Relate AccountsProduction v2.7.2 v2.7.2 2022-04-01 The company was not dormant during the period The company was trading for the entire period Unaudited Accounts The principal activity of the company is the provision of orthodontic services. 28 September 2023 5 4 NI628228 2023-03-31 NI628228 2022-03-31 NI628228 2021-03-31 NI628228 2022-04-01 2023-03-31 NI628228 2021-04-01 2022-03-31 NI628228 uk-bus:PrivateLimitedCompanyLtd 2022-04-01 2023-03-31 NI628228 uk-curr:PoundSterling 2022-04-01 2023-03-31 NI628228 uk-bus:AbridgedAccounts 2022-04-01 2023-03-31 NI628228 uk-core:ShareCapital 2023-03-31 NI628228 uk-core:ShareCapital 2022-03-31 NI628228 uk-core:RetainedEarningsAccumulatedLosses 2023-03-31 NI628228 uk-core:RetainedEarningsAccumulatedLosses 2022-03-31 NI628228 uk-core:TotalEquityAttributableToOwnersParentBeforeNon-controllingInterests 2023-03-31 NI628228 uk-core:TotalEquityAttributableToOwnersParentBeforeNon-controllingInterests 2022-03-31 NI628228 uk-bus:FRS102 2022-04-01 2023-03-31 NI628228 uk-core:Goodwill 2022-04-01 2023-03-31 NI628228 uk-core:LandBuildings 2022-04-01 2023-03-31 NI628228 uk-core:PlantMachinery 2022-04-01 2023-03-31 NI628228 uk-core:FurnitureFittingsToolsEquipment 2022-04-01 2023-03-31 NI628228 uk-core:Goodwill 2022-03-31 NI628228 uk-core:Goodwill 2023-03-31 NI628228 2022-04-01 2023-03-31 NI628228 uk-bus:Director1 2022-04-01 2023-03-31 NI628228 uk-bus:AuditExempt-NoAccountantsReport 2022-04-01 2023-03-31 xbrli:pure iso4217:GBP xbrli:shares
 
 
 
 
 
 
 
 
 
 
 
Oriel Orthodontics Ltd.
 
Abridged Unaudited Financial Statements
 
for the financial year ended 31 March 2023



Oriel Orthodontics Ltd.
Company Registration Number: NI628228
ABRIDGED BALANCE SHEET
as at 31 March 2023

2023 2022
Notes £ £
 
Fixed Assets
Tangible assets 6 7,935 13,069
───────── ─────────
 
Current Assets
Debtors - 1,198
Cash and cash equivalents 329,241 406,134
───────── ─────────
329,241 407,332
───────── ─────────
Creditors: amounts falling due within one year (24,140) (62,116)
───────── ─────────
Net Current Assets 305,101 345,216
───────── ─────────
Total Assets less Current Liabilities 313,036 358,285
═════════ ═════════
 
Capital and Reserves
Called up share capital 100 100
Retained earnings 312,936 358,185
───────── ─────────
Equity attributable to owners of the company 313,036 358,285
═════════ ═════════
 
The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A (Small Entities).
           
All of the members have consented to the preparation of abridged accounts in accordance with section 444(2A) of the Companies Act 2006.
           
The company has taken advantage of the exemption under section 444 not to file the Abridged Profit and Loss Account and Directors' Report.
For the financial year ended 31 March 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006.
           
The directors confirm that the members have not required the company to obtain an audit of its financial statements for the financial year in question in accordance with section 476 of the Companies Act 2006.
           
The directors acknowledge their responsibilities for ensuring that the company keeps accounting records which comply with section 386 and for preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of the financial year and of its profit and loss for the 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.
           
Approved by the Board and authorised for issue on 28 September 2023 and signed on its behalf by
           
           
________________________________          
Dónal Macauley          
Director          
           



Oriel Orthodontics Ltd.
NOTES TO THE ABRIDGED FINANCIAL STATEMENTS
for the financial year ended 31 March 2023

   
1. General Information
 
Oriel Orthodontics Ltd. is a private company limited by shares incorporated in Northern Ireland. 12 Donaghaguy Road, Warrenpoint, Co. Down, BT34 3RZ , Northern Ireland is the registered office, which is also the principal place of business of the company. The financial statements have been presented in Pound Sterling (£) which is also the functional currency of the company.
These financial statements cover the individual entity for the year ended 31st March 2023.
         
2. Summary of Significant Accounting Policies
 
The following accounting policies have been applied consistently in dealing with items which are considered material in relation to the company's financial statements.
 
Statement of compliance
The financial statements of the company for the year ended 31 March 2023 have been prepared in accordance with the provisions of FRS 102 Section 1A (Small Entities) and the Companies Act 2006. These are the company's first set of financial statements prepared in accordance with FRS 102.
 
