 December 2016 |
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The directors present their strategic report for the year ended 31 December 2016. |
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IDEXX Laboratories UK Ltd. ("the Company") is a fully owned subsidiary of IDEXX Europe BV. The ultimate |
parent Company is IDEXX Laboratories Inc. The Company's main activities include sales & marketing of |
veterinary diagnostic products, veterinary laboratory services and water diagnostic products. |
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REVIEW OF BUSINESS |
Net sales for 2016 were £63,399,000, an increase of 20% over 2015. |
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In 2016 the Company received a one-time payment of £1,182,000 (2015: £333,000) from related companies, |
related to the non-exclusive perpetual license of the LYNXX software. LYNXX is the reference laboratory |
information management system developed by the Company and first implemented in the UK reference |
laboratories in 2010. |
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Net profit/loss (after tax) went up from a loss of £56,000 2015 to a profit of £1,769,000 in 2016. |
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The companion animal veterinary diagnostics business grew strongly by 18% in 2016. The business |
continued to successfully place its instruments into veterinary clinics and the sales grew accordingly. This, |
coupled with the placements in 2015 and improvements in utilization of the instruments, means that |
consumables revenue became an important recurring source. |
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At the same time our laboratory services have seen record sample volumes in the year and sales have also |
grown dynamically. |
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Our water diagnostics business has again delivered strong results, with revenues now topping £6,000,000 |
and growth of 6%. |
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PRINCIPAL RISKS AND UNCERTAINTIES |
The Directors have assessed the Company's price, credit and liquidity risks all of which are considered to be |
low. |
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FUTURE DEVELOPMENTS |
For 2017 the business continues to focus on top line growth however, it is also looking to improve gross and |
operating margins. |
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The Company has increased the number of personnel in 2016, from 240 in 2015 to a total of 254. For coming |
years we expect to add personnel in selected areas while continuing to seek efficiency improvements to |
maintain expectations of continued business growth and leverage. |
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ON BEHALF OF THE BOARD: |
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IDEXX Laboratories Limited (Registered number: 02454226) |
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Report of the Directors |
for the Year Ended 31 December 2016 |
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The directors present their report with the financial statements of the company for the year ended 31 December 2016. |
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DIVIDENDS |
An interim dividend of £ no final dividend be paid. |
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The total distribution of dividends for the year ended 31 December 2016 will be £
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The profit for the year, after taxation, amounted to £1,769,151. |
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DIRECTORS |
The directors shown below have held office during the whole of the period from 1 January 2016 to the date of |
this report. |
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Other changes in directors holding office are as follows: |
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The company is a wholly owned subsidiary and the interests of the group directors are disclosed in the |
financial statements of the ultimate parent company. |
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FINANCIAL INSTRUMENTS |
Basic financial instruments, including trade and other receivables, cash and bank balances and investments |
in commercial paper, are initially recognised at transaction price, unless the arrangement constitutes a |
financing transaction, where the transaction is measured at the present value of future receipts discounted at |
a market rate of interest. |
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Such assets are subsequently carried at amortised cost using the effective interest method. |
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At the end of each reporting period financial assets measured at amortised cost are assessed for objective |
evidence of impairment., If an asset is impaired the impairment loss is the difference between the carrying |
amount and the present value of the estimated cash flows discounted at the asset's original effective interest |
rate. The impairment loss is recognised in profit or loss. |
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EMPLOYEES |
IDEXX takes an utmost care to comply with the Equality Act (2010) to be sure as an employer we provide to |
our employees the most ethical environment. IDEXX employees have access to a large batch of |
documentation on our intranet to better understand our code of Ethics and their rights. Thus, our HR |
department promotes these morals throughout guidelines on multiple topics (i.e.: opportunities, training or |
employment of disabled persons). |
IDEXX Laboratories Limited (Registered number: 02454226) |
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Report of the Directors |
for the Year Ended 31 December 2016 |
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STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS |
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the |
Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps |
that he or she ought to have taken as a director in order to make himself or herself aware of any relevant |
audit information and to establish that the company's auditors are aware of that information. |
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ON BEHALF OF THE BOARD: |
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IDEXX Laboratories Limited (Registered number: 02454226) |
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Statement of Directors' Responsibilities |
for the Year Ended 31 December 2016 |
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The directors are responsible for preparing the Strategic Report, the Report of the Directors and the financial |
statements in accordance with applicable law and regulations. |
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Company law requires the directors to prepare financial statements for each financial year. Under that law |
the directors have elected to prepare the financial statements in accordance with United Kingdom Generally |
Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company |
