Dermatology Network Limited - Limited company - abbreviated - 11.6

REGISTERED NUMBER: 05972923 (England and Wales)

ABBREVIATED UNAUDITED ACCOUNTS

FOR THE YEAR ENDED 31 MARCH 2014

FOR

DERMATOLOGY NETWORK LIMITED

Page

Company Information

1

Abbreviated Balance Sheet

2

Notes to the Abbreviated Accounts

3

DIRECTORS:

Dr. H P Stevens

Mrs D Stevens

SECRETARY:

Dr. H P Stevens

REGISTERED OFFICE:

Dermatology Network Limited

52 The Chase

Clapham Old Town

SW4 0NH

REGISTERED NUMBER:

05972923 (England and Wales)

ACCOUNTANTS:

Sandison Lang & Co

2 St Marys Road

Tonbridge

Kent

TN9 2LB

FIXED ASSETS

Intangible assets

2

960,000

1,020,000

Tangible assets

3

3,073

30,435

Investments

4

38,400

19,200

1,001,473

1,069,635

CURRENT ASSETS

Debtors

614,897

261,744

Cash at bank and in hand

6,504

371,035

621,401

632,779

CREDITORS

Amounts falling due within one year

(560,356

)

(878,275

)

NET CURRENT ASSETS/(LIABILITIES)

61,045

(245,496

)

TOTAL ASSETS LESS CURRENT LIABILITIES

1,062,518

824,139

CAPITAL AND RESERVES

Called up share capital

5

1,000

1,000

Profit and loss account

1,061,518

823,139

SHAREHOLDERS' FUNDS

1,062,518

824,139

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2014.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2014 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 abbreviated accounts have been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies.

The financial statements were approved by the Board of Directors on 15 October 2014 and were signed on its behalf by:

Dr. H P Stevens - Director

1.	ACCOUNTING POLICIES

Accounting convention

The financial statements have been prepared under the historical cost convention and in accordance with the Financial

Reporting Standard for Smaller Entities (effective April 2008).

Turnover

Turnover represents net invoiced sales of goods, excluding value added tax, except in respect of service contracts where

turnover is recognised when the company obtains the right to consideration.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2010, is being amortised evenly over its estimated useful life of twenty years.

Tangible fixed assets

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

Improvements to property

-

2% on cost

Office equipment

-

25% on reducing balance

Furniture & fittings

-

25% on reducing balance

Deferred tax

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

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to the profit and loss account on a straight line basis over the period of the

lease.

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 the profit and loss account in the period to which they relate.

2.	INTANGIBLE FIXED ASSETS

Total

£

COST

At 1 April 2013

and 31 March 2014

1,200,000

AMORTISATION

At 1 April 2013

180,000

Amortisation for year

60,000

At 31 March 2014

240,000

NET BOOK VALUE

At 31 March 2014

960,000

At 31 March 2013

1,020,000

3.	TANGIBLE FIXED ASSETS

Total

£

COST

At 1 April 2013

44,602

Additions

2,495

Disposals

(42,033

)

At 31 March 2014

5,064

DEPRECIATION

At 1 April 2013

14,167

Charge for year

1,025

Eliminated on disposal

(13,201

)

At 31 March 2014

1,991

NET BOOK VALUE

At 31 March 2014

3,073

At 31 March 2013

30,435

4.	FIXED ASSET INVESTMENTS

Investments

other

than

loans

£

COST

At 1 April 2013

19,200

Additions

19,200

At 31 March 2014

38,400

NET BOOK VALUE

At 31 March 2014

38,400

At 31 March 2013

19,200

The company's investments at the balance sheet date in the share capital of companies include the following:

Associated company

London Dermatology Ltd

Nature of business: Private medical activities

%

Class of shares:

holding

Ordinary

3.20

2014

2013

£

£

Aggregate capital and reserves

485,185

396,761

Profit for the year/period

93,323

141,556

Dermatology Network Ltd purchased 1.6% of the ordinary share capital of London Dermatology Ltd on 8 April 2013. This,

in addition to the previous holding of 1.6%, gives Dermatology Network Ltd a total holding of 3.2% of London

Dermatology Ltd.

The Director of Dermatology Network Ltd is the Director of London Dermatology Ltd and he and his wife own the

remaining ordinary share capital in London Dermatology Ltd.

5.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2014

2013

value:

£

£

1,000

Ordinary

£1

1,000

1,000

6.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the year ended 31 March 2014 and the period ended

31 March 2013:

2014

2013

£

£

Dr. H P Stevens and Mrs D Stevens

Balance outstanding at start of year

686,179

927,940

Amounts advanced

76,536

34,063

Amounts repaid

(370,115

)

(275,824

)

Balance outstanding at end of year

392,600

686,179

7.	RELATED PARTY DISCLOSURES

8.	ULTIMATE CONTROLLING PARTY