Pentland Medical Ltd. - Accounts to registrar - small 17.1.1
Pentland Medical Ltd. - Accounts to registrar - small 17.1.1
| REGISTERED NUMBER: |
| Unaudited Financial Statements for the Year Ended 31 December 2016 |
| for |
| Pentland Medical Ltd. |
| Pentland Medical Ltd. (Registered number: SC223422) |
| Contents of the Financial Statements |
| for the Year Ended 31 December 2016 |
| Page |
| Company Information | 1 |
| Statement of Financial Position | 2 |
| Notes to the Financial Statements | 4 |
| Pentland Medical Ltd. |
| Company Information |
| for the Year Ended 31 December 2016 |
| DIRECTORS: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| ACCOUNTANTS: |
| Chartered Management Accountants |
| Drumsheugh Toll |
| 2 Belford Road |
| Edinburgh |
| Midlothian |
| EH4 3BL |
| Pentland Medical Ltd. (Registered number: SC223422) |
| Statement of Financial Position |
| 31 December 2016 |
| 31.12.16 | 31.12.15 |
| Notes | £ | £ | £ | £ |
| FIXED ASSETS |
| Intangible assets | 4 |
| Tangible assets | 5 |
| CURRENT ASSETS |
| Stocks | 6 |
| Debtors | 7 |
| Cash at bank and in hand |
| CREDITORS |
| Amounts falling due within one year | 8 |
| NET CURRENT ASSETS |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| PROVISIONS FOR LIABILITIES |
| NET ASSETS |
| CAPITAL AND RESERVES |
| Called up share capital | 9 |
| Retained earnings | 10 |
| SHAREHOLDERS' FUNDS |
| 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. |
| Pentland Medical Ltd. (Registered number: SC223422) |
| Statement of Financial Position - continued |
| 31 December 2016 |
| In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
| The financial statements were approved by the Board of Directors on behalf by: |
| Pentland Medical Ltd. (Registered number: SC223422) |
| Notes to the Financial Statements |
| for the Year Ended 31 December 2016 |
| 1. | STATUTORY INFORMATION |
| Pentland Medical Ltd. is a |
| company's registered number and registered office address can be found on the Company |
| Information page. |
| 2. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| The principal accounting policies adopted in the preparation of the financial statements are set out |
| below and have remained unchanged from the previous year, and also have been consistently |
| applied within the same accounts. |
| These financial statements for the period ended 31 December 2016 are the first financial statements |
| that comply with FRS 102 Section 1A small entities. The date of transition is 1 January 2016. |
| Turnover |
| Turnover is measured at the fair value of the consideration received or receivable, excluding |
| discounts, rebates, value added tax and other sales taxes. |
| Goodwill |
| Goodwill, being the amount paid in connection with the purchase of contracted commission payments in 2011, is being amortised over its' estimated useful life of 5 years . |
| Intangible assets |
| Intangible assets are initially measured at cost. After initial recognition, intangible assets are |
| measured at cost less any accumulated amortisation and any accumulated impairment losses. |
| Tangible fixed assets |
| Plant and machinery | - |
| Fixtures and fittings | - |
| Motor vehicles | - |
| Computer equipments | - |
| Stocks |
| Stocks are valued at the lower of cost and net realisable value, after making due allowance for |
| obsolete and slow moving items. |
| Taxation |
| Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, |
| except to the extent that it relates to items recognised in other comprehensive income or directly in |
| equity. |
| Current or deferred taxation assets and liabilities are not discounted. |
| Current tax is recognised at the amount of tax payable using the tax rates and laws that that have |
| been enacted or substantively enacted by the statement of financial position date. |
| Pentland Medical Ltd. (Registered number: SC223422) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 December 2016 |
| 2. | ACCOUNTING POLICIES - continued |
| Deferred tax |
| Deferred tax is recognised in respect of all timing differences that have originated but not reversed at |
| the statement of financial position date. |
