Ingleby Dental Practice Limited - Period Ending 2016-03-31

Registration number: 07930666

Ingleby Dental Practice Limited

Unaudited Abbreviated Accounts

for the Year Ended 31 March 2016
 

Ingleby Dental Practice Limited
Contents

Page

Abbreviated Balance Sheet 1 to 2

Notes to the Abbreviated Accounts 3 to 5

Ingleby Dental Practice Limited
(Registration number: 07930666)
Abbreviated Balance Sheet at 31 March 2016

		Note			2016 £			2015 £
Fixed assets
Intangible fixed assets					150,000			175,000
Tangible fixed assets					6,759			2,141
		2			156,759			177,141
Current assets
Stocks					2,186			2,350
Debtors					14,625			8,594
Cash at bank and in hand					1,650			-
					18,461			10,944
Creditors: Amounts falling due within one year		3			(104,871)			(87,593)
Net current liabilities					(86,410)			(76,649)
Total assets less current liabilities					70,349			100,492
Creditors: Amounts falling due after more than one year					(69,005)			(100,000)
Provisions for liabilities					(1,217)			-
Net assets					127			492
Capital and reserves
Called up share capital		4			100			100
Profit and loss account					27			392
Shareholders' funds					127			492

Page 1

Ingleby Dental Practice Limited
(Registration number: 07930666)
Abbreviated Balance Sheet at 31 March 2016

For the year ending 31 March 2016 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime .

Approved by the director on 18 November 2016

C Borne Director

Page 2

Ingleby Dental Practice Limited
Notes to the Abbreviated Accounts
For the Year Ended 31 March 2016

1	Accounting policies

Basis of preparation

The full financial statements, from which these abbreviated accounts have been extracted, have been prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (Effective January 2015).

Turnover

Turnover represents amounts chargeable in respect of the sale of goods and services to customers. Turnover is recognised as contract activity progresses.

Goodwill

Positive goodwill is capitalised, classified as an asset on the balance sheet and amortised on a straight line basis over its useful economic life of five years. It is reviewed for impairment at the end of the first full financial year following the acquisition and in other periods if events or changes in circumstances indicate that the carrying value may not be recoverable.

Amortisation

Amortisation is provided on intangible fixed assets so as to write off the cost, less any estimated residual value, over their expected useful economic life as follows:

Asset class	Amortisation method and rate
Goodwill	10% straight line

Depreciation

Depreciation is provided on tangible fixed assets so as to write off the cost or valuation, less any estimated residual value, over their expected useful economic life as follows:

Asset class	Depreciation method and rate
Plant and machinery	25% reducing balance
Fixtures and fittings	20% straight line

Stock

Stock is valued at the lower of cost and net realisable value, after due regard for obsolete and slow moving stocks. Net realisable value is based on selling price less anticipated costs to completion and selling costs.

Page 3

Ingleby Dental Practice Limited
Notes to the Abbreviated Accounts
For the Year Ended 31 March 2016

Deferred tax

Deferred tax is recognised, without discounting, in respect of all timing differences between the treatment of certain items for taxation and accounting purposes, which have arisen but not reversed by the balance sheet date, except as required by the FRSSE. Deferred tax is measured at the rates that are expected to apply in the periods when the timing differences are expected to reverse, based on the tax rates and law enacted at the balance sheet date.

Hire purchase and leasing

Rentals payable under operating leases are charged in the profit and loss account on a straight line basis over the lease term.

Assets held under finance leases, which are leases where substantially all the risks and rewards of ownership of the asset have passed to the company, are capitalised in the balance sheet as tangible fixed assets and are depreciated over the shorter of the lease term and their useful lives. The capital elements of future obligations under the leases are included as liabilities in the balance sheet. The interest element of the rental obligation is charged to the profit and loss account over the period of the lease and represents a constant proportion of the balance of capital repayments outstanding. Assets held under hire purchase agreements are capitalised as tangible fixed assets and are depreciated over the shorter of the lease term and their useful lives. The capital element of future finance payments is included within creditors. Finance charges are allocated to accounting periods over the length of the contract and represent a constant proportion of the balance of capital repayments outstanding.

Pensions

The company operates a defined contribution pension scheme. Contributions are recognised in the profit and loss account in the period in which they become payable in accordance with the rules of the scheme.

Page 4

Ingleby Dental Practice Limited
Notes to the Abbreviated Accounts
For the Year Ended 31 March 2016

2	Fixed assets

		Intangible assets £			Tangible assets £			Total £
Cost
At 1 April 2015		250,000			2,983			252,983
Additions		-			6,871			6,871
At 31 March 2016		250,000			9,854			259,854
Depreciation
At 1 April 2015		75,000			842			75,842
Charge for the year		25,000			2,253			27,253
At 31 March 2016		100,000			3,095			103,095
Net book value
At 31 March 2016		150,000			6,759			156,759
At 31 March 2015		175,000			2,141			177,141

3

Creditors

Creditors includes the following liabilities, on which security has been given by the company:

		2016 £			2015 £
Amounts falling due within one year		1,721			-
Amounts falling due after more than one year		4,005			-
Total secured creditors		5,726			-

4	Share capital

Allotted, called up and fully paid shares

	2016						2015
		No.			£			No.			£
Ordinary shares of £1 each		100			100			100			100

Page 5