Church Road Dental Practice Limited Company Accounts

COMPANY REGISTRATION NUMBER: 06460945

Church Road Dental Practice Limited

Filleted Unaudited Financial Statements

31 March 2017

Church Road Dental Practice Limited

Financial Statements

Year ended 31 March 2017

Contents	Page

Balance sheet	1

Notes to the financial statements	3

Church Road Dental Practice Limited

Balance Sheet

31 March 2017

	2017		2016
Note	£	£	£

Fixed assets

Intangible assets	5	228,403	281,112
Tangible assets	6	42,775	46,927
		---------	---------
		271,178	328,039

Current assets

Stocks		700	700
Debtors	7	61,810	47,929
Cash at bank and in hand		227,488	185,658
		---------	---------
		289,998	234,287

Creditors: amounts falling due within one year	8	63,589		60,843
		---------		---------
Net current assets			226,409	173,444
			---------	---------
Total assets less current liabilities			497,587	501,483

Provisions	7,184	8,174
	---------	---------
Net assets	490,403	493,309
	---------	---------

Capital and reserves

Called up share capital	9	1,000	1,000
Profit and loss account		489,403	492,309
		---------	---------
Members funds		490,403	493,309
		---------	---------

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the profit and loss account has not been delivered.

For the year ending 31 March 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;

- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .

Church Road Dental Practice Limited

Balance Sheet (continued)

31 March 2017

These financial statements were approved by the board of directors and authorised for issue on 25 September 2017 , and are signed on behalf of the board by:

P Redstone
Director

Company registration number: 06460945

Church Road Dental Practice Limited

Notes to the Financial Statements

Year ended 31 March 2017

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 85 Church Road, Hove, East Sussex, BN3 2BB.

2. Statement of compliance

These financial statements have been prepared in compliance with the provisions of FRS 102 Section 1A, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. Accounting policies

Basis of preparation

Transition to FRS 102

The entity transitioned from previous UK GAAP to FRS 102 as at 1 April 2015. Details of how FRS 102 has affected the reported financial position and financial performance is given in note 12.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer, usually on despatch of the goods, the amount of revenue can be measured reliably, it is probable that the associated economic benefits will flow to the entity, and the costs incurred or to be incurred in respect of the transactions can be measured reliably. The turnover shown in the profit and loss account represents goods and services provided during the year. When the outcome of a transaction involving the rendering of services can be reliably estimated, revenue from the rendering of services is measured by reference to the stage of completion of the service transaction at the end of the reporting period. When the outcome of a transaction involving the rendering of services cannot be reliably estimated, revenue is recognised only to the extent that expenses recognised are recoverable.

Tax

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.

Operating leases

Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.

Goodwill

Goodwill arises on business acquisitions and represents the excess of the cost of the acquisition over the company's interest in the net amount of the identifiable assets, liabilities and contingent liabilities of the acquired business. Goodwill is measured at cost less accumulated amortisation and accumulated impairment losses.

Amortisation

Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:

	Goodwill	-	5% straight line

If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.

Depreciation

Depreciation is calculated so as to write off the cost of an asset, less its residual value, over the useful economic life of that asset as follows:

	Fixtures and fittings	-	20% reducing balance

Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition. Stocks are calculated on a first in, first out basis.

Financial instruments

A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately.

Defined contribution plans

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.

4. Employee numbers

The average number of persons employed by the company during the year, including the director, amounted to 8 (2016: 8 ).

5. Intangible assets

	Goodwill
	£
Cost
At 1 Apr 2016 and 31 Mar 2017	585,650
	---------
Amortisation
At 1 April 2016	304,538
Charge for the year	52,709
	---------
At 31 March 2017	357,247
	---------
Carrying amount
At 31 March 2017	228,403
	---------
At 31 March 2016	281,112
	---------

6. Tangible assets

	Fixtures and fittings	Total
	£	£
Cost
At 1 April 2016	104,815	104,815
Additions	7,446	7,446
Disposals	( 5,466)	( 5,466)
	---------	---------
At 31 March 2017	106,795	106,795
	---------	---------
Depreciation
At 1 April 2016	57,888	57,888
Charge for the year	10,819	10,819
Disposals	( 4,687)	( 4,687)
	---------	---------
At 31 March 2017	64,020	64,020
	---------	---------
Carrying amount
At 31 March 2017	42,775	42,775
	---------	---------
At 31 March 2016	46,927	46,927
	---------	---------

7. Debtors

	2017	2016
	£	£
Trade debtors	6,564	7,845
Other debtors	55,246	40,084
	--------	--------
	61,810	47,929
	--------	--------

8. Creditors: amounts falling due within one year

	2017	2016
	£	£
Trade creditors	11,695	9,069
Corporation tax	48,394	48,774
Other creditors	3,500	3,000
	--------	--------
	63,589	60,843
	--------	--------

9. Called up share capital

Issued, called up and fully paid

	2017		2016
	No.	£	No.	£
Ordinary A shares of £ 1 each	800	800	800	800
Ordinary B shares of £ 1 each	200	200	200	200
	-------	-------	-------	-------
	1,000	1,000	1,000	1,000
	-------	-------	-------	-------

10. Operating leases

The total future minimum lease payments under non-cancellable operating leases are as follows:

	2017	2016
	£	£
Not later than 1 year	330	659
Later than 1 year and not later than 5 years	–	330
	----	----
	330	989
	----	----

11. Director's advances, credits and guarantees

During the year, the company made advances to the director of £74,123 (2016: £66,954). He repaid £55,666 (2016: £48,029) and, at the year end, the director owed the company an amount of £53,573 (2016: £35,116). The advances were interest free, unsecured and repayable on demand.

12. Transition to FRS 102

These are the first financial statements that comply with FRS 102. The company transitioned to FRS 102 on 1 April 2015.

No transitional adjustments were required in equity or profit or loss for the year.