Glenn Thelwell & Associates Dental Care Limited Company Accounts

GLENN THELWELL & ASSOCIATES DENTAL CARE LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 08939234

Glenn Thelwell & Associates Dental Care Limited

Filleted Unaudited Financial Statements

For the year ended

31 March 2017

Glenn Thelwell & Associates Dental Care Limited

Financial Statements

Year ended 31 March 2017

Contents	Page

Statement of income and retained earnings	0

Statement of financial position	1

Notes to the financial statements	3

Glenn Thelwell & Associates Dental Care Limited

Statement of Financial Position

31 March 2017

	2017		2016
Note	£	£	£	£

Fixed assets

Intangible assets	5	708,958	750,458
Tangible assets	6	20,278	21,419
		----------	----------
		729,236	771,877

Current assets

Stocks		2,000	–
Debtors	7	31,252	20,686
Cash at bank and in hand		21,237	10,067
		--------	--------
		54,489	30,753

Creditors: amounts falling due within one year	8	( 381,631)		( 539,714)
		----------		----------
Net current liabilities			( 327,142)		( 508,961)
			----------		----------
Total assets less current liabilities			402,094		262,916
			----------		----------
Net assets			402,094		262,916
			----------		----------

Capital and reserves

Called up share capital	100	100
Profit and loss account	401,994	262,816
	----------	----------
Shareholders funds	402,094	262,916
	----------	----------

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the income statement has not been delivered.

For the year ending 31 March 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 financial statements for the year in question in accordance with section 476 ;

- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .

Glenn Thelwell & Associates Dental Care Limited

Statement of Financial Position (continued)

31 March 2017

These financial statements were approved by the board of directors and authorised for issue on 21 April 2017 , and are signed on behalf of the board by:

G Thelwell
Director

Company registration number: 08939234

Glenn Thelwell & Associates Dental Care Limited

Notes to the Financial Statements

Year ended 31 March 2017

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is The Paddock Top Street, East Drayton, Retford, DN22 0LG.

2. Statement of compliance

These financial statements have been prepared in compliance with FRS 102 Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

3. Accounting policies

(a) Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

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

(b) Transition to FRS 102

The entity transitioned from previous UK GAAP to FRS 102 as at 1 April 2015. Details of how FRS 102 has affected the reported financial position and financial performance is given in note 10.

The revenue shown in the profit and loss account represents income receivable from dental treatments carried out during the period. Revenue in respect of dental treatment uncompleted at the year end date is recognised by reference to the stage of completion.

(d) Current and deferred tax

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.

(e) Amortisation

Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:

	Goodwill	-	5% straight line

If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.

(f) Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.

(g) Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

Plant and machinery	-	20% reducing balance
Fixtures and fittings	-	20% reducing balance
Equipment	-	20% reducing balance

(h) Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.

(i) Financial instruments

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 entity after deducting all of its financial liabilities.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 10 (2016: 10 ).

5. Intangible assets

	Goodwill
	£
Cost
At 1 April 2016 and 31 March 2017	830,000
	----------
Amortisation
At 1 April 2016	79,542
Charge for the year	41,500
	----------
At 31 March 2017	121,042
	----------
Carrying amount
At 31 March 2017	708,958
	----------
At 31 March 2016	750,458
	----------

6. Tangible assets

	Plant and machinery	Fixtures and fittings	Equipment	Total
	£	£	£	£
Cost
At 1 April 2016	26,121	1,397	3,516	31,034
Additions	–	–	3,929	3,929
	--------	-------	-------	--------
At 31 March 2017	26,121	1,397	7,445	34,963
	--------	-------	-------	--------
Depreciation
At 1 April 2016	8,155	325	1,135	9,615
Charge for the year	4,029	215	826	5,070
	--------	-------	-------	--------
At 31 March 2017	12,184	540	1,961	14,685
	--------	-------	-------	--------
Carrying amount
At 31 March 2017	13,937	857	5,484	20,278
	--------	-------	-------	--------
At 31 March 2016	17,966	1,072	2,381	21,419
	--------	-------	-------	--------

7. Debtors

	2017	2016
	£	£
Trade debtors	27,162	20,009
Other debtors	4,090	677
	--------	--------
	31,252	20,686
	--------	--------

8. Creditors: amounts falling due within one year

	2017	2016
	£	£
Accruals and deferred income	25,727	15,395
Corporation tax	46,000	40,176
Social security and other taxes	1,657	1,748
Directors loan account	308,247	482,395
	----------	----------
	381,631	539,714
	----------	----------

9. Related party transactions

At the year end the Company owed a director £308,246 (2016: £482,393). This balance is included within other creditors. This loan is interest free and repayable on demand.

10. Transition to FRS 102

These are the first financial statements that comply with FRS 102. The company transitioned to FRS 102 on 1 April 2015.

No transitional adjustments were required in equity or profit or loss for the year.