Italdent Limited 09410814 false 2022-02-01 2023-01-31 2023-01-31 The principal activity of the company is provision of dental care Digita Accounts Production Advanced 6.30.9574.0 true 09410814 2022-02-01 2023-01-31 09410814 2023-01-31 09410814 bus:Director1 1 2023-01-31 09410814 core:RetainedEarningsAccumulatedLosses 2023-01-31 09410814 core:ShareCapital 2023-01-31 09410814 core:HirePurchaseContracts core:CurrentFinancialInstruments 2023-01-31 09410814 core:CurrentFinancialInstruments 2023-01-31 09410814 core:CurrentFinancialInstruments core:WithinOneYear 2023-01-31 09410814 core:Non-currentFinancialInstruments 2023-01-31 09410814 core:Non-currentFinancialInstruments core:AfterOneYear 2023-01-31 09410814 core:FurnitureFittings 2023-01-31 09410814 core:LandBuildings core:ShortLeaseholdAssets 2023-01-31 09410814 core:PlantMachinery 2023-01-31 09410814 bus:SmallEntities 2022-02-01 2023-01-31 09410814 bus:AuditExemptWithAccountantsReport 2022-02-01 2023-01-31 09410814 bus:FullAccounts 2022-02-01 2023-01-31 09410814 bus:SmallCompaniesRegimeForAccounts 2022-02-01 2023-01-31 09410814 bus:RegisteredOffice 2022-02-01 2023-01-31 09410814 bus:Director1 2022-02-01 2023-01-31 09410814 bus:Director1 1 2022-02-01 2023-01-31 09410814 bus:PrivateLimitedCompanyLtd 2022-02-01 2023-01-31 09410814 core:FurnitureFittings 2022-02-01 2023-01-31 09410814 core:LandBuildings core:ShortLeaseholdAssets 2022-02-01 2023-01-31 09410814 core:LeaseholdImprovements 2022-02-01 2023-01-31 09410814 core:PlantMachinery 2022-02-01 2023-01-31 09410814 countries:EnglandWales 2022-02-01 2023-01-31 09410814 2022-01-31 09410814 bus:Director1 1 2022-01-31 09410814 core:FurnitureFittings 2022-01-31 09410814 core:LandBuildings core:ShortLeaseholdAssets 2022-01-31 09410814 core:PlantMachinery 2022-01-31 09410814 2021-02-01 2022-01-31 09410814 2022-01-31 09410814 bus:Director1 1 2022-01-31 09410814 core:RetainedEarningsAccumulatedLosses 2022-01-31 09410814 core:ShareCapital 2022-01-31 09410814 core:HirePurchaseContracts core:CurrentFinancialInstruments 2022-01-31 09410814 core:CurrentFinancialInstruments 2022-01-31 09410814 core:CurrentFinancialInstruments core:WithinOneYear 2022-01-31 09410814 core:Non-currentFinancialInstruments 2022-01-31 09410814 core:Non-currentFinancialInstruments core:AfterOneYear 2022-01-31 09410814 core:FurnitureFittings 2022-01-31 09410814 core:LandBuildings core:ShortLeaseholdAssets 2022-01-31 09410814 core:PlantMachinery 2022-01-31 09410814 bus:Director1 1 2021-02-01 2022-01-31 09410814 bus:Director1 1 2021-01-31 iso4217:GBP xbrli:pure

Registration number: 09410814

Italdent Limited
 

Annual Report and Unaudited Financial Statements- Companies house filing

for the Year Ended 31 January 2023

 

Italdent Limited

Contents

Statement of Financial Position

1

Notes to the Unaudited Financial Statements

2 to 7

 

Italdent Limited

(Registration number: 09410814)
Statement of Financial Position as at 31 January 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

60,381

69,518

Current assets

 

Debtors

5

114,464

4,404

Cash at bank and in hand

 

116,224

146,491

 

230,688

150,895

Creditors: Amounts falling due within one year

6

(62,309)

(49,480)

Net current assets

 

168,379

101,415

Total assets less current liabilities

 

228,760

170,933

Creditors: Amounts falling due after more than one year

6

(11,991)

(17,011)

Provisions for liabilities

(11,890)

(9,622)

Net assets

 

204,879

144,300

Capital and reserves

 

Called up share capital

100

100

Profit and loss account

204,779

144,200

Shareholders' funds

 

204,879

144,300

For the financial year ending 31 January 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 provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Income Statement has been taken.