law the directors must not approve the financial statements unless they are satisfied that they give a true and |
fair view of the state of affairs of the company and of the profit or loss of the company for that period. In |
preparing these financial statements, the directors are required to: |
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- | select suitable accounting policies and then apply them consistently; |
- | make judgements and accounting estimates that are reasonable and prudent; |
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state whether applicable accounting standards have been followed, subject to any material departures
disclosed and explained in the financial statements; |
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prepare the financial statements on the going concern basis unless it is inappropriate to presume that the
company will continue in business. |
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The directors are responsible for keeping adequate accounting records that are sufficient to show and explain |
the company's transactions and disclose with reasonable accuracy at any time the financial position of the |
company and enable them to ensure that the financial statements comply with the Companies Act 2006. They |
are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for |
the prevention and detection of fraud and other irregularities. |
Report of the Independent Auditors to the Members of |
IDEXX Laboratories Limited |
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We have audited the financial statements of IDEXX Laboratories Limited for the year ended |
31 December 2016 on pages eight to eighteen. The financial reporting framework that has been applied in |
their preparation is applicable law and United Kingdom Accounting Standards (United Kingdom Generally |
Accepted Accounting Practice), including Financial Reporting Standard 102 'The Financial Reporting |
Standard applicable in the UK and Republic of Ireland'. |
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This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of |
the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's |
members those matters we are required to state to them in a Report of the Auditors and for no other purpose. |
To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the |
company and the company's members as a body, for our audit work, for this report, or for the opinions we |
have formed. |
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Respective responsibilities of directors and auditors |
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Scope of the audit of the financial statements |
An audit involves obtaining evidence about the amounts and disclosures in the financial statements sufficient |
to give reasonable assurance that the financial statements are free from material misstatement, whether |
caused by fraud or error. This includes an assessment of: whether the accounting policies are appropriate to |
the company's circumstances and have been consistently applied and adequately disclosed; the |
reasonableness of significant accounting estimates made by the directors; and the overall presentation of the |
financial statements. In addition, we read all the financial and non-financial information in the Strategic Report |
and the Report of the Directors to identify material inconsistencies with the audited financial statements and to |
identify any information that is apparently materially incorrect based on, or materially inconsistent with, the |
knowledge acquired by us in the course of performing the audit. If we become aware of any apparent material |
misstatements or inconsistencies we consider the implications for our report. |
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Opinion on financial statements |
In our opinion the financial statements: |
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give a true and fair view of the state of the company's affairs as at 31 December 2016 and of its profit for
the year then ended; |
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have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice;
and |
- | have been prepared in accordance with the requirements of the Companies Act 2006. |
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Opinion on other matter prescribed by the Companies Act 2006 |
In our opinion, based on the work undertaken in the course of our audit, the information given in the Strategic |
Report and the Report of the Directors for the financial year for which the financial statements are prepared is |
consistent with the financial statements, and has been prepared in accordance with applicable legal |
requirements. In the light of the knowledge and understanding of the company and its environment, we have |
not identified any material misstatements in the Strategic Report or the Report of the Directors. |
Report of the Independent Auditors to the Members of |
IDEXX Laboratories Limited |
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Matters on which we are required to report by exception |
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to |
report to you if, in our opinion: |
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adequate accounting records have not been kept, or returns adequate for our audit have not been received
from branches not visited by us; or |
- | the financial statements are not in agreement with the accounting records and returns; or |
- | certain disclosures of directors' remuneration specified by law are not made; or |
- | we have not received all the information and explanations we require for our audit. |
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for and on behalf of
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Chartered Accountants |
& Statutory Auditor |
The Mill House |
Boundary Road |
Loudwater |
High Wycombe |
Bucks. |
HP10 9QN |
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IDEXX Laboratories Limited (Registered number: 02454226) |
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Statement of Comprehensive Income |
for the Year Ended 31 December 2016 |
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2016 | 2015 |
Notes | £ | £ |
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TURNOVER | 3 |
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Cost of sales |
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GROSS PROFIT |
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Administrative expenses |
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OPERATING PROFIT |
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Interest receivable and similar income | ( |
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2,323,749 | 35,086 |
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Interest payable and similar expenses | 6 |
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PROFIT/(LOSS) BEFORE TAXATION | 7 |
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( |
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Tax on profit/(loss) | 8 |
