A & Z Dermatology Clinic Limited - Accounts to registrar (filleted) - small 23.2.5

REGISTERED NUMBER: 06192044 (England and Wales)

Unaudited Financial Statements

for the Year Ended 31 March 2023

for

A & Z Dermatology Clinic Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

S Al Assad

B Zeina

SECRETARY:

B Zeina

REGISTERED OFFICE:

19 Ashpole Furlong

Loughton

Milton Keynes

Buckinghamshire

MK5 8EA

REGISTERED NUMBER:

06192044 (England and Wales)

ACCOUNTANTS:

Connolly Accountants & Business Advisors Ltd

Chartered Certified Accountants

The Stable Yard

Vicarage Road

Stony Stratford

Milton Keynes

Buckinghamshire

MK11 1BN

FIXED ASSETS

Tangible assets

4

314,494

318,795

CURRENT ASSETS

Stocks

-

2,500

Debtors

5

3,251

7,958

Cash at bank

195,646

268,294

198,897

278,752

CREDITORS

Amounts falling due within one year

6

54,472

50,272

NET CURRENT ASSETS

144,425

228,480

TOTAL ASSETS LESS CURRENT LIABILITIES

458,919

547,275

CREDITORS

Amounts falling due after more than one year

7

(188,752

)

(197,730

)

PROVISIONS FOR LIABILITIES

(3,191

)

(2,338

)

NET ASSETS

266,976

347,207

CAPITAL AND RESERVES

Called up share capital

100

100

Retained earnings

266,876

347,107

SHAREHOLDERS' FUNDS

266,976

347,207

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their 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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 30 November 2023 and were signed on its behalf by:

B Zeina - Director

S Al Assad - Director

1.	STATUTORY INFORMATION

A & Z Dermatology Clinic 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 is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets

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

Freehold property

-

2% on cost

Plant & machinery

-

25% on reducing balance

Fixtures and fittings

-

15% on reducing balance

Computer equipment

-

33% 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.

Financial instruments

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provision of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic Financial Assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised costs using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is a contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors and loans from related companies are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised costs, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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.

Government grants

Covid-19 related Job Retention Scheme government grants are included in the 'other operating income' line item. There are no unfulfilled conditions or other contingencies attaching to these grants. The grants are recognised under the performance model and the income recognised over the period of furlough on a straight-line basis.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2022 - 3 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

Land and

machinery

buildings

etc

Totals

£

£

£

COST

At 1 April 2022

349,653

22,796

372,449

Additions

-

5,025

5,025

Disposals

-

(719

)

(719

)

At 31 March 2023

349,653

27,102

376,755

DEPRECIATION

At 1 April 2022

40,209

13,445

53,654

Charge for year

6,993

2,278

9,271

Eliminated on disposal

-

(664

)

(664

)

At 31 March 2023

47,202

15,059

62,261

NET BOOK VALUE

At 31 March 2023

302,451

12,043

314,494

At 31 March 2022

309,444

9,351

318,795

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2023

2022

£

£

Other debtors

3,251

7,958

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2023

2022

£

£

Bank loans and overdrafts

10,542

10,542

Trade creditors

1

654

Taxation and social security

24,806

34,000

Other creditors

19,123

5,076

54,472

50,272

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2023

2022

£

£

Bank loans

188,752

197,730

2023

2022

£

£

Amounts falling due in more than five years:

Repayable by instalments

Bank loans more 5 yr by instal

140,976

149,954

8.	SECURED DEBTS

The following secured debts are included within creditors:

2023

2022

£

£

Bank loans

199,294

208,272

The bank has registered a charge against the property owned by the company and also has a fixed and floating charge over all the assets.

9.	CONTINGENT LIABILITIES

The company is undergoing a VAT investigation and have been issued with an assessment for £151,013.

The company disputes the assessment and is currently waiting to attend the tribunal. The expert helping with the case does not believe that the assessment is correct and accordingly a provision has not been recognised.