Registered number
12471352
Usmile Practice Ltd
Filleted Accounts
31 March 2023
Usmile Practice Ltd
Registered number: 12471352
Balance Sheet
as at 31 March 2023
Notes 2023 2022
£ £ £ £
Fixed assets
Intangible assets 3 664,722 664,722
Tangible assets 4 51,708 25,718
716,430 690,440
Current assets
Stocks 2,000 2,000
Debtors 5 30,749 31,789
Cash at bank and in hand 166,435 93,718
199,184 127,507
Creditors: amounts falling due within one year 6 (167,928) (146,920)
Net current assets/(liabilities) 31,256 (19,413)
Total assets less current liabilities 747,686 671,027
Creditors: amounts falling due after more than one year 7 (322,065) (363,148)
Net assets 425,621 307,879
Capital and reserves
Called up share capital 100 100
Profit and loss account 425,521 307,779
Shareholders' funds 425,621 307,879
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
L Khosa
Director
Approved by the board on 8 November 2023
Usmile Practice Ltd
Notes to the Accounts
for the year ended 31 March 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Fixtures, fittings, tools and equipment 20% reducing balance
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 9 10
3 Intangible fixed assets £
Goodwill:
Cost
At 1 April 2022 664,722
At 31 March 2023 664,722
Amortisation
At 31 March 2023 -
Net book value
At 31 March 2023 664,722
At 31 March 2022 664,722
4 Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 April 2022 29,236
Additions 36,377
At 31 March 2023 65,613
Depreciation
At 1 April 2022 3,518
Charge for the year 10,387
At 31 March 2023 13,905
Net book value
At 31 March 2023 51,708
At 31 March 2022 25,718
5 Debtors 2023 2022
£ £
Trade debtors 30,749 30,025
Other debtors - 1,764
30,749 31,789
6 Creditors: amounts falling due within one year 2023 2022
£ £
Bank loans and overdrafts 72,468 64,068
Obligations under finance lease and hire purchase contracts 6,694 -
Trade creditors 30,487 14,352
Taxation and social security costs 56,906 68,500
Other creditors 1,373 -
167,928 146,920
7 Creditors: amounts falling due after one year 2023 2022
£ £
Bank loans 301,426 363,148
Obligations under finance lease and hire purchase contracts 20,639 -
322,065 363,148
8 Loans to directors
Description and conditions B/fwd Paid Repaid C/fwd
£ £ £ £
J G Bater
Directors loan 1,581 127,046 (130,000) (1,373)
1,581 127,046 (130,000) (1,373)
9 Other information
Usmile Practice Ltd is a private company limited by shares and incorporated in England. Its registered office is:
21 Hillsboro Place
Porthcawl
Mid Glamorgan
CF36 3BH
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