Company Registration No. SC516285 (Scotland)
ALTOSHA DIAGNOSTICS LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2018
PAGES FOR FILING WITH REGISTRAR
ALTOSHA DIAGNOSTICS LTD
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 6
ALTOSHA DIAGNOSTICS LTD
BALANCE SHEET
AS AT 31 MARCH 2018
31 March 2018
- 1 -
2018
2017
Notes
£
£
£
£
Fixed assets
Tangible assets
3
2,061
3,517
Current assets
Debtors
4
42,126
27,455
Cash at bank and in hand
274,772
119,438
316,898
146,893
Creditors: amounts falling due within one year
5
(65,993)
(46,230)
Net current assets
250,905
100,663
Total assets less current liabilities
252,966
104,180
Provisions for liabilities
(350)
(598)
Net assets
252,616
103,582
Capital and reserves
Called up share capital
6
90
90
Profit and loss reserves
252,526
103,492
Total equity
252,616
103,582
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 2018
31 March 2018
- 2 -
For the financial year ended 31 March 2018 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 21 December 2018 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 2018
- 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. The principal accounting policies adopted are set out below.
1.2
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.
1.3
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
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
.
1.4
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).
1.5
Cash at bank and in hand
Cash and cash equivalents
are basic financial assets
and
include deposits held at call with banks.
1.6
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.
ALTOSHA DIAGNOSTICS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2018
1
Accounting policies
(Continued)
- 4 -
Basic financial assets
Basic financial assets, which include debtors and bank balances, are measured at transaction price including transaction costs and are subsequently carried at amortised cost
.
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.
1.7
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.
1.8
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.
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.
1.9
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.
ALTOSHA DIAGNOSTICS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2018
- 5 -
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was 0 (2017 - 1).
3
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 April 2017
5,273
Additions
450
At 31 March 2018
5,723
Depreciation and impairment
At 1 April 2017
1,756
Depreciation charged in the year
1,906
At 31 March 2018
3,662
Carrying amount
At 31 March 2018
2,061
At 31 March 2017
3,517
4
Debtors
2018
2017
Amounts falling due within one year:
£
£
Trade debtors
42,126
27,455
5
Creditors: amounts falling due within one year
2018
2017
£
£
Trade creditors
700
100
Corporation tax
47,674
31,930
Other creditors
17,619
14,200
65,993
46,230
ALTOSHA DIAGNOSTICS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2018
- 6 -
6
Called up share capital
2018
2017
£
£
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
7
Related party transactions
Amounts owed to/by related parties
The following amounts were outstanding at the reporting end date:
Amount owed to
Amounts owed by
2018
2017
2018
2017
£
£
£
£
Key management personnel
15,759
12,322