Orthodontic & Facial London Care Limited Filleted accounts for Companies House (small and micro)

Orthodontic & Facial London Care Limited Filleted accounts for Companies House (small and micro)


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COMPANY REGISTRATION NUMBER: 07655024
Orthodontic & Facial London Care Limited
Filleted Unaudited Financial Statements
30 June 2018
Orthodontic & Facial London Care Limited
Statement of Financial Position
30 June 2018
2018
2017
Note
£
£
£
Fixed assets
Intangible assets
7
49,708
66,278
Tangible assets
8
2,646
3,246
--------
--------
52,354
69,524
Current assets
Debtors
9
25,063
26,865
Investments
10
17,500
17,500
Cash at bank and in hand
100,386
35,749
---------
--------
142,949
80,114
Creditors: amounts falling due within one year
11
140,578
149,424
---------
---------
Net current assets/(liabilities)
2,371
( 69,310)
--------
--------
Total assets less current liabilities
54,725
214
--------
----
Net assets
54,725
214
--------
----
Capital and reserves
Called up share capital
12
1
1
Profit and loss account
54,724
213
--------
----
Shareholders funds
54,725
214
--------
----
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 comprehensive income has not been delivered.
For the year ending 30 June 2018 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's 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 director acknowledges her responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Orthodontic & Facial London Care Limited
Statement of Financial Position (continued)
30 June 2018
These financial statements were approved by the board of directors and authorised for issue on 22 October 2018 , and are signed on behalf of the board by:
Ms F Jean-Joseph
Director
Company registration number: 07655024
Orthodontic & Facial London Care Limited
Notes to the Financial Statements
Year ended 30 June 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 Flat 8, Charles Harrod Court, 2 Somerville Avenue, London, SW13 8HH.
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.
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.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Goodwill
-
10% straight line
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
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:
Office equipment
-
33% straight line
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. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Financial instruments
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities. Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability. Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 1 (2017: 1 ).
5. Tax on profit
Major components of tax expense
2018
2017
£
£
Current tax:
UK current tax expense
36,184
28,444
--------
--------
Tax on profit
36,184
28,444
--------
--------
Reconciliation of tax expense
The tax assessed on the profit on ordinary activities for the year is higher than (2017: higher than) the standard rate of corporation tax in the UK of 0.19 % (2017: 19.75 %).
2018
2017
£
£
Profit on ordinary activities before taxation
186,695
141,261
---------
---------
Profit on ordinary activities by rate of tax
35,472
27,900
Effect of expenses not deductible for tax purposes
598
590
Effect of capital allowances and depreciation
114
( 46)
---------
---------
Tax on profit
36,184
28,444
---------
---------
6. Dividends
Dividends paid during the year (excluding those for which a liability existed at the end of the prior year):
2018
2017
£
£
Dividends on equity shares
96,000
112,800
--------
---------
7. Intangible assets
Goodwill
£
Cost
At 1 July 2017 and 30 June 2018
165,694
---------
Amortisation
At 1 July 2017
99,416
Charge for the year
16,570
---------
At 30 June 2018
115,986
---------
Carrying amount
At 30 June 2018
49,708
---------
At 30 June 2017
66,278
---------
8. Tangible assets
Equipment
Total
£
£
Cost
At 1 July 2017
9,015
9,015
Additions
1,655
1,655
--------
--------
At 30 June 2018
10,670
10,670
--------
--------
Depreciation
At 1 July 2017
5,769
5,769
Charge for the year
2,255
2,255
--------
--------
At 30 June 2018
8,024
8,024
--------
--------
Carrying amount
At 30 June 2018
2,646
2,646
--------
--------
At 30 June 2017
3,246
3,246
--------
--------
9. Debtors
2018
2017
£
£
Other debtors
25,063
26,865
--------
--------
10. Investments
2018
2017
£
£
Other investments
17,500
17,500
--------
--------
11. Creditors: amounts falling due within one year
2018
2017
£
£
Corporation tax
36,184
46,989
Other creditors
104,394
102,435
---------
---------
140,578
149,424
---------
---------
12. Called up share capital
Issued, called up and fully paid
2018
2017
No.
£
No.
£
Ordinary shares of £ 1 each
1
1
1
1
----
----
----
----
13. Director's advances, credits and guarantees
During the year the director entered into the following advances and credits with the company:
2018
Balance brought forward
Advances/ (credits) to the director
Balance outstanding
£
£
£
Ms F Jean-Joseph
( 98,817)
( 3,761)
( 102,578)
--------
-------
---------
2017
Balance brought forward
Advances/ (credits) to the director
Balance outstanding
£
£
£
Ms F Jean-Joseph
( 193,013)
94,196
( 98,817)
---------
--------
--------