Company Registration No. 07937676 (England and Wales)
BETTS MEDICAL LIMITED
UNAUDITED ABBREVIATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2014
BETTS MEDICAL LIMITED
CONTENTS
Page
Abbreviated balance sheet
1
Notes to the abbreviated accounts
2 - 3
BETTS MEDICAL LIMITED
ABBREVIATED BALANCE SHEET
AS AT
31 MARCH 2014
31 March 2014
- 1 -
2014
2013
Notes
£
£
£
£
Fixed assets
Tangible assets
2
1,959
316
Current assets
Debtors
15,359
26,044
Cash at bank and in hand
79,854
48,268
95,213
74,312
Creditors: amounts falling due within one year
(40,989)
(39,303)
Net current assets
54,224
35,009
Total assets less current liabilities
56,183
35,325
Capital and reserves
Called up share capital
3
30
30
Profit and loss account
56,153
35,295
Shareholders' funds
56,183
35,325
For the financial year ended 31 March 2014 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 abbreviated financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime.
Approved by the Board for issue on 21 December 2014
Dr T Betts
Director
Company Registration No. 07937676
BETTS MEDICAL LIMITED
NOTES TO THE ABBREVIATED ACCOUNTS
FOR THE YEAR ENDED 31 MARCH 2014
- 2 -
1
Accounting policies
1.1
Accounting convention
The financial statements are prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (effective April 2008).
1.2
Compliance with accounting standards
The financial statements are prepared in accordance with applicable United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), which have been applied consistently (except as otherwise stated).
1.3
Turnover
Fee income represents revenue earned under a wide variety of contracts to provide professional services. Revenue is recognised as earned when, and to the extent that, the firm obtains the right to consideration in exchange for its performance under these contracts. It is measured at the fair value of the right to consideration, which represents amounts chargeable to clients, including expenses and disbursements but excluding value added tax. Revenue is generally recognised as contract activity progresses so that for incomplete contracts it reflects the partial performance of the contractual obligations. For such contracts the amount of revenue reflects the accrual of the right to consideration by reference to the value of work performed. Revenue not billed to clients is included in debtors and payments on account in excess of the relevant amount of revenue are included in creditors. Fee income that is contingent on events outside the control of the firm is recognised when the contingent event occurs.
Revenue is generally recognised as contract activity progresses so that for incomplete contracts it reflects the partial performance of the contractual obligations. For such contracts the amount of revenue reflects the accrual of the right to consideration by reference to the value of work performed. Revenue not billed to clients is included in debtors and payments on account in excess of the relevant amount of revenue are included in creditors.
Fee income that is contingent on events outside the control of the firm is recognised when the contingent event occurs.
1.4
Tangible fixed assets and depreciation
Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost less estimated residual value of each asset over its expected useful life, as follows:
Fixtures, fittings & equipment
25% straight line
BETTS MEDICAL LIMITED
NOTES TO THE ABBREVIATED ACCOUNTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2014
- 3 -
2
Fixed assets
Tangible assets
£
Cost
At 1 April 2013
407
Additions
1,905
At 31 March 2014
2,312
Depreciation
At 1 April 2013
91
Charge for the year
262
At 31 March 2014
353
Net book value
At 31 March 2014
1,959
At 31 March 2013
316
3
Share capital
2014
2013
£
£
Allotted, called up and fully paid
30 Ordinary shares of £1 each
30
30
4
Related party relationships and transactions
During the period the directors Drs T & M Betts, introduced funds and paid expenses on behalf of the company totalling £16,065 (2013: £17,532). Monies were received on behalf of the company and amounts drawn totalled £17,887 (2013: £14,975). At the balance sheet date £735 (2013: £2,557) remains due to the director's and is included within other creditors.
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