Company Registration No. 07775825 (England and Wales)
SOUTH COAST DENTAL SPECIALISTS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2017
PAGES FOR FILING WITH REGISTRAR
SOUTH COAST DENTAL SPECIALISTS LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 8
SOUTH COAST DENTAL SPECIALISTS LIMITED
BALANCE SHEET
AS AT
31 MARCH 2017
31 March 2017
- 1 -
2017
2016
Notes
£
£
£
£
Fixed assets
Intangible assets
-
134,450
Tangible assets
4
70,275
80,892
Current assets
Stocks
14,043
14,026
Debtors
5
348,707
161,670
Cash at bank and in hand
578,166
372,413
940,916
548,109
Creditors: amounts falling due within one year
6
(257,692)
(336,790)
Net current assets
683,224
211,319
Total assets less current liabilities
753,499
426,661
Provisions for liabilities
(9,159)
(9,998)
Net assets
744,340
416,663
Capital and reserves
Called up share capital
7
1
1
Profit and loss reserves
744,339
416,662
Total equity
744,340
416,663
The director of the company have elected not to include a copy of the profit and loss account within the financial statements.
true
For the financial year ended 31 March 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
T
he director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
T
he members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476
.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
The financial statements were approved and signed by the director and authorised for issue on 20 December 2017
Mr G C Browning
Director
Company Registration No. 07775825
SOUTH COAST DENTAL SPECIALISTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2017
- 2 -
1
Accounting policies
Company information
South Coast Dental Specialists Limited is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
c/o David Ridley Associates, Manor House, 1 Macaulay Road, Broadstone, Dorset, BH18 8AS.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in
sterling
, which is the functional currency of the company.
Monetary a
mounts
in these financial statements are
rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
These financial statements for the year ended 31 March 2017
are the
first
financial statements of South Coast Dental Specialists Limited prepared in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland. The date of transition to FRS 102 was 1 April 2015. An explanation of how transition to FRS 102 has affected the reported financial position and financial performance is given in note 8.
1.2
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business
, and
is shown net of VAT and other sales related taxes
.
The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably.
1.3
Intangible fixed assets - goodwill
Goodwill represents the excess of the cost of acquisition of unincorporated businesses over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated
amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is 5 years.
1.4
Tangible fixed assets
Tangible fixed assets
are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Fixtures, fittings & equipment
15%
Computer equipment
25%
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and
is credited or charged to profit or loss
.
SOUTH COAST DENTAL SPECIALISTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2017
1
Accounting policies
(Continued)
- 3 -
1.5
Impairment of fixed assets
At each reporting
period
end date, the
company
reviews the carrying amounts of its tangible
and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company
estimates the recoverable amount of the cash-generating unit to which the asset belongs.
1.6
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
Stocks held for distribution at no or nominal consideration are measured at the lower of replacement cost and cost, adjusted where applicable for any loss of service potential.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
1.7
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset
, with
the net amounts presented in the financial statements
,
when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest
method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.
Financial assets classified as receivable within one year are not amortised.
Classification of financial liabilities
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 company after deducting all of its liabilities.
SOUTH COAST DENTAL SPECIALISTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2017
1
Accounting policies
(Continued)
- 4 -
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from
fellow group companies and preference shares that are classified as debt, are
initially recognised at transaction price unless the arrangement constitutes a
financing transaction, where the debt instrument is measured at the present value of
the future
paymen
ts discounted at a market rate of interest.
Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective
interest rate method.
Trade creditors
are obligations to pay for goods or services that have been acquired
in the ordinary course of business from suppliers. A
m
ounts payable are classified as
current liabilities if payment is due within one year or less. If not, they are presented
as non-current liabilities. Trade creditors are recognised initially at transaction price
and subsequently measured at amortised cost using the effective interest method.
1.8
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.9
Derivatives
Derivatives are initially recognised at fair value at the date a derivative contract is entered into and are subsequently remeasured to fair value at each reporting end date. The resulting gain or loss is recognised in profit or loss immediately unless the derivative is designated and effective as a hedging instrument, in which event the timing of the recognition in profit or loss depends on the nature of the hedge relationship.
A derivative with a positive fair value is recognised as a financial asset, whereas a derivative with a negative fair value is recognised as a financial liability.
1.10
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The
company’s
liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the
company
has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
SOUTH COAST DENTAL SPECIALISTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2017
1
Accounting policies
(Continued)
- 5 -
1.11
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.12
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was 12 (2016 - 12).
