Registration number:
In-depth Ultrasound Ltd
for the Period from 28 September 2016 to 30 September 2017
27 North Bridge Street
Hawick
Borders
TD9 9BD
In-depth Ultrasound Ltd
Contents
Company Information |
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Balance Sheet |
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Notes to the Financial Statements |
In-depth Ultrasound Ltd
Company Information
Director |
Mrs Claire Ramsay |
Registered office |
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Accountants |
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Page 1 |
In-depth Ultrasound Ltd
(Registration number: SC546473)
Balance Sheet as at 30 September 2017
Note |
2017 |
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Current assets |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
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Net assets |
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Capital and reserves |
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Called up share capital |
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Profit and loss account |
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Total equity |
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For the financial period ending 30 September 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
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The director acknowledges her responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.
Approved and authorised by the
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Mrs Claire Ramsay
Director
Page 2 |
In-depth Ultrasound Ltd
Notes to the Financial Statements for the Period from 28 September 2016 to 30 September 2017
General information |
The company is a private company limited by share capital, incorporated in Scotland.
The address of its registered office is:
Scotland
The principal place of business is:
14 Dean Park
Newstead
Melrose
Roxburghshire
TD6 9RQ
Scotland
These financial statements were authorised for issue by the
Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.
Basis of preparation
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
The financial statements are presented in Sterling (£) and rounded to the nearest £0.
Page 3 |
In-depth Ultrasound Ltd
Notes to the Financial Statements for the Period from 28 September 2016 to 30 September 2017
Judgements
Preparation of the financial statements requires management to make significant judgements and estimates. The items in the financial statements where these judgements and estimates have been made included: |
Useful economic lives of tangible assets – the annual depreciation charge for tangible assets is sensitive to change in the estimated useful economic lives and residual values of the assets. The useful economic lives and residual values are re-assessed annually. They are amended when necessary to reflect current estimates, based on economic utilisation, and the physical condition of the assets. |
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.
The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
Tax
The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Trade debtors
Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
Page 4 |
In-depth Ultrasound Ltd
Notes to the Financial Statements for the Period from 28 September 2016 to 30 September 2017
Financial instruments
Classification
Recognition and measurement
Impairment
Staff numbers |
The average number of persons employed by the company (including the director) during the period, was
Debtors |
2017 |
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Other debtors |
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Creditors |
Creditors: amounts falling due within one year
2017 |
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Due within one year |
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Other creditors |
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Share capital |
Allotted, called up and fully paid shares
2017 |
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No. |
£ |
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100 |
Related party transactions |
Transactions with directors |
Page 5 |
In-depth Ultrasound Ltd
Notes to the Financial Statements for the Period from 28 September 2016 to 30 September 2017
2017 |
Advances to directors |
At 30 September 2017 |
Mrs Claire Ramsay |
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Loans are undated, unsecured and have no fixed repayment terms. The loan was repaid after year end. |
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Transition to FRS 102 |
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