Greater Manchester Chiropractic Clinics - Limited company - abbreviated - 11.6

REGISTERED NUMBER: 05026425 (England and Wales)

Abbreviated Unaudited Accounts

for the Year Ended 31 March 2015

for

Greater Manchester Chiropractic Clinics

Ltd

Page

Abbreviated Balance Sheet

1

to

2

Notes to the Abbreviated Accounts

3

to

4

FIXED ASSETS

Intangible assets

2

400,000

400,000

Tangible assets

3

69,906

73,389

469,906

473,389

CURRENT ASSETS

Stocks

3,690

1,970

Debtors

8,093

6,817

Cash at bank and in hand

158,350

76,394

170,133

85,181

CREDITORS

Amounts falling due within one year

41,378

24,350

NET CURRENT ASSETS

128,755

60,831

TOTAL ASSETS LESS CURRENT LIABILITIES

598,661

534,220

PROVISIONS FOR LIABILITIES

4,563

5,259

NET ASSETS

594,098

528,961

CAPITAL AND RESERVES

Called up share capital

4

22

22

Profit & loss account

594,076

528,939

SHAREHOLDERS' FUNDS

594,098

528,961

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2015.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2015 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 abbreviated accounts have been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies.

The financial statements were approved by the director on 26 September 2015 and were signed by:

Dr A G Jackson - Director

1.	ACCOUNTING POLICIES

Accounting convention

The financial statements have been prepared under the historical cost convention and in accordance

with the Financial Reporting Standard for Smaller Entities (effective April 2008).

Exemption from preparing a cash flow statement

Exemption has been taken from preparing a cash flow statement on the grounds that the company

qualifies as a small company.

Turnover

Turnover represents the total invoice value, excluding value added tax, of sales made during the

period.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of the business in 2006, is not being

amortised.

Compliance with FRS 10 'Goodwill and Intangible Assets' allows for a departure from the requirements

of the Companies Act 1985 relating to the amortisation of goodwill. In accordance with FRS 10

goodwill can be carried forward for an indefinite period if the durability of the acquired business can be

demonstrated and justifies the useful economic life to exceed 20 years, and the goodwill is capable of

continued measurements.

The departure from the requirements of the Companies Act 2006, that there is a rebuttable

presumption that positive goodwill has a useful economic life that does not exceed 20 years, is in the

opinion of the directors, necessary for the financial statements to give a true and fair view in

accordance with applicable accounting standards.

Had the provisions of the Act been followed, goodwill would have been amortised over 10 years,

reducing net assets by £400,000 (2014 - £360,000) and profits for the year by £40,000 (2014 -

£40,000).

Tangible fixed assets

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

Improvements to property

-

Nil

Plant & machinery

-

25% on reducing balance

Fixtures & fittings

-

25% 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.

Deferred tax

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

the balance sheet date where transactions or events have occurred at that date that will result in an

obligation to pay more, or a right to pay less or to receive more, tax, with the following exceptions:

Deferred tax assets are recognised only to the extent that the directors consider 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 tax is measured on an undiscounted basis at the tax rates that are expected to apply in the

periods in which timing differences reverse, based on tax rates and laws enacted or substantively

enacted at the balance sheet date.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to the profit and loss account on a straight line basis

over the period of the lease.

Assets obtained under hire purchase contracts and finance leases are capitalised as tangible assets

and depreciated over the shorter of the lease term and their useful lives. 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 constant

periodic rates of charge on the net obligations outstanding in each period.

2.	INTANGIBLE FIXED ASSETS

Total

£

COST

At 1 April 2014

and 31 March 2015

400,000

NET BOOK VALUE

At 31 March 2015

400,000

At 31 March 2014

400,000

3.	TANGIBLE FIXED ASSETS

Total

£

COST

At 1 April 2014

164,725

Additions

4,124

At 31 March 2015

168,849

DEPRECIATION

At 1 April 2014

91,336

Charge for year

7,607

At 31 March 2015

98,943

NET BOOK VALUE

At 31 March 2015

69,906

At 31 March 2014

73,389

4.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2015

2014

value:

£

£

2

Ordinary

£1

2

2

10

B Ordinary

£1

10

10

10

C Ordinary

£1

10

10

22

22