Caseware UK (AP4) 2023.0.135 2023.0.135 2023-07-312023-07-3188true2022-08-01falseNo description of principal activitytrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 09113533 2022-08-01 2023-07-31 09113533 2021-08-01 2022-07-31 09113533 2023-07-31 09113533 2022-07-31 09113533 2021-08-01 09113533 c:Director1 2022-08-01 2023-07-31 09113533 c:Director2 2022-08-01 2023-07-31 09113533 c:RegisteredOffice 2022-08-01 2023-07-31 09113533 d:Buildings d:ShortLeaseholdAssets 2022-08-01 2023-07-31 09113533 d:Buildings d:ShortLeaseholdAssets 2023-07-31 09113533 d:Buildings d:ShortLeaseholdAssets 2022-07-31 09113533 d:FurnitureFittings 2022-08-01 2023-07-31 09113533 d:FurnitureFittings 2023-07-31 09113533 d:FurnitureFittings 2022-07-31 09113533 d:FurnitureFittings d:OwnedOrFreeholdAssets 2022-08-01 2023-07-31 09113533 d:OtherPropertyPlantEquipment 2022-08-01 2023-07-31 09113533 d:OtherPropertyPlantEquipment 2023-07-31 09113533 d:OtherPropertyPlantEquipment 2022-07-31 09113533 d:OtherPropertyPlantEquipment d:OwnedOrFreeholdAssets 2022-08-01 2023-07-31 09113533 d:OwnedOrFreeholdAssets 2022-08-01 2023-07-31 09113533 d:Goodwill 2022-08-01 2023-07-31 09113533 d:Goodwill 2023-07-31 09113533 d:Goodwill 2022-07-31 09113533 d:CurrentFinancialInstruments 2023-07-31 09113533 d:CurrentFinancialInstruments 2022-07-31 09113533 d:Non-currentFinancialInstruments 2023-07-31 09113533 d:Non-currentFinancialInstruments 2022-07-31 09113533 d:CurrentFinancialInstruments d:WithinOneYear 2023-07-31 09113533 d:CurrentFinancialInstruments d:WithinOneYear 2022-07-31 09113533 d:Non-currentFinancialInstruments d:AfterOneYear 2023-07-31 09113533 d:Non-currentFinancialInstruments d:AfterOneYear 2022-07-31 09113533 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2023-07-31 09113533 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2022-07-31 09113533 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2023-07-31 09113533 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2022-07-31 09113533 d:ShareCapital 2023-07-31 09113533 d:ShareCapital 2022-07-31 09113533 d:RetainedEarningsAccumulatedLosses 2023-07-31 09113533 d:RetainedEarningsAccumulatedLosses 2022-07-31 09113533 d:FurtherSpecificTypeProvisionContingentLiability1ComponentTotalProvisionsContingentLiabilities 2023-07-31 09113533 d:FurtherSpecificTypeProvisionContingentLiability1ComponentTotalProvisionsContingentLiabilities 2022-07-31 09113533 c:OrdinaryShareClass1 2022-08-01 2023-07-31 09113533 c:OrdinaryShareClass1 2023-07-31 09113533 c:OrdinaryShareClass1 2022-07-31 09113533 c:FRS102 2022-08-01 2023-07-31 09113533 c:AuditExempt-NoAccountantsReport 2022-08-01 2023-07-31 09113533 c:FullAccounts 2022-08-01 2023-07-31 09113533 c:PrivateLimitedCompanyLtd 2022-08-01 2023-07-31 09113533 d:WithinOneYear 2023-07-31 09113533 d:WithinOneYear 2022-07-31 09113533 d:BetweenOneFiveYears 2023-07-31 09113533 d:BetweenOneFiveYears 2022-07-31 09113533 d:MoreThanFiveYears 2023-07-31 09113533 d:MoreThanFiveYears 2022-07-31 09113533 d:HirePurchaseContracts d:WithinOneYear 2023-07-31 09113533 d:HirePurchaseContracts d:WithinOneYear 2022-07-31 09113533 2 2022-08-01 2023-07-31 09113533 d:AcceleratedTaxDepreciationDeferredTax 2023-07-31 09113533 d:AcceleratedTaxDepreciationDeferredTax 2022-07-31 09113533 d:OtherDeferredTax 2023-07-31 09113533 d:OtherDeferredTax 2022-07-31 09113533 d:Goodwill d:OwnedIntangibleAssets 2022-08-01 2023-07-31 xbrli:shares iso4217:GBP xbrli:pure

