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Registration number: 05999297

Coach House Dental Practice Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 30 June 2023

 

Coach House Dental Practice Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 11

 

Coach House Dental Practice 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

 

Coach House Dental Practice Limited

(Registration number: 05999297)
Balance Sheet as at 30 June 2023

Note

2023
£

2022
£

Fixed assets

 

Intangible assets

4

244,792

307,292

Tangible assets

5

140,796

144,033

 

385,588

451,325

Current assets

 

Stocks

6

8,964

12,033

Debtors

7

9,900

14,901

Cash at bank and in hand

 

165,037

122,327

 

183,901

149,261

Creditors: Amounts falling due within one year

8

(107,299)

(126,092)

Net current assets

 

76,602

23,169

Total assets less current liabilities

 

462,190

474,494

Creditors: Amounts falling due after more than one year

8

(254,164)

(276,848)

Provisions for liabilities

(13,389)

(7,844)

Net assets

 

194,637

189,802

Capital and reserves

 

Called up share capital

9

820

820

Retained earnings

193,817

188,982

Shareholders' funds

 

194,637

189,802

 

Coach House Dental Practice Limited

(Registration number: 05999297)
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

 

Coach House Dental Practice Limited

Notes to the Unaudited 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 & 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.

 

Coach House Dental Practice Limited

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

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.

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

Fixtures 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 esimated 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.

 

Coach House Dental Practice Limited

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

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.

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.

 

Coach House Dental Practice Limited

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

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.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 11 (2022 - 11).

 

Coach House Dental Practice Limited

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

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 July 2022

1,250,000

1,250,000

At 30 June 2023

1,250,000

1,250,000

Amortisation

At 1 July 2022

942,708

942,708

Amortisation charge

62,500

62,500

At 30 June 2023

1,005,208

1,005,208

Carrying amount

At 30 June 2023

244,792

244,792

At 30 June 2022

307,292

307,292

5

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 July 2022

47,615

101,209

220,058

368,882

Additions

9,017

-

23,445

32,462

At 30 June 2023

56,632

101,209

243,503

401,344

Depreciation

At 1 July 2022

41,670

1,687

181,492

224,849

Charge for the year

5,194

14,928

15,577

35,699

At 30 June 2023

46,864

16,615

197,069

260,548

Carrying amount

At 30 June 2023

9,768

84,594

46,434

140,796

At 30 June 2022

5,945

99,522

38,566

144,033

6

Stocks

2023
£

2022
£

Other inventories

8,964

12,033

 

Coach House Dental Practice Limited

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

7

Debtors

Current

2023
£

2022
£

Trade debtors

5,499

8,849

Prepayments

1,874

4,035

Other debtors

2,527

2,017

 

9,900

14,901

 

Coach House Dental Practice Limited

Notes to the Unaudited 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

22,504

22,111

Trade creditors

 

52,185

53,011

Taxation and social security

 

78,603

46,913

Accruals and deferred income

 

2,812

2,255

Other creditors

 

(48,805)

1,802

 

107,299

126,092

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

10

254,164

276,848

2023
£

2022
£

Due after more than five years

After more than five years by instalments

114,398

134,998

-

-

9

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary shares of £0.01 each

81,980

820

81,980

820

         

10

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Bank borrowings

254,164

276,848

 

Coach House Dental Practice Limited

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

2023
£

2022
£

Current loans and borrowings

Bank borrowings

22,504

22,111

Bank borrowings

Bank loan is denominated in Sterling with a nominal interest rate of 4%, and the final instalment is due on 30 November 2035. The carrying amount at year end is £203,376 (2022 - £218,358).