Norton Implants Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 07193336 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2020

FOR

NORTON IMPLANTS LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTOR:

Dr M R Norton

SECRETARY:

Mrs L J Norton

REGISTERED OFFICE:

6th Floor

Charles House

108-110 Finchley Road

London

NW3 5JJ

REGISTERED NUMBER:

07193336 (England and Wales)

ACCOUNTANTS:

Numera Partners LLP

6th Floor

Charles House

108-110 Finchley Road

London

NW3 5JJ

FIXED ASSETS

Intangible assets

4

6,250

81,250

Tangible assets

5

324,682

328,688

330,932

409,938

CURRENT ASSETS

Stocks

1,095

2,292

Debtors

6

418,548

307,656

Cash at bank

144,498

298,485

564,141

608,433

CREDITORS

Amounts falling due within one year

7

92,198

160,599

NET CURRENT ASSETS

471,943

447,834

TOTAL ASSETS LESS CURRENT LIABILITIES

802,875

857,772

CAPITAL AND RESERVES

Called up share capital

100

100

Share premium

750,000

750,000

Retained earnings

52,775

107,672

SHAREHOLDERS' FUNDS

802,875

857,772

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2020.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2020 in accordance with Section 476 of the Companies Act 2006.

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.

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 Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 29 July 2020 and were signed by:

Dr M R Norton - Director

1.	STATUTORY INFORMATION

Norton Implants Limited is a private company, limited by shares , registered in England and Wales. The company's registered

number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound 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.

Turnover

Turnover represents invoiced sales of goods and services.

Goodwill

Goodwill is the difference between amounts paid on the acquisition of a business and the fair value of the identifiable assets and

liabilities. It is amortised to the profit and loss account over its estimated useful life.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated

amortisation and any accumulated impairment losses.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Plant and machinery

-

25% on reducing balance

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 4 (2019 - 4 ) .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 April 2019

and 31 March 2020

750,000

AMORTISATION

At 1 April 2019

668,750

Charge for year

75,000

At 31 March 2020

743,750

NET BOOK VALUE

At 31 March 2020

6,250

At 31 March 2019

81,250

5.	TANGIBLE FIXED ASSETS

Improvements

Fixtures

to

Plant and

and

property

machinery

fittings

Totals

£

£

£

£

COST

At 1 April 2019

191,058

148,262

98,243

437,563

Additions

-

7,788

-

7,788

At 31 March 2020

191,058

156,050

98,243

445,351

DEPRECIATION

At 1 April 2019

-

108,875

-

108,875

Charge for year

-

11,794

-

11,794

At 31 March 2020

-

120,669

-

120,669

NET BOOK VALUE

At 31 March 2020

191,058

35,381

98,243

324,682

At 31 March 2019

191,058

39,387

98,243

328,688

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.20

31.3.19

£

£

Trade debtors

12,195

26,536

Other debtors

406,353

281,120

418,548

307,656

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.20

31.3.19

£

£

Trade creditors

6,381

35,872

Taxation and social security

73,394

105,764

Other creditors

12,423

18,963

92,198

160,599

8.	DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31 March 2020 and 31 March 2019:

31.3.20

31.3.19

£

£

Dr M R Norton

Balance outstanding at start of year

279,015

136,111

Amounts advanced

500,425

840,173

Amounts repaid

(375,259

)

(697,269

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

404,181

279,015

This balance was repaid after the year end.

9.

TURNOVER

Turnover decreased during the year due to the absence from work for medical reasons of the director.