Registered number
06915625
Deganwy Dental Practice Ltd
Filleted Accounts
31 March 2018
Deganwy Dental Practice Ltd
Registered number: 06915625
Balance Sheet
as at 31 March 2018
Notes 2018 2017
£ £
Fixed assets
Intangible assets 3 234,000 253,500
Tangible assets 4 41,373 47,236
275,373 300,736
Current assets
Stocks 2,150 2,050
Debtors 5 19,934 16,920
Cash at bank and in hand 18,503 20,787
40,587 39,757
Creditors: amounts falling due within one year 6 (96,207) (103,525)
Net current liabilities (55,620) (63,768)
Total assets less current liabilities 219,753 236,968
Creditors: amounts falling due after more than one year 7 (11,083) (18,083)
Provisions for liabilities (7,432) (8,897)
Net assets 201,238 209,988
Capital and reserves
Called up share capital 2 2
Profit and loss account 201,236 209,986
Shareholders' funds 201,238 209,988
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Dr E S J Lof
Director
Approved by the board on 12 November 2018
Deganwy Dental Practice Ltd
Notes to the Accounts
for the year ended 31 March 2018
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Computer Equipment 25% on reducing balance
Fixtures, fittings, tools and equipment 15% on reducing balance
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2018 2017
Number Number
Average number of persons employed by the company 14 12
3 Intangible fixed assets £
Goodwill:
Cost
At 1 April 2017 390,000
At 31 March 2018 390,000
Amortisation
At 1 April 2017 136,500
Provided during the year 19,500
At 31 March 2018 156,000
Net book value
At 31 March 2018 234,000
At 31 March 2017 253,500
Goodwill is being written off in equal annual instalments over its estimated economic life of 20 years.
4 Tangible fixed assets
Computer equipment Plant and machinery etc Total
£ £ £
Cost
At 1 April 2017 11,200 71,835 83,035
Additions 1,521 607 2,128
At 31 March 2018 12,721 72,442 85,163
Depreciation
At 1 April 2017 6,857 28,942 35,799
Charge for the year 1,466 6,525 7,991
At 31 March 2018 8,323 35,467 43,790
Net book value
At 31 March 2018 4,398 36,975 41,373
At 31 March 2017 4,343 42,893 47,236
5 Debtors 2018 2017
£ £
Trade debtors 19,934 16,920
6 Creditors: amounts falling due within one year 2018 2017
£ £
Bank loans and overdrafts 32,527 41,261
Trade creditors 5,969 5,760
Taxation and social security costs 40,485 37,665
Other creditors 17,226 18,839
96,207 103,525
7 Creditors: amounts falling due after one year 2018 2017
£ £
Bank loans 11,083 18,083
8 Other information
Deganwy Dental Practice Ltd is a private company limited by shares and incorporated in England. Its registered office is:
125 Station Road
Deganwy
Conwy
Gwynedd
LL31 9EJ
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