Penn Laser Clinic Limited - Period Ending 2017-07-31

Registration number: 07301517

Penn Laser Clinic Limited

trading as Soft Light Laser Clinic

Annual Report and Unaudited Financial Statements

for the Year Ended 31 July 2017

Penn Laser Clinic Limited

trading as Soft Light Laser Clinic

Contents

Company Information	1
Accountants' Report	2
Balance Sheet	3 to 4
Notes to the Financial Statements	5 to 8

Penn Laser Clinic Limited

trading as Soft Light Laser Clinic

Company Information

Director

A M Tranter

Registered office

The White House 194 Penn Road Wolverhampton West Midlands WV3 0EQ

Bankers

HSBC plc 134 Birches Barn Road Pennfields Wolverhampton WV3 7BG

Accountants

Ashgates Corporate Services Limited 5 Prospect Place Millennium Way Pride Park Derby DE24 8HG

Page 1

Chartered Certified Accountants' Report to the Director on the Preparation of the Unaudited Statutory Accounts of
Penn Laser Clinic Limited

trading as Soft Light Laser Clinic
for the Year Ended 31 July 2017

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Penn Laser Clinic Limited for the year ended 31 July 2017 as set out on pages 3 to 8 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at
http://www.accaglobal.com/en/member/professional-standards/rules-standards/acca-rulebook.html.

This report is made solely to the Board of Directors of Penn Laser Clinic Limited, 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 Penn Laser Clinic Limited and state those matters that we have agreed to state to the Board of Directors of Penn Laser Clinic Limited, as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/content/dam/ACCA_Global/Technical/fact/technical-factsheet-163.pdf. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Penn Laser Clinic Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Penn Laser Clinic Limited 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 Penn Laser Clinic Limited. You consider that Penn Laser Clinic 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 accounts of Penn Laser Clinic 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 accounts.

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

Ashgates Corporate Services Limited
5 Prospect Place
Millennium Way
Pride Park
Derby
DE24 8HG

1 November 2017

Page 2

Penn Laser Clinic Limited

trading as Soft Light Laser Clinic

(Registration number: 07301517)
Balance Sheet as at 31 July 2017

	Note	2017 £	2016 £
Fixed assets
Tangible assets	4	1,925	6
Current assets
Debtors	5	700	1,890
Cash at bank and in hand		6,356	4,917
		7,056	6,807
Creditors: Amounts falling due within one year	6	(18,820)	(18,350)
Net current liabilities		(11,764)	(11,543)
Net liabilities		(9,839)	(11,537)
Capital and reserves
Called up share capital		1	1
Profit and loss account		(9,840)	(11,538)
Total equity		(9,839)	(11,537)

The notes on pages 5 to 8 form an integral part of these financial statements.

Page 3

Penn Laser Clinic Limited

trading as Soft Light Laser Clinic

(Registration number: 07301517)
Balance Sheet as at 31 July 2017

For the financial year ending 31 July 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

•	The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and
•	The director acknowledges her responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the director on 1 November 2017
 

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

A M Tranter

Director

The notes on pages 5 to 8 form an integral part of these financial statements.

Page 4

Penn Laser Clinic Limited

trading as Soft Light Laser Clinic

Notes to the Financial Statements for the Year Ended 31 July 2017

1	General information

The company is a private company limited by share capital incorporated in England.

The address of the registered office is given in the company information on page 1 of the financial statements.

2	Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The financial statements are presented in Sterling (£) and rounded to the nearest £1.

Going concern

The financial statements have been prepared on a going concern basis which assumes that the company will continue to trade. The validity of this assumption is dependent on the continued support of the director not requiring the withdrawal of her monies owed to her until sufficient funds are available.

If the company were unable to trade, adjustments would have to be made to reduce the value of assets to their recoverable amount, to provide for any further liabilities that may arise, and to reclassify fixed assets and long term liabilities as current assets and liabilities.

Tax

The tax expense for the period comprises deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

Deferred income tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the company. Deferred income tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Page 5

Penn Laser Clinic Limited

trading as Soft Light Laser Clinic

Notes to the Financial Statements for the Year Ended 31 July 2017

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Page 6

Penn Laser Clinic Limited

trading as Soft Light Laser Clinic

Notes to the Financial Statements for the Year Ended 31 July 2017

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class	Depreciation method and rate
Plant and machinery	20% Straight line basis
Fixtures and fittings	15% Straight line basis
Office equipment	33.33% Straight line basis

3	Staff numbers

The average number of persons employed by the company (including the director) during the year, was 1 (2016 - 1).

4	Tangible assets

	Fixtures, fittings and office equipment £	Plant and machinery £	Total £
Cost or valuation
At 1 August 2016	1,352	14,000	15,352
Additions	-	2,400	2,400
At 31 July 2017	1,352	16,400	17,752
Depreciation
At 1 August 2016	1,347	13,999	15,346
Charge for the year	1	480	481
At 31 July 2017	1,348	14,479	15,827
Carrying amount
At 31 July 2017	4	1,921	1,925
At 31 July 2016	5	1	6

5

Debtors

	2017 £	2016 £
Other debtors	700	1,890
	700	1,890

Page 7

Penn Laser Clinic Limited

trading as Soft Light Laser Clinic

Notes to the Financial Statements for the Year Ended 31 July 2017

6

Creditors

	Note	2017 £	2016 £
Due within one year
Trade creditors		179	52
Taxation and social security		11	-
Other creditors		18,630	18,298
		18,820	18,350

7	Share capital

Allotted, called up and fully paid shares

	2017		2016
	No.	£	No.	£
Ordinary shares of £1 each	1	1	1	1

8	Related party transactions

Summary of transactions with other related parties

Directors of the company

At the balance sheet date amounts owed to the directors amounted to £15,922 (2016 - £16,445).

 

9	Transition to FRS 102

The financial statements are the company’s first financial statements that comply with FRS102. The date of transition to FRS102 was 1 August 2015.

The transition to FRS102 has not resulted in any changes between the amounts prepared previously under UK GAAP and those presented in compliance with FRS 102.

Page 8