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Registration number: 07564030

Laser-Dent Ltd

Unaudited Filleted Financial Statements

for the Year Ended 31 December 2022

 

Laser-Dent Ltd

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 11

 

Laser-Dent Ltd

Company Information

Directors

Dr Jacek Grzegorz Sitkiewicz

Dr Malgorzata Lucyna Sitkiewicz

Registered office

3 Weatherly Avenue
Bath
Somerset
BA2 2PF

Accountants

Neil Wilson & Co Chartered Accountants
Bank Chambers
260-262 Union Street
Torquay
Devon
TQ2 5QU

 

Laser-Dent Ltd

(Registration number: 07564030)
Balance Sheet as at 31 December 2022

Note

2022
£

2021
£

Fixed assets

 

Intangible assets

4

84,167

94,167

Tangible assets

5

158,340

119,351

 

242,507

213,518

Current assets

 

Cash at bank and in hand

 

65,491

83,190

Creditors: Amounts falling due within one year

7

(201,587)

(168,435)

Net current liabilities

 

(136,096)

(85,245)

Total assets less current liabilities

 

106,411

128,273

Creditors: Amounts falling due after more than one year

7

(75,666)

(98,847)

Provisions for liabilities

(18,845)

(23,434)

Net assets

 

11,900

5,992

Capital and reserves

 

Called up share capital

8

2

2

Retained earnings

11,898

5,990

Shareholders' funds

 

11,900

5,992

For the financial year ending 31 December 2022 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 27 September 2023 and signed on its behalf by:
 

.........................................
Dr Jacek Grzegorz Sitkiewicz
Director

 

Laser-Dent Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2022

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:
3 Weatherly Avenue
Bath
Somerset
BA2 2PF
England

The principal place of business is:
1a Queen Square
Bath
Somerset
BA1 2HA
England

These financial statements were authorised for issue by the Board on 27 September 2023.

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.

Going concern

The financial statements have been prepared on a going concern basis.

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.

 

Laser-Dent Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2022

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

Plant and machinery

25% reducing balance basis

Fixtures and fittings

25% reducing balance basis

Office equipment

25% reducing balance basis

Motor vehicles

25% reducing balance 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 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

5% 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.

 

Laser-Dent Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2022

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.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

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.

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

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

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.

 

Laser-Dent Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2022

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 3 (2021 - 3).

 

Laser-Dent Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2022

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 January 2022

200,000

200,000

At 31 December 2022

200,000

200,000

Amortisation

At 1 January 2022

105,833

105,833

Amortisation charge

10,000

10,000

At 31 December 2022

115,833

115,833

Carrying amount

At 31 December 2022

84,167

84,167

At 31 December 2021

94,167

94,167

5

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 January 2022

8,186

64,089

203,786

276,061

Additions

1,981

-

89,787

91,768

At 31 December 2022

10,167

64,089

293,573

367,829

Depreciation

At 1 January 2022

5,098

20,992

130,620

156,710

Charge for the year

1,267

10,774

40,738

52,779

At 31 December 2022

6,365

31,766

171,358

209,489

Carrying amount

At 31 December 2022

3,802

32,323

122,215

158,340

At 31 December 2021

3,088

43,097

73,166

119,351

 

Laser-Dent Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2022

6

Debtors

Current

2022
£

2021
£

7

Creditors

Creditors: amounts falling due within one year

Note

2022
£

2021
£

Due within one year

 

Loans and borrowings

9

155,732

74,746

Taxation and social security

 

8,293

5,944

Accruals and deferred income

 

2,155

1,775

Other creditors

 

35,407

85,970

 

201,587

168,435

Creditors: amounts falling due after more than one year

Note

2022
£

2021
£

Due after one year

 

Loans and borrowings

9

75,666

98,847

8

Share capital

Allotted, called up and fully paid shares

 

2022

2021

 

No.

£

No.

£

Ordinary of £1 each

2

2

2

2

         

9

Loans and borrowings

2022
£

2021
£

Non-current loans and borrowings

Hire purchase contracts

75,666

98,847

 

Laser-Dent Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2022

2022
£

2021
£

Current loans and borrowings

Bank borrowings

48,196

50,000

Hire purchase contracts

103,582

24,798

Other borrowings

3,954

(52)

155,732

74,746

10

Dividends

   

2022

 

2021

   

£

 

£

Interim dividend of £36,000.00 (2021 - £35,750.00) per ordinary share

 

66,500

 

73,100

         

11

Related party transactions

 

Laser-Dent Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2022

Transactions with directors

2022

At 1 January 2022
£

Advances to director
£

Other payments made to company by director
£

At 31 December 2022
£

Dr Jacek Grzegorz Sitkiewicz

Director loan

(41,876)

22,435

5,500

(13,941)

         
       

Dr Malgorzata Lucyna Sitkiewicz

Director loan

(20,938)

-

-

(20,938)

         
       

 

2021

At 1 January 2021
£

Advances to director
£

Repayments by director
£

Other payments made to company by director
£

At 31 December 2021
£

Dr Jacek Grzegorz Sitkiewicz

Director loan

(88,483)

93,047

(80,212)

33,772

(41,876)

           
         

Dr Malgorzata Lucyna Sitkiewicz

Director loan

-

93,047

(80,213)

(33,772)

(20,938)

           
         

 

 

Laser-Dent Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2022

Directors' remuneration

The directors' remuneration for the year was as follows:

2022
£

2021
£

Remuneration

22,608

19,164

Contributions paid to money purchase schemes

9,219

6,000

31,827

25,164

Dividends paid to directors

   

2022
£

 

2021
£

Dr Jacek Grzegorz Sitkiewicz

       

Interim dividend

 

36,000

 

37,350

         

Dr Malgorzata Lucyna Sitkiewicz

       

Interim dividend

 

36,000

 

35,750