Company Registration No. 02806163 (England and Wales)
Marble Arch Medical Eye Centre Limited
Unaudited accounts
for the year ended 30 June 2017
Marble Arch Medical Eye Centre Limited
Unaudited accounts
Contents
Marble Arch Medical Eye Centre Limited
Company Information
for the year ended 30 June 2017
Secretary
Dr A. Al-Killidar
Company Number
02806163 (England and Wales)
Registered Office
65A HIGH STREET
STEVENAGE
HERTFORDSHIRE
SG1 3AQ
UNITED KINGDOM
Accountants
F O Oyedele
84 Battersby Road
London
SE6 1SB
Marble Arch Medical Eye Centre Limited
Statement of financial position
as at 30 June 2017
Tangible assets
15,448
5,565
Cash at bank and in hand
13,453
9,807
Creditors: amounts falling due within one year
(81,511)
(30,971)
Net current assets
49,937
100,757
Called up share capital
100
100
Profit and loss account
65,285
106,222
Shareholders' funds
65,385
106,322
For the year ending 30 June 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
Approved by the Board on 28 March 2018.
Mr M Al-Killidar
Director
Company Registration No. 02806163
Marble Arch Medical Eye Centre Limited
Notes to the Accounts
for the year ended 30 June 2017
Marble Arch Medical Eye Centre Limited is a private company, limited by shares, registered in England and Wales, registration number 02806163. The registered office is 65A HIGH STREET, STEVENAGE, HERTFORDSHIRE, SG1 3AQ, UNITED KINGDOM.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
These financial statements for the year ended
30 June 2017 are the first financial statements that comply with FRS 102 Section 1A Small Entities. The date of transition is 1 July 2015.
The transition to FRS 102 Section 1A Small Entities has resulted in a small number of changes in accounting policies to those used previously.
The nature of these changes and their impact on opening equity and profit for the comparative period are explained in note
13 below.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
The accounts are presented in £ sterling and rounded to the nearest £1.
The financial statements have been prepared on a going concern basis which assumes that the company will continue to trade. The validity of this assumption is dependent on the continued support of the creditors not requiring the monies owed to them until sufficient funds are available.
If the company were unable to trade, adjustments would have to be made to reduce the value of assets to their recoverable amount, to provide for any further liabilities that may arise and to reclassify fixed assets and long term liabilities as current assets and liabilities.
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Turnover from the sale of goods is recognised when goods have been delivered to customers such that risks and rewards of ownership have transferred to them. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Plant & machinery
25% on reducing balance
Inventories have been valued at the lower of cost and estimated selling price less costs to complete and sell. In respect of work in progress and finished goods, cost includes a relevant proportion of overheads according to the stage of manufacturing/completion.
Marble Arch Medical Eye Centre Limited
Notes to the Accounts
for the year ended 30 June 2017
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged against profit on a straight line basis over the lease term.
Assets held under finance leases and hire purchase contracts are capitalised and depreciated over their useful lives. The corresponding lease or hire purchase obligation is treated in the balance sheet as a liability. The interest element of rental obligations is charged to the profit and loss account over the period of the lease at a constant proportion of the outstanding balance of capital repayments.
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the company's accounts. Deferred tax is provided in full on timing differences which result in an obligation to pay more (or less) tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws.
Deferred tax assets and liabilities are not discounted.
4
Tangible fixed assets
Plant & machinery
Carrying values included above held under finance leases and hire purchase contracts:
£
£
- Plant & machinery
11,274
-
Finished goods
17,257
16,214
Trade debtors
13,013
10,417
Other debtors
87,725
95,290
Marble Arch Medical Eye Centre Limited
Notes to the Accounts
for the year ended 30 June 2017
7
Creditors: amounts falling due within one year
2017
2016
Trade creditors
26,380
13,952
Taxes and social security
1,675
5,119
Other creditors
53,456
11,900
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.
Allotted, called up and fully paid:
100 Ordinary shares of £1 each
100
100
10
Operating lease commitments
2017
2016
At 30 June 2017 the company has commitments under non-cancellable operating leases as follows:
Operating leases expiring:
11
Transactions with related parties
Dr K Al-Saidi
Controlling party.
The company is under control of the Dr K Al-Saidi and Mr M Al-Killidar
12
Average number of employees
During the year the average number of employees was 3 (2016: 4).
13
Reconciliations on adoption of FRS 102
The financial statements are company's first financial statements that comply with FRS102. The date of transition to FRS102 was 1 July 2016.
The transition to FRS102 has not resulted in any changes between the amounts prepared previously under UK GAAP and those presented in compliance with FRS102.
