V-Dent Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: SC093849

V-DENT LIMITED

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2019

Page

Balance Sheet

1

Notes to the Financial Statements

3

FIXED ASSETS

Tangible assets

4

38,474

46,380

CURRENT ASSETS

Stocks

169,000

148,999

Debtors

5

14,319

45,492

Cash at bank

7,067

12,205

190,386

206,696

CREDITORS

Amounts falling due within one year

6

451,312

388,068

NET CURRENT LIABILITIES

(260,926

)

(181,372

)

TOTAL ASSETS LESS CURRENT LIABILITIES

(222,452

)

(134,992

)

CREDITORS

Amounts falling due after more than one year

7

17,274

24,119

NET LIABILITIES

(239,726

)

(159,111

)

CAPITAL AND RESERVES

Called up share capital

100

100

Retained earnings

(239,826

)

(159,211

)

SHAREHOLDERS' FUNDS

(239,726

)

(159,111

)

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2019.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2019 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 applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Profit & Loss Account has not been delivered.

The financial statements were approved by the Board of Directors on 25 September 2019 and were signed on its behalf by:

G Littlejohn - Director

1.	STATUTORY INFORMATION

V-Dent Limited is a private company, limited by shares, registered in Scotland. The registered office is

The Dales, Woodhall Road, Braidwood, ML8 5NF.

The financial statements are presented in Sterling (£).

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

There were no material departures from this standard.

As at 31 March 2019, the company has net liabilities. The directors consider that it is appropriate to prepare the

financial statements on a going concern basis as they will provide financial support to the company if required.

Turnover

Turnover represents the invoice value of goods supplied and services provided during the year, excluding value

added tax. The company's policy is to recognise income when substantively all risks and rewards in connection

with the goods supplied and services provided have been passed to the buyer.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value

of each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is

shorter.

Plant and machinery etc - 25% on reducing balance

Fixed assets are included in the balance sheet at cost less accumulated depreciation and accumulated impairment

losses.

Stocks

Stocks are valued at the lower of cost and estimated selling price less cost to sell.

Taxation

Taxation represents the sum of tax currently payable and deferred tax. The company's liability for current tax is

calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.

The charge for taxation takes into account taxation deferred as a result of timing differences between the

treatment of certain items for taxation and accounting purposes. In general, deferred taxation is recognised in

respect of all timing differences that have originated but not reversed at the balance sheet date. However,

deferred tax assets are recognised only to the extent that the directors consider that it is more likely than not that

there will be suitable taxable profits from which the future reversal of the underlying timing differences can be

deducted. Deferred taxation is measured on a non-discounted basis at the tax rates that are expected to apply in

the periods in which the timing differences reverse, based on tax rates and laws enacted or substantively enacted

at the balance sheet date.

With the exception of changes arising on the initial recognition of a business combination, the tax expense is

presented either in profit or loss, other comprehensive income or statement of changes in equity depending on the

transaction that resulted in the tax expense.

Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors.

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the

balance sheet 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.

Hire purchase and leasing commitments

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held

under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases

are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element

of the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the

lease.

Financial instruments

The company only enters into basic financial instruments transactions that result in the recognition of financial

assets and liabilities like trade and other accounts receivable and payable, loans from banks and other third

parties.

Debt instruments like loans and other accounts receivable and payable are initially measured at present value of

the future payments and subsequently at amortised cost using the effective interest method. Debt instruments

that are payable within one year, typically trade creditors, are measured, initially and subsequently, at the

undiscounted amount of cash or other consideration expected to be paid or received.

Financial assets measured at cost and amortised cost are assessed at the end of each reporting period for evidence

of impairment and if found, an impairment loss is recognised in profit or loss.

Impairment of non-financial assets

At each reporting date non-financial assets not carried at fair value, like goodwill and plant, property and

equipment, are reviewed to determine whether there is an indication that an asset may be impaired. If there is an

indication of possible impairment, the recoverable amount which is the higher of value in use and the fair value

less cost to sell, is estimated and compared with the carrying amount. If the recoverable amount is lower, the

carrying amount of the asset is reduced to its recoverable amount and an impairment loss is recognised

immediately in profit and loss.

Provisions

Provisions are recognised when the company has a legal or constructive obligation at the reporting date as a

result of a past event, it is probable that the company will be required to settle the obligation and the amount of

the obligation can be reliably estimated. Provisions are recognised at the best estimate of the amount required to

settle the obligation at the reporting date.

Judgements

The company considers on an annual basis the judgements that are made by management when applying its

significant accounting policies that would have the most significant effect on amounts that are recognised in the

financial statements.

The directors consider there are no such significant judgements.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2018 - NIL).

4.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 April 2018

77,035

Additions

6,715

At 31 March 2019

83,750

DEPRECIATION

At 1 April 2018

30,655

Charge for year

14,621

At 31 March 2019

45,276

NET BOOK VALUE

At 31 March 2019

38,474

At 31 March 2018

46,380

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Plant and

machinery

etc

£

COST

At 1 April 2018

and 31 March 2019

12,479

DEPRECIATION

At 1 April 2018

6,499

Charge for year

1,754

At 31 March 2019

8,253

NET BOOK VALUE

At 31 March 2019

4,226

At 31 March 2018

5,980

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2019

2018

£

£

Trade debtors

13,996

43,953

Other debtors

323

1,539

14,319

45,492

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2019

2018

£

£

Hire purchase contracts

6,846

9,885

Trade creditors

405,077

352,974

Taxation and social security

1,176

24,696

Other creditors

38,213

513

451,312

388,068

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2019

2018

£

£

Hire purchase contracts

17,274

24,119

8.	SECURED DEBTS

The following secured debts are included within creditors:

2019

2018

£

£

Hire purchase

24,120

34,004

The hire purchase liability is secured over the asset to which the contract relates.