Birmingham Ear Clinic Limited - Period Ending 2017-12-31

Birmingham Ear Clinic Limited - Period Ending 2017-12-31


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Registration number: 08324577

Birmingham Ear Clinic Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 December 2017

Ballards LLP
Chartered Accountants
Oakmoore Court
11c Kingswood Road
Hampton Lovett
Droitwich
Worcestershire
WR9 0QH

 

Birmingham Ear Clinic Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3 to 5

 

Birmingham Ear Clinic Limited

Company Information

Directors

Mr R M Irving

Mrs J L Irving

Registered office

Oakmoore Court
11c Kingswood Road
Droitwich
Worcs
WR9 0QH

Accountants

Ballards LLP
Chartered Accountants
Oakmoore Court
11c Kingswood Road
Hampton Lovett
Droitwich
Worcestershire
WR9 0QH

 

Birmingham Ear Clinic Limited

(Registration number: 08324577)
Balance Sheet as at 31 December 2017

Note

2017
£

2016
£

Fixed assets

 

Tangible assets

2

2,037

264

Current assets

 

Debtors

3

65,849

68,427

Cash at bank and in hand

 

19,007

23,557

 

84,856

91,984

Creditors: Amounts falling due within one year

4

(42,686)

(44,299)

Net current assets

 

42,170

47,685

Total assets less current liabilities

 

44,207

47,949

Provisions for liabilities

(408)

(53)

Net assets

 

43,799

47,896

Capital and reserves

 

Called up share capital

100

100

Profit and loss account

43,699

47,796

Total equity

 

43,799

47,896

For the financial year ending 31 December 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 19 May 2018 and signed on its behalf by:
 

.........................................
Mr R M Irving
Director

.........................................
Mrs J L Irving
Director

 
 

Birmingham Ear Clinic Limited

Notes to the Financial Statements for the Year Ended 31 December 2017

1

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the Company’s activities. Turnover represents net invoiced sales of services, excluding value added tax.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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 and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

 

Birmingham Ear Clinic Limited

Notes to the Financial Statements for the Year Ended 31 December 2017

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Computer equipment

33.3% on cost

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

 

Birmingham Ear Clinic Limited

Notes to the Financial Statements for the Year Ended 31 December 2017

2

Tangible assets

Other property, plant and equipment
 £

Total
£

Cost or valuation

At 1 January 2017

4,052

4,052

Additions

2,610

2,610

At 31 December 2017

6,662

6,662

Depreciation

At 1 January 2017

3,788

3,788

Charge for the year

837

837

At 31 December 2017

4,625

4,625

Carrying amount

At 31 December 2017

2,037

2,037

At 31 December 2016

264

264

3

Debtors

2017
£

2016
£

Trade debtors

42,410

55,419

Other debtors

23,439

13,008

Total current trade and other debtors

65,849

68,427

4

Creditors

Creditors: amounts falling due within one year

Note

2017
£

2016
£

Due within one year

 

Trade creditors

 

2,268

2,706

Taxation and social security

 

9,124

9,591

Other creditors

 

31,294

32,002

 

42,686

44,299