Litfield House Medical Centre Ltd - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 00976461 (England and Wales)

Unaudited Financial Statements

for the Year Ended 31 December 2018

for

LITFIELD HOUSE MEDICAL CENTRE LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

Dr P Aylard

Mr K J James

Dr J N Hembry

Mr M D Rocker

Dr J R C Z Cruz Zafra

SECRETARY:

Mrs P Tanner

REGISTERED OFFICE:

Litfield House

1 Litfield Place

Clifton

Bristol

BS8 3LS

REGISTERED NUMBER:

00976461 (England and Wales)

ACCOUNTANTS:

Haines Watts

Chartered Accountants

6 - 8 Bath Street

Bristol

BS1 6HL

FIXED ASSETS

Tangible assets

4

1,799,547

1,740,913

CURRENT ASSETS

Debtors

5

47,890

56,026

Cash at bank and in hand

25,955

19,453

73,845

75,479

CREDITORS

Amounts falling due within one year

6

116,326

106,469

NET CURRENT LIABILITIES

(42,481

)

(30,990

)

TOTAL ASSETS LESS CURRENT LIABILITIES

1,757,066

1,709,923

CREDITORS

Amounts falling due after more than one year

7

(359,483

)

(396,473

)

PROVISIONS FOR LIABILITIES

9

(126,872

)

(141,730

)

NET ASSETS

1,270,711

1,171,720

CAPITAL AND RESERVES

Called up share capital

10

490

490

Revaluation reserve

11

1,051,890

1,036,908

Profit and loss account

11

218,331

134,322

SHAREHOLDERS' FUNDS

1,270,711

1,171,720

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2018.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2018 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

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

The financial statements were approved and authorised for issue by the Board of Directors on 29 May 2019 and were signed on its behalf by:

Dr J N Hembry - Director

Mr K J James - Director

1.	COMPANY INFORMATION

Litfield House Medical Centre Limited is a private company, limited by shares , registered in England and

Wales. The company's registered number and registered office address can be found on the Company

Information page.

The presentation currency of the financial statements is the Pound Sterling (£).

The company's principal activities and nature of its operations are disclosed in the Directors' Report.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

The company had net current liabilities of £42,481 as at 31 December 2018. The company's bankers will

provide the company with financial support for at least the next 12 months to enable it to continue to trade and

meet its liabilities as they fall due. Accordingly, the directors consider it appropriate for the financial

statements to be prepared on a going concern basis.

Turnover

Turnover represents invoiced sales of services. Income from rents and recharged services are recognised in the

financial statements over the period to which they relate.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful

life.

Computer equipment

- 33% on cost

Fixtures and fittings

- 15% on reducing balance

Plant and machinery

- 15% on reducing balance

Office equipment

- 15% on reducing balance

Freehold property

- not provided for

The residual value of freehold property is expected to be higher than it's deemed cost and therefore no

depreciation has been provided for.

Tangible fixed assets are stated at cost (or deemed cost in the case of freehold property) less accumulated

depreciation and accumulated impairment losses. Cost includes those directly attributable to making the asset

capable of operating as intended.

Cash and cash equivalents

Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid

investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown

within borrowings in current liabilities.

Financial instruments

The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12

'Other Financial Instruments Issues' 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, which include trade and other debtors, amounts due from group undertakings and cash

and bank balances, are initially measured at transaction price including transaction costs and are subsequently

carried at amortised cost. Financial assets are derecognised only when the contractual rights to the cash flows

from the asset expire or are settled, or when the company transfers the financial asset and substantially all the

risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are

retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an

unrelated third party.

Basic financial liabilities, including trade and other creditors and amounts due to group undertakings 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. Financial

liabilities are derecognised when, and only when, the company's contractual obligations are discharged,

cancelled, or they expire.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and loss account,

except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

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 balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the

balance sheet date.

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.

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.

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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 14 (2017 - 14 ) .

4.	TANGIBLE FIXED ASSETS

Fixtures

Freehold

Computer

and

property

equipment

fittings

£

£

£

COST

At 1 January 2018

1,670,689

13,360

85,583

Additions

68,354

-

1,560

At 31 December 2018

1,739,043

13,360

87,143

DEPRECIATION

At 1 January 2018

-

12,572

66,903

Charge for year

-

631

3,036

At 31 December 2018

-

13,203

69,939

NET BOOK VALUE

At 31 December 2018

1,739,043

157

17,204

At 31 December 2017

1,670,689

788

18,680

Plant and

Office

machinery

equipment

Totals

£

£

£

COST

At 1 January 2018

72,175

96,279

1,938,086

Additions

-

-

69,914

At 31 December 2018

72,175

96,279

2,008,000

DEPRECIATION

At 1 January 2018

31,960

85,738

197,173

Charge for year

6,032

1,581

11,280

At 31 December 2018

37,992

87,319

208,453

NET BOOK VALUE

At 31 December 2018

34,183

8,960

1,799,547

At 31 December 2017

40,215

10,541

1,740,913

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2018

2017

£

£

Trade debtors

39,175

40,141

Directors' current accounts

3,822

4,177

Prepayments and accrued income

4,893

11,708

47,890

56,026

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2018

2017

£

£

Bank loans and overdrafts

36,942

38,733

Trade creditors

28,658

15,173

Social security and other taxes

2,905

2,483

Directors' current accounts

-

933

Accruals and deferred income

47,821

49,147

116,326

106,469

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2018

2017

£

£

Bank loans

359,483

396,473

Bank loans include aggregate amounts of £220,955 (2017 £252,527), which fall due after five years and which

are repayable by instalments.

8.	SECURED DEBTS

The following secured debts are included within creditors:

2018

2017

£

£

Bank overdraft

-

3,779

Bank loans

396,425

431,427

396,425

435,206

9.	PROVISIONS FOR LIABILITIES

The provision for liabilities relates to the anticipated tax charge that would arise were the company to sell its

freehold property at the value recorded in the financial statements.

10.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2018

2017

value:

£

£

380

Ordinary shares

£1.00

380

380

110

Founder shares

£1.00

110

110

490

490

11.

RESERVES

Profit

and loss

Revaluation

account

reserve

Totals

£

£

£

At 1 January 2018

134,322

1,036,908

1,171,230

Profit for the year

98,991

98,991

Movement in deferred tax

(14,982

)

14,982

-

At 31 December 2018

218,331

1,051,890

1,270,221

12.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 31 December 2018 and

31 December 2017:

2018

2017

£

£

Dr P Aylard

Balance outstanding at start of year

1,577

-

Amounts advanced

10,542

14,451

Amounts repaid

(11,936

)

(12,874

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

183

1,577

Dr J N Hembry

Balance outstanding at start of year

2,584

65

Amounts advanced

36,300

35,989

Amounts repaid

(35,726

)

(33,470

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

3,158

2,584

Dr M P Bunnage

Balance outstanding at start of year

16

835

Amounts advanced

2,427

3,346

Amounts repaid

(2,443

)

(4,165

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

-

16

Dr J R C Z Cruz Zafra

Balance outstanding at start of year

-

-

Amounts advanced

5,759

-

Amounts repaid

(5,277

)

-

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

482

-