AVK Dental Care Limited - Period Ending 2016-03-31

Registration number: SC458451

AVK Dental Care Limited

Unaudited Abbreviated Accounts

31 March 2016
 

AVK Dental Care Limited
Contents

Accountants' Report 1

Abbreviated Balance Sheet 2

Notes to the Abbreviated Accounts 4

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 7) have been prepared.

Chartered Accountants' Report to the Board of Directors on the Preparation of the Unaudited Financial Statements of
AVK Dental Care Limited
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 financial statements of AVK Dental Care Limited for the year ended 31 March 2016 set out on pages 4 to 13 from the company's accounting records and from information and explanations you have given us.

As a member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at icaew.com/membershandbook.

This report is made solely to the Board of Directors of AVK Dental Care Limited, as a body, in accordance with the terms of our engagement letter dated 9 September 2013. Our work has been undertaken solely to prepare for your approval the financial statements of AVK Dental Care Limited and state those matters that we have agreed to state to them, as a body, in this report in accordance with AAF 2/10 as detailed at icaew.com/compilation. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than AVK Dental Care Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that AVK Dental Care Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of AVK Dental Care Limited. You consider that AVK Dental Care Limited 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 financial statements of AVK Dental Care Limited. 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 financial statements.

Dodd & Co Limited
Chartered Accountants
Clint Mill
Cornmarket
PENRITH
CA11 7HW

1 December 2016

Page 1

AVK Dental Care Limited
(Registration number: SC458451)
Abbreviated Balance Sheet at 31 March 2016

		Note			2016 £			2015 £
Fixed assets
Intangible fixed assets		2			373,333			418,133
Tangible fixed assets		2			96,662			112,525
					469,995			530,658
Current assets
Stocks					15,000			20,750
Debtors					41,147			62,130
Cash at bank and in hand					47			-
					56,194			82,880
Creditors: Amounts falling due within one year		3			(410,129)			(448,801)
Net current liabilities					(353,935)			(365,921)
Total assets less current liabilities					116,060			164,737
Creditors: Amounts falling due after more than one year		3			(7,110)			(43,805)
Provisions for liabilities					(2,952)			(2,185)
Net assets					105,998			118,747
Capital and reserves
Called up share capital		4			100			100
Profit and loss account					105,898			118,647
Shareholders' funds					105,998			118,747

The notes on pages 4 to 7 form an integral part of these financial statements.
Page 2

AVK Dental Care Limited
(Registration number: SC458451)
Abbreviated Balance Sheet at 31 March 2016
......... continued

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 directors acknowledge their 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 and in accordance with the Financial Reporting Standard for Smaller Entities (effective January 2015).

Approved by the Board on 1 December 2016 and signed on its behalf by:

.........................................
V Kavi
Director

.........................................
A Kavi
Director

The notes on pages 4 to 7 form an integral part of these financial statements.
Page 3

AVK Dental Care Limited
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).

The company has net current liabilities at 31 March 2016 and meets its day to day working capital requirements through its bank overdraft facility which, in common with all such facilities, is repayable on demand. In addition the directors have provided financial support by way of short term loans. On the basis of this support, the directors consider it appropriate to prepare the financial statements on the going concern basis.However, should the company not have the support of its bankers, and therefore be unable to continue trading, adjustments would have to be made to reduce the value of assets to their recoverable amounts, to provide for any further liabilities which might arise, and to reclassify fixed assets and long term liabilities as current assets and current liabilities.

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 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	Over 10 years straight line basis

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	15% reducing balance 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.

Page 4

AVK Dental Care Limited
Notes to the Abbreviated Accounts for the Year Ended 31 March 2016
......... continued

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.

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.

2	Fixed assets

		Intangible assets £			Tangible assets £			Total £
Cost
At 1 April 2015		448,000			125,001			573,001
Additions		-			1,136			1,136
At 31 March 2016		448,000			126,137			574,137
Depreciation
At 1 April 2015		29,867			12,476			42,343
Charge for the year		44,800			16,999			61,799
At 31 March 2016		74,667			29,475			104,142
Net book value
At 31 March 2016		373,333			96,662			469,995
At 31 March 2015		418,133			112,525			530,658

Page 5

AVK Dental Care Limited
Notes to the Abbreviated Accounts for the Year Ended 31 March 2016
......... continued

3

Creditors

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

		2016 £			2015 £
Amounts falling due within one year		28,445			33,432
Amounts falling due after more than one year		7,110			35,555
Total secured creditors		35,555			68,987

Page 6

AVK Dental Care Limited
Notes to the Abbreviated Accounts for the Year Ended 31 March 2016
......... continued

4	Share capital

Allotted, called up and fully paid shares

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

5

Control

The company is controlled by the directors who own 100% of the called up share capital.

Page 7