9 false false false false false false false false false false true false false false false false false No description of principal activity 2022-04-01 Sage Accounts Production Advanced 2023 - FRS102_2023 700,000 700,000 700,000 xbrli:pure xbrli:shares iso4217:GBP 10432961 2022-04-01 2023-03-31 10432961 2023-03-31 10432961 2022-03-31 10432961 2021-04-01 2022-03-31 10432961 2022-03-31 10432961 2021-03-31 10432961 core:LandBuildings core:LongLeaseholdAssets 2022-04-01 2023-03-31 10432961 core:PlantMachinery 2022-04-01 2023-03-31 10432961 core:FurnitureFittings 2022-04-01 2023-03-31 10432961 core:NetGoodwill 2022-04-01 2023-03-31 10432961 bus:Director1 2022-04-01 2023-03-31 10432961 core:WithinOneYear 2023-03-31 10432961 core:WithinOneYear 2022-03-31 10432961 core:LandBuildings core:LongLeaseholdAssets 2022-03-31 10432961 core:PlantMachinery 2022-03-31 10432961 core:FurnitureFittings 2022-03-31 10432961 core:LandBuildings core:LongLeaseholdAssets 2023-03-31 10432961 core:PlantMachinery 2023-03-31 10432961 core:FurnitureFittings 2023-03-31 10432961 core:AfterOneYear 2023-03-31 10432961 core:AfterOneYear 2022-03-31 10432961 core:ShareCapital 2023-03-31 10432961 core:ShareCapital 2022-03-31 10432961 core:RetainedEarningsAccumulatedLosses 2023-03-31 10432961 core:RetainedEarningsAccumulatedLosses 2022-03-31 10432961 core:NetGoodwill 2023-03-31 10432961 core:NetGoodwill 2022-03-31 10432961 core:LandBuildings core:LongLeaseholdAssets 2022-03-31 10432961 core:PlantMachinery 2022-03-31 10432961 core:FurnitureFittings 2022-03-31 10432961 bus:SmallEntities 2022-04-01 2023-03-31 10432961 bus:AuditExemptWithAccountantsReport 2022-04-01 2023-03-31 10432961 bus:SmallCompaniesRegimeForAccounts 2022-04-01 2023-03-31 10432961 bus:PrivateLimitedCompanyLtd 2022-04-01 2023-03-31 10432961 bus:FullAccounts 2022-04-01 2023-03-31 10432961 core:OfficeEquipment 2022-04-01 2023-03-31 10432961 core:OfficeEquipment 2022-03-31 10432961 core:OfficeEquipment 2023-03-31
COMPANY REGISTRATION NUMBER: 10432961
FITZ PARK DENTAL PRACTICE LIMITED
FILLETED UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 March 2023
FITZ PARK DENTAL PRACTICE LIMITED
STATEMENT OF FINANCIAL POSITION
31 March 2023
2023
2022
Note
£
£
£
£
FIXED ASSETS
Intangible assets
5
700,000
700,000
Tangible assets
6
65,603
31,676
----------
----------
765,603
731,676
CURRENT ASSETS
Stocks
7,406
5,408
Debtors
7
11,225
11,245
Cash at bank and in hand
126,841
198,462
----------
----------
145,472
215,115
CREDITORS: amounts falling due within one year
8
380,809
507,326
----------
----------
NET CURRENT LIABILITIES
235,337
292,211
----------
----------
TOTAL ASSETS LESS CURRENT LIABILITIES
530,266
439,465
CREDITORS: amounts falling due after more than one year
9
82,256
191,261
PROVISIONS
9,815
( 2,788)
----------
----------
NET ASSETS
438,195
250,992
----------
----------
CAPITAL AND RESERVES
Called up share capital
100
100
Profit and loss account
438,095
250,892
----------
----------
SHAREHOLDERS FUNDS
438,195
250,992
----------
----------
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 statement of income and retained earnings has not been delivered.
FITZ PARK DENTAL PRACTICE LIMITED
STATEMENT OF FINANCIAL POSITION (continued)
31 March 2023
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 .
