Noble Dental Laboratories Ltd - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: SC398955

NOBLE DENTAL LABORATORIES LTD

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2018

Page

Balance Sheet

1

Notes to the Financial Statements

3

FIXED ASSETS

Intangible assets

4

96,000

112,000

Tangible assets

5

10,175

13,491

106,175

125,491

CURRENT ASSETS

Stocks

2,000

2,000

Debtors

6

24,053

20,836

Cash in hand

203

457

26,256

23,293

CREDITORS

Amounts falling due within one year

7

122,920

137,737

NET CURRENT LIABILITIES

(96,664

)

(114,444

)

TOTAL ASSETS LESS CURRENT LIABILITIES

9,511

11,047

CREDITORS

Amounts falling due after more than one year

8

(5,337

)

(8,540

)

PROVISIONS FOR LIABILITIES

(1,933

)

(2,698

)

NET ASSETS/(LIABILITIES)

2,241

(191

)

CAPITAL AND RESERVES

Called up share capital

1

1

Retained earnings

2,240

(192

)

SHAREHOLDERS' FUNDS

2,241

(191

)

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2018.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2018 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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 Profit and Loss Account has not been delivered.

The financial statements were approved by the director on 28 August 2018 and were signed by:

D T R Noble - Director

1.	STATUTORY INFORMATION

Noble Dental Laboratories Ltd is a private company, limited by shares, registered in Scotland. The registered

office is Caledonia House, 89 Seaward Street, Glasgow, G41 1HJ.

The financial statements are presented in Sterling (£).

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. There were no material departures from that standard. The financial

statements have been prepared under the historical cost convention.

The financial statements have been prepared on a going concern basis. The validity of this is dependant on

continued support from the director. If support was to be withdrawn, adjustments may have to be made to reduce

the value of the assets to their recoverable amount and to provide for any further liabilities that may arise. The

director considers however, that it is still appropriate to prepare the financial statements on a going concern basis

despite this uncertainty.

Turnover

Turnover comprises the invoiced cost of goods and services sold during the year. The company's policy is to

recognise a sale when substantively all the risks and rewards in connection with the goods and services have been

passed to the buyer.

Goodwill

Positive purchased goodwill arising on acquisitions is capitalised, classified as an asset on the balance sheet and

amortised over its estimated useful life up to a maximum of 10 years. This length of time is presumed to be the

maximum useful life of purchased goodwill because it is difficult to make projections beyond this period.

Goodwill is reviewed for impairment at the end of the first full financial year following each acquisition and

subsequently as and when necessary if circumstances emerge that indicate that the carrying value may not be

recoverable.

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 etc

-

25% on reducing balance and 10% to 20% on cost

Fixed assets are included in the balance sheet at cost less accumulated depreciation and accumulated impairment

losses.

Stocks

Stocks are valued at the lower of cost and estimated selling price less costs to sell.

Financial instruments

The company only has financial assets and liabilities of a kind that qualify as basic financial instruments. Basic

financial instruments are initially recognised at transaction value and subsequently at their settlement value.

Taxation

Taxation represents the sum of tax currently payable and deferred tax. The company's liability for current tax is

calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.

The charge for taxation takes into account taxation deferred as a result of timing differences between the

treatment of certain items for taxation and accounting purposes. In general, deferred taxation is recognised in

respect of all timing differences that have originated but not reversed at the balance sheet date. However,

deferred tax assets are recognised only to the extent that the director considers that it is more likely than not that

there will be suitable taxable profits from which the future reversal of the underlying timing differences can be

deducted. Deferred taxation is measured on a non-discounted basis at the tax rates that are expected to apply in

the periods in which the timing differences reverse, based on tax rates and laws enacted or substantively enacted

at the balance sheet date.

With the exception of changes arising on the initial recognition of a business combination, the tax expense is

presented either in profit or loss, other comprehensive income or statement of changes in equity depending on the

transaction that resulted in the tax expense.

Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors.

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.

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

period of the lease.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 9 (2017 - 6 ) .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 April 2017

and 31 March 2018

160,000

AMORTISATION

At 1 April 2017

48,000

Charge for year

16,000

At 31 March 2018

64,000

NET BOOK VALUE

At 31 March 2018

96,000

At 31 March 2017

112,000

5.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 April 2017

19,493

Additions

108

At 31 March 2018

19,601

DEPRECIATION

At 1 April 2017

6,002

Charge for year

3,424

At 31 March 2018

9,426

NET BOOK VALUE

At 31 March 2018

10,175

At 31 March 2017

13,491

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

Plant and

machinery

etc

£

COST

At 1 April 2017

and 31 March 2018

15,428

DEPRECIATION

At 1 April 2017

3,857

Charge for year

2,893

At 31 March 2018

6,750

NET BOOK VALUE

At 31 March 2018

8,678

At 31 March 2017

11,571

These assets are held as security against hire purchase obligations.

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2018

2017

£

£

Trade debtors

24,053

20,836

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2018

2017

£

£

Bank loans and overdrafts

9,309

10,517

Hire purchase contracts

3,202

3,202

Trade creditors

7,172

7,174

Taxation and social security

8,181

6,416

Other creditors

95,056

110,428

122,920

137,737

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2018

2017

£

£

Hire purchase contracts

5,337

8,540

9.	SECURED DEBTS

The following secured debts are included within creditors:

2018

2017

£

£

Hire purchase contracts

8,539

11,742

Hire purchase liabilities are secured over the assets to which the contracts relate.

10.	RELATED PARTY DISCLOSURES