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REGISTRAR OF COMPANIES

Registration number: SC319109

Woodside Dental Practice Limited

Unaudited Financial Statements

31 May 2023

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Woodside Dental Practice Limited

Contents

Accountants' Report

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

4

 

Chartered Accountants' Report to the Director on the Preparation of the Unaudited Statutory Accounts of
Woodside Dental Practice Limited
for the Year Ended 31 May 2023

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Woodside Dental Practice Limited for the year ended 31 May 2023 as set out on pages 2 to 11 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 Woodside Dental Practice Limited, as a body, in accordance with the terms of our engagement letter dated 23 August 2018. Our work has been undertaken solely to prepare for your approval the accounts of Woodside Dental Practice Limited and state those matters that we have agreed to state to the Board of Directors of Woodside Dental Practice 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 Woodside Dental Practice Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Woodside Dental Practice 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 Woodside Dental Practice Limited. You consider that Woodside Dental Practice 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 Woodside Dental Practice 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

13 September 2023

 

Woodside Dental Practice Limited

(Registration number: SC319109)
Balance Sheet as at 31 May 2023

Note

2023
£

2022
£

Fixed assets

 

Intangible assets

4

44,850

67,275

Tangible assets

5

204,309

147,400

Investment property

6

226,365

226,365

 

475,524

441,040

Current assets

 

Stocks

7,140

7,140

Debtors

7

121,994

52,239

Cash at bank and in hand

 

223,496

196,220

 

352,630

255,599

Creditors: Amounts falling due within one year

8

(150,044)

(116,768)

Net current assets

 

202,586

138,831

Total assets less current liabilities

 

678,110

579,871

Creditors: Amounts falling due after more than one year

8

(85,618)

(104,345)

Provisions for liabilities

(45,475)

(32,170)

Net assets

 

547,017

443,356

Capital and reserves

 

Allotted, called up and fully paid share capital

202

202

Non-distributable reserve

 

67,911

67,911

Profit and loss account

478,904

375,243

Total equity

 

547,017

443,356

 

Woodside Dental Practice Limited

(Registration number: SC319109)
Balance Sheet as at 31 May 2023 (continued)

For the financial year ending 31 May 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 accounts for the year in question in accordance with section 476; and

The director acknowledges his 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 director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 13 September 2023
 

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

J P McLean

Company secretary and director

 

Woodside Dental Practice Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2023

1

General information

The company is a private company limited by share capital, incorporated in Scotland.

The address of its registered office is:
417 Great Northern Road
Woodside
ABERDEEN
AB24 2EU

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.

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.

 

Woodside Dental Practice Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2023 (continued)

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

Furniture, fittings and equipment

15% reducing balance and 33% straight line bases

Motor vehicles

20% reducing balance basis

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by external valuers. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

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 year straight line basis

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.

 

Woodside Dental Practice Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 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.

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.

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.

 

Woodside Dental Practice Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2023 (continued)

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 the director) during the year, was 10 (2022 - 12).

 

Woodside Dental Practice Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2023 (continued)

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 June 2022

345,000

345,000

At 31 May 2023

345,000

345,000

Amortisation

At 1 June 2022

277,725

277,725

Amortisation charge

22,425

22,425

At 31 May 2023

300,150

300,150

Carrying amount

At 31 May 2023

44,850

44,850

At 31 May 2022

67,275

67,275

5

Tangible assets

Motor vehicles
 £

Furniture, fittings and equipment
£

Total
£

Cost or valuation

At 1 June 2022

43,462

264,212

307,674

Additions

-

85,509

85,509

At 31 May 2023

43,462

349,721

393,183

Depreciation

At 1 June 2022

26,847

133,427

160,274

Charge for the year

3,323

25,277

28,600

At 31 May 2023

30,170

158,704

188,874

Carrying amount

At 31 May 2023

13,292

191,017

204,309

At 31 May 2022

16,615

130,785

147,400

 

Woodside Dental Practice Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2023 (continued)

6

Investment properties

£

At 1 June 2022

226,365

At 31 May 2023

226,365

The fair value of £226,365 was determined by the director.

7

Debtors

2023
£

2022
£

Trade debtors

33,994

47,972

Other debtors

88,000

4,267

121,994

52,239

8

Creditors

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

9

21,773

24,321

Trade creditors

 

32,726

17,430

Taxation and social security

 

2,512

2,920

Corporation tax liability

 

46,180

39,658

Other creditors

 

46,853

32,439

 

150,044

116,768

Due after one year

 

Loans and borrowings

9

85,618

104,345

 

Woodside Dental Practice Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2023 (continued)

9

Loans and borrowings

2023
£

2022
£

Current loans and borrowings

Bank borrowings

21,524

24,321

Other borrowings

249

-

21,773

24,321

Current loans and borrowings includes the following liabilities, on which security has been given by the company:

2023
£

2022
£

Bank borrowings

21,524

24,321

Bank borrowings are secured by a bond and floating charges over the company's assets.
 

2023
£

2022
£

Non-current loans and borrowings

Bank borrowings

85,618

104,345

Non-current loans and borrowings includes the following liabilities, on which security has been given by the company:

2023
£

2022
£

Bank borrowings

85,618

104,345

Bank borrowings are secured by a bond and floating charges over the company's assets.
 

10

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 £Nil (2022 - £3,479).

 

Woodside Dental Practice Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2023 (continued)

11

Related party transactions

Transactions with the director

2023

At 1 June 2022
£

Advances
£

Repayments
£

Other payments
£

Dividends credited
£

Interest
£

At 31 May 2023
£

J P McLean

Loan

4,266

34

(4,300)

-

-

-

-

               
         

 

2022

At 1 June 2021
£

Advances
£

Repayments
£

Other payments
£

Dividends credited
£

Interest
£

At 31 May 2022
£

J P McLean

Loan

-

6,667

(2,401)

-

-

-

4,266

               
         

 

Directors' advances are repayable on demand.

No interest has been charged on advances to directors.