ODL Dental Clinic Limited - Abbreviated accounts 16.1

REGISTERED NUMBER: 07450183 (England and Wales)

Abbreviated Unaudited Accounts

for the Year Ended 30 November 2015

for

ODL DENTAL CLINIC LIMITED

Page

Abbreviated Balance Sheet

1

to

2

Notes to the Abbreviated Accounts

3

to

5

FIXED ASSETS

Tangible assets

2

115,378

66,272

CURRENT ASSETS

Stocks

25,800

10,500

Debtors

41,240

91,687

Cash at bank and in hand

189,653

120,103

256,693

222,290

CREDITORS

Amounts falling due within one year

315,730

198,841

NET CURRENT (LIABILITIES)/ASSETS

(59,037

)

23,449

TOTAL ASSETS LESS CURRENT
LIABILITIES

56,341

89,721

PROVISIONS FOR LIABILITIES

18,965

8,654

NET ASSETS

37,376

81,067

CAPITAL AND RESERVES

Called up share capital

3

1

Profit & loss account

37,375

81,066

SHAREHOLDERS' FUNDS

37,376

81,067

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 November 2015.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 November 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 31 August 2016 and were signed by:

Dr A J Seijas-Requena - 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.

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

-

5% straight line

Plant & machinery

-

15% on reducing balance

Fixtures & fittings

-

15% 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.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the

company's pension scheme are charged to the profit and loss account in the period to which they

relate.

Trust

The Company has created a trust whose beneficiaries will include employees of the Company and

their dependents. Assets held under this trust will be controlled by trustees who will be acting

independently and entirely at their own discretion.

Where assets are held in the trust and these are considered by the Company to be in respect of

services already provided by employees to the Company, the Company will account for these as

assets of the trust when payment is made to the trust. The value transferred will be charged in the

Company’s profit and loss account for the year to which it relates.

2.	TANGIBLE FIXED ASSETS

Total

£

COST

At 1 December 2014

98,619

Additions

67,967

At 30 November 2015

166,586

DEPRECIATION

At 1 December 2014

32,347

Charge for year

18,861

At 30 November 2015

51,208

NET BOOK VALUE

At 30 November 2015

115,378

At 30 November 2014

66,272

3.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2015

2014

value:

£

1

Ordinary

£1

1

4.	DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 30 November 2015

and 30 November 2014:

2015

2014

£

Dr A J Seijas-Requena

Balance outstanding at start of year

28,970

-

Amounts advanced

765,267

909,410

Amounts repaid

(794,237

)

(880,440

)

Balance outstanding at end of year

-

28,970

Included in the amounts advanced are:

£

2 x £250,000

500,000

1 x £70,000

70,000

1 x £55,000

55,000

1 x £45,000

45,000

1 x £30,000

30,000

1x £12,000

12,000

15 payments not exceeding £10,000 each

46,435

Various immaterial amounts not exceeding £500

741

Interest

6,091

765,267

Interest was charged on the overdrawn amount at the HMRC approved rate for beneficial loans.

The director repaid £350,000 on 13 February 2015 and the remaining outstanding amounts were

repaid in full on 17 November 2015.