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( |
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PROFIT/(LOSS) FOR THE FINANCIAL
YEAR |
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( |
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OTHER COMPREHENSIVE INCOME | - | - |
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR |
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( |
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IDEXX Laboratories Limited (Registered number: 02454226) |
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Statement of Financial Position |
31 December 2016 |
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2016 | 2015 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 10 |
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Tangible assets | 11 |
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Investments | 12 |
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CURRENT ASSETS |
Debtors | 13 |
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Cash at bank |
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CREDITORS |
Amounts falling due within one year | 14 |
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NET CURRENT ASSETS |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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CREDITORS |
Amounts falling due after more than one
year |
15 |
( |
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( |
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PROVISIONS FOR LIABILITIES | 17 | ( |
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NET ASSETS |
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CAPITAL AND RESERVES |
Called up share capital | 18 |
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Retained earnings | 19 |
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SHAREHOLDERS' FUNDS |
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The financial statements were approved by the Board of Directors on
its behalf by: |
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IDEXX Laboratories Limited (Registered number: 02454226) |
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Statement of Changes in Equity |
for the Year Ended 31 December 2016 |
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Called up |
share | Retained | Total |
capital | earnings | equity |
£ | £ | £ |
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Balance at 1 January 2015 |
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Changes in equity |
Dividends | - | ( |
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Total comprehensive income | - | ( |
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Balance at 31 December 2015 |
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Changes in equity |
Dividends | - | ( |
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Total comprehensive income | - |
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Balance at 31 December 2016 |
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IDEXX Laboratories Limited (Registered number: 02454226) |
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Notes to the Financial Statements |
for the Year Ended 31 December 2016 |
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1. | STATEMENT OF COMPLIANCE |
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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Financial reporting standard 102 - reduced disclosure exemptions |
The company has taken advantage of the following disclosure exemptions in preparing these financial |
statements, as permitted by FRS 102 "The Financial Reporting Standard applicable in the UK and |
Republic of Ireland": |
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• | the requirements of Section 7 Statement of Cash Flows; |
• | the requirement of Section 33 Related Party Disclosures paragraph 33.7. |
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Preparation of consolidated financial statements |
The financial statements contain information about IDEXX Laboratories Limited as an individual |
company and do not contain consolidated financial information as the parent of a group. The company |
is exempt under Section 401 of the Companies Act 2006 from the requirements to prepare |
consolidated financial statements as it and its subsidiary undertakings are included by full consolidation |
in the the consolidated financial statements of its ultimate parent, IDEXX Laboratories Inc., a company |
registered in the United States of America. |
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Turnover |
Turnover represents net invoiced sales of goods and services, excluding value added tax. |
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Goodwill |
Amortisation is calculated so as to write off the cost of the goodwill, less its estimated residual value, |
over the useful economic life of the goodwill. |
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The useful economic life is considered to be 2 to 20 years. |
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Tangible fixed assets |
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Freehold property | - |
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Short leasehold | - |
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Fixtures and fittings | - |
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Computer equipment | - |
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Investments in subsidiaries |
Investments in subsidiary undertakings are recognised at cost. |
IDEXX Laboratories Limited (Registered number: 02454226) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 December 2016 |
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2. | ACCOUNTING POLICIES - continued |
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Financial instruments |
Basic financial instruments, including trade and other receivables, cash and bank balances and |
investments in commercial paper, are initially recognised at transaction price, unless the arrangement |
constitutes a financing transaction, where the transaction is measured at the present value of future |
receipts discounted at a market rate of interest. |
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Such assets are subsequently carried at amortised cost using the effective interest method. |
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At the end of each reporting period financial assets measured at amortised cost are assessed for |
objective evidence of impairment., If an asset is impaired the impairment loss is the difference |
between the carrying amount and the present value of the estimated cash flows discounted at the |
asset's original effective interest rate. The impairment loss is recognised in profit or loss. |
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Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of |
Comprehensive Income, except to the extent that it relates to items recognised in other comprehensive |
income or directly in equity. |
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Current or deferred taxation assets and liabilities are not discounted. |
