Brite (Paisley) Limited - Accounts to registrar (filleted) - small 17.3

REGISTERED NUMBER: SC440257 (Scotland)

BRITE (PAISLEY) LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2017

Page

Company Information

1

Balance Sheet

2

to

3

Notes to the Financial Statements

4

to

9

Chartered Accountants' Report

10

DIRECTORS:

Brite Holdings (Scotland) Limited

James Aurthur McLeod Bisset

Maxine Anne Johnstone

Lisa Bisset

REGISTERED OFFICE:

Berkeley House

5 Newton Terrace

Glasgow

Lanarkshire

G3 7PJ

REGISTERED NUMBER:

SC440257 (Scotland)

ACCOUNTANTS:

Milne Craig

Chartered Accountants

Abercorn House

79 Renfrew Road

Paisley

Renfrewshire

PA3 4DA

FIXED ASSETS

Intangible assets

4

564,400

599,675

Tangible assets

5

93,551

68,891

657,951

668,566

CURRENT ASSETS

Stocks

6

3,000

4,500

Debtors

7

139,960

96,638

Cash at bank and in hand

825

649

143,785

101,787

CREDITORS

Amounts falling due within one year

8

606,095

527,538

NET CURRENT LIABILITIES

(462,310

)

(425,751

)

TOTAL ASSETS LESS CURRENT LIABILITIES

195,641

242,815

CREDITORS

Amounts falling due after more than one year

9

(111,407

)

(126,498

)

PROVISIONS FOR LIABILITIES

11

(17,775

)

(13,778

)

NET ASSETS

66,459

102,539

CAPITAL AND RESERVES

Called up share capital

130

130

Share premium

34,970

34,970

Retained earnings

31,359

67,439

SHAREHOLDERS' FUNDS

66,459

102,539

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 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 Profit and loss has not been delivered.

The financial statements were approved by the Board of Directors on 4 December 2017 and were signed on its behalf by:

Brite Holdings (Scotland) Limited - Director

1.	STATUTORY INFORMATION

Brite (Paisley) Limited Ltd is a private company, limited by shares, registered in Scotland.The company's

registered number is SC440257 and its registered office address is Berkeley House, 5 Newton Terrace, Glasgow,

G3 7PJ.

The nature of the Company's operations and its principal activity is that of a dental practice.

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.

The financial statements are prepared in sterling, which is the functional currency of the Company. Monetary

amounts in these financial statements are rounded to the nearest £.

Going concern

At the time of approving the financial statements, the directors have a reasonable expectation that the Company

has adequate resources to continue in operational existence for the foreseeable future. Thus the directors

continue to adopt the going concern basis of accounting in preparing the financial statements.

Critical accounting judgements and key sources of estimation uncertainty

In preparing these financial statements, the directors have made the following judgements:

Tangible fixed assets are depreciated over their useful lives taking into account residual values, where

appropriate. The actual lives of the assets and residual values are assessed annually and may vary depending

on a number of factors. In re-assessing asset lives, factors such as technological innovation, product life

cycles and maintenance programmes are taken into account. Residual value assessments consider issues such as

future market conditions, the remaining life of the asset and projected disposal values.

Assets are considered for indications of impairment. If required an impairment review will be carried out and a

decision made on possible impairment. Factors taken into consideration in reaching such a decision include the

economic viability and expected future financial performance of the asset and where it is a component of a larger

cash-generating unit, the viability and expected future performance of that unit.

Bad debts are provided for where objective evidence of the need for a provision exists.

Inventories are assessed for evidence of obsolescence and a provision is made against any inventory unlikely to

be sold, or where stock is sold post year end at a loss.

Turnover

Turnover represents net invoiced sales of services, excluding value added tax.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of the business in 2011, is being amortised

evenly over its estimated useful life of twenty years. In the opinion of the directors twenty years is considered

acceptable due to the life of patient care associated with dental list numbers.

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.

