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COMPANY REGISTRATION NUMBER: 06145397
THE LUND DENTAL PRACTICE LIMITED
FILLETED UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 March 2022
THE LUND DENTAL PRACTICE LIMITED
STATEMENT OF FINANCIAL POSITION
31 March 2022
2022
2021
Note
£
£
£
£
FIXED ASSETS
Intangible assets
5
190,000
190,000
Tangible assets
6
42,496
42,540
----------
----------
232,496
232,540
CURRENT ASSETS
Stocks
8,524
8,200
Debtors
7
6,584
5,784
Cash at bank and in hand
77,671
90,092
--------
----------
92,779
104,076
CREDITORS: Amounts falling due within one year
8
41,966
51,854
--------
----------
NET CURRENT ASSETS
50,813
52,222
----------
----------
TOTAL ASSETS LESS CURRENT LIABILITIES
283,309
284,762
CREDITORS: Amounts falling due after more than one year
9
36,568
61,428
PROVISIONS
Taxation including deferred tax
8,073
7,947
----------
----------
NET ASSETS
238,668
215,387
----------
----------
CAPITAL AND RESERVES
Called up share capital
100
100
Profit and loss account
238,568
215,287
----------
----------
SHAREHOLDERS FUNDS
238,668
215,387
----------
----------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
THE LUND DENTAL PRACTICE LIMITED
STATEMENT OF FINANCIAL POSITION (continued)
31 March 2022
For the year ending 31 March 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
These financial statements were approved by the board of directors and authorised for issue on 22 August 2022 , and are signed on behalf of the board by:
Mr M L Lund
Director
Company registration number: 06145397
THE LUND DENTAL PRACTICE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 31 MARCH 2022
1. GENERAL INFORMATION
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is The Lund Dental Practice Limited, 738 Beverley Road, Hull, East Yorkshire, HU6 7JG.
2. STATEMENT OF COMPLIANCE
These financial statements have been prepared in compliance with FRS 102 Section 1A, 'The Financial Reporting Standard applicable to small companies in the UK and Republic of Ireland'.
3. ACCOUNTING POLICIES
(a) Basis of preparation
The financial statements have been prepared on the historical cost basis. The financial statements have been prepared in sterling, which is the functional currency of the entity.
(b) Revenue recognition
The revenue shown in the profit and loss account represents income receivable from dental treatments carried out during the period. Revenue in respect of dental treatment uncompleted at the year end date is recognised by reference to the stage of completion.
(c) Current & deferred tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to be paid or recovered using the tax rates and laws that have been enacted or substantively enacted at the reporting date. Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
(d) Goodwill
Positive goodwill arising on acquisitions is capitalised and carried forward as an asset on the balance sheet. Goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. It is amortised on a straight-line basis over its useful life (after taking account of any residual values). Where a reliable estimate of the useful life of goodwill or intangible assets cannot be made, the life is presumed not to exceed ten years.
(e) Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful economic life of that asset as follows:
Goodwill - 10 years straight line
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
(f) Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.
(g) Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Equipment
-
15% reducing balance
(h) Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
(i) Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense.
(j) Financial instruments
Financial liabilities and 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 entity after deducting all of its financial liabilities.
(k) Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. EMPLOYEE NUMBERS
The average number of persons employed by the company during the year amounted to 11 (2021: 12 ).
5. INTANGIBLE ASSETS
Goodwill
£
Cost
At 1 April 2021 and 31 March 2022
190,000
----------
Amortisation
At 1 April 2021 and 31 March 2022
----------
Carrying amount
At 31 March 2022
190,000
----------
At 31 March 2021
190,000
----------
6. TANGIBLE ASSETS
Equipment
Total
£
£
Cost
At 1 April 2021
94,627
94,627
Additions
7,887
7,887
Disposals
( 8,086)
( 8,086)
--------
--------
At 31 March 2022
94,428
94,428
--------
--------
Depreciation
At 1 April 2021
52,087
52,087
Charge for the year
6,326
6,326
Disposals
( 6,481)
( 6,481)
--------
--------
At 31 March 2022
51,932
51,932
--------
--------
Carrying amount
At 31 March 2022
42,496
42,496
--------
--------
At 31 March 2021
42,540
42,540
--------
--------
7. DEBTORS
2022
2021
£
£
Trade debtors
6,584
5,784
-------
-------
8. CREDITORS: Amounts falling due within one year
2022
2021
£
£
Trade creditors
6,518
6,564
Accruals and deferred income
13,006
14,722
Corporation tax
20,441
25,547
Social security and other taxes
1,694
2,845
Other creditors
307
2,176
--------
--------
41,966
51,854
--------
--------
9. CREDITORS: Amounts falling due after more than one year
2022
2021
£
£
Director's loan account
18,284
30,714
Shareholder's loan account
18,284
30,714
--------
--------
36,568
61,428
--------
--------
10. COVID-19 NOTE
In March 2020 the UK was impacted by the outbreak of Covid-19. The Government imposed significant restrictions at that time in an effort to manage the spread of the virus which resulted in the company having to review and change its working practices to ensure compliance with these restrictions. Despite all of this, the company has traded profitably in the period to date.
11. RELATED PARTY TRANSACTIONS
During the year a director and shareholder made a loan to the company. At the year end date the balance owed to the director totalled £ 18,284 (2021 £ 30,714 ). During the year a shareholder made a loan to the company. At the year end date the balance owing to the shareholder totalled £ 18,284 (2021 £ 30,714 ). No interest was charged on the loans during the year to 31 March 2022.