Company Registration No. 9040540 (England and Wales)
WICKHAM MARKET DENTAL PRACTICE LIMITED
ANNUAL REPORT AND
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
PAGES FOR FILING WITH REGISTRAR
WICKHAM MARKET DENTAL PRACTICE LIMITED
COMPANY INFORMATION
Director
Dr Y K Saeed
Company number
9040540
Registered office
2 Crown House
Crown Lane
Wickham Market
Woodbridge
Suffolk
United Kingdom
IP13 0SA
WICKHAM MARKET DENTAL PRACTICE LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 6
WICKHAM MARKET DENTAL PRACTICE LIMITED
BALANCE SHEET
AS AT
31 MARCH 2023
31 March 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
4
70,455
36,579
Current assets
Debtors
5
299,520
273,978
Cash at bank and in hand
65,700
84,643
365,220
358,621
Creditors: amounts falling due within one year
6
(127,489)
(97,266)
Net current assets
237,731
261,355
Total assets less current liabilities
308,186
297,934
Creditors: amounts falling due after more than one year
7
(80,472)
(102,010)
Provisions for liabilities
(10,345)
(9,012)
Net assets
217,369
186,912
Capital and reserves
Called up share capital
10
10
Profit and loss reserves
217,359
186,902
Total equity
217,369
186,912
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true
WICKHAM MARKET DENTAL PRACTICE LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 MARCH 2023
31 March 2023
- 2 -
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 director acknowledges his 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 and signed by the director and authorised for issue on 24 November 2023
Dr Y K Saeed
Director
Company Registration No. 9040540
WICKHAM MARKET DENTAL PRACTICE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
- 3 -
1
Accounting policies
Company information
Wickham Market Dental Practice Limited is a private company limited by shares incorporated in England and Wales. The registered office is 2 Crown House, Crown Lane, Wickham Market, Woodbridge, Suffolk, United Kingdom, IP13 0SA.
1.1
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.
1.2
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, being dental services.
1.3
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Plant and machinery
15% on a reducing balance
Computer equipment
25% on a reducing balance
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.4
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recognised in profit or loss immediately, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk.
1.5
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
WICKHAM MARKET DENTAL PRACTICE 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 profit and loss account 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 liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date 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 is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.6
Government grants
Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.
A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
8
6
WICKHAM MARKET DENTAL PRACTICE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 5 -
3
Intangible fixed assets
Goodwill
£
Cost
At 1 April 2022 and 31 March 2023
598,000
Amortisation and impairment
At 1 April 2022 and 31 March 2023
598,000
Carrying amount
At 31 March 2023
At 31 March 2022
4
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 April 2022
57,321
Additions
39,867
At 31 March 2023
97,188
Depreciation and impairment
At 1 April 2022
20,742
Depreciation charged in the year
5,991
At 31 March 2023
26,733
Carrying amount
At 31 March 2023
70,455
At 31 March 2022
36,579
5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
535
14,422
Other debtors
298,985
259,556
299,520
273,978
WICKHAM MARKET DENTAL PRACTICE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 6 -
6
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans
47,197
47,645
Trade creditors
37,322
Corporation tax
36,276
39,394
Other taxation and social security
611
Other creditors
6,083
10,227
127,489
97,266
7
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
80,472
102,010