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REGISTRAR OF COMPANIES

Registration number: 06041288

Spedding Dental Clinic Limited

Unaudited Financial Statements

28 February 2023

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Spedding Dental Clinic Limited

Contents

Accountants' Report

1

Balance Sheet

2

Notes to the Financial Statements

4

 

Chartered Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
Spedding Dental Clinic Limited
for the Year Ended 28 February 2023

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Spedding Dental Clinic Limited for the year ended 28 February 2023 as set out on pages 2 to 10 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at http://www.icaew.com/regulation.

This report is made solely to the Board of Directors of Spedding Dental Clinic Limited, as a body, in accordance with the terms of our engagement letter dated 15 March 2023. Our work has been undertaken solely to prepare for your approval the accounts of Spedding Dental Clinic Limited and state those matters that we have agreed to state to the Board of Directors of Spedding Dental Clinic Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Spedding Dental Clinic Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Spedding Dental Clinic Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Spedding Dental Clinic Limited. You consider that Spedding Dental Clinic Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of Spedding Dental Clinic Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.



Dodd & Co Limited
Chartered Accountants
Clint Mill
Cornmarket
PENRITH
CA11 7HW

18 September 2023

 

Spedding Dental Clinic Limited

(Registration number: 06041288)
Balance Sheet as at 28 February 2023

Note

2023
£

2022
£

Fixed assets

 

Intangible assets

4

60,889

91,335

Tangible assets

5

253,460

205,255

 

314,349

296,590

Current assets

 

Stocks

6

30,000

16,000

Debtors

7

218,654

252,029

Cash at bank and in hand

 

489,443

420,498

 

738,097

688,527

Creditors: Amounts falling due within one year

8

(173,735)

(141,004)

Net current assets

 

564,362

547,523

Total assets less current liabilities

 

878,711

844,113

Provisions for liabilities

(48,604)

(26,448)

Net assets

 

830,107

817,665

Capital and reserves

 

Allotted, called up and fully paid share capital

200

213

Profit and loss account

829,907

817,452

Total equity

 

830,107

817,665

 

Spedding Dental Clinic Limited

(Registration number: 06041288)
Balance Sheet as at 28 February 2023 (continued)

For the financial year ending 28 February 2023 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. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 18 September 2023 and signed on its behalf by:
 

.........................................

J I A Fryer-Spedding

Director

.........................................

K A Fryer-Spedding

Company secretary and director

 

Spedding Dental Clinic Limited

Notes to the Financial Statements for the Year Ended 28 February 2023

1

General information

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

The address of its registered office is:
73 Warwick Road
CARLISLE
CA1 1EB

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 - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

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.


Government grants
Grants relating to revenue are recognised in the profit and loss account on a systematic basis over the periods in which the related costs are recognised for which the grant is intended to compensate.

Grants for the purpose of giving immediate financial support with no future related costs to be incurred are recognised in the profit and loss account when the grant proceeds become receivable.

 

Spedding Dental Clinic Limited

Notes to the Financial Statements for the Year Ended 28 February 2023 (continued)

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.

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

Long leasehold land and buildings

5% straight line basis

Plant and equipment

15% reducing balance basis

Furniture, fittings and office equipment

15% reducing balance basis and 33% straight line basis

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 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

10 years straight line

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.

 

Spedding Dental Clinic Limited

Notes to the Financial Statements for the Year Ended 28 February 2023 (continued)

Trade debtors

Trade debtors are amounts due from customers for the sale of goods 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.

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. Trade creditors 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 where due after more than one year.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

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.

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.

 

Spedding Dental Clinic Limited

Notes to the Financial Statements for the Year Ended 28 February 2023 (continued)

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 18 (2022 - 19).

 

Spedding Dental Clinic Limited

Notes to the Financial Statements for the Year Ended 28 February 2023 (continued)

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 March 2022

507,433

507,433

At 28 February 2023

507,433

507,433

Amortisation

At 1 March 2022

416,098

416,098

Amortisation charge

30,446

30,446

At 28 February 2023

446,544

446,544

Carrying amount

At 28 February 2023

60,889

60,889

At 28 February 2022

91,335

91,335

5

Tangible assets

Long leasehold land and buildings
£

Plant and equipment
 £

Furniture, fittings and office equipment
 £

Total
£

Cost or valuation

At 1 March 2022

33,183

212,673

235,213

481,069

Additions

68,983

1,286

9,890

80,159

At 28 February 2023

102,166

213,959

245,103

561,228

Depreciation

At 1 March 2022

4,615

130,952

140,247

275,814

Charge for the year

2,822

12,355

16,777

31,954

At 28 February 2023

7,437

143,307

157,024

307,768

Carrying amount

At 28 February 2023

94,729

70,652

88,079

253,460

At 28 February 2022

28,568

81,721

94,966

205,255

 

Spedding Dental Clinic Limited

Notes to the Financial Statements for the Year Ended 28 February 2023 (continued)

6

Stocks

2023
£

2022
£

Other inventories

30,000

16,000

7

Debtors

2023
£

2022
£

Other debtors

218,654

252,029

218,654

252,029

8

Creditors

2023
£

2022
£

Due within one year

 

Trade creditors

 

41,086

19,395

Taxation and social security

 

6,587

5,543

Corporation tax liability

 

71,928

68,331

Other creditors

 

54,134

47,735

 

173,735

141,004

9

Financial commitments, guarantees and contingencies

Amounts not provided for in the balance sheet

The total amount of financial commitments not included in the balance sheet is £262,500 (2022 - £8,500). This relates to the lease of business property, of which 15 years are remaining.

 

Spedding Dental Clinic Limited

Notes to the Financial Statements for the Year Ended 28 February 2023 (continued)

10

Related party transactions

Transactions with directors

2023

At 1 March 2022
£

Advances
£

Repayments
£

Other payments
£

Dividends credited
£

Interest
£

At 28 February 2023
£

J I A Fryer-Spedding

Directors loan

117,002

152,438

(45,237)

-

(117,002)

2,126

109,327

               
         

K A Fryer-Spedding

Directors loan

117,001

152,438

(45,237)

-

(117,002)

2,127

109,327

               
         

 

2022

At 1 March 2021
£

Advances
£

Repayments
£

Other payments
£

Dividends credited
£

Interest
£

At 28 February 2022
£

J I A Fryer-Spedding

Directors loan

115,691

159,279

(44,502)

-

(115,750)

2,284

117,002

               
         

K A Fryer-Spedding

Directors loan

115,692

159,278

(44,502)

-

(115,750)

2,283

117,001

               
         

 

Directors' advances are repayable on demand.

Interest has been charged at a rate of 2% on advances to directors.