Approved and authorised by the director on 10 October 2023

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

F C Bevilacqua
Director

 

Italdent Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 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: Knoll House, Knoll Road, Camberley, Surrey, GU15 3SY, United Kingdom.

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.

The financial statements are prepared in sterling, which is the functional currency of the entity.

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 are accounted for under the accruals model as permitted by FRS 102. Grants of a revenue nature are recognised in “other income” within profit or loss in the same period as the related expenditure. This includes the Government Coronavirus Job Retention Scheme.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

 

Italdent Limited

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

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 statement of financial position 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% on the reducing balance

Fixtures, fittings and equipment

25% on the reducing balance

Short leasehold improvements

Straight line over the life of the lease

Trade debtors

Short term debtors are measured at transaction price, less any impairment.

Cash and cash equivalents

Cash is represented by cash in hand and bank deposits.

Trade creditors

Short term creditors are measured at the transaction price.

 

Italdent Limited

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

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 income statement 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.

Provisions

Provisions are recognised when the company has an obligation at the reporting date as a result of a past event, it is probable that the company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

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 statement of financial position as a finance lease obligation.

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

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.

Employee benefits

Short-term employee benefits are recognised as an expense in the period which they are incurred.

Financial instruments

The Company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties and loans to related parties.

 

Italdent Limited

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

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 4 (2022 - 4).

4

Tangible assets

Short leasehold land and buildings
£

Fixtures and fittings
£

Plant and machinery
£

Total
£

Cost or valuation

At 1 February 2022

43,255

10,284

163,182

216,721

Additions

2,686

-

10,663

13,349

At 31 January 2023

45,941

10,284

173,845

230,070

Depreciation

At 1 February 2022

21,172

7,614

118,417

147,203

Charge for the year

7,953

668

13,865

22,486

At 31 January 2023

29,125

8,282

132,282

169,689

Carrying amount

At 31 January 2023

16,816

2,002

41,563

60,381

At 31 January 2022

22,083

2,670

44,765

69,518

5

Debtors

2023
£

2022
£

Prepayments

8,443

1,762

Other debtors

106,021

2,642

114,464

4,404

 

Italdent Limited

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

6

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Bank loans and overdrafts

7

4,955

16,775

Trade creditors

 

28,737

5,298

Taxation and social security

 

25,130

22,527

Accruals and deferred income

 

2,190

2,452

Other creditors

 

1,297

2,428

 

62,309

49,480

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Loans and borrowings

7

11,991

17,011

7

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Bank borrowings

11,991

17,011

2023
£

2022
£

Current loans and borrowings

Bank borrowings

4,955

4,833

Hire purchase contracts

-

11,942

4,955

16,775


Hire purchase contracts of £Nil (2022: £11,942) are secured against the assets concerned.

8

Financial commitments, guarantees and contingencies

Amounts not provided for in the statement of financial position

The total amount of financial commitments not included in the statement of financial position is £63,053 (2022 - £36,113).

 

Italdent Limited

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

9

Related party transactions

During the year, the following amounts were advanced to the director. Interest was charged on the overdrawn balance at HMRC's official rate of interest of 2% (2022: 2%) resulting in an interest charge of £181 (2022: £79). The amounts advanced are unsecured and repayable on demand.

Transactions with the director

2023

At 1 February 2022
£

Advances to director
£

Repayments by director
£

At 31 January 2023
£

Amounts advanced

(13)

142,534

(39,595)

102,926

         
       

 

2022

At 1 February 2021
£

Repayments by director
£

At 31 January 2022
£

Amounts advanced

21,922

(21,935)

(13)