Finaghy Dental Practice Ltd - Period Ending 2016-03-31

Registration number: NI602592

Finaghy Dental Practice Ltd

Unaudited Abbreviated Accounts

for the Year Ended 31 March 2016
 

Duffy & Co (A & T) Ltd
Chartered Accountants
126 Eglantine Avenue
Belfast
Co Antrim
BT9 6EU

Finaghy Dental Practice Ltd
Contents

Accountants' Report 1

Abbreviated Balance Sheet 2 to 3

Notes to the Abbreviated Accounts 4 to 5

The following reproduces the text of the accountants' report in respect of the company's annual financial statements, from which the abbreviated accounts (set out on pages 2 to 5) have been prepared.

Chartered Accountants' Report to the Director on the Preparation of the Unaudited Statutory Accounts of
Finaghy Dental Practice Ltd
for the Year Ended 31 March 2016

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Finaghy Dental Practice Ltd for the year ended 31 March 2016 set out on pages from the company's accounting records and from information and explanations you have given us.

As a practicing member firm of the Institute of Chartered Accountants in Ireland(ICAI), we are subject to its ethical and other professional requirements which are detailed at icai.ie.

This report is made solely to the Board of Directors of Finaghy Dental Practice Ltd, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of Finaghy Dental Practice Ltd and state those matters that we have agreed to state to them, as a body, in this report in accordance with AAF 2/10/compilation. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Finaghy Dental Practice Ltd and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Finaghy Dental Practice Ltd has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Finaghy Dental Practice Ltd. You consider that Finaghy Dental Practice Ltd is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of Finaghy Dental Practice Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.

......................................

Duffy & Co (A & T) Ltd
Chartered Accountants
126 Eglantine Avenue
Belfast
Co Antrim
BT9 6EU

9 December 2016

Page 1

Finaghy Dental Practice Ltd
(Registration number: NI602592)
Abbreviated Balance Sheet at 31 March 2016

		Note			2016 £			2015 £
Fixed assets
Intangible fixed assets					450,000			500,000
Tangible fixed assets					53,356			62,930
					503,356			562,930
Current assets
Stocks					3,250			3,250
Debtors					23,071			23,651
Cash at bank and in hand					101,976			17,323
					128,297			44,224
Creditors: Amounts falling due within one year					(265,855)			(308,991)
Net current liabilities					(137,558)			(264,767)
Total assets less current liabilities					365,798			298,163
Provisions for liabilities					(5,876)			(6,272)
Net assets					359,922			291,891
Capital and reserves
Called up share capital		3			100			100
Profit and loss account					359,822			291,791
Shareholders' funds					359,922			291,891

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 9 December 2016

The notes on pages 4 to 5 form an integral part of these financial statements.
Page 2

Finaghy Dental Practice Ltd
(Registration number: NI602592)
Abbreviated Balance Sheet at 31 March 2016
......... continued

.........................................
Dr Joseph Scullion
Director

The notes on pages 4 to 5 form an integral part of these financial statements.
Page 3

Finaghy Dental Practice Ltd
Notes to the Abbreviated Accounts for the Year Ended 31 March 2016
......... continued

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.

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. It is reviewed for impairment at the end of the 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 os provided on intangible fixed assets so as to write off the cost, less any residual value, over their expected useful economic life as follows:

Asset class	Amortisation method and rate
Goodwill	Straight line basis over 15 years

Depreciation

Depreciation is provided on tangible fixed sasets 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
Office equipment	25% straight line basis
Computer equipment	25% straight line basis
Fixtures and fittings	25% straigth line basis
Short leasehold	20% straight line basis

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.

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.

Page 4

Finaghy Dental Practice Ltd
Notes to the Abbreviated Accounts for the Year Ended 31 March 2016
......... continued

Financial instruments

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Where shares are issued, any component that creates a financial liability of the company is presented as a liability in the balance sheet. The corresponding dividends relating to the liability component are charged as interest expense in the profit and loss account.

2	Fixed assets

		Intangible assets £			Tangible assets £			Total £
Cost
At 1 April 2015		750,000			96,335			846,335
Additions		-			11,425			11,425
At 31 March 2016		750,000			107,760			857,760
Depreciation
At 1 April 2015		250,000			33,405			283,405
Charge for the year		50,000			20,999			70,999
At 31 March 2016		300,000			54,404			354,404
Net book value
At 31 March 2016		450,000			53,356			503,356
At 31 March 2015		500,000			62,930			562,930

3	Share capital

Allotted, called up and fully paid shares

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

Page 5