Biba Medical Limited - Abbreviated accounts 16.3

REGISTERED NUMBER: 02944429 (England and Wales)

Abbreviated Unaudited Accounts for the Year Ended 30 June 2016

for

Biba Medical Limited

Page

Company Information

1

Abbreviated Balance Sheet

2

Notes to the Abbreviated Accounts

4

DIRECTORS:

S J Greenhalgh

R M Greenhalgh MA MD MChir FRCS

SECRETARY:

K M Greenhalgh

REGISTERED OFFICE:

526 Fulham Road

London

SW6 5NR

REGISTERED NUMBER:

02944429 (England and Wales)

ACCOUNTANTS:

Grunberg & Co Limited

Chartered Accountants

10-14 Accommodation Road

Golders Green

London

NW11 8ED

FIXED ASSETS

Tangible assets

2

1,569,851

1,995,315

Investments

3

27,886

34,039

Investment property

4

1,530,150

-

3,127,887

2,029,354

CURRENT ASSETS

Debtors

697,445

840,517

Cash at bank

332,450

1,591,368

1,029,895

2,431,885

CREDITORS

Amounts falling due within one year

1,473,217

1,050,330

NET CURRENT (LIABILITIES)/ASSETS

(443,322

)

1,381,555

TOTAL ASSETS LESS CURRENT
LIABILITIES

2,684,565

3,410,909

PROVISIONS FOR LIABILITIES

90,546

62,684

NET ASSETS

2,594,019

3,348,225

CAPITAL AND RESERVES

Called up share capital

5

2,000

Revaluation reserve

102,053

Profit and loss account

2,489,966

3,244,172

SHAREHOLDERS' FUNDS

2,594,019

3,348,225

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 June 2016.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 June 2016 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their 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 Board of Directors on 10 February 2017 and were signed on its behalf by:

S J Greenhalgh - Director

R M Greenhalgh MA MD MChir FRCS - Director

1.	ACCOUNTING POLICIES

Accounting convention

The financial statements have been prepared under the historical cost convention as modified by the revaluation

of certain assets and in accordance with the Financial Reporting Standard for Smaller Entities (effective January

2015).

Turnover

Turnover represents net invoiced sales of services, excluding value added tax. Income is recognised at the point

of provision of the service.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Freehold property

-

2% on cost

Improvements to property

-

20% on cost

Fixtures and fittings

-

between 25% and 33% on cost

Computer equipment

-

33% on cost

Investment property

Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in

market value is transferred to a revaluation reserve.

In accordance with the Financial Reporting Standard for Smaller Entities (effective January 2015), the investment

property is revalued annually to open market value and no depreciation is provided. The directors consider that

this accounting policy results in the financial statements giving a true and fair view. The effect of this departure

from the Companies Act 2006 has not been quantified because it is impracticable and, in the opinion of the

directors, would be misleading.

The aggregate surplus or deficit arising on revaluation is transferred to the revaluation reserve except where a

deficit is deemed to represent a permanent diminution in value, in which case it is charged to the profit and loss

account.

Deferred tax

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by

the balance sheet date except that:

- deferred tax is not recognised on timing differences arising on revalued properties unless the company has

entered into a binding sale agreement and is not proposing to take advantage of rollover relief; and

- the recognition of deferred tax assets is limited to the extent that the company anticipates to make sufficient

taxable profits in the future to absorb the reversal of the underlying timing differences.

Deferred tax balances are not discounted.

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance

sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date

of transaction. Exchange differences are taken into account in arriving at the operating result.

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.

Investments

Investments held as fixed assets are stated at cost less any provisions for impairment. Investments are reviewed

for impairment if events or circumstances indicate that the carrying value may not be recoverable in full.

Impairments are calculated such that the carrying value of the fixed asset investment is the lower of cost or the

recoverable amount, being its net realisable value in use.

2.	TANGIBLE FIXED ASSETS

Total

£

COST

At 1 July 2015

2,235,314

Additions

733,549

Reclassification

(1,124,648

)

At 30 June 2016

1,844,215

DEPRECIATION

At 1 July 2015

239,999

Charge for year

81,406

Charge written back

(47,041

)

At 30 June 2016

274,364

NET BOOK VALUE

At 30 June 2016

1,569,851

At 30 June 2015

1,995,315

3.	FIXED ASSET INVESTMENTS

Investments

other

than

loans

£

COST

At 1 July 2015

34,039

Exchange differences

(6,153

)

At 30 June 2016

27,886

NET BOOK VALUE

At 30 June 2016

27,886

At 30 June 2015

34,039

4.	INVESTMENT PROPERTY

Total

£

COST OR VALUATION

Additions

405,502

Reclassification

1,124,648

At 30 June 2016

1,530,150

NET BOOK VALUE

At 30 June 2016

1,530,150

5.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2016

2015

value:

£

2,000

Ordinary

£1

2,000

6.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

During the year under review, book royalties of £17,736 (2015 - £20,626) were paid to R M Greenhalgh.