Company registration number 08121165 (England and Wales)
PERFECT SMILE SOLUTIONS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2022
PAGES FOR FILING WITH REGISTRAR
PERFECT SMILE SOLUTIONS LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 8
PERFECT SMILE SOLUTIONS LIMITED
BALANCE SHEET
AS AT 30 JUNE 2022
30 June 2022
- 1 -
2022
2021
Notes
£
£
£
£
Fixed assets
Intangible assets
3
571,500
6,000
Tangible assets
4
122,419
149,376
693,919
155,376
Current assets
Debtors
5
118,701
133,598
Cash at bank and in hand
609
11,480
119,310
145,078
Creditors: amounts falling due within one year
6
(199,599)
(129,923)
Net current (liabilities)/assets
(80,289)
15,155
Total assets less current liabilities
613,630
170,531
Creditors: amounts falling due after more than one year
7
(627,468)
(126,000)
Provisions for liabilities
(30,605)
(28,381)
Net (liabilities)/assets
(44,443)
16,150
Capital and reserves
Called up share capital
8
100
100
Profit and loss reserves
(44,543)
16,050
Total equity
(44,443)
16,150

The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 30 June 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

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.

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

PERFECT SMILE SOLUTIONS LIMITED
BALANCE SHEET (CONTINUED)
AS AT 30 JUNE 2022
30 June 2022
- 2 -
The financial statements were approved and signed by the director and authorised for issue on 25 October 2023
Dr M Mirza
Director
Company registration number 08121165 (England and Wales)
PERFECT SMILE SOLUTIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2022
- 3 -
1
Accounting policies
Company information

Perfect Smile Solutions Limited is a private company limited by shares incorporated in England and Wales. The registered office is Appleton Park Dental Surgery, 37 Dudlow Green Road, Appleton, Warrington, Cheshire, WA4 5EQ.

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 amounts 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
Going concern

Atruet the time of approving the financial statements, the director has a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the director continues to adopt the going concern basis of accounting in preparing the financial statements.

1.3
Turnover

The turnover shown in the profit and loss account represents amounts invoiced for dental services provided during the accounting period.

1.4
Intangible fixed assets - goodwill

Goodwill represents the excess of the cost of acquisition of unincorporated businesses over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is 20 years.

1.5
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:

Dental equipment, fixtures and fittings
15% straight line
Computer equipment
15% 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.

1.6
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.

PERFECT SMILE SOLUTIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2022
1
Accounting policies
(Continued)
- 4 -
1.7
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 profit and loss account 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.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.8
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 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.

1.9
Retirement benefits

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

1.10
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 balance sheet 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 leases asset are consumed.

PERFECT SMILE SOLUTIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2022
- 5 -
2
Employees

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

2022
2021
Number
Number
Total
13
13
3
Intangible fixed assets
Goodwill
£
Cost
At 1 July 2021
10,000
Additions
566,000
At 30 June 2022
576,000
Amortisation and impairment
At 1 July 2021
4,000
Amortisation charged for the year
500
At 30 June 2022
4,500
Carrying amount
At 30 June 2022
571,500
At 30 June 2021
6,000
PERFECT SMILE SOLUTIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2022
- 6 -
4
Tangible fixed assets
Dental equipment, fixtures and fittings
Computer equipment
Total
£
£
£
Cost
At 1 July 2021
204,253
9,806
214,059
Additions
5,899
-
0
5,899
At 30 June 2022
210,152
9,806
219,958
Depreciation and impairment
At 1 July 2021
59,583
5,100
64,683
Depreciation charged in the year
31,523
1,333
32,856
At 30 June 2022
91,106
6,433
97,539
Carrying amount
At 30 June 2022
119,046
3,373
122,419
At 30 June 2021
144,670
4,706
149,376
5
Debtors
2022
2021
Amounts falling due within one year:
£
£
Trade debtors
8,577
25,698
Other debtors
110,124
107,900
118,701
133,598
6
Creditors: amounts falling due within one year
2022
2021
£
£
Bank loans and overdrafts
48,357
9,167
Obligations under finance leases
21,735
21,735
Trade creditors
43,159
34,028
Corporation tax
27,131
7,819
Other taxation and social security
20,248
15,712
Other creditors
32,264
37,382
Accruals and deferred income
6,705
4,080
199,599
129,923

The above obligations under finance leases are secured by the company.

PERFECT SMILE SOLUTIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2022
- 7 -
7
Creditors: amounts falling due after more than one year
2022
2021
£
£
Bank loans and overdrafts
564,036
40,833
Obligations under finance leases
63,432
85,167
627,468
126,000

The above obligations under finance leases are secured by the company.

Amounts included above which fall due after five years are as follows:
Payable by instalments
382,589
833
8
Called up share capital
2022
2021
2022
2021
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary of £1 each
100
100
100
100
9
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:

2022
2021
£
£
15,656
15,656

The above amount represents the annual commitment of £15,656 on a lease with approximately four years to run at 30 June 2022.

PERFECT SMILE SOLUTIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2022
- 8 -
10
Director's transactions

At 30 June 2022, an amount of £92,945, included in other debtors, was due to the company from Dr M Mirza, in respect of the overdrawn balance on his director’s current account with the company. Interest was charged on this overdrawn balance at a rate of 2%, totalling £1,963 for the year ended 30 June 2022. This debt has been cleared in part since the year end by the voting of dividends from the company which have been used to settle the debt.

 

During the period to 31 March 2022, the company made charges totalling £146,343 to Dr M Mirza in respect of dental services performed by the company under a subcontract agreement with his sole trader business; this subcontract agreement ended on 31 March 2022.

 

On 31 March 2022, Dr M Mirza transferred the goodwill of his sole trader business to the company. The estimated value of that goodwill at 31 March 2022 was £566,000. In consideration for the transfer of the goodwill, the company took over Dr M Mirza's obligations to service three bank loans advanced to his sole trader business. The balances, plus accrued interest due, on those three loans at 31 March 2022, totalled £581,696. The excess of the liabilities taken over by the company, over the value of the goodwill, i.e. £15,696, has been charged to Dr M Mirza's director's current account.

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