REGISTERED NUMBER: SC431447 (Scotland)

Abbreviated Unaudited Accounts

for the Year Ended 31 August 2016

for

William Wait Limited

Page

Company Information

1

Abbreviated Balance Sheet

2

Notes to the Abbreviated Accounts

4

DIRECTOR:

W Wait

REGISTERED OFFICE:

3 Templars Cramond

Edinburgh

EH4 6BY

REGISTERED NUMBER:

SC431447 (Scotland)

ACCOUNTANTS:

Campbell Dallas LLP

Chartered Accountants

5 Whitefriars Crescent

Perth

Perthshire

PH2 0PA

FIXED ASSETS

Intangible assets

2

-

250,000

Tangible assets

3

-

1,480

-

251,480

CURRENT ASSETS

Stocks

-

2,000

Debtors

386,589

18,588

Cash at bank

18,087

90,753

404,676

111,341

CREDITORS

Amounts falling due within one year

4

58,155

81,116

NET CURRENT ASSETS

346,521

30,225

TOTAL ASSETS LESS CURRENT LIABILITIES

346,521

281,705

CREDITORS

Amounts falling due after more than one year

4

-

(55,513

)

PROVISIONS FOR LIABILITIES

-

(296

)

NET ASSETS

346,521

225,896

CAPITAL AND RESERVES

Called up share capital

5

1

1

Profit and loss account

346,520

225,895

SHAREHOLDERS' FUNDS

346,521

225,896

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 August 2016.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 August 2016 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The abbreviated accounts have been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies.

The financial statements were approved by the director on 18 April 2017 and were signed by:

W Wait - Director

1.	ACCOUNTING POLICIES

Accounting convention

The financial statements have been prepared under the historical cost convention and in accordance with

the Financial Reporting Standard for Smaller Entities (effective January 2015).

Turnover

Turnover shown in the profit and loss account represents amounts receivable in the year in respect of the

provision of dental services.

Goodwill

The director considers that no permanent diminution in value has taken place. Financial reporting

standards would normally require a diminution charge in the accounts relation to diminution in value but a

true and fair view has been adopted in this case. The dental business was sold by the company during the

year and the amount received for goodwill was £345,000. (which was greater than the cost of £250,000).

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Fixtures and fittings

-

20% on reducing balance

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and

slow moving items.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the

balance sheet date.Deferred tax is provided at the average rates that are expected to apply when the timing

differences reverse, based on current tax rates and laws. Deferred tax is not provided on timing differences

arising from the revaluation of fixed assets where there is no commitment to sell the asset. Deferred tax

assets and liabilities are not discounted.

2.	INTANGIBLE FIXED ASSETS

Total

£

COST

At 1 September 2015

250,000

Disposals

(250,000

)

At 31 August 2016

-

NET BOOK VALUE

At 31 August 2016

-

At 31 August 2015

250,000

3.	TANGIBLE FIXED ASSETS

Total

£

COST

At 1 September 2015

2,530

Disposals

(2,530

)

At 31 August 2016

-

DEPRECIATION

At 1 September 2015

1,050

Eliminated on disposal

(1,050

)

At 31 August 2016

-

NET BOOK VALUE

At 31 August 2016

-

At 31 August 2015

1,480

4.

CREDITORS

Creditors include an amount of £ 0 (2015 - £ 64,747 ) for which security has been given.

5.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2016

2015

value:

£

£

1

Ordinary

£1

1

1

6.	DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31 August 2016 and

31 August 2015:

2016

2015

£

£

W Wait

Balance outstanding at start of year

(24,253

)

(48,212

)

Amounts advanced

440,842

53,959

Amounts repaid

(30,000

)

(30,000

)

Balance outstanding at end of year

386,589

(24,253

)

The loan was repaid in full on 7th April 2017.

7.	ULTIMATE CONTROLLING PARTY

The controlling party is W Wait.