Skin Associates (Medical) Limited Filleted accounts for Companies House (small and micro)

SKIN ASSOCIATES (MEDICAL) LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 08762919

SKIN ASSOCIATES (MEDICAL) LIMITED

FILLETED UNAUDITED FINANCIAL STATEMENTS

28 February 2018

SKIN ASSOCIATES (MEDICAL) LIMITED

STATEMENT OF FINANCIAL POSITION

28 February 2018

	2018		2017
Note	£	£	£

Current assets

Debtors	5	111,230	57,927
Cash at bank and in hand		105	171
		----------	---------
		111,335	58,098

Creditors: amounts falling due within one year	6	12,328		11,185
		----------		---------
Net current assets			99,007	46,913
			---------	---------
Total assets less current liabilities			99,007	46,913
			---------	---------

Capital and reserves

Called up share capital	100	100
Profit and loss account	98,907	46,813
	---------	---------
Shareholders funds	99,007	46,913
	---------	---------

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 income and retained earnings has not been delivered.

For the year ending 28 February 2018 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 .

These financial statements were approved by the board of directors and authorised for issue on 18 August 2018 , and are signed on behalf of the board by:

Mrs F C Dilazzaro	Mr F Dilazzaro
Director	Director

Company registration number: 08762919

SKIN ASSOCIATES (MEDICAL) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

YEAR ENDED 28 FEBRUARY 2018

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 168 Church Road, Hove, East Sussex, BN3 2DL, United Kingdom.

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.

Going concern

The financial statements have been prepared under the going concern basis which assumes that the company will continue in operational existence for the foreseeable future. The validity of this assumption depends upon the continuing support of the company's connected companies and directors.

If the company were unable to continue in operational existence for the foreseeable future, adjustments would have to be made to reduce the balance sheet values of the assets to their recoverable amounts and to provide for further liabilities that might arise. The directors believe that it is appropriate for the financial statements to be prepared on the going concern basis.

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.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership 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 and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. 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.

Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that 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 that are expected to apply to the reversal of the timing difference.

Financial instruments

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Defined contribution plans

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 3 (2017: 3 ).

5. Debtors

	2018	2017
	£	£
Amounts owed by group undertakings and undertakings in which the company has a participating interest	111,230	57,927
	----------	---------

6. Creditors: amounts falling due within one year

	2018	2017
	£	£
Corporation tax	12,328	11,185
	---------	---------

7. Related party transactions

The company was under the control of Skin Associates (Holdings) Limited throughout the current period. As at 28th February 2018 the company was owed £111,130(2017: £57,827) by Skin Associates Limited. Mr P E Banwell, Mr F Dilazzaro and Mrs F Dilazzaro are shareholders and directors of Skin Associates Limited. As at 28th February 2017 the company was owed £100 (2017: £100) by Skin Associates (Holdings) Limited. Mr P E Banwell, Mr F Dilazzaro and Mrs F Dilazzaro are shareholders and directors of Skin Associates (Holdings) Limited. Mr F Dilazzaro is the majority and controlling shareholder of Skin Associates(Holdings) Limited.