Registered number: 09113533









VERNON DENTAL LIMITED







UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 JULY 2023

 
VERNON DENTAL LIMITED
 
 
COMPANY INFORMATION


Directors
M D A Vernon 
C S Vernon 




Registered number
09113533



Registered office
35-36 & 35a Hermitage Road

Hitchin

Hertfordshire

SG5 1BY




Accountants
Donald Reid Limited
Chartered Accountants

Prince Albert House

20 King Street

Maidenhead

Berkshire

SL6 1DT





 
VERNON DENTAL LIMITED
 

CONTENTS



Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 13


 
VERNON DENTAL LIMITED
REGISTERED NUMBER: 09113533

BALANCE SHEET
AS AT 31 JULY 2023

2023
2022
Note
£
£

Fixed assets
  

Intangible assets
 4 
86,667
151,667

Tangible assets
 5 
114,506
138,166

  
201,173
289,833

Current assets
  

Stocks
 6 
20,000
20,000

Debtors: amounts falling due within one year
 7 
159,710
2,477

Cash at bank and in hand
 8 
139,170
92,522

  
318,880
114,999

Creditors: amounts falling due within one year
 9 
(105,923)
(103,752)

Net current assets
  
 
 
212,957
 
 
11,247

Total assets less current liabilities
  
414,130
301,080

Creditors: amounts falling due after more than one year
 10 
(18,986)
(33,783)

Provisions for liabilities
  

Other provisions
 14 
(28,000)
(28,000)

  
 
 
(28,000)
 
 
(28,000)

Net assets
  
367,144
239,297


Capital and reserves
  

Called up share capital 
 15 
100
100

Profit and loss account
  
367,044
239,197

  
367,144
239,297


Page 1

 
VERNON DENTAL LIMITED
REGISTERED NUMBER: 09113533
    
BALANCE SHEET (CONTINUED)
AS AT 31 JULY 2023

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 23 February 2024.




M D A Vernon
Director

The notes on pages 3 to 13 form part of these financial statements.

Page 2

 
VERNON DENTAL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023

1.


General information

Vernon Dental Limited is a private company limited by shares. The company was incorporated in the United Kingdom and is registered in England and Wales. The company number is 09113533 and the registered office address is 35-36 & 35a Hermitage Road, Hitchin, Hertfordshire, United Kingdom, SG5 1BY. 

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

 
2.2

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

Page 3

 
VERNON DENTAL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023

2.Accounting policies (continued)

 
2.3

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

 
2.4

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.5

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.6

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

 
2.7

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the Company in independently administered funds.

Page 4

 
VERNON DENTAL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023

2.Accounting policies (continued)

 
2.8

Current and deferred taxation

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

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

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

 
2.9

Intangible assets

Goodwill

Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer’s interest in the fair value of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight-line basis to the Statement of income and retained earnings over its useful economic life. All intangible assets are considered to have a finite useful life. The goodwill has a useful economic life of ten years.
 
2.10

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Page 5

 
VERNON DENTAL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023

2.Accounting policies (continued)


2.10
Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Short-term leasehold property
-
Straight line over 23 years
Fixtures and fittings
-
15% straight line
Equipment
-
25% straight line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.11

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis.
At each balance sheet date, stocks are assessed for impairment. If stock is 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. 

 
2.12

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.13

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.14

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Page 6

 
VERNON DENTAL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023

2.Accounting policies (continued)

 
2.15

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

 
2.16

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

The Company has elected to apply the recognition and measurement provisions of IFRS 9 Financial Instruments (as adopted by the UK Endorsement Board) with the disclosure requirements of Sections 11 and 12 and the other presentation requirements of FRS 102.

