1 April 2022 v2024.4.1 limited_company_frs_102_section_1a_v1_1_1 companies_houseSoftwarefalsetruetruetrueNo description of principal activityfalsetruexbrli:purexbrli:sharesiso4217:GBP074719992022-04-012023-03-31074719992023-03-31074719992022-03-3107471999core:WithinOneYear2023-03-3107471999core:WithinOneYear2022-03-3107471999core:AfterOneYear2023-03-3107471999core:AfterOneYear2022-03-3107471999core:ShareCapital2023-03-3107471999core:ShareCapital2022-03-3107471999core:RetainedEarningsAccumulatedLosses2023-03-3107471999core:RetainedEarningsAccumulatedLosses2022-03-3107471999bus:Director12022-04-012023-03-3107471999bus:Director22022-04-012023-03-3107471999bus:RegisteredOffice2022-04-012023-03-3107471999core:NetGoodwill2022-04-012023-03-3107471999core:Goodwill2022-04-012023-03-3107471999core:PlantMachinery2022-04-012023-03-3107471999core:FurnitureFittings2022-04-012023-03-3107471999core:OfficeEquipment2022-04-012023-03-31074719992021-04-012022-03-3107471999core:NetGoodwill2023-03-3107471999core:IntangibleAssetsOtherThanGoodwill2023-03-3107471999core:NetGoodwill2022-04-01074719992022-04-0107471999core:NetGoodwill2022-03-3107471999core:IntangibleAssetsOtherThanGoodwill2022-03-3107471999core:LandBuildings2022-04-0107471999core:PlantMachinery2022-04-0107471999core:LandBuildings2023-03-3107471999core:PlantMachinery2023-03-3107471999core:LandBuildings2022-03-3107471999core:PlantMachinery2022-03-310747199912022-04-012023-03-3107471999countries:EnglandWales2022-04-012023-03-3107471999bus:AuditExemptWithAccountantsReport2022-04-012023-03-3107471999bus:PrivateLimitedCompanyLtd2022-04-012023-03-3107471999bus:SmallEntities2022-04-012023-03-3107471999bus:FullAccounts2022-04-012023-03-31
Company registration number:
07471999
Victoria Street Dental Practice Ltd
Unaudited Filleted Financial Statements for the year ended
31 March 2023
Sandwell Accountancy Services Ltd
Certified Public Accountants
Old Bank Buildings, Upper High Street, Cradley Heath, West Midlands, B64 5HY, United Kingdom
Victoria Street Dental Practice Ltd
Report to the board of directors on the preparation of the unaudited statutory financial statements of Victoria Street Dental Practice Ltd
Year ended
31 March 2023
As described on the statement of financial position, the Board of Directors of
Victoria Street Dental Practice Ltd
are responsible for the preparation of the
financial statements
for the year ended
31 March 2023
, which comprise the income statement, statement of financial position and related notes.
You consider that the company is exempt from an audit under the Companies Act 2006.
In accordance with your instructions we have compiled these unaudited financial statements in order to assist you to fulfil your statutory responsibilities, from the accounting records and from information and explanations supplied to us.
Sandwell Accountancy Services Ltd
Certified Public Accountants
Old Bank Buildings
Upper High Street
Cradley Heath
West Midlands
B64 5HY
United Kingdom
Victoria Street Dental Practice Ltd
Statement of Financial Position
31 March 2023
20232022
Note££
Fixed assets    
Intangible assets 5
372,401
 
394,464
 
Tangible assets 6
64,663
 
59,651
 
437,064
 
454,115
 
Current assets    
Stocks
1,500
 
1,500
 
Debtors 7
421,098
 
526,963
 
Cash at bank and in hand
(22,772
)
12,328
 
399,826
 
540,791
 
Creditors: amounts falling due within one year 8
(58,870
)
(100,822
)
Net current assets
340,956
 
439,969
 
Total assets less current liabilities 778,020   894,084  
Creditors: amounts falling due after more than one year 9
(50,394
)
(174,900
)
Net assets excluding defined benefit pension plan balance 727,626   719,184  
Defined benefit pension liability -   (636 )
Net assets including defined benefit pension plan balance
727,626
 
718,548
 
Capital and reserves    
Called up share capital
2
 
2
 
Profit and loss account
727,624
 
718,546
 
Shareholders funds
727,626
 
718,548
 
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.
Directors' 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 directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These
financial statements
have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies’ regime.
In accordance with Section 444 of the Companies Act 2006, the income statement has not been delivered.
These
financial statements
were approved by the board of directors and authorised for issue on
13 February 2024
, and are signed on behalf of the board by:
Mr S Mroke
Mrs A Mroke
DirectorDirector
Company registration number:
07471999
Victoria Street Dental Practice Ltd
Notes to the Financial Statements
Year ended
31 March 2023

1 General information

The company is a private company limited by shares and is registered in England and Wales. The address of the registered office is
Old Bank Buildings
,
Upper High Street
,
Cradley Heath
,
B64 5HY
, United Kingdom.

2 Statement of compliance

These
financial statements
have been prepared in compliance with FRS 102 Section 1A, 'The Financial Reporting Standard applicable to the UK and Republic of Ireland'.

3 Accounting policies

Basis of preparation

The
financial statements
have been prepared on the historical cost basis, as modified by the revaluation of certain assets.
The
financial statements
are prepared in sterling, which is the functional currency of the company.

Turnover

Turnover is measured at the fair value of the consideration received or receivable for goods supplied, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer, usually on despatch of the goods; the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

Current tax

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.

