Registered number
SC581277
Firth of Forth Clinical Limited
Filleted Accounts
31 March 2019
Firth of Forth Clinical Limited
Registered number: SC581277
Balance Sheet
as at 31 March 2019
Notes 2019
£
Fixed assets
Intangible assets 3 2,375,000
Tangible assets 4 195,887
2,570,887
Current assets
Stocks 15,250
Debtors 5 176,974
Cash at bank and in hand 2,910
195,134
Creditors: amounts falling due within one year 6 (790,786)
Net current liabilities (595,652)
Total assets less current liabilities 1,975,235
Creditors: amounts falling due after more than one year 7 (1,542,180)
Net assets 433,055
Capital and reserves
Called up share capital 100
Profit and loss account 432,955
Shareholders' funds 433,055
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Jagdeep Singh Hans
Director
Approved by the board on 14 November 2019
Firth of Forth Clinical Limited
Notes to the Accounts
for the year ended 31 March 2019
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. 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.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Plant and machinery 20% reducing balance method
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
2 Employees 2019
Number
Average number of persons employed by the company 45
3 Intangible fixed assets £
Goodwill:
Cost
Additions 2,375,000
At 31 March 2019 2,375,000
Amortisation
At 31 March 2019 -
Net book value
At 31 March 2019 2,375,000
4 Tangible fixed assets
Plant and machinery
£
Cost
Additions 244,859
At 31 March 2019 244,859
Depreciation
Charge for the year 48,972
At 31 March 2019 48,972
Net book value
At 31 March 2019 195,887
5 Debtors 2019
£
Trade debtors 77,947
Other debtors 99,027
176,974
Amounts due after more than one year included above 99,027
6 Creditors: amounts falling due within one year 2019
£
Bank loans and overdrafts 150,000
Trade creditors 36,286
Accrued expenses 2,500
Taxation and social security costs 117,322
Other creditors 484,678
790,786
7 Creditors: amounts falling due after one year 2019
£
Bank loans 1,542,180
8 Loans 2019
£
Creditors include:
Secured bank loans 1,692,180
A bond and floating bank charge is secured over the assets of the company, with the charge created in May 2018.
9 Related party transactions
Four Seasons Real Estates Ltd (SC538507)
At the balance sheet date, there was a balance of £95,383 owed by Four Seasons Real Estates Ltd, of which Satinder Dhami and Jagdeep Hans were directors. The balance arose from a series of transactions associated with business purchases and associated bank funding.
The Real Good Dental Company Ltd (SC511332)
At the balance sheet date, there was a balance of £239,436 owed to The Real Good Dental Company Ltd, of which Satinder Dhami and Jagdeep Hans are directors. The balance arose from a series of transactions associated with business purchases and associated bank funding.
The Real Good Dental Company Ltd (SC492961)
At the balance sheet date, there was a balance of £15,700 owed to Kingdom Holding Group Ltd, of which Satinder Dhami and Jagdeep Hans are directors. The balance arose from a series of transactions associated with business purchases and associated bank funding.
10 Controlling party
The directors held a 100% beneficial interest in the share capital of the company at the balance sheet date.
11 Other information
Firth of Forth Clinical Limited is a private company limited by shares and incorporated in Scotland. Its registered office is:
c/o DA Accountants
Spiersbridge Business Park
1 Spiersbridge Way
Glasgow
G46 8NG
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