These financial statements were approved by the board of directors and authorised for issue on 12 September 2023 , and are signed on behalf of the board by:
Dr S Welch
Director
Company registration number: 10432961
FITZ PARK DENTAL PRACTICE 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 Croft Head Farm, Applethwaite, Keswick, Cumbria, CA12 4PN, England.
2. STATEMENT OF COMPLIANCE
These financial statements have been prepared in compliance with FRS 102 Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. ACCOUNTING POLICIES
(a) 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.
(b) Going concern
Following the challenges arising as a consequence of the Covid-19 pandemic in 2020/21, more latterly the UK economy has been impacted by rising inflation, interest rates and energy costs, exacerbated by the war in Ukraine. All these matters have impacted the company’s trading results to a greater or lesser extent. At the date of signing these financial statements, the directors have considered the effect of these matters on the company with the information available to it, and do not believe that it it will affect the ability of the company to continue to trade for the foreseeable future. On this basis, the directors have prepared these financial statements on a going concern basis.
(c) Revenue recognition
The revenue shown in the profit and loss account represents income receivable from dental treatments carried out during the period. Revenue in respect of dental treatment uncompleted at the year-end date is recognised by reference to the stage of completion.
(d) Current & deferred 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. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. 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 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.
(e) Goodwill
Goodwill arises on business acquisitions and represents the excess of the cost of the acquisition over the company's interest in the net amount of the identifiable assets, liabilities and contingent liabilities of the acquired business. Goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. It is amortised on a straight-line basis over its useful life. Where a reliable estimate of the useful life of goodwill or intangible assets cannot be made, the life is presumed not to exceed ten years.
(f) Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.
(g) 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:
Long leasehold property
-
10% reducing balance
Plant and machinery
-
25% reducing balance
Fixtures and fittings
-
25% reducing balance
Equipment
-
25% reducing balance
(h) 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.
(i) Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
(j) Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
(k) Government grants
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accrual model and the performance model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable. Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income and not deducted from the carrying amount of the asset. Under the performance model, where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a liability.
(l) Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
(m) 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.
(n) 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 9 (2022: 11 ).
5. INTANGIBLE ASSETS
Goodwill
£
Cost
At 1 April 2022 and 31 March 2023
700,000
----------
Amortisation
At 1 April 2022 and 31 March 2023
----------
Carrying amount
At 31 March 2023
700,000
----------
At 31 March 2022
700,000
----------
6. TANGIBLE ASSETS
Long leasehold property
Plant and machinery
Fixtures and fittings
Equipment
Total
£
£
£
£
£
Cost
At 1 April 2022
206
57,645
16,953
7,339
82,143
Additions
9,505
43,128
3,127
55,760
----
--------
--------
--------
----------
At 31 March 2023
206
67,150
60,081
10,466
137,903
----
--------
--------
--------
----------
Depreciation
At 1 April 2022
40
35,117
10,334
4,976
50,467
Charge for the year
16
8,008
12,437
1,372
21,833
----
--------
--------
--------
----------
At 31 March 2023
56
43,125
22,771
6,348
72,300
----
--------
--------
--------
----------
Carrying amount
At 31 March 2023
150
24,025
37,310
4,118
65,603
----
--------
--------
--------
----------
At 31 March 2022
166
22,528
6,619
2,363
31,676
----
--------
--------
--------
----------
7. DEBTORS
2023
2022
£
£
Trade debtors
4,002
3,333
Other debtors
7,223
7,912
--------
--------
11,225
11,245
--------
--------
8. CREDITORS: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
15,477
16,725
Trade creditors
35,570
137,409
Accruals and deferred income
3,300
3,300
Corporation tax
49,748
27,278
Social security and other taxes
2,029
289
Obligations under finance leases and hire purchase contracts
1,714
3,491
Directors current account
272,137
317,996
Other creditors
834
838
----------
----------
380,809
507,326
----------
----------
9. CREDITORS: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
82,256
189,768
Obligations under finance leases and hire purchase contracts
1,493
--------
----------
82,256
191,261
--------
----------
10. RELATED PARTY TRANSACTIONS
During the year the Director loaned the Company £ 272,137 (2022: £ 317,996 ). This loan was interest free and repayable upon demand.