Goodwill

Purchased goodwill arises on business acquisitions and represents the difference between the cost of acquisition and the fair values of the identifiable assets and liabilities acquired.
Goodwill is initially recorded at cost, and is subsequently stated at cost less any accumulated amortisation and accumulated impairment losses. It is amortised on a straight-line basis over the useful economic life of the asset. Where a reliable estimate of the useful life of goodwill cannot be made, the life is presumed not to exceed five years.

Intangible assets

Intangible assets are initially measured at cost and are subsequently measured at cost less any accumulated amortisation and accumulated impairment losses or at a revalued amount. However, Intangible assets acquired as part of a business combination are only recognised separately from goodwill when they arise from contractual or other legal rights, are separable, the expected future economic benefits are probable and the cost or value can be measured reliably.
Any intangible assets carried at a revalued amount are recorded at the fair value at the date of revaluation, as determined by reference to an active market, less any subsequent accumulated amortisation and subsequent accumulated impairment losses.
An increase in the carrying amount of an asset as a result of a revaluation is recognised in other comprehensive income and accumulated in capital and reserves. However, the increase is recognised in profit or loss to the extent that it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves. If a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess is recognised in profit or loss.
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful economic life of that asset as follows:
Goodwill
5% Straight Line

Tangible assets

Tangible assets are initially measured at cost, and are subsequently measured at cost less any accumulated depreciation and accumulated impairment losses or at a revalued amount.
Any tangible assets carried at a revalued amount are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
An increase in the carrying amount of an asset as a result of a revaluation is recognised in other comprehensive income and accumulated in capital and reserves. However, the increase is recognised in profit or loss to the extent that it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves. If a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess is recognised in profit or loss.
Depreciation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful economic life of that asset as follows:
Plant and machinery
20% Reducing Balance
Fixtures and fittings
20% Reducing Balance
Office equipment
20% Reducing Balance

Impairment

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 stocks to their present location and condition.

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 instruments are initially recognised at the transaction price and are subsequently measured as follows: Debt instruments are subsequently measured at amortised cost and commitments to receive a loan and to make a loan to another entity are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment.
All other financial instruments, including derivatives, are initially recognised at fair value, which is normally the transaction price and are subsequently measured at fair value, with any changes recognised in profit or loss.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately.
All equity instruments regardless of significance, and other financial assets that are individually significant, are assessed individually for impairment. Other financial assets or either assessed individually or grouped on the basis of similar credit risk characteristics.
Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.

Defined benefit pension plan

The entity recognises a net defined benefit pension asset or liability in the statement of financial position as the net total of the present value of its obligations and the fair value of plan assets out of which the obligations are to be settled. The defined benefit liability is measured on a discounted present value basis using a rate determined by reference to market yields at the reporting date on high quality corporate bonds. Defined benefit obligations and the related expenses are measured using the projected unit credit method. Plan surpluses are recognised as a defined benefit asset only to the extent that the surplus is recoverable either through reduced contributions in the future or through refunds from the plan. Plan deficits are recognised as a defined benefit liability to the extent it reflects a legal or constructive obligation.
Changes in the net defined benefit asset or liability arising from employee service are recognised in profit or loss as a current service cost where it relates to services in the current period and as a past service cost where it relates to services in prior periods. Costs relating to plan introductions, benefit changes, curtailments and settlements are recognised in profit or loss in the period in which they occur.
Net interest is determined by multiplying the net defined benefit liability by the discount rate, both as determined at the start of the reporting period, taking account of any changes in the net defined benefit liability during the period as a result of contribution and benefit payments. Net interest is recognised in profit or loss.

Defined contribution pension plan

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.

4 Average number of employees

The average number of persons employed by the company during the year was
8
(2022:
9
).

5 Intangible assets

GoodwillOther intangible assetsTotal
£££
Cost      
At
1 April 2022
and
31 March 2023
452,074
 
201,772
 
653,846
 
Amortisation      
At
1 April 2022
259,382
  -  
259,382
 
Charge
22,063
  -  
22,063
 
At
31 March 2023
281,445
  -  
281,445
 
Carrying amount      
At
31 March 2023
170,629
 
201,772
 
372,401
 
At 31 March 2022
192,692
 
201,772
 
394,464
 

6 Tangible assets

Land and buildingsPlant and machinery etc.Total
£££
Cost      
At
1 April 2022
17,915
 
116,689
 
134,604
 
Additions -  
16,600
 
16,600
 
At
31 March 2023
17,915
 
133,289
 
151,204
 
Depreciation      
At
1 April 2022
-  
74,953
 
74,953
 
Charge -  
11,588
 
11,588
 
At
31 March 2023
-  
86,541
 
86,541
 
Carrying amount      
At
31 March 2023
17,915
 
46,748
 
64,663
 
At 31 March 2022
17,915
 
41,736
 
59,651
 

7 Debtors

20232022
££
Trade debtors
(101,681
)
35,986
 
Other debtors
522,779
 
490,977
 
421,098
 
526,963
 

8 Creditors: amounts falling due within one year

20232022
££
Trade creditors
6,881
 
8,550
 
Taxation and social security
6,836
 
41,587
 
Other creditors
45,153
 
50,685
 
58,870
 
100,822
 

9 Creditors: amounts falling due after more than one year

20232022
££
Bank loans and overdrafts
50,394
 
92,163
 
Other creditors -  
82,737
 
50,394
 
174,900