Dr S Khorami Limited - Period Ending 2014-06-30

Registration number: 06292022

Dr S Khorami Limited

Unaudited Abbreviated Accounts

for the Year Ended 30 June 2014
 

MacKenzie
Chartered Accountants
The Old Mill
Fry's Yard
Bridge Street
GODALMING
GU7 1HP

Dr S Khorami Limited
Contents

Accountants' Report 1

Abbreviated Balance Sheet 2

Notes to the Abbreviated Accounts 3 to 4

The following reproduces the text of the accountants' report in respect of the company's annual financial statements, from which the abbreviated accounts (set out on pages 2 to 4) have been prepared.

Chartered Accountants' Report to the Director on the Preparation of the Unaudited Statutory Accounts of
Dr S Khorami Limited
for the Year Ended 30 June 2014

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Dr S Khorami Limited for the year ended 30 June 2014 set out on pages from the company's accounting records and from information and explanations you have given us.

As a practicing member firm of the Institute of Chartered Accountants of Scotland (ICAS), we are subject to its ethical and other professional requirements.

This report is made solely to the Board of Directors of Dr S Khorami Limited, as a body, in accordance with the terms of our engagement letter dated 28 October 2010. Our work has been undertaken solely to prepare for your approval the accounts of Dr S Khorami Limited and state those matters that we have agreed to state to the Board of Directors of the company, as a body, in this report in accordance with the requirements of the Institute of Chartered Accountants of Scotland. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Dr S Khorami Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Dr S Khorami Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Dr S Khorami Limited. You consider that Dr S Khorami 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 accounts of Dr S Khorami 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 accounts.

......................................

MacKenzie
Chartered Accountants
The Old Mill
Fry's Yard
Bridge Street
GODALMING
GU7 1HP

31 March 2015

Page 1

Dr S Khorami Limited
(Registration number: 06292022)
Abbreviated Balance Sheet at 30 June 2014

		Note			2014 £			2013 £
Fixed assets
Intangible fixed assets					231,875			249,375
Tangible fixed assets					12,935			18,903
					244,810			268,278
Current assets
Cash at bank and in hand					125,926			96,764
Creditors: Amounts falling due within one year					(60,611)			(122,263)
Net current assets/(liabilities)					65,315			(25,499)
Net assets					310,125			242,779
Capital and reserves
Called up share capital		3			100			100
Profit and loss account					310,025			242,679
Shareholders' funds					310,125			242,779

For the year ending 30 June 2014 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime .

Approved by the director on 31 March 2015

.........................................
Dr S Khorami
Director

The notes on pages 3 to 4 form an integral part of these financial statements.
Page 2

Dr S Khorami Limited
Notes to the Abbreviated Accounts for the Year Ended 30 June 2014
......... continued

1	Accounting policies

Basis of preparation

The full financial statements, from which these abbreviated accounts have been extracted, have been prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (Effective April 2008).

Turnover

Turnover represents amounts invoiced in the year. In respect of contracts for ongoing services, turnover represents the value of work done in the year, including estimates of amounts not invoiced and is recognised by reference to the stage of completion.

Goodwill

Goodwill is the difference between the fair value of consideration paid for an acquired entity and the aggregate of the fair value of that entity's identifiable assets and liabilities.

Positive goodwill is capitalised, classified as an asset on the balance sheet and amortised on a straight line basis over its useful economic life. It is reviewed for impairment at the end of the first full financial year following the acquisition and in other periods if events or changes in circumstances indicate that the carrying value may not be recoverable.

Amortisation

Amortisation is provided on intangible fixed assets so as to write off the cost, less any estimated residual value, over their expected useful economic life.

Asset class	Amortisation method and rate
Goodwill	Straight line basis over twenty years

Depreciation

Depreciation is provided on tangible fixed assets so as to write off the cost, less any estimated residual value, over their expected useful economic life as follows:

Asset class	Depreciation method and rate
Plant and machinery	Reducing balance basis - 25%
Motor vehicles	Reducing balance basis - 25%

Hire purchase and leasing

Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to profit and loss account as incurred.

Assets obtained under hire purchase contracts and finance leases are capitalised as tangible fixed assets. Assets acquired under finance leases are depreciated over the shorter of the lease term and their useful lives. Assets acquired under hire purchase contracts are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

Page 3

Dr S Khorami Limited
Notes to the Abbreviated Accounts for the Year Ended 30 June 2014
......... continued

Financial instruments

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Where shares are issued, any component that creates a financial liability of the company is presented as a liability in the balance sheet. The corresponding dividends relating to the liability component are charged as interest expense in the profit and loss account.

Pensions

The company operates a defined contribution pension scheme. Contributions are recognised in the profit and loss account in the period in which they become payable in accordance with the rules of the scheme.

2	Fixed assets

		Intangible assets £			Tangible assets £			Total £
Cost
At 1 July 2013		350,000			75,444			425,444
At 30 June 2014		350,000			75,444			425,444
Depreciation
At 1 July 2013		100,625			56,541			157,166
Charge for the year		17,500			5,968			23,468
At 30 June 2014		118,125			62,509			180,634
Net book value
At 30 June 2014		231,875			12,935			244,810
At 30 June 2013		249,375			18,903			268,278

3	Share capital

Allotted, called up and fully paid shares

	2014						2013
		No.			£			No.			£
Ordinary of £1 each		100			100			100			100

Page 4