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Registration number: 03410137

Royal Terrace Dental Practice Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 December 2021

 

Royal Terrace Dental Practice Limited

Contents

Company Information

1

Balance Sheet

2

Statement of Changes in Equity

3

Notes to the Unaudited Financial Statements

4 to 8

 

Royal Terrace Dental Practice Limited

Company Information

Directors

Dr John Timothy Kevin Cobley

Mr Thomas Denis David Cobley

Registered office

10 South Street
Bridport
Dorset
DT6 3NJ

Accountants

M W Burrough & Co
Chartered Accountants
10 South Street
Bridport
Dorset
DT6 3NJ

 

Royal Terrace Dental Practice Limited

(Registration number: 03410137)
Balance Sheet as at 31 December 2021

Note

2021
£

2020
£

fixed assets

 

Intangible assets

4

345,390

402,956

tangible assets

5

299,866

274,757

Investment property

6

860,000

807,000

 

1,505,256

1,484,713

Current assets

 

stocks

7

4,120

3,975

Debtors

8

1,686,838

1,466,919

Cash at bank and in hand

 

1,354,074

1,151,050

 

3,045,032

2,621,944

Creditors: Amounts falling due within one year

9

(652,949)

(603,576)

Net current assets

 

2,392,083

2,018,368

Total assets less current liabilities

 

3,897,339

3,503,081

Provisions for liabilities

(71,068)

(55,791)

Net assets

 

3,826,271

3,447,290

capital and reserves

 

Called up share capital

10

100

100

Non distributable reserve

227,312

184,382

Profit and loss account

3,598,859

3,262,808

Total equity

 

3,826,271

3,447,290

For the financial year ending 31 December 2021 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 8 August 2022 and signed on its behalf by:
 

.........................................
Dr John Timothy Kevin Cobley
Director

 

Royal Terrace Dental Practice Limited

Statement of Changes in Equity for the Year Ended 31 December 2021

Share capital
£

Non-distributable reserve
£

Profit and loss account
£

Total
£

At 1 January 2021

100

184,382

3,262,808

3,447,290

Profit for the year

-

-

618,981

618,981

Total comprehensive income

-

-

618,981

618,981

Dividends

-

-

(240,000)

(240,000)

Fair value adjustment

-

53,000

(53,000)

-

Other movements on reserves

-

(10,070)

10,070

-

At 31 December 2021

100

227,312

3,598,859

3,826,271

Share capital
£

Non-distributable reserve
£

Profit and loss account
£

Total
£

At 1 January 2020

100

156,842

2,989,862

3,146,804

Profit for the year

-

-

540,486

540,486

Total comprehensive income

-

-

540,486

540,486

Dividends

-

-

(240,000)

(240,000)

Fair value adjustment

-

34,000

(34,000)

-

Other movements on reserves

-

(6,460)

6,460

-

At 31 December 2020

100

184,382

3,262,808

3,447,290

 

Royal Terrace Dental Practice Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2021

1

General information

The company is a private company limited by share capital, incorporated in England.

The address of its registered office is:
10 South Street
Bridport
Dorset
DT6 3NJ
United Kingdom

The principal place of business is:
35 Cornwall Road
Dorchester
Dorset
DT1 1RY

These financial statements were authorised for issue by the Board on 8 August 2022.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

 

Royal Terrace Dental Practice Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2021

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Freehold property

Straight line over 50 years

Fixtures and fittings

25% straight line

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by external valuers. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

equal instalments over 20 years

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

 

Royal Terrace Dental Practice Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2021

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 19 (2020 - 19).

 

Royal Terrace Dental Practice Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2021

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 January 2021

1,151,314

1,151,314

At 31 December 2021

1,151,314

1,151,314

Amortisation

At 1 January 2021

748,358

748,358

Amortisation charge

57,566

57,566

At 31 December 2021

805,924

805,924

Carrying amount

At 31 December 2021

345,390

345,390

At 31 December 2020

402,956

402,956

5

Tangible assets

Land and buildings
£

Fixtures and fittings
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 January 2021

301,974

371,217

3,000

676,191

Additions

2,261

69,351

-

71,612

At 31 December 2021

304,235

440,568

3,000

747,803

Depreciation

At 1 January 2021

110,925

289,759

750

401,434

Charge for the year

8,239

37,702

562

46,503

At 31 December 2021

119,164

327,461

1,312

447,937

Carrying amount

At 31 December 2021

185,071

113,107

1,688

299,866

At 31 December 2020

191,049

81,458

2,250

274,757

Included within the net book value of land and buildings above is £185,071 (2020 - £191,049) in respect of freehold land and buildings.
 

6

Investment properties

 

Royal Terrace Dental Practice Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2021

2021
£

At 1 January

807,000

Fair value adjustments

53,000

At 31 December

860,000

There has been no valuation of investment property by an independent valuer.

7

Stocks

2021
£

2020
£

Merchandise

4,120

3,975

8

Debtors

Current

Note

2021
£

2020
£

Trade debtors

 

92,685

177,560

Amounts owed by related parties

1,594,153

1,289,359

   

1,686,838

1,466,919

9

Creditors

Creditors: amounts falling due within one year

2021
£

2020
£

Due within one year

Trade creditors

34,549

61,073

Taxation and social security

155,000

139,888

Accruals and deferred income

5,000

5,000

Other creditors

458,400

397,615

652,949

603,576

10

Share capital

Allotted, called up and fully paid shares

 

2021

2020

 

No.

£

No.

£

Ordinary of £1 each

100

100

100

100