Basuto Medical Centre Limited 31/03/2019 iXBRL

Basuto Medical Centre Limited 31/03/2019 iXBRL

BASUTO MEDICAL CENTRE LIMITED - Company Information

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Company registration number: 06551658
Basuto Medical Centre Limited
Unaudited filleted financial statements
31 March 2019
Basuto Medical Centre Limited
Contents
Directors and other information
Statement of financial position
Notes to the financial statements
Basuto Medical Centre Limited
Directors and other information
Director Dr H U S McMichen
Secretary J A N McMichen
Company number 06551658
Registered office 29 Basuto Road
London
SW6 4BJ
Accountants Redford & Co Limited
Chartered Accountants
1st Floor
64 Baker Street
London
W1U 7GB
Basuto Medical Centre Limited
Statement of financial position
31 March 2019
2019 2018
Note £ £ £ £
Fixed assets
Intangible assets 6 390,000 455,000
Tangible assets 7 7,901 10,535
_______ _______
397,901 465,535
Current assets
Stocks 4,000 4,000
Cash at bank and in hand 1,110,296 1,158,087
_______ _______
1,114,296 1,162,087
Creditors: amounts falling due
within one year 8 ( 209,822) ( 282,005)
_______ _______
Net current assets 904,474 880,082
_______ _______
Total assets less current liabilities 1,302,375 1,345,617
_______ _______
Net assets 1,302,375 1,345,617
_______ _______
Capital and reserves
Called up share capital 10 10
Profit and loss account 1,302,365 1,345,607
_______ _______
Shareholder funds 1,302,375 1,345,617
_______ _______
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.
Director's responsibilities:
- The member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;
- The director acknowledges 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 11 November 2019 , and are signed on behalf of the board by:
Dr H U S McMichen
Director
Company registration number: 06551658
Basuto Medical Centre Limited
Notes to the financial statements
Year ended 31 March 2019
1. General information
The company is a private company limited by shares, registered in England. The address of the registered office is 29 Basuto Road, London, SW6 4BJ.
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 represents the value of services provided under contracts, to the extent that there is a right to consideration, and is recorded at the value of the consideration due.Where a contract has only been partially completed at the balance sheet date, turnover represents the value of the service provided to date, based on a proportion of the total expected consideration at completion. Where payments are received from customers in advance of services provided, the amounts are recorded as Deferred Income and included as part of Creditors due within one year.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
Goodwill
Goodwill arises on business acquisitions and represents the excess of the cost of the acquisition over the company's interest in the net amount of the identifiable assets, liabilities and contingent liabilities of the acquired business. Goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. It is amortised on a straight line basis over its useful life. Where a reliable estimate of the useful life of goodwill or intangible assets cannot be made, the life is presumed not to exceed ten years.
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 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:
Fittings fixtures and equipment - 25 % reducing balance
Motor vehicles - 25 % reducing balance
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.
Impairment
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. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Stocks
Stock is valued at the lower of cost and net realisable value.
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 instrumen
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised in finance costs in profit or loss in the period in which it arises.
4. Turnover
The whole of the turnover is attributable to the principal activity of the company wholly undertaken in the United Kingdom.
Turnover represents the value of services provided under contracts, to the extent that there is a right to consideration, and is recorded at the value of the consideration due.Where a contract has only been partially completed at the balance sheet date, turnover represents the value of the service provided to date, based on a proportion of the total expected consideration at completion. Where payments are received from customers in advance of services provided, the amounts are recorded as Deferred Income and included as part of Creditors due within one year.
5. Employee numbers
The average number of persons employed by the company during the year amounted to 9 (2018: 8 ).
6. Intangible assets
Goodwill Total
£ £
Cost
At 1 April 2018 and 31 March 2019 1,000,000 1,000,000
_______ _______
Amortisation
At 1 April 2018 545,000 545,000
Charge for the year 65,000 65,000
_______ _______
At 31 March 2019 610,000 610,000
_______ _______
Carrying amount
At 31 March 2019 390,000 390,000
_______ _______
At 31 March 2018 455,000 455,000
_______ _______
7. Tangible assets
Fixtures, fittings and equipment Motor vehicles Total
£ £ £
Cost
At 1 April 2018 and 31 March 2019 32,457 7,250 39,707
_______ _______ _______
Depreciation
At 1 April 2018 22,881 6,291 29,172
Charge for the year 2,394 240 2,634
_______ _______ _______
At 31 March 2019 25,275 6,531 31,806
_______ _______ _______
Carrying amount
At 31 March 2019 7,182 719 7,901
_______ _______ _______
At 31 March 2018 9,576 959 10,535
_______ _______ _______
8. Creditors: amounts falling due within one year
2019 2018
£ £
Corporation tax 45,476 70,827
Social security and other taxes 2,881 360
Other creditors 161,465 210,818
_______ _______
209,822 282,005
_______ _______