Patents and licences are being amortised evenly over their estimated useful life of nil years.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Plant and machinery

-

15% on reducing balance

Fixtures and fittings

-

15% on reducing balance

Financial instruments

The Company has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12 '

Other Financial Instruments Issues' of FRS 102 to all of its financial instruments. Financial instruments are

recognised in the Company's balance sheet when the Company becomes party to the contractual provisions of the

instrument. Financial assets and liabilities are offset, with the net amounts presented in the financial statements,

when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a

net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction

price including transactions costs and are subsequently carried at amortised cost using the effective interest

method unless the arrangement constitutes a financing transaction, where the transaction is measured at the

present value of the future receipts discounted at a market rate of interest. Financial assets classified as

receivable within one year are not amortised.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are

settled, or when the Company transfers the financial asset and substantially all the risks and rewards of

ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the

asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual

arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of

the Company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, are initially recognised at transaction price unless the arrangement

constitutes a financing transaction, where the debt instrument is measured at the present value of the future

payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not

amortised.

Research and development

Expenditure on research activities is recognised in the income statement as an expense as incurred.

Expenditure on development activities is capitalised if the product or process is technically and commercially

feasible and the Company intends to and has the technical ability and sufficient resources to complete

development, future economic benefits are probable and if the Company can measure reliably the expenditure

attributable to the intangible asset during its development. Development activities improve a plan or design for

the production of new or substantially improved products or processes. The expenditure capitalised includes the

cost of materials, direct labour and an appropriate proportion of overheads and capitalised borrowing costs.

Other development expenditure is recognised in the income statement as an expense as incurred. Capitalised

development expenditure is stated at cost less accumulated amortisation and less accumulated impairment losses

Leases

Assets held under finance leases, hire purchase contracts and other similar arrangements, which confer rights and

obligations similar to those attached to owned assets, are capitalised as tangible fixed assets at the fair value of

the leased asset (or, if lower, the present value of the minimum lease payments as determined at the inception of

the lease) and are depreciated over the shorter of the lease terms and their useful lives. The capital elements of

future lease obligations are recorded as liabilities, while the interest elements are charged to the profit and loss

account over the period of the leases to produce a constant periodic rate of interest on the remaining balance of

the liability.

Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are

not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly

spread on a straight-line basis over the lease term.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks

and other short-term liquid investments with original maturities of three months or less.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each balance sheet

date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss as described

below.

Non-financial assets

An asset is impaired where there is objective evidence that, as a result of one or more events that occurred after

initial recognition, the estimated recoverable value of the asset has been reduced. The recoverable amount of an

asset is the higher of its fair value less costs to sell and its value in use.

Where indicators exist for a decrease in impairment loss, the prior impairment loss is tested to determine

reversal. An impairment loss is reversed on an individual impaired asset to the extent that the revised recoverable

value does not lead to a revised carrying amount higher than the carrying value had no impairment been

recognised.

Financial assets

For financial assets carried at amortised cost, the amount of impairment is the difference between the asset's

carrying amount and the present value of estimated future cash flows, discounted at the financial asset's original

effective interest rate.

For financial assets carried at cost less impairment, the impairment loss is the difference between the asset's

carrying amount and the best estimate of the amount that would be received for the asset if it were to be sold at

the reporting date.

Where indicators exist for a decrease in impairment loss, and the decrease can be related objectively to an event

occurring after the impairment was recognised, the prior impairment loss is tested to determine reversal.

An impairment loss is reversed on an individual impaired financial asset to the extent that the revised recoverable

value does not lead to a revised carrying amount higher than the carrying value had no impairment been

recognised.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 22 .

