Pure Dental Laboratory Ltd Company Accounts

PURE DENTAL LABORATORY LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 07188885

Pure Dental Laboratory Ltd

Filleted Unaudited Financial Statements

31 March 2017

Pure Dental Laboratory Ltd

Financial Statements

year ended 31 March 2017

Contents	Page

Statement of financial position	1

Notes to the financial statements	3

Pure Dental Laboratory Ltd

Statement of Financial Position

31 March 2017

	2017		2016
Note	£	£	£

Fixed assets

Tangible assets	5		163,210	177,171

Current assets

Stocks		13,577	10,554
Debtors	6	147,275	139,941
Cash at bank and in hand		51,510	75,564
		---------	---------
		212,362	226,059

Creditors: amounts falling due within one year	7	208,634		194,745
		---------		---------
Net current assets			3,728	31,314
			---------	---------
Total assets less current liabilities			166,938	208,485

Creditors: amounts falling due after more than one year	8		15,782	39,199

Provisions

Taxation including deferred tax	( 32,642)	–
	---------	---------
Net assets	118,514	169,286
	---------	---------

Capital and reserves

Called up share capital	4	4
Profit and loss account	118,510	169,282
	---------	---------
Members funds	118,514	169,286
	---------	---------

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 31 March 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 .

Pure Dental Laboratory Ltd

Statement of Financial Position (continued)

31 March 2017

These financial statements were approved by the board of directors and authorised for issue on 2 August 2017 , and are signed on behalf of the board by:

J B Leonard	D Leonard
Director	Director

H James
Director

Company registration number: 07188885

Pure Dental Laboratory Ltd

Notes to the Financial Statements

year ended 31 March 2017

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Wiston House, 1 Wiston Avenue, Worthing, West Sussex, BN14 7QL.

2. Statement of compliance

These financial statements have been prepared in compliance with the provisions of FRS 102 Section 1A, '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.

Transition to FRS 102

The entity transitioned from previous UK GAAP to FRS 102 as at 1 April 2015. Details of how FRS 102 has affected the reported financial position and financial performance is given in note 11.

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.

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:

Leasehold	-	over the lease period
Plant and machinery	-	over 5 years
Fixtures and fittings	-	15% reducing balance
Total office equipment	-	between 2 and 5 years

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.

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.

Financial instruments

The company only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method.

4. Employee numbers

The average number of persons employed by the company during the year, including the directors, amounted to 12 (2016: 11 ).

5. Tangible assets

	Land and buildings	Plant and machinery	Fixtures and fittings	Equipment	Total
	£	£	£	£	£
Cost
At 1 April 2016	5,933	221,221	59,469	18,582	305,205
Additions	–	39,078	2,872	2,357	44,307
Disposals	–	( 5,999)	–	–	( 5,999)
	-------	---------	--------	--------	---------
At 31 March 2017	5,933	254,300	62,341	20,939	343,513
	-------	---------	--------	--------	---------
Depreciation
At 1 April 2016	–	102,838	11,968	13,228	128,034
Charge for the year	2,297	39,960	7,440	4,171	53,868
Disposals	–	( 1,599)	–	–	( 1,599)
	-------	---------	--------	--------	---------
At 31 March 2017	2,297	141,199	19,408	17,399	180,303
	-------	---------	--------	--------	---------
Carrying amount
At 31 March 2017	3,636	113,101	42,933	3,540	163,210
	-------	---------	--------	--------	---------
At 31 March 2016	5,933	118,383	47,501	5,354	177,171
	-------	---------	--------	--------	---------

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 March 2017	42,025
	--------
At 31 March 2016	64,764
	--------

6. Debtors

	2017	2016
	£	£
Trade debtors	136,952	135,020
Other debtors	10,323	4,921
	---------	---------
	147,275	139,941
	---------	---------

7. Creditors: amounts falling due within one year

	2017	2016
	£	£
Trade creditors	61,203	94,615
Corporation tax	50,529	15,388
Social security and other taxes	7,134	6,106
Other creditors	89,768	78,636
	---------	---------
	208,634	194,745
	---------	---------

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

	2017	2016
	£	£
Other creditors	15,782	39,199
	--------	--------

9. Operating leases

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

	2017	2016
	£	£
Not later than 1 year	45,210	45,210
Later than 1 year and not later than 5 years	26,373	71,583
	--------	---------
	71,583	116,793
	--------	---------

10. 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	Balance outstanding
	£	£	£
J B Leonard	( 20,249)	196	( 20,053)
D Leonard	( 20,146)	196	( 19,950)
H James	( 1,029)	1,029	–
	--------	-------	--------
	( 41,424)	1,421	( 40,003)
	--------	-------	--------

	2016
	Balance brought forward	Advances/ (credits) to the directors	Balance outstanding
	£	£	£
J B Leonard	( 103)	( 20,146)	( 20,249)
D Leonard	–	( 20,146)	( 20,146)
H James	–	( 1,029)	( 1,029)
	----	--------	--------
	( 103)	( 41,321)	( 41,424)
	----	--------	--------

At 31 March 2017 the company owed £40,003 (2016 £41,424) to the directors.

11. Transition to FRS 102

These are the first financial statements that comply with FRS 102. The company transitioned to FRS 102 on 1 April 2015.

No transitional adjustments were required in equity or profit or loss for the year.