Malik and Waring Orthodontists Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 06030024 (England and Wales)

Unaudited Financial Statements for the Year Ended 31 December 2017

for

Malik and Waring Orthodontists Limited

Page

Company Information

1

Statement of Financial Position

2

Notes to the Financial Statements

4

DIRECTORS:

Dr O H Malik

Dr D T Waring

SECRETARY:

Dr D T Waring

REGISTERED OFFICE:

70 Market Street

Tottington

Bury

Greater Manchester

BL8 3LJ

REGISTERED NUMBER:

06030024 (England and Wales)

ACCOUNTANTS:

Anthony Marshall Ltd

Chartered Accountants

70 Market Street

Tottington

Bury

Greater Manchester

BL8 3LJ

FIXED ASSETS

Intangible assets

4

-

8,250

Tangible assets

5

32,942

42,276

Investment property

6

1,112,538

960,481

1,145,480

1,011,007

CURRENT ASSETS

Stocks

5,000

5,000

Debtors

7

2,211

2,214

Cash at bank and in hand

66,277

75,772

73,488

82,986

CREDITORS

Amounts falling due within one year

8

178,742

124,104

NET CURRENT LIABILITIES

(105,254

)

(41,118

)

TOTAL ASSETS LESS CURRENT LIABILITIES

1,040,226

969,889

CREDITORS

Amounts falling due after more than one year

9

(529,499

)

(556,650

)

PROVISIONS FOR LIABILITIES

10

(6,257

)

(5,972

)

NET ASSETS

504,470

407,267

CAPITAL AND RESERVES

Called up share capital

2

2

Retained earnings

504,468

407,265

504,470

407,267

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2017.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 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 23 July 2018 and were signed on its behalf by:

Dr O H Malik - Director

1.	STATUTORY INFORMATION

Malik and Waring Orthodontists 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.

The presentation currency of the financial statements is the Pound 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. 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.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2008, is being amortised evenly over its estimated useful life of ten years.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less

any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets

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

Short leasehold

-

10% on cost

Plant and machinery

-

25% reducing balance

Computer equipment

-

33% on cost

Investment property

Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in

fair value is recognised in profit or loss.

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 statement of financial position date.

Deferred tax

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

statement of financial position 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

Rentals paid under operating leases are charged to profit or loss 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 profit or loss in the period to which they relate.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 11 (2016 - 11 ) .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 January 2017

and 31 December 2017

110,000

AMORTISATION

At 1 January 2017

101,750

Charge for year

8,250

At 31 December 2017

110,000

NET BOOK VALUE

At 31 December 2017

-

At 31 December 2016

8,250

5.	TANGIBLE FIXED ASSETS

Short

Plant and

Computer

leasehold

machinery

equipment

Totals

£

£

£

£

COST

At 1 January 2017

31,422

95,908

36,455

163,785

Additions

-

2,277

2,548

4,825

At 31 December 2017

31,422

98,185

39,003

168,610

DEPRECIATION

At 1 January 2017

20,580

80,138

20,791

121,509

Charge for year

3,142

4,512

6,505

14,159

At 31 December 2017

23,722

84,650

27,296

135,668

NET BOOK VALUE

At 31 December 2017

7,700

13,535

11,707

32,942

At 31 December 2016

10,842

15,770

15,664

42,276

6.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 January 2017

960,481

Additions

152,057

At 31 December 2017

1,112,538

NET BOOK VALUE

At 31 December 2017

1,112,538

At 31 December 2016

960,481

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.17

31.12.16

£

£

Other debtors

2,211

2,214

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.17

31.12.16

£

£

Bank loans and overdrafts

59,063

25,800

Trade creditors

24,048

26,375

Taxation and social security

70,983

51,313

Other creditors

24,648

20,616

178,742

124,104

9.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.12.17

31.12.16

£

£

Bank loans

529,499

556,650

10.	PROVISIONS FOR LIABILITIES

31.12.17

31.12.16

£

£

Deferred tax

6,257

5,972

Deferred

tax

£

Balance at 1 January 2017

5,972

Provided during year

285

Balance at 31 December 2017

6,257

11.	ULTIMATE CONTROLLING PARTY

The ultimate controlling parties during the year are Dr O.H. Malik and Dr D.T. Waring, by virtue of being joint

shareholders and directors.