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Registration number: 06671387

Seddon Dental Implant Practice Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 March 2023

 

Seddon Dental Implant Practice Limited

Contents

Company Information

1

Director's Report

2

Balance Sheet

3

Notes to the Unaudited Financial Statements

4 to 11

 

Seddon Dental Implant Practice Limited

Company Information

Director

I R Seddon

Registered office

70 Monnow Street
Monmouth
Wales
NP25 3EN

Accountants

Hazlewoods LLP
Staverton Court
Staverton
Cheltenham
GL51 0UX

 

Seddon Dental Implant Practice Limited

Director's Report for the Year Ended 31 March 2023

The director presents his report and the financial statements for the year ended 31 March 2023.

Directors of the company

The directors who held office during the year were as follows:

I R Seddon

Mrs K A Bafico (ceased 21 September 2023)

Principal activity

The principal activity of the company is the provision of specialist dental implant services.

Small companies provision statement

This report has 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.

Approved by the director on 5 March 2024 and signed on its behalf by:


I R Seddon
Director

 

Seddon Dental Implant Practice Limited

(Registration number: 06671387)
Balance Sheet as at 31 March 2023

Note

2023
 £

2022
 £

Fixed assets

 

Intangible assets

4

81,032

96,226

Tangible assets

5

115,679

109,166

 

196,711

205,392

Current assets

 

Stocks

73,755

3,755

Debtors

6

1,137,783

1,102,543

Cash at bank and in hand

 

4

293

 

1,211,542

1,106,591

Creditors: Amounts falling due within one year

7

(339,145)

(383,564)

Net current assets

 

872,397

723,027

Total assets less current liabilities

 

1,069,108

928,419

Creditors: Amounts falling due after more than one year

7

(392,516)

(423,762)

Deferred tax liabilities

(28,242)

-

Net assets

 

648,350

504,657

Capital and reserves

 

Called up share capital

100

100

Profit and loss account

648,250

504,557

Total equity

 

648,350

504,657

For the financial 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 accounts for the year in question in accordance with section 476; and

The director acknowledges his 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 director on 5 March 2024
 


I R Seddon
Director

 

Seddon Dental Implant Practice Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 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 and principle place of business is:
70 Monnow Street
Monmouth
Wales
NP25 3EN

 

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 for, where disclosed in these accounting policies, certain items that are shown at fair value.

The presentational currency of the financial statements is Pounds Sterling, being the functional currency of the primary economic environment in which the company operates. Monetary amounts in these financial statements are rounded to the nearest Pound.

Critical accounting judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.
 

Key sources of estimation uncertainty

No key sources of estimation uncertainty have been identified by management in preparing these financial statements other than those detailed in these accounting policies.

Revenue recognition

Turnover represents amounts receivable for dental implant services supplied.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in the profit and loss account, except that a charge 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 income tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the company. Deferred income tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

 

Seddon Dental Implant Practice Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 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

Furniture, fittings and equipment

25% of written down value

Motor vehicles

25% of written down value

Goodwill

Purchased goodwill is capitalised and written off in equal annual instalments over twenty years. The directors
believe this is a reasonable estimate of its useful economic life due to the reputation of the company and its
dental practice referral base.

Trade debtors

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

Trade debtors are recognised initially at the transaction price. All trade debtors are repayable within one year and hence are included at the undiscounted cost of cash expected to be received. 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 debtors.

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 all are repayable within one year and hence are included at the undiscounted amount of cash expected to be paid.

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.

 

Seddon Dental Implant Practice Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

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.

 

Seddon Dental Implant Practice Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

Financial instruments


Classification
Financial instruments are classified and accounted for according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Where shares are issued, any component that creates a financial liability of the company is presented as a liability on the balance sheet. The corresponding dividends relating to the liability component are charged as interest expenses in the profit and loss account.

 Recognition and measurement
All financial assets and liabilities are initially measured at transaction price (including transaction costs), except for those financial assets classified as at fair value through profit or loss, which are initially measured at fair value (which is normally the transaction price excluding transaction costs), unless the arrangement constitutes a financing transaction. If an arrangement constitutes a financing transaction, the financial asset or financial liability is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

 Impairment
Assets, other than those measured at fair value, are assessed for indicators of impairment at each balance sheet date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss as described below.