3
Intangible fixed assets
Goodwill
£
Cost
At 1 April 2016 and 31 March 2017
1,344,487
Amortisation and impairment
At 1 April 2016
1,210,037
Amortisation charged for the year
134,450
At 31 March 2017
1,344,487
Carrying amount
At 31 March 2017
-
At 31 March 2016
134,450
SOUTH COAST DENTAL SPECIALISTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2017
- 6 -
4
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 April 2016
158,976
Additions
4,909
At 31 March 2017
163,885
Depreciation and impairment
At 1 April 2016
78,084
Depreciation charged in the year
15,526
At 31 March 2017
93,610
Carrying amount
At 31 March 2017
70,275
At 31 March 2016
80,892
5
Debtors
2017
2016
Amounts falling due within one year:
£
£
Trade debtors
134,459
132,497
Other debtors
214,248
29,173
348,707
161,670
6
Creditors: amounts falling due within one year
2017
2016
£
£
Trade creditors
135,867
125,460
Corporation tax
113,447
130,246
Other creditors
8,378
81,084
257,692
336,790
SOUTH COAST DENTAL SPECIALISTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2017
- 7 -
7
Called up share capital
2017
2016
£
£
Ordinary share capital
Issued and fully paid
1 Ordinary of £1 each
1
1
1
1
8
Reconciliations on adoption of FRS 102
Reconciliation of equity
At 1 April 2015
At 31 March 2016
Previous UK GAAP
Effect of
transition
FRS 102
Previous UK GAAP
Effect of
transition
FRS 102
Notes
£
£
£
£
£
£
Fixed assets
Goodwill
425,801
-
425,801
134,450
-
134,450
Tangible assets
82,374
-
82,374
80,892
-
80,892
508,175
-
508,175
215,342
-
215,342
Current assets
Stocks
10,000
-
10,000
14,026
-
14,026
Debtors
155,926
-
155,926
161,670
-
161,670
Bank and cash
128,203
-
128,203
372,413
-
372,413
294,129
-
294,129
548,109
-
548,109
Creditors due within one year
Loans and overdrafts
(451,127)
-
(451,127)
(70,871)
-
(70,871)
Taxation
(74,521)
-
(74,521)
(130,246)
-
(130,246)
Other creditors
1
(68,575)
(1,750)
(70,325)
(133,673)
(2,000)
(135,673)
(594,223)
(1,750)
(595,973)
(334,790)
(2,000)
(336,790)
Net current (liabilities)/assets
(300,094)
(1,750)
(301,844)
213,319
(2,000)
211,319
Total assets less current liabilities
208,081
(1,750)
206,331
428,661
(2,000)
426,661
Provisions for liabilities
Deferred tax
1
(11,062)
350
(10,712)
(10,398)
400
(9,998)
Net assets
197,019
(1,400)
195,619
418,263
(1,600)
416,663
SOUTH COAST DENTAL SPECIALISTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2017
8
Reconciliations on adoption of FRS 102
At 1 April 2015
At 31 March 2016
Previous UK GAAP
Effect of
transition
FRS 102
Previous UK GAAP
Effect of
transition
FRS 102
Notes
£
£
£
£
£
£
(Continued)
- 8 -
Capital and reserves
Share capital
1
-
1
1
-
1
Profit and loss
1
197,018
(1,400)
195,618
418,262
(1,600)
416,662
Total equity
197,019
(1,400)
195,619
418,263
(1,600)
416,663
Reconciliation of profit for the financial period
Year ended 31 March 2016
Previous UK GAAP
Effect of
transition
FRS 102
Notes
£
£
£
Turnover
2,377,094
-
2,377,094
Cost of sales
(1,310,982)
-
(1,310,982)
Gross profit
1,066,112
-
1,066,112
Administrative expenses
1
(654,522)
(250)
(654,772)
Interest receivable and similar income
2,236
-
2,236
Taxation
(129,582)
50
(129,532)
Profit for the financial period
284,244
(200)
284,044
Notes to reconciliations on adoption of FRS 102
1. Employee Benefits: Holiday Pay Accrual
Prior to applying FRS 102 section 1A, South Coast Dental Specialists Limited did not make provision for holiday pay. FRS 102 requires the cost of short-term compensated absences to be recognised when employees render the service that increases their entitlement. Consequently an additional accrual of £1,750 at 1 April 2015 has been made to reflect this. The additional provision at 31 March 2016 is £2,000 and the effect on the profit for the year ended 31 March 2016 is an additional expense of £250.
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