Norton Implants Limited - Accounts to registrar (filleted) - small 17.3

REGISTERED NUMBER: 07193336 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2017

FOR

NORTON IMPLANTS LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTOR:

Dr M R Norton

SECRETARY:

Mrs L J Norton

REGISTERED OFFICE:

6th Floor

Charles House

108-110 Finchley Road

London

NW3 5JJ

REGISTERED NUMBER:

07193336 (England and Wales)

ACCOUNTANTS:

Numera Partners LLP

6th Floor

Charles House

108-110 Finchley Road

London

NW3 5JJ

FIXED ASSETS

Intangible assets

4

231,250

306,250

Tangible assets

5

327,076

246,289

558,326

552,539

CURRENT ASSETS

Stocks

2,500

2,500

Debtors

6

199,149

138,398

Cash at bank

355,483

316,166

557,132

457,064

CREDITORS

Amounts falling due within one year

7

213,547

190,050

NET CURRENT ASSETS

343,585

267,014

TOTAL ASSETS LESS CURRENT LIABILITIES

901,911

819,553

CAPITAL AND RESERVES

Called up share capital

100

100

Share premium

750,000

750,000

Retained earnings

151,811

69,453

SHAREHOLDERS' FUNDS

901,911

819,553

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2017.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2017 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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 director on 29 November 2017 and were signed by:

Dr M R Norton - Director

1.	STATUTORY INFORMATION

Norton Implants 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.

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 invoiced sales of goods and services.

Goodwill

Goodwill is the difference between amounts paid on the acquisition of a business and the fair value of the identifiable assets

and liabilities. It is amortised to the profit and loss account over its estimated useful life.

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

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

Plant and machinery

-

25% on reducing balance

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving

items.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 3 .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 April 2016

and 31 March 2017

750,000

AMORTISATION

At 1 April 2016

443,750

Charge for year

75,000

At 31 March 2017

518,750

NET BOOK VALUE

At 31 March 2017

231,250

At 31 March 2016

306,250

5.	TANGIBLE FIXED ASSETS

Improvements

Fixtures

to

Plant and

and

property

machinery

fittings

Totals

£

£

£

£

COST

At 1 April 2016

191,058

120,175

-

311,233

Additions

-

13,002

84,843

97,845

At 31 March 2017

191,058

133,177

84,843

409,078

DEPRECIATION

At 1 April 2016

-

64,944

-

64,944

Charge for year

-

17,058

-

17,058

At 31 March 2017

-

82,002

-

82,002

NET BOOK VALUE

At 31 March 2017

191,058

51,175

84,843

327,076

At 31 March 2016

191,058

55,231

-

246,289

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.17

31.3.16

as restated

£

£

Trade debtors

65,165

57,453

Other debtors

133,984

80,945

199,149

138,398

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.17

31.3.16

as restated

£

£

Trade creditors

28,764

28,127

Taxation and social security

117,918

130,596

Other creditors

66,865

31,327

213,547

190,050

8.	DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31 March 2017 and 31 March 2016:

31.3.17

31.3.16

as restated

£

£

Dr M R Norton

Balance outstanding at start of year

80,945

197,029

Amounts advanced

573,772

483,747

Amounts repaid

(520,794

)

(599,831

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

133,923

80,945

Included in the amount owed to the company by the directors is interest totalling £7,904 charged at the official HM Revenue

& Customs rate.

This balance was cleared after the year end.