CHIPPING_NORTON_HEALTHCAR - Accounts

CHIPPING NORTON HEALTHCARE LIMITED - Company Information

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Company Registration No. 08811808 (England and Wales)

CHIPPING NORTON HEALTHCARE LIMITED

UNAUDITED ABBREVIATED FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 31 MARCH 2016

CHIPPING NORTON HEALTHCARE LIMITED

CONTENTS

Page

Abbreviated balance sheet

1 - 2

Notes to the abbreviated accounts

3 - 4

CHIPPING NORTON HEALTHCARE LIMITED

ABBREVIATED BALANCE SHEET

AS AT

31 MARCH 2016

- 1 -

2016

2014

Notes

Fixed assets

Intangible assets

135,000

Tangible assets

111,908

907

246,908

135,907

Current assets

Stocks

4,000

Debtors

146,072

25,336

Cash at bank and in hand

62,673

100

212,745

29,436

Creditors: amounts falling due within one year

(314,790)

(307,272)

Net current liabilities

(102,045)

(277,836)

Total assets less current liabilities

144,863

(141,929)

Creditors: amounts falling due after more than one year

(502,500)

(357,637)

(141,929)

Capital and reserves

Called up share capital

5,094

100

Profit and loss account

(362,731)

(142,029)

Shareholders' funds

(357,637)

(141,929)

CHIPPING NORTON HEALTHCARE LIMITED

ABBREVIATED BALANCE SHEET (CONTINUED)

AS AT

31 MARCH 2016

- 2 -

For the financial Period ended 31 March 2016 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its financial statements for the Period in question in accordance with section 476;

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.

These abbreviated financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime.

Approved by the Board for issue on 29 November 2016

Dr J N Fisher

Dr J Whittle

Director

Company Registration No. 08811808

CHIPPING NORTON HEALTHCARE LIMITED

NOTES TO THE ABBREVIATED ACCOUNTS

FOR THE PERIOD ENDED 31 MARCH 2016

- 3 -

Accounting policies

1.1

Accounting convention

The financial statements are prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (effective January 2015).

Going Concern

The company is maintaining the working capital cycle through a bank loan. On this basis, the directors have agreed to produce the accounts on a going concern basis.

1.2

Compliance with accounting standards

The financial statements are prepared in accordance with applicable United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), which have been applied consistently (except as otherwise stated).

1.3

Turnover

Turnover represents amounts receivable for goods and services net of VAT and trade discounts.

1.4

NHS Prescribing Contract

NHS prescribing contract is valued at cost less impairment. An impairment review has been undertaken at the year end, and the NHS prescribing contract is deemed not to be impaired.

1.5

Tangible fixed assets and depreciation

Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost less estimated residual value of each asset over its expected useful life, as follows:

Pharmancy fittings

10% straight line

Fixtures, fittings & equipment

25% reducing balance

Fixed assets

Intangible assets

Tangible assets

Total

Cost

At 1 January 2015

135,000

1,209

136,209

Additions

127,183

At 31 March 2016

135,000

128,392

263,392

Depreciation

At 1 January 2015

302

Charge for the period

16,182

At 31 March 2016

16,484

Net book value

At 31 March 2016

135,000

111,908

246,908

At 31 December 2014

135,000

907

135,907

CHIPPING NORTON HEALTHCARE LIMITED

NOTES TO THE ABBREVIATED ACCOUNTS (CONTINUED)

FOR THE PERIOD ENDED 31 MARCH 2016

- 4 -

Creditors: amounts falling due after more than one year

2016

2014

Total amounts repayable by instalments which are due in more than five years

380,438

Share capital

2016

2014

Allotted, called up and fully paid

90 Ordinary shares of £1 each

100

5,004 A Ordinary shares of £1 each

5,004

5,094

100

During the year, 5,004 A Ordinary shares of £1 each were allotted and fully paid at par for cash consideration to provide additional working capital. The company repurchased and cancelled 10 of the company's own Ordinary shares. The company has 90 Ordinary shares and 5,004 A Ordinary shares in issue at the year end.

Related party relationships and transactions

Fees of £14,430 for Dr Welch, £12,318 for Dr Whittle and £20,930 for Dr Fisher have been invoiced this year, relating to the hours worked on the pharmacy set up project by the directors.

There are related party transactions in the year with Chipping Norton Health Centre as the directors of Chipping Norton Healthcare Ltd are also partners in Chipping Norton Health Centre. Chipping Norton Health Centre paid for the initial set up costs of the pharmacy which totalled £223,038, plus an additional advance of £11,000 to aid cash flow. Of this, £100,000 was paid back to Chipping Norton Health Centre in the year ended 31 December 2014, with £134,038 being paid back in this period.

During the period, £2,785 of expenses were paid by Chipping Norton Health Centre on behalf of Chipping Norton Healthcare Ltd and £10,131 was received by Chipping Norton Health Centre, in respect of income that was due to Chipping Norton Healthcare Ltd. At 31 March 2016, a balance of £7,346 is due to be received from Chipping Norton Medical Centre.

During the period Chipping Norton Healthcare Ltd purchased drugs from Chipping Norton Health Centre at a fair value of £323,700. As at the period end a balance of £225,006 was owed in respect of these purchases.