Noble Dental Laboratories Ltd - Accounts to registrar (filleted) - small 18.2
Noble Dental Laboratories Ltd - Accounts to registrar (filleted) - small 18.2
REGISTERED NUMBER: |
NOBLE DENTAL LABORATORIES LTD |
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2019 |
NOBLE DENTAL LABORATORIES LTD (REGISTERED NUMBER: SC398955) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2019 |
Page |
Balance Sheet | 1 |
Notes to the Financial Statements | 3 |
NOBLE DENTAL LABORATORIES LTD (REGISTERED NUMBER: SC398955) |
BALANCE SHEET |
31 MARCH 2019 |
2019 | 2018 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 4 |
Tangible assets | 5 |
CURRENT ASSETS |
Stocks |
Debtors | 6 |
Cash in hand |
CREDITORS |
Amounts falling due within one year | 7 |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
( |
) |
CREDITORS |
Amounts falling due after more than one year |
8 |
( |
) |
PROVISIONS FOR LIABILITIES | ( |
) | ( |
) |
NET (LIABILITIES)/ASSETS | ( |
) |
CAPITAL AND RESERVES |
Called up share capital |
Retained earnings | ( |
) |
SHAREHOLDERS' FUNDS | ( |
) |
The director acknowledges his 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. |
NOBLE DENTAL LABORATORIES LTD (REGISTERED NUMBER: SC398955) |
BALANCE SHEET - continued |
31 MARCH 2019 |
In accordance with Section 444 of the Companies Act 2006, the Profit and Loss Account has not been delivered. |
The financial statements were approved by the director on |
NOBLE DENTAL LABORATORIES LTD (REGISTERED NUMBER: SC398955) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2019 |
1. | STATUTORY INFORMATION |
Noble Dental Laboratories Ltd is a private company, limited by shares, registered in Scotland. The registered |
office is Caledonia House, 89 Seaward Street, Glasgow, G41 1HJ. |
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 the provisions of Section 1A "Small |
Entities" of Financial reporting Standard 102 "The Financial Reporting Standard applicable in the UK and |
Republic of Ireland" and the Companies Act 2006. There were no material departures from that standard. The |
financial statements have been prepared under the historical cost convention. |
The financial statements have been prepared on a going concern basis. The validity of this is dependant on |
continued support from the director. If support was to be withdrawn, adjustments may have to be made to |
reduce the value of the assets to their recoverable amount and to provide for any further liabilities that may |
arise. The director considers however, that it is still appropriate to prepare the financial statements on a going |
concern basis despite this uncertainty. |
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 director considers there to be no such significant judgements. |
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. |
Turnover |
Turnover comprises the invoiced cost of goods and services sold during the year. The company's policy is to |
recognise a sale when substantively all the risks and rewards in connection with the goods and services have |
been passed to the buyer. |
Goodwill |
Positive purchased goodwill arising on acquisitions is capitalised, classified as an asset on the balance sheet |
and amortised over its estimated useful life up to a maximum of 10 years. This length of time is presumed to |
be the maximum useful life of purchased goodwill because it is difficult to make projections beyond this period. |
Goodwill is reviewed for impairment at the end of the first full financial year following each acquisition and |
subsequently as and when necessary if circumstances emerge that indicate that the carrying value may not be |
recoverable. |
NOBLE DENTAL LABORATORIES LTD (REGISTERED NUMBER: SC398955) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2019 |
2. | ACCOUNTING POLICIES - continued |
Tangible fixed assets |
Plant and machinery etc | - |
Fixed assets are included in the balance sheet at cost less accumulated depreciation and accumulated |
impairment losses. |
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. |
Stocks |
Stocks are valued at the lower of cost and estimated selling price less costs to sell. |
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 loans to |
related 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 or receivable within one year, typically trade debtors and trade creditors, are |
measured, initially and subsequently, at the undiscounted amount of cash or other consideration expected to be |
paid or received. |
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 director considers 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. |
NOBLE DENTAL LABORATORIES LTD (REGISTERED NUMBER: SC398955) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2019 |
2. | ACCOUNTING POLICIES - continued |
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 the profit and loss account on a straight line basis over the |
period of the lease. |
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 |
4. | INTANGIBLE FIXED ASSETS |
Goodwill |
£ |
COST |
At 1 April 2018 |
and 31 March 2019 |
AMORTISATION |
At 1 April 2018 |
Charge for year |
At 31 March 2019 |
NET BOOK VALUE |
At 31 March 2019 |
At 31 March 2018 |
NOBLE DENTAL LABORATORIES LTD (REGISTERED NUMBER: SC398955) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2019 |
5. | TANGIBLE FIXED ASSETS |
Plant and |
machinery |
etc |
£ |
COST |
At 1 April 2018 |
Additions |
At 31 March 2019 |
DEPRECIATION |
At 1 April 2018 |
Charge for year |
At 31 March 2019 |
NET BOOK VALUE |
At 31 March 2019 |
At 31 March 2018 |
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 |
DEPRECIATION |
At 1 April 2018 |
Charge for year |
At 31 March 2019 |
NET BOOK VALUE |
At 31 March 2019 |
At 31 March 2018 |
These assets are held as security against hire purchase obligations. |
6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2019 | 2018 |
£ | £ |
Trade debtors |
Other debtors |
NOBLE DENTAL LABORATORIES LTD (REGISTERED NUMBER: SC398955) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2019 |
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2019 | 2018 |
£ | £ |
Bank loans and overdrafts |
Hire purchase contracts |
Trade creditors |
Taxation and social security |
Other creditors |
8. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2019 | 2018 |
£ | £ |
Hire purchase contracts |
9. | SECURED DEBTS |
The following secured debts are included within creditors: |
2019 | 2018 |
£ | £ |
Hire purchase contracts | 5,337 | 8,539 |
Hire purchase liabilities are secured over the assets to which the contracts relate. |
10. | RELATED PARTY DISCLOSURES |
At the year end, included in creditors, is an amount due to the director totalling £55,481 (2018 - £83,403). |
This amount is interest free, unsecured and has no fixed repayment terms. |