R McNeil Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 07175436 (England and Wales)

R MCNEIL LIMITED

FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST MARCH 2020

Page

Company Information

1

Abridged Balance Sheet

2

to

3

Notes to the Financial Statements

4

to

6

DIRECTOR:

R H McNeil

SECRETARY:

J R Nicholson

REGISTERED OFFICE:

c/o TG Associates, 7 Jardine House

Harrovian Business Village

Bessborough Road

Harrow

Middlesex

HA1 3EX

REGISTERED NUMBER:

07175436 (England and Wales)

ACCOUNTANTS:

TG Associates Limited

Chartered Accountants

7 Jardine House

Harrovian Business Village

Bessborough Road

Harrow

Middlesex

HA1 3EX

FIXED ASSETS

Intangible assets

4

324,582

357,041

Tangible assets

5

32,438

41,862

357,020

398,903

CURRENT ASSETS

Stocks

3,749

8,331

Debtors

3,062

11,531

Cash at bank and in hand

41,905

80,203

48,716

100,065

CREDITORS

Amounts falling due within one year

57,257

132,612

NET CURRENT LIABILITIES

(8,541

)

(32,547

)

TOTAL ASSETS LESS CURRENT LIABILITIES

348,479

366,356

CREDITORS

Amounts falling due after more than one year

-

6,825

NET ASSETS

348,479

359,531

CAPITAL AND RESERVES

Called up share capital

100

100

Retained earnings

348,379

359,431

SHAREHOLDERS' FUNDS

348,479

359,531

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31st 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.

All the members have consented to the preparation of an abridged Balance Sheet for the year ended 31st March 2020 in accordance with Section 444(2A) of the Companies Act 2006.

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 1st September 2020 and were signed by:

R H McNeil - Director

1.	STATUTORY INFORMATION

R McNeil 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.

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 gross fees receivable from dentistry.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2010, is being amortised evenly over its estimated useful life of twenty years.

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

Fixtures and fittings

-

15% on reducing balance

Computer equipment

-

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.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to

the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or

substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance

sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from

those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that

have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the

timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they

will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Hire purchase and leasing commitments

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

lease.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 8 (2019 - 8 ) .

4.	INTANGIBLE FIXED ASSETS

Totals

£

COST

At 1st April 2019

and 31st March 2020

649,172

AMORTISATION

At 1st April 2019

292,131

Amortisation for year

32,459

At 31st March 2020

324,590

NET BOOK VALUE

At 31st March 2020

324,582

At 31st March 2019

357,041

5.	TANGIBLE FIXED ASSETS

Totals

£

COST

At 1st April 2019

and 31st March 2020

143,035

DEPRECIATION

At 1st April 2019

101,173

Charge for year

9,424

At 31st March 2020

110,597

NET BOOK VALUE

At 31st March 2020

32,438

At 31st March 2019

41,862

6.	DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

At the balance sheet date the company owed the director £570 (2019 - £61,160)

7.	ULTIMATE CONTROLLING PARTY

The ultimate controlling party is R H McNeil.