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COMPANY REGISTRATION NUMBER: 06476001
Gibsons Dental Laboratory Limited
Filleted Unaudited Financial Statements
31 March 2023
Gibsons Dental Laboratory Limited
Financial Statements
Year ended 31 March 2023
Contents
Pages
Balance sheet
1 to 2
Notes to the financial statements
3 to 8
Gibsons Dental Laboratory Limited
Balance Sheet
31 March 2023
2023
2022
Note
£
£
Fixed assets
Tangible assets
6
63,371
63,102
Current assets
Stocks
10,000
8,000
Debtors
7
32,114
60,358
Cash at bank and in hand
22,072
24,513
--------
--------
64,186
92,871
Creditors: amounts falling due within one year
8
81,869
99,605
--------
--------
Net current liabilities
17,683
6,734
--------
--------
Total assets less current liabilities
45,688
56,368
Creditors: amounts falling due after more than one year
9
28,674
44,230
Provisions
Taxation including deferred tax
12,000
11,990
--------
--------
Net assets
5,014
148
--------
--------
Capital and reserves
Called up share capital
100
100
Profit and loss account
4,914
48
-------
----
Shareholders funds
5,014
148
-------
----
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 profit and loss has not been delivered.
For the year ending 31 March 2023 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 .
Gibsons Dental Laboratory Limited
Balance Sheet (continued)
31 March 2023
These financial statements were approved by the board of directors and authorised for issue on 6 October 2023 , and are signed on behalf of the board by:
Mr S T Gibson
Director
Company registration number: 06476001
Gibsons Dental Laboratory Limited
Notes to the Financial Statements
Year ended 31 March 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 15 Bainbridge Road, Trentham, Stoke on Trent, ST4 8JZ. The company registration number is 06476001 .
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis. The financial statements are prepared in sterling, which is the functional currency of the entity. Monetary amounts in these financial statements are rounded to the nearest £.
Judgements and key sources of estimation uncertainty
Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome. The key assumptions and other sources of estimation uncertainty that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are as follows: As described in the accounting policies of the financial statements, depreciation of tangible fixed assets has been based on estimated useful lives and residual values deemed appropriate by the directors. Estimated useful lives are reviewed annually and revised as appropriate. Revisions take in to account actual asset lives and residual values as evidenced by disposals during current and prior accounting periods.
Revenue recognition
Turnover comprises the value of sales of goods and services provided in the normal course of business. Turnover in respect of service contracts is recognised when the company obtains the right to receive consideration for services provided.
Income 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. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover 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 material 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.
Intangible assets
Amortisation is charged on additions from the month of acquisition and for disposals to the month prior to the disposal.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Franchise fees
-
20% 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.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.
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:
Fixtures and fittings
-
25% reducing balance
Plant and machinery
-
15% reducing balance
Computer equipment
-
25% straight line
Office equipment
-
15% reducing balance
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets.
Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. Cost represents the purchase invoice price and net realisable value is the estimated proceeds from the sale of stock items, less all future costs to completion, costs to be incurred in marketing, selling and distributing.
Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. The basic financial instruments of the company are as follows: Debtors Debtors do not carry any interest and are stated at their nominal value. Appropriate allowances for estimated irrecoverable amounts are recognised in the Profit and Loss account when there is objective evidence that the asset is impaired. Cash at bank and in hand This comprises cash at bank and cash in hand. Trade creditors Trade creditors are not interest bearing and are stated at their nominal value.
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 8 (2022: 7 ).
5. Intangible assets
Franchise fees
£
Cost
At 1 April 2022 and 31 March 2023
13,710
--------
Amortisation
At 1 April 2022 and 31 March 2023
13,710
--------
Carrying amount
At 31 March 2023
--------
At 31 March 2022
--------
Franchise fees relates to the acquisition of the exclusive right and licence of Changing Faces Denture Clinic for Staffordshire and Crewe in December 2013 for which the useful economic life is 5 years based on the terms of the lease agreement.
6. Tangible assets
Fixtures and fittings
Plant and machinery
Computer equipment
Office equipment
Total
£
£
£
£
£
Cost
At 1 April 2022
7,109
92,509
5,179
2,496
107,293
Additions
308
18,795
19,103
Disposals
( 9,326)
( 1,199)
( 10,525)
-------
---------
-------
-------
---------
At 31 March 2023
7,417
101,978
3,980
2,496
115,871
-------
---------
-------
-------
---------
Depreciation
At 1 April 2022
4,429
34,221
3,603
1,938
44,191
Charge for the year
747
10,627
339
84
11,797
Disposals
( 3,088)
( 400)
( 3,488)
-------
---------
-------
-------
---------
At 31 March 2023
5,176
41,760
3,542
2,022
52,500
-------
---------
-------
-------
---------
Carrying amount
At 31 March 2023
2,241
60,218
438
474
63,371
-------
---------
-------
-------
---------
At 31 March 2022
2,680
58,288
1,576
558
63,102
-------
---------
-------
-------
---------
7. Debtors
2023
2022
£
£
Trade debtors
32,114
16,420
Other debtors
43,938
--------
--------
32,114
60,358
--------
--------
8. Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
32,119
33,344
Trade creditors
26,744
49,590
Corporation tax
16,954
12,079
Social security and other taxes
1,517
1,079
Other creditors
4,535
3,513
--------
--------
81,869
99,605
--------
--------
9. Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
28,674
44,230
--------
--------
Included within creditors: amounts falling due after more than one year is an amount of £nil (2022 - £nil) in respect of liabilities payable or repayable by instalments which fall due for payment after more than five years.
National Westminster Bank PLC holds a fixed and floating charge over all the property or undertaking of the company.
10. Director's advances, credits and guarantees
During the year the director has maintained a current account with the company. The total balance on this account at the start of the year included within other debtors was £43,938 (2022 - £44,540) and the total balance at the year end included within other creditors was £149 (2022 - £43,938 included in other debtors). There were no material advances made in the current year and total advances were £30,445 (2022 - £67,551). In the current year there were material repayments of £44,000 on 31/12/22 and £22,500 on 31/03/23 (2022 - £45,000 on 31/12/21 and £14,400 on 31/03/22) and other repayments totalled £8,032 (2022 - £8,753). The advances were on an interest free basis.