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REGISTERED NUMBER: 10475951 (England and Wales)















Financial Statements for the Year Ended 31 March 2023

for

Target Dental Limited

Target Dental Limited (Registered number: 10475951)






Contents of the Financial Statements
for the Year Ended 31 March 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Target Dental Limited

Company Information
for the Year Ended 31 March 2023







DIRECTORS: Dr M P Brown
Dr A J Renshaw





REGISTERED OFFICE: 69 Boroughgate
Otley
LS21 1AG





REGISTERED NUMBER: 10475951 (England and Wales)





ACCOUNTANTS: Richard Smedley Limited
Chartered Accountants & Registered Auditors
Richmond House
Lawnswood Business Park
Redvers Close
Leeds
West Yorkshire
LS16 6QY

Target Dental Limited (Registered number: 10475951)

Balance Sheet
31 March 2023

31.3.23 31.3.22
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 6,163,997 3,145,147
Tangible assets 5 518,367 217,729
Investments 6 - 351,829
6,682,364 3,714,705

CURRENT ASSETS
Stocks 6,000 4,000
Debtors 7 278,244 27,109
Cash at bank and in hand 410,970 283,585
695,214 314,694
CREDITORS
Amounts falling due within one year 8 599,436 487,378
NET CURRENT ASSETS/(LIABILITIES) 95,778 (172,684 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

6,778,142

3,542,021

CREDITORS
Amounts falling due after more than one
year

9

(5,558,212

)

(2,670,408

)

PROVISIONS FOR LIABILITIES (128,916 ) (45,684 )
NET ASSETS 1,091,014 825,929

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings 1,090,914 825,829
1,091,014 825,929

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

Target Dental Limited (Registered number: 10475951)

Balance Sheet - continued
31 March 2023


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

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 13 November 2023 and were signed on its behalf by:




Dr A J Renshaw - Director



Dr M P Brown - Director


Target Dental Limited (Registered number: 10475951)

Notes to the Financial Statements
for the Year Ended 31 March 2023

1. STATUTORY INFORMATION

Target Dental Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover represents fees receivable from the provision of dental services.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of various dental practices, is being amortised evenly over its estimated useful life of fifteen years.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery - 15% on reducing balance
Fixtures and fittings - 15% on reducing balance
Motor vehicles - 25% on reducing balance
Computer equipment - 25% on reducing balance

Investments in subsidiaries
Investments in subsidiary undertakings are recognised at cost.

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Financial instruments
Basic financial instruments are recognised at amortised cost, derivative financial instruments are initially recorded at cost and thereafter at fair value with changes recognised in profit or loss.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


Target Dental Limited (Registered number: 10475951)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2023

2. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 64 (2022 - 42 ) .

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 April 2022 3,787,724
Additions 3,153,205
Reclassification/transfer 351,829
At 31 March 2023 7,292,758
AMORTISATION
At 1 April 2022 642,577
Charge for year 486,184
At 31 March 2023 1,128,761
NET BOOK VALUE
At 31 March 2023 6,163,997
At 31 March 2022 3,145,147

Target Dental Limited (Registered number: 10475951)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2023

5. TANGIBLE FIXED ASSETS
Improvements Fixtures
to Plant and and
property machinery fittings
£    £    £   
COST
At 1 April 2022 - 106,254 38,688
Additions 1,735 281,489 120,896
At 31 March 2023 1,735 387,743 159,584
DEPRECIATION
At 1 April 2022 - 26,127 14,568
Charge for year 174 54,245 21,750
At 31 March 2023 174 80,372 36,318
NET BOOK VALUE
At 31 March 2023 1,561 307,371 123,266
At 31 March 2022 - 80,127 24,120

Motor Computer
vehicles equipment Totals
£    £    £   
COST
At 1 April 2022 179,975 28,782 353,699
Additions - 1,411 405,531
At 31 March 2023 179,975 30,193 759,230
DEPRECIATION
At 1 April 2022 78,739 16,536 135,970
Charge for year 25,309 3,415 104,893
At 31 March 2023 104,048 19,951 240,863
NET BOOK VALUE
At 31 March 2023 75,927 10,242 518,367
At 31 March 2022 101,236 12,246 217,729

Target Dental Limited (Registered number: 10475951)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2023

6. FIXED ASSET INVESTMENTS
Shares in
group
undertakings
£   
COST
At 1 April 2022 351,829
Reclassification/transfer (351,829 )
At 31 March 2023 -
NET BOOK VALUE
At 31 March 2023 -
At 31 March 2022 351,829

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.23 31.3.22
£    £   
Trade debtors 25,584 8,924
Other debtors 252,660 18,185
278,244 27,109

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.23 31.3.22
£    £   
Bank loans and overdrafts 81,000 98,921
Hire purchase contracts (see note 10) 46,661 20,743
Trade creditors 353,822 161,126
Taxation and social security 101,015 115,232
Other creditors 16,938 91,356
599,436 487,378

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31.3.23 31.3.22
£    £   
Bank loans 972,826 1,035,327
Hire purchase contracts (see note 10) 220,572 130,139
Other creditors 4,364,814 1,504,942
5,558,212 2,670,408

Amounts falling due in more than five years:

Repayable by instalments
Lloyds bank loan 667,159 620,643

Target Dental Limited (Registered number: 10475951)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2023

10. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts
31.3.23 31.3.22
£    £   
Net obligations repayable:
Within one year 46,661 20,743
Between one and five years 220,572 130,139
267,233 150,882

Non-cancellable operating leases
31.3.23 31.3.22
£    £   
Within one year 106,825 28,000
Between one and five years 243,050 112,000
In more than five years 256,756 154,000
606,631 294,000

11. SECURED DEBTS

The following secured debts are included within creditors:

31.3.23 31.3.22
£    £   
Bank loans 1,053,826 1,134,248

Lloyds Bank loans are secured against the leasehold properties at 64 The Grove, Ilkley, 1 Myrtle Avenue, Bingley and 25 High Street, Yeadon.

Lloyds Bank PLC also holds fixed and floating charges over the company and all property and assets present and future.