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Registration number: 05971689

Cedar Clinic Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 30 June 2023

 

Cedar Clinic Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Financial Statements

4 to 11

 

Cedar Clinic Limited

Company Information

Directors

Dr N C Millhouse

Dr A Davidson

Registered office

9 Cedar Lane
Frimley
Surrey
GU16 7HT

Accountants

Jeremy Clark Accountants Ltd T/A AIMS
The Moat House
Sallow Lane
Wacton
Norwich
Norfolk
NR15 2UL

 

Cedar Clinic Limited

(Registration number: 05971689)
Balance Sheet as at 30 June 2023

Note

2023
£

2022
£

Fixed assets

 

Intangible assets

4

137,083

172,083

Tangible assets

5

15,865

21,709

 

152,948

193,792

Current assets

 

Stocks

6

2,768

2,817

Debtors

7

(86,735)

(47,066)

Cash at bank and in hand

 

212,701

201,910

 

128,734

157,661

Creditors: Amounts falling due within one year

8

(106,052)

(103,373)

Net current assets

 

22,682

54,288

Total assets less current liabilities

 

175,630

248,080

Creditors: Amounts falling due after more than one year

8

(164,487)

(189,662)

Provisions for liabilities

(3,441)

(3,638)

Net assets

 

7,702

54,780

Capital and reserves

 

Called up share capital

9

667

667

Retained earnings

7,035

54,113

Shareholders' funds

 

7,702

54,780

 

Cedar Clinic Limited

(Registration number: 05971689)
Balance Sheet as at 30 June 2023

For the financial year ending 30 June 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 29 November 2023 and signed on its behalf by:
 

.........................................
Dr N C Millhouse
Director

.........................................
Dr A Davidson
Director

 

Cedar Clinic Limited

Notes to the Financial Statements for the Year Ended 30 June 2023

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
9 Cedar Lane
Frimley
Surrey
GU16 7HT

These financial statements were authorised for issue by the Board on 29 November 2023.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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 and that are expected to apply to the reversal of the timing difference.

 

Cedar Clinic Limited

Notes to the Financial Statements for the Year Ended 30 June 2023

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant and machinery

25% reducing balance basis

Furniture and fittings

25% reducing balance basis

Office equipment

33% straight line basis

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

Over 20 years, the estimated useful life

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

 

Cedar Clinic Limited

Notes to the Financial Statements for the Year Ended 30 June 2023

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

 

Cedar Clinic Limited

Notes to the Financial Statements for the Year Ended 30 June 2023

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 7 (2022 - 7).

 

Cedar Clinic Limited

Notes to the Financial Statements for the Year Ended 30 June 2023

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 July 2022

700,000

700,000

At 30 June 2023

700,000

700,000

Amortisation

At 1 July 2022

527,917

527,917

Amortisation charge

35,000

35,000

At 30 June 2023

562,917

562,917

Carrying amount

At 30 June 2023

137,083

137,083

At 30 June 2022

172,083

172,083

5

Tangible assets

Furniture, fittings and equipment
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 July 2022

24,908

139,758

164,666

Additions

352

-

352

At 30 June 2023

25,260

139,758

165,018

Depreciation

At 1 July 2022

20,466

122,491

142,957

Charge for the year

1,681

4,515

6,196

At 30 June 2023

22,147

127,006

149,153

Carrying amount

At 30 June 2023

3,113

12,752

15,865

At 30 June 2022

4,442

17,267

21,709

6

Stocks

2023
£

2022
£

Other inventories

2,768

2,817

 

Cedar Clinic Limited

Notes to the Financial Statements for the Year Ended 30 June 2023

7

Debtors

Current

2023
£

2022
£

Trade debtors

5,064

878

Prepayments

1,440

1,680

Other debtors

(93,239)

(49,624)

 

(86,735)

(47,066)

 

Cedar Clinic Limited

Notes to the Financial Statements for the Year Ended 30 June 2023

8

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

10

22,209

21,670

Trade creditors

 

6,439

7,134

Taxation and social security

 

35,346

37,579

Accruals and deferred income

 

2,176

2,027

Other creditors

 

39,882

34,963

 

106,052

103,373

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

10

164,487

189,662

2023
£

2022
£

Due after more than five years

After more than five years by instalments

90,266

105,931

-

-

9

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary shares of £0.01 each

66,667

667

66,667

667

         

10

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Bank borrowings

164,487

189,662

 

Cedar Clinic Limited

Notes to the Financial Statements for the Year Ended 30 June 2023

2023
£

2022
£

Current loans and borrowings

Bank borrowings

22,209

21,670

Bank borrowings

Bank Loan is denominated in Sterling with a nominal interest rate of 4%, and the final instalment is due on 31 March 2034. The carrying amount at year end is £157,529 (2022 - £172,166).

CBILS Loan is denominated in Sterling with a nominal interest rate of 2.2%, and the final instalment is due on 31 May 2026. The carrying amount at year end is £29,167 (2022 - £39,167).

Included in the loans and borrowings are the following amounts due after more than five years: