Company Registration No. SC516285 (Scotland)
ALTOSHA DIAGNOSTICS LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2020
PAGES FOR FILING WITH REGISTRAR
ALTOSHA DIAGNOSTICS LTD
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 7
ALTOSHA DIAGNOSTICS LTD
BALANCE SHEET
AS AT
31 MARCH 2020
31 March 2020
- 1 -
2020
2019
as restated
Notes
£
£
£
£
Fixed assets
Tangible assets
3
442
1,035
Investment properties
4
202,110
-
202,552
1,035
Current assets
Debtors
5
50,895
43,554
Cash at bank and in hand
383,278
359,181
434,173
402,735
Creditors: amounts falling due within one year
6
(75,407)
(60,430)
Net current assets
358,766
342,305
Total assets less current liabilities
561,318
343,340
Provisions for liabilities
Deferred tax liability
84
26
(84)
(26)
Net assets
561,234
343,314
Capital and reserves
Called up share capital
7
90
90
Profit and loss reserves
561,144
343,224
Total equity
561,234
343,314
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.
true
ALTOSHA DIAGNOSTICS LTD
BALANCE SHEET (CONTINUED)
AS AT
31 MARCH 2020
31 March 2020
- 2 -
For the financial year ended 31 March 2020 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 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 by the board of directors and authorised for issue on 25 February 2021 and are signed on its behalf by:
Dr I A Zealley
Director
Company Registration No. SC516285
ALTOSHA DIAGNOSTICS LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2020
- 3 -
1
Accounting policies
Company information
Altosha Diagnostics Ltd is a
private
company
limited by shares
incorporated in Scotland.
The registered office is
66 Tay Street, Perth, PH2 8RA.
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, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
1.2
Prior period error
Prior period errors have been corrected in the financial statements for the
year
to 31 March 201
9
. Information in relation to the correction and restatement of opening balances of equity are included at note
9
.
1.3
Turnover
Turnover represents amounts receivable for radiography consultancy services.
Revenue is recognised when the company has entitlement to the income in exchange for the provision of services.
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:
Plant and machinery
33.3% straight line
Computer equipment
33.3% straight line
1.5
Investment properties
Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure
. Subsequently it is measured
at fair value a
t
the reporting end date.
Changes in fair value are recognised in profit or loss.
1.6
Impairment of fixed assets
At each reporting
period
end date, the
company
reviews the carrying amounts of its tangible
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).
ALTOSHA DIAGNOSTICS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2020
1
Accounting policies
(Continued)
- 4 -
1.7
Cash and cash equivalents
Cash and cash equivalents
are basic financial assets
and
include deposits held at call with banks.
1.8
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.
Basic financial assets
Basic financial assets, which include debtors and bank balances, are measured at transaction price including transaction costs
.
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.
Basic financial liabilities
Basic financial liabilities, including creditors, are
recognised at transaction price
.
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.
1.9
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
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.
ALTOSHA DIAGNOSTICS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2020
1
Accounting policies
(Continued)
- 5 -
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.
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.
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.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was 3 (2019 - 3
).
3
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 April 2019 and 31 March 2020
7,051
Depreciation and impairment
At 1 April 2019
6,016
Depreciation charged in the year
593
At 31 March 2020
6,609
Carrying amount
At 31 March 2020
442
At 31 March 2019
1,035
ALTOSHA DIAGNOSTICS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2020
- 6 -
4
Investment property
2020
£
Fair value
At 1 April 2019
-
Additions
202,110
At 31 March 2020
202,110
Investment property comprises a residential property in central Glasgow. The fair value of the investment property has been arrived at on the basis of a valuation carried out on 31 March 2020 by the directors. The valuation was made on an open market basis by reference to market evidence of the transaction prices for similar properties and it is deemed that the purchase cost of the p
r
operty remains equal to its fair value and as such no revaluation has been applied.
5
Debtors
2020
2019
Amounts falling due within one year:
£
£
Trade debtors
50,895
43,554
6
Creditors: amounts falling due within one year
2020
2019
£
£
Trade creditors
100
100
Corporation tax
69,097
55,217
Other creditors
6,210
5,113
75,407
60,430
7
Called up share capital
2020
2019
£
£
Ordinary share capital
Issued and fully paid
50 Ordinary A shares of £1 each
50
50
10 Ordinary B shares of £1 each
10
10
10 Ordinary C shares of £1 each
10
10
10 Ordinary D shares of £1 each
10
10
10 Ordinary E shares of £1 each
10
10
90
90
ALTOSHA DIAGNOSTICS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2020
- 7 -
8
Related party transactions
The following amounts were outstanding at the reporting end date:
2020
2019
Amounts due to related parties
£
£
Key management personnel
4,351
3,254
The loan is interest free and has no fixed terms of repayment.
9
Prior period adjustment
Changes to the balance sheet
As previously reported
Adjustment
As restated at 31 Mar 2019
Period ended 31 March 2019
£
£
£
Fixed assets
Investments at 1 April 2018
-
-
-
Additions
-
68,000
68,000
Amounts written off investments
-
(68,000)
(68,000)
Investments at 31 March 2019
-
-
-
Changes to the profit and loss account
As previously reported
Adjustment
As restated
Period ended 31 March 2019
£
£
£
Amounts written off investments
-
(68,000)
(68,000)
Profit for the financial period
234,698
(68,000)
166,698