DRM Dental Practices Limited Filleted accounts for Companies House (small and micro)

DRM DENTAL PRACTICES LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: SC402431

DRM Dental Practices Limited

Filleted Unaudited Abridged Financial Statements

For the year ended

30 June 2018

DRM Dental Practices Limited

Abridged Statement of Financial Position

30 June 2018

	2018		2017
Note	£	£	£

Fixed assets

Intangible assets	5	91,710	119,760
Tangible assets	6	325,934	346,249
		---------	---------
		417,644	466,009

Current assets

Stocks	29,887	26,225
Debtors	26,130	28,813
Cash at bank and in hand	8,642	2,313
	--------	--------
	64,659	57,351

Creditors: amounts falling due within one year	420,127		626,649
	---------		---------
Net current liabilities		355,468	569,298
		---------	---------
Total assets less current liabilities		62,176	( 103,289)

Creditors: amounts falling due after more than one year	206,581	11,417
	---------	---------
Net liabilities	( 144,405)	( 114,706)
	---------	---------

DRM Dental Practices Limited

Abridged Statement of Financial Position (continued)

30 June 2018

	2018		2017
Note	£	£	£

Capital and reserves

Called up share capital	2	2
Profit and loss account	( 144,407)	( 114,708)
	---------	---------
Shareholders deficit	( 144,405)	( 114,706)
	---------	---------

These abridged 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 abridged statement of comprehensive income has not been delivered.

For the year ending 30 June 2018 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

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

- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of abridged financial statements .

All of the members have consented to the preparation of the abridged statement of comprehensive income and the abridged statement of financial position for the year ending 30 June 2018 in accordance with Section 444(2A) of the Companies Act 2006.

These abridged financial statements were approved by the board of directors and authorised for issue on 29 March 2019 , and are signed on behalf of the board by:

Dr R Mathur	Dr D Mathur
Director	Director

Company registration number: SC402431

DRM Dental Practices Limited

Notes to the Abridged Financial Statements

Year ended 30 June 2018

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 15 Redhall House Avenue, Edinburgh, EH14 1JJ.

2. Statement of compliance

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

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis. The financial statements are prepared in sterling, which is the functional currency of the entity.

Going concern

The company is reliant on funding from the directors to provide working capital. The directors have indicated that this funding will continue and therefore the accounts are prepared on the going concern basis.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for services rendered. 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 provided that the outcome can be reliably estimated. When the outcome cannot be reliably estimated, revenue is recognised only to the extent that expenses recognised are recoverable.

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	-	10% 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 or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

Buildings	-	3% reducing balance
Plant and equipment	-	15% reducing balance
Fixtures and fittings	-	3-15% Reducing balance

Impairment of fixed assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.

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.

Finance leases and hire purchase contracts

Assets held under finance leases and hire purchase contracts are recognised in the abridged statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.

Financial instruments

A financial asset or a financial liability is recognised only when the company 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. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.

Defined contribution plans

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided.

4. Employee numbers

The average number of persons employed by the company during the year amounted to Nil (2017: 5 ).

5. Intangible assets

	£
Cost
At 1 July 2017 and 30 June 2018	286,250
	---------
Amortisation
At 1 July 2017	166,490
Charge for the year	28,050
	---------
At 30 June 2018	194,540
	---------
Carrying amount
At 30 June 2018	91,710
	---------
At 30 June 2017	119,760
	---------

Goodwill arose on the acquisition of the business in July 2011.

6. Tangible assets

	£
Cost
At 1 July 2017 and 30 June 2018	445,775
	---------
Depreciation
At 1 July 2017	99,526
Charge for the year	20,315
	---------
At 30 June 2018	119,841
	---------
Carrying amount
At 30 June 2018	325,934
	---------
At 30 June 2017	346,249
	---------