Financial instruments are recognised in the Company's Balance sheet when the Company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

Financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instruments any contract that evidences a residual interest in the assets of the Company after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Page 7

 
VERNON DENTAL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023

2.Accounting policies (continued)


2.16
Financial instruments (continued)

Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

 
2.17

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.


3.


Employees

The average monthly number of employees, including directors, during the year was 8 (2022 - 8).


4.


Intangible assets




Goodwill

£



Cost


At 1 August 2022
650,000



At 31 July 2023

650,000



Amortisation


At 1 August 2022
498,333


Charge for the year on owned assets
65,000



At 31 July 2023

563,333



Net book value



At 31 July 2023
86,667



At 31 July 2022
151,667



Page 8

 
VERNON DENTAL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023

5.


Tangible fixed assets





Short-term leasehold property improvements
Fixtures and fittings
Equipment
Total

£
£
£
£



Cost or valuation


At 1 August 2022
148,274
60,658
253,695
462,627



At 31 July 2023

148,274
60,658
253,695
462,627



Depreciation


At 1 August 2022
46,636
55,399
222,426
324,461


Charge for the year on owned assets
6,447
2,668
14,545
23,660



At 31 July 2023

53,083
58,067
236,971
348,121



Net book value



At 31 July 2023
95,191
2,591
16,724
114,506



At 31 July 2022
101,638
5,259
31,269
138,166


6.


Stocks

2023
2022
£
£

Finished goods and goods for resale
20,000
20,000

20,000
20,000


Page 9

 
VERNON DENTAL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023

7.


Debtors

2023
2022
£
£


Other debtors
157,018
1

Deferred taxation
2,692
2,476

159,710
2,477



8.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
139,170
92,522

139,170
92,522



9.


Creditors: Amounts falling due within one year

2023
2022
£
£

Bank loans
10,000
10,890

Other loans
699
1,549

Corporation tax
81,031
36,904

Other taxation and social security
5,031
3,058

Obligations under finance lease and hire purchase contracts
5,562
5,234

Other creditors
-
44,117

Accruals and deferred income
3,600
2,000

105,923
103,752


Page 10

 
VERNON DENTAL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023

10.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Bank loans
18,986
27,894

Net obligations under finance leases and hire purchase contracts
-
5,889

18,986
33,783



11.


Loans


Analysis of the maturity of loans is given below:


2023
2022
£
£

Amounts falling due within one year

Bank loans
10,000
10,890

Other loans
699
1,549


10,699
12,439

Amounts falling due 1-2 years

Bank loans
10,000
10,000


10,000
10,000

Amounts falling due 2-5 years

Bank loans
8,986
17,894


8,986
17,894


29,685
40,333


Page 11

 
VERNON DENTAL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023

12.


Hire purchase and finance leases


Minimum lease payments under hire purchase fall due as follows:

2023
2022
£
£


Within one year
5,562
5,234

5,562
5,234


13.


Deferred taxation




2023
2022


£

£






At beginning of year
2,476
(6,818)


Charged to the profit or loss
216
9,294



At end of year
2,692
2,476

The deferred tax asset is made up as follows:

2023
2022
£
£


Accelerated capital allowances
(4,308)
(4,228)

Provision
7,000
6,704

2,692
2,476


14.


Provisions




Dilapidation

£





At 1 August 2022
28,000



At 31 July 2023
28,000

Page 12

 
VERNON DENTAL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023

15.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



100 (2022 - 100) Ordinary shares of £1.00 each
100
100



16.


Pension commitments

Vernon Dental Limited operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. The pensions cost charge represents contributions payable to the company to the fund and amounted to £2,918 (2022: £7,710) by the company.


17.


Commitments under operating leases

At 31 July 2023 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2023
2022
£
£


Not later than 1 year
42,250
42,250

Later than 1 year and not later than 5 years
169,000
169,000

Later than 5 years
312,958
355,208

524,208
566,458


18.


Related party transactions

At the year end, an amount of £138,563 (2022: £29,982 owed by the Company to a director) was owed to the Company by a director. 

 
Page 13