Morgannwg Local Medical Committee Limited 31/03/2019 iXBRL

Morgannwg Local Medical Committee Limited 31/03/2019 iXBRL

MORGANNWG LOCAL MEDICAL COMMITTEE LIMITED - Company Information

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Company registration number: 07582825
Morgannwg Local Medical Committee Limited
Company limited by guarantee
Unaudited filleted financial statements
31 March 2019
Morgannwg Local Medical Committee Limited
Company limited by guarantee
Contents
Directors and other information
Accountants report
Statement of financial position
Notes to the financial statements
Morgannwg Local Medical Committee Limited
Company limited by guarantee
Directors and other information
Directors Dr I Harris
Dr C E V Jones
Dr A P Rayani
Dr N S Shah
Dr Jan Andreas Kletta (resigned 8/1/19)
Dr H F Wilkes
Secretary Mrs M Liddell
Company number 07582825
Registered office C/O The Grove Medical Centre
6 Uplands Terrace
Uplands
Swansea
SA2 0GU
Accountants Morgan Hemp
103-104 Walter Road
Swansea
SA1 5QF
Morgannwg Local Medical Committee Limited
Company limited by guarantee
Report to the board of directors on the preparation of the
unaudited statutory financial statements of Morgannwg Local Medical Committee Limited
Year ended 31 March 2019
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Morgannwg Local Medical Committee Limited for the year ended 31 March 2019 which comprise the statement of financial position and related notes from the company's accounting records and from information and explanations you have given us.
As a practising member firm of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at http://www.accaglobal.com/en/member/ professional-standards/ rules-standards/acca-rulebook.html.
This report is made solely to the board of directors of Morgannwg Local Medical Committee Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the financial statements of Morgannwg Local Medical Committee Limited and state those matters that we have agreed to state to the board of directors of Morgannwg Local Medical Committee Limited as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/content/dam/ACCA_Global /Technical/fact/technical-factsheet-163.pdf. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Morgannwg Local Medical Committee Limited and its board of directors as a body for our work or for this report.
It is your duty to ensure that Morgannwg Local Medical Committee Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Morgannwg Local Medical Committee Limited. You consider that Morgannwg Local Medical Committee Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the financial statements of Morgannwg Local Medical Committee Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
Morgan Hemp
Chartered Certified Accountants
103-104 Walter Road
Swansea
SA1 5QF
9 July 2019
Morgannwg Local Medical Committee Limited
Company limited by guarantee
Statement of financial position
31 March 2019
2019 2018
Note £ £ £ £
Fixed assets
Tangible assets 6 122 301
_______ _______
122 301
Current assets
Debtors 7 1,072 366
Cash at bank and in hand 24,609 11,080
_______ _______
25,681 11,446
Creditors: amounts falling due
within one year 8 ( 7,337) ( 3,016)
_______ _______
Net current assets 18,344 8,430
_______ _______
Total assets less current liabilities 18,466 8,731
_______ _______
Net assets 18,466 8,731
_______ _______
Capital and reserves
Profit and loss account 18,466 8,731
_______ _______
Members funds 18,466 8,731
_______ _______
For the year ending 31 March 2019 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 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 financial statements.
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 statement of income and retained earnings has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 09 July 2019 , and are signed on behalf of the board by:
Dr I Harris Mrs M Liddell
Director Company Secretary
Company registration number: 07582825
Morgannwg Local Medical Committee Limited
Company limited by guarantee
Notes to the financial statements
Year ended 31 March 2019
1. General information
The company is a private company limited by guarantee, registered in UK. The address of the registered office is C/O The Grove Medical Centre, 6 Uplands Terrace, Uplands, Swansea, SA2 0GU.
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 Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership 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.
Taxation
The Company is a non profit making organisation and therefore no taxation is due.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.
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:
Plant and machinery - 20 % straight line
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
4. Limited by guarantee
The Company is limited by guarantee and having no share capital. The members are only liable up to £1 each.
5. Employee numbers
The average number of persons employed by the company during the year amounted to 16 (2018: 16 ).
6. Tangible assets
Plant and machinery Total
£ £
Cost
At 1 April 2018 and 31 March 2019 8,023 8,023
_______ _______
Depreciation
At 1 April 2018 7,722 7,722
Charge for the year 179 179
_______ _______
At 31 March 2019 7,901 7,901
_______ _______
Carrying amount
At 31 March 2019 122 122
_______ _______
At 31 March 2018 301 301
_______ _______
7. Debtors
2019 2018
£ £
Other debtors 1,072 366
_______ _______
8. Creditors: amounts falling due within one year
2019 2018
£ £
Social security and other taxes 3,523 -
Other creditors 3,814 3,016
_______ _______
7,337 3,016
_______ _______
9. Related party transactions
The Company has common directors with the officers of Morgannwg Local Medical Committee. During the year, the company received management charges amoiunting to £180,000 (2018 £175,000) from Morgannwg Local Medical Committee.