A non financial asset is impaired where there is objective evidence that, as a result of one or more events that occurred after initial recognition, the estimated recoverable value of the asset has been reduced. The recoverable amount of an asset is the higher of its fair value less costs to sell and its value in use.

The recoverable amount of goodwill is derived from measurement of the present value of the future cash flows of the cash-generating units ('CGUs') of which the goodwill is a part. Any impairment loss in respect of a CGU is allocated first to the goodwill attached to that CGU, and then to other assets within that CGU on a pro-rata basis.

Where indicators exist for a decrease in impairment loss, the prior impairment loss is tested to determine reversal. An impairment loss is reversed on an individual impaired asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had no impairment been recognised. Where a reversal of impairment occurs in respect of a CGU, the reversal is applied first to the assets (other than goodwill) of the CGU on a pro-rata basis and then to any goodwill allocated to that CGU.

For financial assets carried at amortised cost, the amount of an impairment is the difference between the asset’s carrying amount and the present value of estimated future cash flows, discounted at the financial asset’s original effective interest rate.

For financial assets carried at cost less impairment, the impairment loss is the difference between the asset’s carrying amount and the best estimate of the amount that would be received for the asset if it were to be sold at the reporting date.

Where indicators exist for a decrease in impairment loss, and the decrease can be related objectively to an event occurring after the impairment was recognised, the prior impairment loss is tested to determine reversal. An impairment loss is reversed on an individual impaired financial asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had no impairment been recognised.

 

Seddon Dental Implant Practice Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

 

3

Staff numbers

The average number of persons employed by the company (including the director) during the year was as follows:

 

Seddon Dental Implant Practice Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

 

5

Tangible assets

Plant & Machinery
 £

Motor vehicles
 £

Total
£

Cost

At 1 April 2022

195,355

37,179

232,534

Additions

46,015

-

46,015

At 31 March 2023

241,370

37,179

278,549

Depreciation

At 1 April 2022

86,189

37,179

123,368

Charge for the year

39,502

-

39,502

At 31 March 2023

125,691

37,179

162,870

Carrying amount

At 31 March 2023

115,679

-

115,679

At 31 March 2022

109,166

-

109,166

 

6

Debtors

Note

2023
 £

2022
 £

Trade debtors

 

-

1,459

Amounts owed by related parties

10

248,418

125,539

Other debtors

 

177,342

260,133

Directors loan account

 

712,023

715,412

Total current trade and other debtors

 

1,137,783

1,102,543

 

Seddon Dental Implant Practice Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

 

7

Creditors

Note

2023
 £

2022
 £

Due within one year

 

Loans and borrowings

9

234,499

220,264

Trade creditors

 

3,227

48,408

Outstanding defined contribution pension costs

 

115

-

Other creditors

 

33,628

40

Accrued expenses

 

10,000

3,600

Corporation tax liability

57,676

111,252

 

339,145

383,564

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

9

392,516

423,762

 

8

Deferred tax

Deferred tax assets and liabilities

2023

Liability
£

Differences between accumulated depreciation and amortisation and capital allowances

28,242

28,242

 

9

Loans and borrowings

2023
£

2022
£

Current loans and borrowings

Bank borrowings

183,790

201,581

Bank overdrafts

8,643

-

Hire purchase liabilities

42,066

18,683

234,499

220,264

2023
£

2022
£

Non-current loans and borrowings

Bank borrowings

200,611

310,278

Hire purchase liabilities

191,905

113,484

392,516

423,762

The bank loans are secured by fixed and floating charges over the undertakings of the company.

 

Seddon Dental Implant Practice Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

 

10

Related party transactions

Transactions with the director

During the year the company received £3,389 from a director (2022 - loaned £73,991 to a director). At the balance sheet date the amount due from the director was £712,023 (2022 - £715,412). During the year interest of £14,390 (2022 - £14,565) was charged.

 

Summary of transactions with related parties

During the year the company loaned £93,959 to (2022 - £60,034) a related party. At the balance sheet date the amount from to the related party was £153,993 (2022 - £60,034). This amount is interest free and is repayable on demand.

During the year the company loaned £28,920 to a related party (2022 - received £21,643 from a related party). At the balance sheet date the amount due from the related party was £94,425 (2022 - £65,505). This amount is interest free and is repayable on demand.