Basis of preparation
The financial statements have been prepared on the going concern basis and in accordance with the historical cost convention except for certain properties and financial instruments that are measured at revalued amounts or fair values, as explained in the accounting policies below. Historical cost is generally based on the fair value of the consideration given in exchange for assets.
 
Turnover
Turnover comprises the invoice value of services supplied by the company, exclusive of trade discounts and value added tax.
 
Intangible assets
 
Goodwill
Purchased goodwill arising on the acquisition of a business represents the excess of the acquisition cost over the fair value of the identifiable net assets including other intangible fixed assets when they were acquired. Purchased goodwill is capitalised in the Balance Sheet and amortised on a straight line basis over its economic useful life of 5 years, which is estimated to be the period during which benefits are expected to arise.  On disposal of a business any goodwill not yet amortised is included in determining the profit or loss on sale of the business.
 
Tangible assets and depreciation
Tangible assets are stated at cost or at valuation, less accumulated depreciation. The charge to depreciation is calculated to write off the original cost or valuation of tangible assets, less their estimated residual value, over their expected useful lives as follows:
 
  Land and buildings freehold - 4% Straight line
  Plant and machinery - 15% Straight line
  Fixtures, fittings and equipment - 20% Straight line
 
The carrying values of tangible fixed assets are reviewed annually for impairment in periods if events or changes in circumstances indicate the carrying value may not be recoverable.
 
Leasing and hire purchases
Tangible assets held under leasing and Hire Purchases arrangements which transfer substantially all the risks and rewards of ownership to the company are capitalised and included in the Balance Sheet at their cost or valuation, less depreciation. The corresponding commitments are recorded as liabilities. Payments in respect of these obligations are treated as consisting of capital and interest elements, with interest charged to the Profit and Loss Account.
 
Trade and other debtors
Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.
 
Cash and cash equivalents
Cash and cash equivalents comprise cash at bank and in hand, demand deposits with banks and other short-term highly liquid investments with original maturities of three months or less and bank overdrafts. In the Abridged Balance Sheet bank overdrafts are shown within Creditors.
 
Trade and other creditors
Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.
 
Taxation
Current tax represents the amount expected to be paid or recovered in respect of taxable profits for the financial year and is calculated using the tax rates and laws that have been enacted or substantially enacted at the Balance Sheet date.
 
Government grants
Capital grants received and receivable are treated as deferred income and amortised to the Profit and Loss Account annually over the useful economic life of the asset to which it relates. Revenue grants are credited to the Profit and Loss Account when received.
 
Foreign currencies
Monetary assets and liabilities denominated in foreign currencies are translated at the rates of exchange ruling at the Balance Sheet date. Non-monetary items that are measured in terms of historical cost in a foreign currency are translated at the rates of exchange ruling at the date of the transaction. Non-monetary items that are measured at fair value in a foreign currency are translated using the exchange rates at the date when the fair value was determined. The resulting exchange differences are dealt with in the Profit and Loss Account.
 
Ordinary share capital
The ordinary share capital of the company is presented as equity.
   
3. Adoption of FRS 102 Section 1A
 
This is the first set of financial statements prepared by Oriel Orthodontics Ltd. in accordance with accounting standards issued by the Financial Reporting Council, including FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” Section 1A (Small Entities). The company transitioned from previously extant Irish and UK GAAP to FRS 102 Section 1A as at 1 April 2021.
       
4. Employees
 
The average monthly number of employees, including directors, during the year was:
 
  2023 2022
  Number Number
 
Employees 5 4
  ═════════ ═════════
     
5. Intangible assets
   
  Goodwill
  £
Cost
At 1 April 2022 10,000
  ─────────
 
At 31 March 2023 10,000
  ─────────
Amortisation
 
At 31 March 2023 10,000
  ─────────
Net book value
At 31 March 2023 -
  ═════════
           
6. Tangible assets
  Land and Plant and Fixtures, Total
  buildings machinery fittings and  
  freehold   equipment  
  £ £ £ £
Cost
At 1 April 2022 3,314 77,076 48,386 128,776
  ───────── ───────── ───────── ─────────
 
At 31 March 2023 3,314 77,076 48,386 128,776
  ───────── ───────── ───────── ─────────
Depreciation
At 1 April 2022 719 68,517 46,471 115,707
Charge for the financial year 133 4,317 684 5,134
  ───────── ───────── ───────── ─────────
At 31 March 2023 852 72,834 47,155 120,841
  ───────── ───────── ───────── ─────────
Net book value
At 31 March 2023 2,462 4,242 1,231 7,935
  ═════════ ═════════ ═════════ ═════════
At 31 March 2022 2,595 8,559 1,915 13,069
  ═════════ ═════════ ═════════ ═════════