For the year ended 31 December 2015
Unaudited Abbreviated Report and Financial Statements
England and Wales
Registered Number: 02651857
Wescott Medical Limited
For the year ended 31 December 2015
1
Accountants' Report
2
Balance Sheet
3 to 4
Notes to the Abbreviated Financial Statements
Wescott Medical Limited
Chartered Accountants' Report
For the year ended 31 December 2015
Chartered Accountants' Report to the Board of Directors
In order to assist you to fulfil your duties under Companies Act
2006
,
we have prepared for your approval the
|
accounts of Wescott Medical Limited for the year ended
31
December
2015
which comprise the Profit and Loss
|
Account
,
the Balance Sheet and the related notes from the company
'
s accounting records and from information
|
and explanations you have given us
.
|
As a practising firm of the Institute of Chartered Accountants in England and Wales
(
ICAEW
)
,
we are subject to its
|
ethical and other professional requirements which are detailed at icaew
.
com
/
membershandbook
.
|
This report is made solely to the Board of Directors of Wescott Medical Limited
,
as a body
,
in accordance with the
|
terms of our engagement letter dated
29
May
2015
.
Our work has been undertaken solely to prepare for your
|
approval the accounts of Wescott Medical Limited and state those matters that we have agreed to state to the
|
Board of Directors of Wescott Medical Limited
,
as a body
,
in this report in accordance with AAF
2
/
10
as detailed at
|
icaew
.
com
/
compilation
.
To the fullest extent permitted by law
,
we do not accept or assume responsibility to anyone
|
other than Wescott Medical Limited and its Board of Directors as a body for our work or for this report
.
|
It is your duty to ensure that Wescott Medical Limited has kept adequate accounting records to prepare statutory
|
accounts that give a true and fair view of the assets
,
liabilities
,
financial position and profit of Wescott Medical
|
Limited
.
You consider that Wescott Medical Limited is exempt from the statutory audit requirement for the year
.
|
We have not been instructed to carry out an audit or a review of the accounts of Wescott Medical Limited
.
For this
|
reason
,
we have not verified the accuracy or completeness of the accounting records or information and
|
explanations you have given to us and we do not
,
therefore
,
express any opinion on the statutory accounts
.
|
Brewster & Co.
5a Station Terrace
East Boldon
Tyne & Wear
NE36 0LJ
23 September 2016
1 of 4
Notes to the Abbreviated Financial Statements
|
Wescott Medical Limited
For the year ended 31 December 2015
The financial statements are prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (effective January 2015).
|
Turnover comprises the invoiced value of goods and services supplied by the company, net of Value Added Tax and trade discounts.
|
Rentals payable under operating leases are charged against income on a straight line basis over the lease term.
Finance lease and hire purchase charges
|
The finance element of the rental payment is charged to the profit and loss account on a straight line basis.
Monetary assets and liabilities denominated in foreign currencies are translated into sterling at the rate of exchange
|
ruling at the balance sheet date
.
Transactions in foreign currencies are recorded at the rate ruling at the date of the
|
transaction
.
All foreign exchange differences are included to the profit and loss account
.
|
Proposed dividends are only included as liabilities in the financial statements when their payment has been approved
|
by the shareholders prior to the balance sheet date
.
|
Tangible fixed assets, other than freehold land, are stated at cost or valuation less depreciation and any provision for impairment. Depreciation is provided at rates calculated to write off the cost or valuation of fixed assets, less their estimated residual value, over their expected useful lives on the following basis:
|
Motor Vehicles
Fixtures and Fittings
Assets on finance lease and hire purchase
|
Assets held under finance lease or hire purchase contracts i
.
e
.
those contracts where substantially all the risks and
|
rewards of ownership have passed to the company
,
are included in the appropriate category of tangible fixed assets
|
and depreciated over the shorter of the lease term and their estimated expected useful lives
.
|
Future obligations under such contracts are included in creditors net of the finance charge allocated to future periods
.
|
Stocks are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow moving items. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads.
|
3 of 4
Notes to the Abbreviated Financial Statements
|
Wescott Medical Limited
For the year ended 31 December 2015
55,689
6,795
62,484
47,438
4,352
Charge for year
51,790
10,694
8,251
2
,
000
Ordinary shares of £
1
.
00
each
|
Allotted called up and fully paid
|
2015
2014
200
Ordinary shares of £
1
.
00
each
|
200
200
200
200
4 of 4