Company registration number 04947115 (England and Wales)
Horbury Dental Laboratories Limited
Unaudited
financial statements
for the year ended 31 March 2023
PAGES FOR FILING WITH REGISTRAR
Horbury Dental Laboratories Limited
Contents
Page
Statement of financial position
1 - 2
Notes to the financial statements
3 - 5
Horbury Dental Laboratories Limited
Statement Of Financial Position
as at 31 March 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Intangible assets
3
9,000
12,000
Tangible assets
4
222,673
210,598
Investment properties
5
145,445
145,445
377,118
368,043
Current assets
Stocks
10,000
10,000
Debtors
55,546
71,982
Cash at bank and in hand
143,513
148,994
209,059
230,976
Creditors: amounts falling due within one year
(136,518)
(121,689)
Net current assets
72,541
109,287
Total assets less current liabilities
449,659
477,330
Provisions for liabilities
6
(13,045)
(11,513)
Net assets
436,614
465,817
Capital and reserves
Called up share capital
105
105
Profit and loss reserves
436,509
465,712
Total equity
436,614
465,817
Horbury Dental Laboratories Limited
Statement Of Financial Position (continued)
as at 31 March 2023
- 2 -
In accordance with section 444 of the Companies Act 2006, all of the members of the company have consented to the preparation of abridged financial statements pursuant to paragraph 1A of Schedule 1 to the Small Companies and Groups (Accounts and Directors’ Report) Regulations (SI 2008/409)(b).
The directors of the company have elected not to include a copy of the income statement within the financial statements.true
For the financial year ended 31 March 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their 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.
The financial statements were approved by the board of directors and authorised for issue on 18 November 2023 and are signed on its behalf by:
K Whitehead
Director
Company Registration No. 04947115
Horbury Dental Laboratories Limited
Notes to the financial statements
for the year ended 31 March 2023
- 3 -
1
Accounting policies
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.
Turnover
Turnover represents the total invoice value of sales made during the year. Turnover is recognised on despatch of goods to the customer.
The total turnover of the company for the year has been derived from its principal activity wholly undertaken in the
Intangible fixed assets - goodwill
Goodwill is recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is 10 years.
Tangible fixed assets
Tangible fixed assets are measured at cost less depreciation.
Depreciation is recognised so as to write off the cost of assets less their residual values over their useful lives on the following bases:
Land and buildings Freehold
No depreciation
Plant and machinery
10% per annum on a reducing balance basis
Fixtures, fittings & equipment
10% per annum on a reducing balance basis
Motor vehicles
25% per annum on a reducing balance basis
Investment property
Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. The surplus or deficit on revaluation is recognised in profit or loss.
Stocks
Stocks are stated at the lower of cost and net realisable value.
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Horbury Dental Laboratories Limited
Notes to the financial statements (continued)
for the year ended 31 March 2023
1
Accounting policies
(continued)
- 4 -
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement 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 is recognised on all timing differences between the carrying amount of of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. The carrying amount of deferred tax assets is reviewed at the end of each reporting period 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 assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is then settled or the asset realised, based on the tax rates that have been enacted or substantively enacted by the end of the reporting period.
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
Government grants
Government grants relate to Coronavirus Job Retention Scheme (CJRS) funding of staff who have been furloughed due to Covid-19. These revenue-based grants are recognised over the same period in which the related costs are incurred.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
9
9
3
Intangible fixed assets
Goodwill
£
Cost
At 1 April 2022 and 31 March 2023
30,000
Amortisation and impairment
At 1 April 2022
18,000
Amortisation charged for the year
3,000
At 31 March 2023
21,000
Carrying amount
At 31 March 2023
9,000
At 31 March 2022
12,000
Horbury Dental Laboratories Limited
Notes to the financial statements (continued)
for the year ended 31 March 2023
- 5 -
4
Tangible fixed assets
Land and buildings Freehold
Plant and machinery
Fixtures, fittings & equipment
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 April 2022
150,000
47,834
36,673
19,852
254,359
Additions
20,492
20,492
At 31 March 2023
170,492
47,834
36,673
19,852
274,851
Depreciation and impairment
At 1 April 2022
10,700
28,925
4,136
43,761
Depreciation charged in the year
3,713
775
3,929
8,417
At 31 March 2023
14,413
29,700
8,065
52,178
Carrying amount
At 31 March 2023
170,492
33,421
6,973
11,787
222,673
At 31 March 2022
150,000
37,134
7,748
15,716
210,598
5
Investment property
2023
£
Fair value
At 1 April 2022 and 31 March 2023
145,445
The investment property is valued at an arms-length market value of £145,445. In the opinion of the directors the value of the investment property remains valid as at 31 March 2023.
6
Provisions for liabilities
2023
2022
£
£
Deferred tax liabilities
13,045
11,513
7
Company information
Horbury Dental Laboratories Limited is a private company limited by shares incorporated in England and Wales. The registered office is 25 Queen Street, Horbury, Wakefield, West Yorkshire, United Kingdom, WF4 6LP.