Barbican Orthodontics Ltd - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 11281874 (England and Wales)

BARBICAN ORTHODONTICS LTD

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31ST MARCH 2020

Page

Company Information

1

Balance Sheet

2

to

3

Notes to the Financial Statements

4

to

5

DIRECTORS:

Dr G P Mancini

Dr S Bagheri

Dr P Bagheri

REGISTERED OFFICE:

Suite A, 2nd Floor

Kennedy House

31 Stamford Street

Altrincham

Cheshire

WA14 1ES

REGISTERED NUMBER:

11281874 (England and Wales)

ACCOUNTANTS:

Sheppards

Chartered Accountants

Suite A, 2nd Floor

Kennedy House

31 Stamford Street

Altrincham

Cheshire

WA14 1ES

FIXED ASSETS

Intangible assets

3

783,750

-

Tangible assets

4

23,125

-

806,875

-

CURRENT ASSETS

Stocks

3,500

-

Debtors

5

46,616

100

50,116

100

CREDITORS

Amounts falling due within one year

6

762,537

-

NET CURRENT (LIABILITIES)/ASSETS

(712,421

)

100

TOTAL ASSETS LESS CURRENT LIABILITIES

94,454

100

CAPITAL AND RESERVES

Called up share capital

100

100

Retained earnings

94,354

-

94,454

100

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31st March 2020.

The members have not required the company to obtain an audit of its financial statements for the year ended 31st March 2020 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 applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 19th January 2021 and were signed on its behalf by:

Dr G P Mancini - Director

Dr S Bagheri - Director

1.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" 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 2019, 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.

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 Statement of Income and Retained Earnings, 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 balance sheet date.

Deferred tax

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

2.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 4 (2019 - NIL ) .

3.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

Additions

825,000

At 31st March 2020

825,000

AMORTISATION

Charge for year

41,250

At 31st March 2020

41,250

NET BOOK VALUE

At 31st March 2020

783,750

4.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

Additions

25,000

At 31st March 2020

25,000

DEPRECIATION

Charge for year

1,875

At 31st March 2020

1,875

NET BOOK VALUE

At 31st March 2020

23,125

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2020

2019

£

£

Trade debtors

46,516

-

Other debtors

100

100

46,616

100

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2020

2019

£

£

Bank loans and overdrafts

6,805

-

Trade creditors

27,395

-

Taxation and social security

32,174

-

Other creditors

696,163

-

762,537

-