M.G. Dental Supplies Limited - Accounts to registrar (filleted) - small 17.3

REGISTERED NUMBER: 01316980 (England and Wales)

M.G. DENTAL SUPPLIES LIMITED

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2017

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

Mrs M E D Gill

Mr M Gill

SECRETARY:

Mrs M E D Gill

REGISTERED OFFICE:

Vernon House

40 New North Road

Huddersfield

West Yorkshire

HD1 5LS

REGISTERED NUMBER:

01316980 (England and Wales)

ACCOUNTANTS:

Sheards

Chartered Accountants

Vernon House

40 New North Road

Huddersfield

West Yorkshire

HD1 5LS

FIXED ASSETS

Tangible assets

4

-

21,720

CURRENT ASSETS

Stocks

-

6,423

Debtors

5

104,515

110,804

Cash at bank

25,628

614,785

130,143

732,012

CREDITORS

Amounts falling due within one year

6

(121,846

)

(557,153

)

NET CURRENT ASSETS

8,297

174,859

TOTAL ASSETS LESS CURRENT LIABILITIES

8,297

196,579

CREDITORS

Amounts falling due after more than one year

7

-

(8,534

)

PROVISIONS FOR LIABILITIES

-

(3,390

)

NET ASSETS

8,297

184,655

CAPITAL AND RESERVES

Called up share capital

7,500

7,500

Retained earnings

797

177,155

SHAREHOLDERS' FUNDS

8,297

184,655

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

The members have not required the company to obtain an audit of its financial statements for the year ended 30 April 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 26 January 2018 and were signed on its behalf by:

Mr M Gill - Director

1.	STATUTORY INFORMATION

M.G. Dental Supplies 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 is measured at the fair value of the consideration received or receivable, excluding discounts, rebates,

value added tax and other sales taxes.

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

-

25% on cost

Computer equipment

-

20% on cost

Stocks

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

slow moving items.

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 balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the

balance sheet 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.

Hire purchase and leasing commitments

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held

under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases

are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital

element of the future payments is treated as a liability.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2016 - 3 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 May 2016

113,387

Disposals

(113,387

)

At 30 April 2017

-

DEPRECIATION

At 1 May 2016

91,667

Charge for year

10,660

Eliminated on disposal

(102,327

)

At 30 April 2017

-

NET BOOK VALUE

At 30 April 2017

-

At 30 April 2016

21,720

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Plant and

machinery

etc

£

COST

At 1 May 2016

42,640

Disposals

(42,640

)

At 30 April 2017

-

DEPRECIATION

At 1 May 2016

21,320

Charge for year

10,660

Eliminated on disposal

(31,980

)

At 30 April 2017

-

NET BOOK VALUE

At 30 April 2017

-

At 30 April 2016

21,320

5.

DEBTORS

2017

2016

£

£

Amounts falling due within one year:

Trade debtors

6,853

19,295

Amounts owed by group undertakings

97,662

-

104,515

19,295

Amounts falling due after more than one year:

Amounts owed by group undertakings

-

91,509

Aggregate amounts

104,515

110,804

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

£

Hire purchase contracts

9,703

14,246

Trade creditors

-

18,145

Amounts owed to group undertakings

99,813

502,629

Taxation and social security

5,118

3,547

Other creditors

7,212

18,586

121,846

557,153

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2017

2016

£

£

Hire purchase contracts

-

8,534

8.	SECURED DEBTS

The following secured debts are included within creditors:

2017

2016

£

£

Other loans

107

11,541

Hire purchase contracts

9,703

22,780

9,810

34,321

9.	RELATED PARTY DISCLOSURES

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The

Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party

transactions with wholly owned subsidiaries within the group.

10.	ULTIMATE CONTROLLING PARTY

The controlling party is Mr M Gill.

11.	FIRST YEAR ADOPTION

The directors have given due consideration to the transition to FRS 102 Section 1A, and have concluded that

any identified adjustments are not material; consequently, no changes haven arisen in the comparative figures.