| Timing differences arise from the inclusion of income and expenses in tax assessments in periods |
| different from those in which they are recognised in financial statements. Deferred tax is measured |
| using tax rates and laws that have been enacted or substantively enacted by the year end and that |
| are expected to apply to the reversal of the timing difference. |
| Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is |
| probable that they will be recovered against the reversal of deferred tax liabilities or other future |
| taxable profits. |
| Foreign currencies |
| Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling |
| at the statement of financial position 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 profit or loss in the period to which they relate. |
| 3. | EMPLOYEES AND DIRECTORS |
| The average number of employees during the year was |
| 4. | INTANGIBLE FIXED ASSETS |
| Goodwill |
| £ |
| COST |
| At 1 January 2016 |
| and 31 December 2016 |
| AMORTISATION |
| At 1 January 2016 |
| Charge for year |
| At 31 December 2016 |
| NET BOOK VALUE |
| At 31 December 2016 |
| At 31 December 2015 |
| Pentland Medical Ltd. (Registered number: SC223422) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 December 2016 |
| 5. | TANGIBLE FIXED ASSETS |
| Fixtures |
| Plant and | and | Motor | Computer |
| machinery | fittings | vehicles | equipments | Totals |
| £ | £ | £ | £ | £ |
| COST |
| At 1 January 2016 |
| Additions |
| Disposals | ( |
) | ( |
) |
| At 31 December 2016 |
| DEPRECIATION |
| At 1 January 2016 |
| Charge for year |
| Eliminated on disposal | ( |
) | ( |
) |
| At 31 December 2016 |
| NET BOOK VALUE |
| At 31 December 2016 |
| At 31 December 2015 |
| The motor vehicle net book value of £0 (2015 - £18,954) relates to an asset held under |
| hire purchase agreement. The depreciation charged to the financial statements in the year in |
| respect of this asset amounted to £553 (2015 - £9,199). |
| 6. | STOCKS |
| 31.12.16 | 31.12.15 |
| £ | £ |
| Finished goods |
| 7. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 31.12.16 | 31.12.15 |
| £ | £ |
| Trade debtors |
| Other debtors - S455 |
| Other debtors | 3,840 | 3,840 |
| Directors' current accounts | - | 12,945 |
| Prepayments and accrued income |
| Pentland Medical Ltd. (Registered number: SC223422) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 December 2016 |
| 8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 31.12.16 | 31.12.15 |
| £ | £ |
| Hire purchase contracts |
| Trade creditors |
| Tax |
| Social security and other taxes |
| VAT | 27,920 | 63,288 |
| Other creditors |
| Credit card | 182 | 2,165 |
| Directors' current accounts | 1,626 | - |
| Accrued expenses |
| 9. | CALLED UP SHARE CAPITAL |
| Allotted, issued and fully paid: |
| Number: | Class: | Nominal | 31.12.16 | 31.12.15 |
| value: | £ | £ |
| A Ordinary | £1 | 10 | 10 |
| B Ordinary | £1 | 10 | 10 |
| C Ordinary | £1 | 10 | 10 |
| D Ordinary | £1 | 10 | 10 |
| 100 | Ordinary | £1 | 100 | 100 |
| 140 | 140 |
| 10. | RESERVES |
| Retained |
| earnings |
| £ |
| At 1 January 2016 |
| Profit for the year |
| Dividends | ( |
) |
| At 31 December 2016 |
| 11. | CONTINGENT LIABILITIES |
| At the year end there were no contingent liabilities. |
| Pentland Medical Ltd. (Registered number: SC223422) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 December 2016 |
| 12. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
| The following advances and credits to directors subsisted during the years ended 31 December 2016 |
| and 31 December 2015: |
| 31.12.16 | 31.12.15 |
| £ | £ |
| Balance outstanding at start of year |
| Amounts advanced |
| Amounts repaid | ( |
) | ( |
) |
| Amounts written off | - | - |
| Amounts waived | - | - |
| Balance outstanding at end of year | ( |
) |
| Balance outstanding at start of year |
| Amounts advanced |
| Amounts repaid | ( |
) |
| Amounts written off | - | - |
| Amounts waived | - | - |
| Balance outstanding at end of year | ( |
) |
| 13. | RELATED PARTY DISCLOSURES |
| During the year, total dividends of £68,946 (2015 - £109,264) were paid to the directors . |