Biba Medical Limited - Accounts to registrar (filleted) - small 17.3

REGISTERED NUMBER: 02944429 (England and Wales)

Unaudited Financial Statements for the Year Ended 30 June 2017

for

Biba Medical Limited

Page

Company Information

1

Statement of Financial Position

2

Notes to the Financial Statements

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

4

1,511,079

1,569,851

Investments

5

-

27,886

Investment property

6

1,536,134

1,530,150

3,047,213

3,127,887

CURRENT ASSETS

Debtors

7

834,919

756,437

Cash at bank

787,070

332,450

1,621,989

1,088,887

CREDITORS

Amounts falling due within one year

8

1,129,988

1,532,209

NET CURRENT ASSETS/(LIABILITIES)

492,001

(443,322

)

TOTAL ASSETS LESS CURRENT LIABILITIES

3,539,214

2,684,565

PROVISIONS FOR LIABILITIES

100,279

109,936

NET ASSETS

3,438,935

2,574,629

CAPITAL AND RESERVES

Called up share capital

2,000

2,000

Other reserves

9

82,663

82,663

Retained earnings

3,354,272

2,489,966

SHAREHOLDERS' FUNDS

3,438,935

2,574,629

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 June 2017.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 June 2017 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 financial statements have been prepared and delivered in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

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 30 November 2017 and were signed on its behalf by:

S J Greenhalgh - Director

R M Greenhalgh MA MD MChir FRCS - Director

1.	STATUTORY INFORMATION

Biba Medical Limited is a private company, limited by shares , registered in England and Wales. The company's

registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

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 included at fair value. Gains are recognised in the income statement. Deferred taxation is

provided on these gains at the rate expected to apply when the property is sold.

Financial instruments

Debtors - short term debtors are measured at transaction price, less any impairment.

Creditors - short term creditors are measured at transaction price.

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 have been enacted or

substantively enacted by the statement of financial position date.

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.

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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 29 (2016 - 28 ) .

4.	TANGIBLE FIXED ASSETS

Improvements

Fixtures

Freehold

to

and

Computer

property

property

fittings

equipment

Totals

£

£

£

£

£

COST

At 1 July 2016

1,481,365

229,624

121,377

11,849

1,844,215

Additions

-

12,078

4,819

8,053

24,950

At 30 June 2017

1,481,365

241,702

126,196

19,902

1,869,165

DEPRECIATION

At 1 July 2016

46,407

121,766

96,984

9,207

274,364

Charge for year

18,741

48,340

10,035

6,606

83,722

At 30 June 2017

65,148

170,106

107,019

15,813

358,086

NET BOOK VALUE

At 30 June 2017

1,416,217

71,596

19,177

4,089

1,511,079

At 30 June 2016

1,434,958

107,858

24,393

2,642

1,569,851

Included in cost of land and buildings is freehold land of £ 488,518 (2016 - £ 488,518 ) which is not depreciated.

5.	FIXED ASSET INVESTMENTS

Other

investments

£

COST

At 1 July 2016

27,886

Disposals

(27,886

)

At 30 June 2017

-

NET BOOK VALUE

At 30 June 2017

-

At 30 June 2016

27,886

6.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 July 2016

1,530,150

Additions

5,984

At 30 June 2017

1,536,134

NET BOOK VALUE

At 30 June 2017

1,536,134

At 30 June 2016

1,530,150

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

as restated

£

£

Trade debtors

702,499

646,588

Other debtors

75,876

58,992

Prepayments and accrued income

56,544

50,857

834,919

756,437

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

as restated

£

£

Trade creditors

212,462

243,202

Corporation tax

220,358

192,031

Social security and other taxes

82,373

93,956

Other creditors

201,095

541,738

Directors' current accounts

1,282

-

Accruals and deferred income

412,418

461,282

1,129,988

1,532,209

9.

RESERVES

Other reserves relates to the unrealised fair value movements on the company's investment property and are not

distributable.

10.	RELATED PARTY DISCLOSURES

Included in other creditors is an amount of £185,277 (2016 - £490,000) owed to a related party in which the

directors act as trustees. The amount is an interest free and repayable on demand.

11.	FIRST YEAR ADOPTION

These are the first financial statements that comply with FRS 102 Section 1A small entities. The date of transition

was 1 July 2015.

On transition to compliance with Financial Reporting Standard 102 the treatment for the deferred tax provision

was reviewed. In the prior year, under UK GAAP reporting standard, recognition of deffered tax on revalued

fixed assets was prohibited, unless there was a commitment to sell that fixed asset. Under FRS 102, a deferred tax

provision must be recognised on investment property, that is measured at fair value, irrespective of whether the

asset is likely to be sold. An increase in the deferred tax provision of £19,390 has been recognised in the

comparative figures as a transitional adjustment, decreasing reserves by the same amount. This adjustment did not

impact the company's retained earnings.