Company registration number 07254712 (England and Wales)
LOWCROFT DENTAL SURGERY LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
PAGES FOR FILING WITH REGISTRAR
LOWCROFT DENTAL SURGERY LIMITED
CONTENTS
Page
Statement of financial position
1 - 2
Notes to the financial statements
3 - 7
LOWCROFT DENTAL SURGERY LIMITED
STATEMENT OF FINANCIAL POSITION
AS AT
31 MARCH 2023
31 March 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
4
110,139
84,955
Current assets
Stocks
2,326
2,326
Debtors
5
247,800
30,737
Cash at bank and in hand
221,843
102,343
471,969
135,406
Creditors: amounts falling due within one year
6
(389,345)
(110,457)
Net current assets
82,624
24,949
Total assets less current liabilities
192,763
109,904
Creditors: amounts falling due after more than one year
7
(17,414)
(23,916)
Provisions for liabilities
(26,525)
(20,007)
Net assets
148,824
65,981
Capital and reserves
Called up share capital
300
300
Profit and loss reserves
148,524
65,681
Total equity
148,824
65,981

The directors of the company have elected not to include a copy of the income statement within the financial statements.true

For the financial year ended 31 March 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

T he member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

LOWCROFT DENTAL SURGERY LIMITED
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT
31 MARCH 2023
31 March 2023
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 29 September 2023 and are signed on its behalf by:
Mr M Patel
Director
Company Registration No. 07254712
LOWCROFT DENTAL SURGERY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
- 3 -
1
Accounting policies
Company information

Lowcroft Dental Surgery Limited is a private company limited by shares incorporated in England and Wales. The registered office is 7-9 The Avenue, Eastbourne, East Sussex, BN21 3YA.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary a mounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Turnover

Turnover represents amounts receivable for dental services and counter sales. The company is not registered for VAT.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Revenue derived from all private dental work is recognised based upon the stage of completion reached during the course of treatment.

Revenue derived from all NHS dental work is recognised based upon the volume of dental activity delivered in the financial year. In accordance with the company’s NHS contract, where there is under-delivery against its target activity levels there will be potential clawback by the NHS and a creditor is recognised for this.

1.3
Intangible fixed assets - goodwill

Acquired goodwill is written off in equal annual instalment s over its estimated useful economic life of 1 0 years.

1.4
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Plant and equipment
25% reducing balance
Fixtures and fittings
25% reducing balance
Computers
20% straight line

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

LOWCROFT DENTAL SURGERY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
1
Accounting policies
(Continued)
- 4 -
1.5
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

1.6
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

1.7
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.8
Financial instruments

Financial instruments are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities

Financial liabilities 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 company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future paymen ts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. A m ounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

1.9
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

LOWCROFT DENTAL SURGERY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
1
Accounting policies
(Continued)
- 5 -
1.10
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

1.11
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

The cost of any material unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.12
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.13
Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the statement of financial position as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the lease s asset are consumed.

1.14
Government grants

Government grants are recognised at the fair value of the asset receive d or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.

A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.

LOWCROFT DENTAL SURGERY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 6 -
2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2023
2022
Number
Number
Total
11
13
3
Intangible fixed assets
Goodwill
£
Cost
At 1 April 2022 and 31 March 2023
400,000
Amortisation and impairment
At 1 April 2022 and 31 March 2023
400,000
Carrying amount
At 31 March 2023
-
0
At 31 March 2022
-
0
4
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 April 2022
179,084
Additions
51,619
At 31 March 2023
230,703
Depreciation and impairment
At 1 April 2022
94,129
Depreciation charged in the year
26,435
At 31 March 2023
120,564
Carrying amount
At 31 March 2023
110,139
At 31 March 2022
84,955
LOWCROFT DENTAL SURGERY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 7 -
5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
43,647
29,788
Amounts owed by group undertakings
198,045
-
0
Other debtors
6,108
949
247,800
30,737
6
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
53,787
44,782
Corporation tax
11,202
-
0
Other taxation and social security
-
0
1,193
Other creditors
324,356
64,482
389,345
110,457

There is a first legal mortgage over the property known as Arun Lodge, 37 Redstone Hill, Redhill, Surrey, RH1 4AW.

7
Creditors: amounts falling due after more than one year
2023
2022
£
£
Other creditors
17,414
23,916

There is a first legal mortgage over the property known as Arun Lodge, 37 Redstone Hill, Redhill, Surrey, RH1 4AW.

8
Operating lease commitments
Lessee

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:

2023
2022
£
£
490,000
539,000
9
Parent company

The parent company of Lowcroft Dental Surgery Limited is Simply Bright Healthcare Limited and its registered office is at 7-9 The Avenue, Eastbourne, East Sussex, BN21 3YA.

2023-03-31 2022-04-01 false 29 September 2023 CCH Software CCH Accounts Production 2023.300 No description of principal activity Mr M Patel Dr K Patel false 07254712 2022-04-01 2023-03-31 07254712 2023-03-31 07254712 2022-03-31 07254712 core:OtherPropertyPlantEquipment 2023-03-31 07254712 core:OtherPropertyPlantEquipment 2022-03-31 07254712 core:CurrentFinancialInstruments core:WithinOneYear 2023-03-31 07254712 core:CurrentFinancialInstruments core:WithinOneYear 2022-03-31 07254712 core:Non-currentFinancialInstruments core:AfterOneYear 2023-03-31 07254712 core:Non-currentFinancialInstruments core:AfterOneYear 2022-03-31 07254712 core:CurrentFinancialInstruments 2023-03-31 07254712 core:CurrentFinancialInstruments 2022-03-31 07254712 core:ShareCapital 2023-03-31 07254712 core:ShareCapital 2022-03-31 07254712 core:RetainedEarningsAccumulatedLosses 2023-03-31 07254712 core:RetainedEarningsAccumulatedLosses 2022-03-31 07254712 bus:Director1 2022-04-01 2023-03-31 07254712 core:Goodwill 2022-04-01 2023-03-31 07254712 core:PlantMachinery 2022-04-01 2023-03-31 07254712 core:FurnitureFittings 2022-04-01 2023-03-31 07254712 core:ComputerEquipment 2022-04-01 2023-03-31 07254712 2021-04-01 2022-03-31 07254712 core:NetGoodwill 2022-03-31 07254712 core:NetGoodwill 2023-03-31 07254712 core:NetGoodwill 2022-03-31 07254712 core:OtherPropertyPlantEquipment 2022-03-31 07254712 core:OtherPropertyPlantEquipment 2022-04-01 2023-03-31 07254712 core:WithinOneYear 2023-03-31 07254712 core:WithinOneYear 2022-03-31 07254712 core:Non-currentFinancialInstruments 2023-03-31 07254712 core:Non-currentFinancialInstruments 2022-03-31 07254712 bus:PrivateLimitedCompanyLtd 2022-04-01 2023-03-31 07254712 bus:SmallCompaniesRegimeForAccounts 2022-04-01 2023-03-31 07254712 bus:FRS102 2022-04-01 2023-03-31 07254712 bus:AuditExemptWithAccountantsReport 2022-04-01 2023-03-31 07254712 bus:Director2 2022-04-01 2023-03-31 07254712 bus:FullAccounts 2022-04-01 2023-03-31 xbrli:pure xbrli:shares iso4217:GBP