Leca Dental Laboratory Limited Filleted accounts for Companies House (small and micro)

LECA DENTAL LABORATORY LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: SC436299

Leca Dental Laboratory Limited

Filleted Unaudited Financial Statements

31 December 2017

Leca Dental Laboratory Limited

Statement of Financial Position

31 December 2017

	2017		2016
Note	£	£	£

Fixed assets

Intangible assets	5	127,500	135,000
Tangible assets	6	293,788	323,077
		---------	---------
		421,288	458,077

Current assets

Stocks		64,622	39,856
Debtors	7	555,750	544,013
Cash at bank and in hand		8	815
		---------	---------
		620,380	584,684

Creditors: amounts falling due within one year	8	850,095		807,863
		---------		---------
Net current liabilities			229,715	223,179
			---------	---------
Total assets less current liabilities			191,573	234,898

Creditors: amounts falling due after more than one year	9	176,656	212,161
		---------	---------
Net assets		14,917	22,737
		---------	---------

Capital and reserves

Called up share capital	100	100
Profit and loss account	14,817	22,637
	--------	--------
Shareholders funds	14,917	22,737
	--------	--------

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.

For the 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 financial statements for the year in question in accordance with section 476 ;

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

Leca Dental Laboratory Limited

Statement of Financial Position (continued)

31 December 2017

These financial statements were approved by the board of directors and authorised for issue on 27 September 2018 , and are signed on behalf of the board by:

Mr M Leca

Director

Company registration number: SC436299

Leca Dental Laboratory Limited

Notes to the Financial Statements

Year ended 31 December 2017

1. General information

The company is a private company limited by shares, registered in Scotland. The address of the registered office is 5 Watt Road, Hillington Industrial Estate, Glasgow, G52 4RY.

2. Statement of compliance

These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. No significant judgements or estimates were necessary in the preparation of the amounts reported.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer, usually on despatch of the goods, the amount of revenue can be measured reliably, it is probable that the associated economic benefits will flow to the entity, and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

Income tax

The taxation expense represents the aggregate amount of current tax recognised in the reporting period. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Operating leases

Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.

Amortisation

Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:

	Goodwill	-	5% straight line

If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

Leashold property improvements	-	25% reducing balance
Plant and machinery	-	25% reducing balance
Fixture and fittings	-	15% reducing balance
Equipment	-	25% reducing balance

Impairment of fixed assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.

Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.

Finance leases and hire purchase contracts

Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.

Government grants

Government grants are recognised using the performance model. Under the performance model, where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a liability.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 68 (2016: 63 ).

5. Intangible assets

	Goodwill
	£
Cost
At 1 January 2017 and 31 December 2017	150,000
	---------
Amortisation
At 1 January 2017	15,000
Charge for the year	7,500
	---------
At 31 December 2017	22,500
	---------
Carrying amount
At 31 December 2017	127,500
	---------
At 31 December 2016	135,000
	---------

6. Tangible assets

	Land and buildings	Plant and machinery	Fixtures and fittings	Equipment	Total
	£	£	£	£	£
Cost
At 1 January 2017	31,195	201,976	169,860	28,893	431,924
Additions	–	20,195	–	9,291	29,486
	--------	---------	---------	--------	---------
At 31 December 2017	31,195	222,171	169,860	38,184	461,410
	--------	---------	---------	--------	---------
Depreciation
At 1 January 2017	5,656	63,175	27,408	12,608	108,847
Charge for the year	3,830	26,978	21,573	6,394	58,775
	--------	---------	---------	--------	---------
At 31 December 2017	9,486	90,153	48,981	19,002	167,622
	--------	---------	---------	--------	---------
Carrying amount
At 31 December 2017	21,709	132,018	120,879	19,182	293,788
	--------	---------	---------	--------	---------
At 31 December 2016	25,539	138,801	142,452	16,285	323,077
	--------	---------	---------	--------	---------

Finance leases and hire purchase contracts

Included within the carrying value of tangible assets are the following amounts relating to assets held under finance leases or hire purchase agreements:

	Plant and machinery
	£
At 31 December 2017	36,264
	--------
At 31 December 2016	88,518
	--------

7. Debtors

	2017	2016
	£	£
Trade debtors	434,559	462,702
Other debtors	121,191	81,311
	---------	---------
	555,750	544,013
	---------	---------

8. Creditors: amounts falling due within one year

	2017	2016
	£	£
Bank loans and overdrafts	93,445	52,160
Trade creditors	254,703	220,299
Accruals and deferred income	23,803	2,114
Corporation tax	30,499	19,917
Social security and other taxes	28,864	69,104
Obligations under finance leases and hire purchase contracts	7,781	24,589
Company credit cards	11,859	6,721
Other creditors	26,548	13,252
Other creditors	372,593	399,707
	---------	---------
	850,095	807,863
	---------	---------

The following liabilities disclosed under creditors falling due within one year are secured by the company:

Lloyds Bank Commercial Finance Limited £372,593 (2017: £399,707) Bank of Scotland PLC £16,667 (2017: £9,722)

9. Creditors: amounts falling due after more than one year

	2017	2016
	£	£
Bank loans and overdrafts	166,521	194,245
Obligations under finance leases and hire purchase contracts	10,135	17,916
	---------	---------
	176,656	212,161
	---------	---------

The following disclosed under creditors falling due after more than one year are secured by the company:

Bank of Scotland PLC: £75,844 (2017: £90,573)

10. Government grants

The amounts recognised in the financial statements for government grants are as follows:

	2017	2016
	£	£

Recognised in other operating income:

Government grants released to profit or loss	30,000	60,000
	--------	--------

11. Operating leases

The total future minimum lease payments under non-cancellable operating leases are as follows:

	2017	2016
	£	£
Not later than 1 year	84,091	68,591
Later than 1 year and not later than 5 years	208,992	151,296
	---------	---------
	293,083	219,887
	---------	---------

12. Directors' advances, credits and guarantees

During the year the directors entered into the following advances and credits with the company:

	2017
	Balance brought forward	Advances/ (credits) to the directors	Amounts repaid	Balance outstanding
	£	£	£	£
Mr M Leca	26,401	25,300	( 26,401)	25,300
Mr N Leca	20,663	19,282	( 20,663)	19,282
	--------	--------	--------	--------
	47,064	44,582	( 47,064)	44,582
	--------	--------	--------	--------

	2016
	Balance brought forward	Advances/ (credits) to the directors	Amounts repaid	Balance outstanding
	£	£	£	£
Mr M Leca	7,267	26,401	( 7,267)	26,401
Mr N Leca	12,947	20,663	( 12,947)	20,663
	--------	--------	--------	--------
	20,214	47,064	( 20,214)	47,064
	--------	--------	--------	--------

13. Related party transactions

The Company was under the control of Mr M Leca and Mr N Leca for the whole of the year. Mr N Leca and Mr M Leca are joint managing directors and majority shareholders. The loans in note 14 were repaid in full by the 30th June 2018. Interest is also charged at 4% on any loan balance owed by the directors, using the average method of calculation. Mr T Leca , who is related to Mr M Leca and Mr N Leca, owed the Company £58,163 (2017: £29,735). Interest is charged at 4% on the average method of calculation. This loan was repaid in full by the 27th September 2018 . No other transactions with related parties were undertaken such as are required to be disclosed under FRS102(1A).