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Current tax is recognised at the amount of tax payable using the tax rates and laws that have been |
enacted or substantively enacted by the statement of financial position date. |
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Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at |
the statement of financial position date. |
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Timing differences arise from the inclusion of income and expenses in tax assessments in periods |
different from those in which they are recognised in financial statements. Deferred tax is measured |
using tax rates and laws that have been enacted or substantively enacted by the year end and that are |
expected to apply to the reversal of the timing difference. |
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Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable |
that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
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Foreign currencies |
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at |
the statement of financial position date. Transactions in foreign currencies are translated into sterling |
at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account |
in arriving at the operating result. |
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Hire purchase and leasing commitments |
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the |
period of the lease. |
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Pension costs and other post-retirement benefits |
The company operates a defined contribution pension scheme. Contributions payable to the |
company's pension scheme are charged to profit or loss in the period to which they relate. |
IDEXX Laboratories Limited (Registered number: 02454226) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 December 2016 |
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3. | TURNOVER |
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The turnover and profit (2015 - loss) before taxation are attributable to the one principal activity of the |
company. |
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An analysis of turnover by class of business is given below: |
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2016 | 2015 |
£ | £ |
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The total turnover of the company for the year has been derived from its principal activity wholly |
undertaken in the UK and Southern Ireland. |
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4. | EMPLOYEES AND DIRECTORS |
2016 | 2015 |
£ | £ |
Wages and salaries |
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Social security costs |
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Other pension costs |
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The average monthly number of employees during the year was as follows: |
2016 | 2015 |
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Directors |
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Supply and marketing diagnostic products |
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Veterinary laboratory |
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5. | DIRECTORS' EMOLUMENTS |
2016 | 2015 |
£ | £ |
Directors' remuneration |
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The number of directors to whom retirement benefits were accruing was as follows: |
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Money purchase schemes |
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Certain directors are remunerated by other fellow group companies as they are also directors and |
officers of other companies within the group. These directors services to the company do not occupy a |
significant amount of their time. As such these directors do not consider that they have received any |
remuneration for the incidental services to the company for the year ended 31 December 2016 or 31 |
December 2015. |
IDEXX Laboratories Limited (Registered number: 02454226) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 December 2016 |
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6. | INTEREST PAYABLE AND SIMILAR EXPENSES |
2016 | 2015 |
£ | £ |
Interest paid on late tax |
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Loan |
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7. | PROFIT/(LOSS) BEFORE TAXATION |
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The profit (2015 - loss) is stated after charging/(crediting): |
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2016 | 2015 |
£ | £ |
Other operating leases |
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Depreciation - owned assets |
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Loss on disposal of fixed assets |
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Goodwill amortisation |
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Auditor's remuneration |
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Taxation compliance services |
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Foreign exchange differences | ( |
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8. | TAXATION |
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Analysis of the tax charge/(credit) |
The tax charge/(credit) on the profit for the year was as follows: |
2016 | 2015 |
£ | £ |
Current tax: |
UK corporation tax |
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Deferred tax | ( |
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Tax on profit/(loss) |
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( |
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IDEXX Laboratories Limited (Registered number: 02454226) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 December 2016 |
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8. | TAXATION - continued |
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Reconciliation of total tax charge/(credit) included in profit and loss |
The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The |
difference is explained below: |
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2016 | 2015 |
£ | £ |
Profit/(loss) before tax |
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( |
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Profit/(loss) multiplied by the standard rate of corporation tax in the
UK of |
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( |
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Effects of: |
Expenses not deductible for tax purposes |
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Income not taxable for tax purposes |
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( |
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Depreciation in excess of capital allowances |
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Group relief | ( |
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Revenue expenditure capitalised | ( |
) | ( |
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Movement in deferred tax | ( |