4.	INTANGIBLE FIXED ASSETS

Other

intangible

Goodwill

assets

Totals

£

£

£

COST

At 1 April 2016

and 31 March 2017

705,496

3

705,499

AMORTISATION

At 1 April 2016

105,824

-

105,824

Charge for year

35,275

-

35,275

At 31 March 2017

141,099

-

141,099

NET BOOK VALUE

At 31 March 2017

564,397

3

564,400

At 31 March 2016

599,672

3

599,675

5.	TANGIBLE FIXED ASSETS

Fixtures

Plant and

and

machinery

fittings

Totals

£

£

£

COST

At 1 April 2016

78,453

696

79,149

Additions

43,091

-

43,091

At 31 March 2017

121,544

696

122,240

DEPRECIATION

At 1 April 2016

10,062

196

10,258

Charge for year

18,356

75

18,431

At 31 March 2017

28,418

271

28,689

NET BOOK VALUE

At 31 March 2017

93,126

425

93,551

At 31 March 2016

68,391

500

68,891

The net book value of tangible fixed assets includes £ 38,282 (2016 - £ 37,050 ) in respect of assets held under

hire purchase contracts.

6.

STOCKS

2017

2016

£

£

Stocks

3,000

4,500

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

£

Trade debtors

91,790

74,631

Other debtors

37,638

11,908

Prepayments

10,532

10,099

139,960

96,638

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

£

Bank loans and overdrafts

40,954

57,050

Hire purchase contracts

12,567

9,306

Trade creditors

69,876

39,010

Corporation tax

39,423

38,002

Social security and other taxes

4,500

5,181

Value added tax

270

-

Other creditors

404,155

-

Directors' current accounts

106

356,447

Accrued expenses

34,244

22,542

606,095

527,538

9.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2017

2016

£

£

Bank loans - 1-2 years

8,672

8,672

Bank loans - 2-5 years

26,017

26,017

Bank loans more 5 yr by instal

47,294

56,853

Hire purchase contracts

29,424

34,956

111,407

126,498

Amounts falling due in more than five years:

Repayable by instalments

Bank loans more 5 yr by instal

47,294

56,853

10.	SECURED DEBTS

The following secured debts are included within creditors:

2017

2016

£

£

Bank loans

90,655

100,214

Hire purchase contracts

41,991

44,262

132,646

144,476

The bank loan is secured by a floating charge over all of the property and the undertakings of the company.

Hire purchase assets are secured over the asset to which they relate.

11.	PROVISIONS FOR LIABILITIES

2017

2016

£

£

Deferred tax

17,775

13,778

Deferred

tax

£

Balance at 1 April 2016

13,778

Profit and loss account

3,997

Balance at 31 March 2017

17,775

12.	RELATED PARTY DISCLOSURES

During the year the company received a loan from the directors. The balance outstanding on this loan at the

balance sheet date was £106 (2016 £356,447).

During the year the company paid management fees totalling £22,836 (2016 £20,040) to Brite Services

(Scotland) Ltd and £79,865 (2016 £69,101) to Brite Holdings (Scotland) Ltd.

No individual director or shareholder has outright control of the company.

13.	FIRST YEAR ADOPTION

The adoption of FRS 102 has had no impact on the opening financial position of the company.

The following reproduces the text of the report prepared for the directors in respect of the company's annual

unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file

a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the

Report of the Directors are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the

financial statements of Brite (Paisley) Limited for the year ended 31 March 2017 which comprise the Profit and loss,

Balance Sheet, and the related notes from the company's accounting records and from information and explanations you

have given us.

As a practising member firm of ICAS, we are subject to its ethical and other professional requirements which are detailed at http://www.icas.com/accountspreparationguidance.

This report is made solely to the Board of Directors of Brite (Paisley) Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Brite (Paisley) Limited and state those matters that we have agreed to state to the Board of Directors of Brite (Paisley) Limited, as a body, in this report in accordance with the requirements of ICAS as detailed at http://www.icas.com/accountspreparationguidance. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Brite (Paisley) Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Brite (Paisley) Limited. You consider that Brite (Paisley) 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 financial statements of Brite (Paisley) 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 financial statements.

Milne Craig

Chartered Accountants

Abercorn House

79 Renfrew Road

Paisley

Renfrewshire

PA3 4DA

4 December 2017