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COMPANY REGISTRATION NUMBER: SC388226
Vermilion - The Smile Experts Limited
Filleted Unaudited Financial Statements
For the year ended
31 March 2023
Vermilion - The Smile Experts Limited
Statement of Financial Position
31 March 2023
2023
2022
Note
£
£
£
Fixed assets
Tangible assets
5
792,600
554,602
Investments
6
36,000
---------
---------
792,600
590,602
Current assets
Stocks
36,076
42,304
Debtors
7
290,433
282,043
Cash at bank and in hand
499,762
385,689
---------
---------
826,271
710,036
Creditors: amounts falling due within one year
8
914,457
771,583
---------
---------
Net current liabilities
88,186
61,547
---------
---------
Total assets less current liabilities
704,414
529,055
Creditors: amounts falling due after more than one year
9
126,711
15,954
Provisions
128,348
73,691
---------
---------
Net assets
449,355
439,410
---------
---------
Capital and reserves
Called up share capital
10
60
68
Share premium account
94,932
94,932
Capital redemption reserve
8
Profit and loss account
354,355
344,410
---------
---------
Shareholders funds
449,355
439,410
---------
---------
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 comprehensive income has not been delivered.
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 .
Vermilion - The Smile Experts Limited
Statement of Financial Position (continued)
31 March 2023
These financial statements were approved by the board of directors and authorised for issue on 19 November 2023 , and are signed on behalf of the board by:
Dr D J Offord
Director
Company registration number: SC388226
Vermilion - The Smile Experts 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 Scotland. The address of the registered office is Vantage Point, 24 St Johns Road, Edinburgh, EH12 6NZ, United Kingdom.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
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. Going Concern The financial statements have been prepared on a going concern basis. The directors have assessed the Company's ability to continue as a going concern and have reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future. Thus they continue to adopt the going concern basis of accounting in preparing the financial statements. Revenue recognition Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for services rendered. Revenue from contracts for the provision of services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered. Income 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. Operating leases Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis. Tangible assets Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. 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:
Short leasehold property - 15 years straight line
Fixtures and fittings - 6 years straight line
Equipment - 3 years straight line
Assets under construction are not depreciated until such time as the asset is complete and available for use. Investments Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses. 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.
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.
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.
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.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial assets, which include trade and other debtors, taxes receivable and cash at bank, are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Basic financial liabilities, which include trade and other creditors, bank and other loans and taxes due are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. At each reporting date the company assesses whether there is objective evidence that any financial asset has been impaired. A provision for impairment is established when there is objective evidence that the company will not be able to collect all amounts due. The amount of the provision is recognised immediately in profit or loss.
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 33 (2022: 30 ).
5. Tangible assets
Short leasehold property
Fixtures and fittings
Equipment
Assets under construction
Total
£
£
£
£
£
Cost
At 1 April 2022
460,134
934,319
7,848
1,402,301
Additions
23,790
286,614
9,010
33,224
352,638
---------
------------
--------
--------
------------
At 31 March 2023
483,924
1,220,933
16,858
33,224
1,754,939
---------
------------
--------
--------
------------
Depreciation
At 1 April 2022
252,579
594,027
1,093
847,699
Charge for the year
37,297
73,208
4,135
114,640
---------
------------
--------
--------
------------
At 31 March 2023
289,876
667,235
5,228
962,339
---------
------------
--------
--------
------------
Carrying amount
At 31 March 2023
194,048
553,698
11,630
33,224
792,600
---------
------------
--------
--------
------------
At 31 March 2022
207,555
340,292
6,755
554,602
---------
------------
--------
--------
------------
6. Investments
Shares in participating interests
£
Cost
At 1 April 2022
36,000
Disposals
( 36,000)
--------
At 31 March 2023
--------
Impairment
At 1 April 2022 and 31 March 2023
--------
Carrying amount
At 31 March 2023
--------
At 31 March 2022
36,000
--------
The company held investment in Vermilion Orthodontics Limited, a company registered in Scotland. The directors of Vermilion Orthodontics Limited took the decision to wind up the company, and the company was dissolved on 11 July 2023.
7. Debtors
2023
2022
£
£
Amounts owed by group undertakings and undertakings in which the company has a participating interest
4,446
Other debtors
290,433
277,597
---------
---------
290,433
282,043
---------
---------
8. Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
3,666
10,813
Trade creditors
210,358
120,928
Corporation tax
41,525
71,529
Social security and other taxes
17,187
18,345
Other creditors
641,721
549,968
---------
---------
914,457
771,583
---------
---------
Included in Other creditors are hire purchase liabilities of £69,979 (2022: £43,610) which are secured over the assets to which they relate.
9. Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
3,666
Other creditors
126,711
12,288
---------
--------
126,711
15,954
---------
--------
Included in Other creditors are hire purchase liabilities of £126,711 (2022: £12,288) which are secured over the assets to which they relate.
10. Called up share capital
Issued, called up and fully paid
2023
2022
No.
£
No.
£
Ordinary shares of £ 0.001 each
60,000
60
67,927
68
--------
----
--------
----
On 7 September 2022, £7,927 shares in the company were purchased from shareholders for a total of £179,000. The shares were then immediately cancelled.
11. Capital commitments
Capital expenditure contracted for but not provided for in the financial statements is as follows:
2023
2022
£
£
Tangible assets
457,900
---------
----
12. Operating leases
The total future minimum lease payments under non-cancellable operating leases are as follows:
2023
2022
£
£
Not later than 1 year
83,409
83,409
Later than 1 year and not later than 5 years
117,805
165,656
Later than 5 years
16,049
---------
---------
201,214
265,114
---------
---------
Subsequent to the year end, the company entered into a new lease. The amount payable in less than one year is £15,572. The amount payable in years 2 to 5 is £249,152. The amount payable later than 5 years is £311,440.
13. Events after the end of the reporting period
In April 2023, the company committed to a capital contract worth £457,900.
14. Director's advances, credits and guarantees
During the year the director entered into the following advances and credits with the company:
2023
Balance brought forward
Advances/ (credits) to the director
Balance outstanding
£
£
£
Dr D J Offord
20,721
17,520
38,241
--------
--------
--------
2022
Balance brought forward
Advances/ (credits) to the director
Balance outstanding
£
£
£
Dr D J Offord
9,578
11,143
20,721
-------
--------
--------
The director's loan attracts interest at 2% per annum and is repayable on demand.