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Group relieved Research & Development expenditure credit | ( |
) |
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Total tax charge/(credit) |
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( |
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The UK Government announced as part of the FInance (No 2) Act 2015, which received Royal Assent |
on 18 November 2015 that the main rate of corporation tax would be reduced from 20% to 19% from 1 |
April 2017. In addition as part of the Finance Act 2016, it was further reduced to 17% from 1 April |
2020. This will affect the rate at which future UK current tax will be payable. |
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9. | DIVIDENDS |
2016 | 2015 |
£ | £ |
Ordinary shares of £1 each |
Interim |
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10. | INTANGIBLE FIXED ASSETS |
Goodwill |
£ |
COST |
At 1 January 2016 |
and 31 December 2016 |
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AMORTISATION |
At 1 January 2016 |
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Amortisation for year |
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At 31 December 2016 |
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NET BOOK VALUE |
At 31 December 2016 |
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At 31 December 2015 |
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IDEXX Laboratories Limited (Registered number: 02454226) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 December 2016 |
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11. | TANGIBLE FIXED ASSETS |
Fixtures |
Freehold | Short | and | Computer |
property | leasehold | fittings | equipment | Totals |
£ | £ | £ | £ | £ |
COST |
At 1 January 2016 |
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Additions |
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Disposals |
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( |
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( |
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Reclassification/transfer |
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At 31 December 2016 |
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DEPRECIATION |
At 1 January 2016 |
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Charge for year |
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Eliminated on disposal |
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( |
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( |
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Reclassification/transfer |
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At 31 December 2016 |
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NET BOOK VALUE |
At 31 December 2016 |
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At 31 December 2015 |
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12. | FIXED ASSET INVESTMENTS |
Shares in |
group |
undertakings |
£ |
COST |
At 1 January 2016 |
and 31 December 2016 |
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NET BOOK VALUE |
At 31 December 2016 |
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At 31 December 2015 |
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The company's investments at the Statement of Financial Position date in the share capital of |
companies include the following: |
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Registered office: |
Nature of business:
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% |
Class of shares: | holding |
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2016 | 2015 |
£ | £ |
Aggregate capital and reserves |
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IDEXX Laboratories Limited (Registered number: 02454226) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 December 2016 |
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13. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2016 | 2015 |
£ | £ |
Trade debtors |
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Provision for doubtful debts |
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( |
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Amounts owed by group undertakings |
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Other debtors |
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Prepayments and accrued income |
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14. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2016 | 2015 |
£ | £ |
Trade creditors |
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Amounts owed to group undertakings |
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Tax |
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( |
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Social security and other taxes |
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VAT |
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Other creditors |
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Accruals and deferred income |
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15. |
CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR |
2016 | 2015 |
£ | £ |
Amounts owed to group undertakings |
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Accruals and deferred income |
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16. | LEASING AGREEMENTS |
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Minimum lease payments under non-cancellable operating leases fall due as follows: |
2016 | 2015 |
£ | £ |
Within one year | 339,209 | 391,511 |
Between one and five years |
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In more than five years |
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17. | PROVISIONS FOR LIABILITIES |
2016 | 2015 |
£ | £ |
Deferred tax |
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IDEXX Laboratories Limited (Registered number: 02454226) |
|
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2016 |
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17. | PROVISIONS FOR LIABILITIES - continued |
|
Deferred |
tax |
£ |
Balance at 1 January 2016 |
|
Movement in provision | ( |
) |
Balance at 31 December 2016 |
|
|
18. | CALLED UP SHARE CAPITAL |
|
|
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2016 | 2015 |
value: | £ | £ |
|
Ordinary | £1 |
|
2 |
|
19. | RESERVES |
Retained |
earnings |
£ |
|
At 1 January 2016 |
|
Profit for the year |
|
Dividends | ( |
) |
At 31 December 2016 |
|
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20. | ULTIMATE PARENT COMPANY |
|
The company was controlled throughout the current and previous year by its immediate parent |
company, IDEXX Europe BV, a company incorporated in the Netherlands. The ultimate parent |
company is IDEXX Laboratories Inc, a company incorporated in the USA. Copies of the group |
accounts incorporating the results of the company are available from IDEXX Laboratories Inc, One |
Idexx Drive, Westbrook, Maine 04092, USA. |
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21. | RELATED PARTY DISCLOSURES |
|
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. |