Windmill (Heaton) Orthodontics Limited 09925375 false 2022-04-01 2023-03-31 2023-03-31 The principal activity of the company is the provision of dental services. Digita Accounts Production Advanced 6.30.9574.0 true true 09925375 2022-04-01 2023-03-31 09925375 2023-03-31 09925375 bus:Consolidated 2023-03-31 09925375 core:CurrentFinancialInstruments 2023-03-31 09925375 core:CurrentFinancialInstruments core:WithinOneYear 2023-03-31 09925375 core:Goodwill 2023-03-31 09925375 core:FurnitureFittingsToolsEquipment 2023-03-31 09925375 core:LandBuildings 2023-03-31 09925375 bus:SmallEntities 2022-04-01 2023-03-31 09925375 bus:Audited 2022-04-01 2023-03-31 09925375 bus:FullAccounts 2022-04-01 2023-03-31 09925375 bus:SmallCompaniesRegimeForAccounts 2022-04-01 2023-03-31 09925375 bus:RegisteredOffice 2022-04-01 2023-03-31 09925375 bus:Director5 2022-04-01 2023-03-31 09925375 bus:Director6 2022-04-01 2023-03-31 09925375 bus:Director7 2022-04-01 2023-03-31 09925375 bus:Director8 2022-04-01 2023-03-31 09925375 bus:PrivateLimitedCompanyLtd 2022-04-01 2023-03-31 09925375 core:Goodwill 2022-04-01 2023-03-31 09925375 core:ComputerEquipment 2022-04-01 2023-03-31 09925375 core:FurnitureFittingsToolsEquipment 2022-04-01 2023-03-31 09925375 core:LandBuildings 2022-04-01 2023-03-31 09925375 core:PlantMachinery 2022-04-01 2023-03-31 09925375 countries:EnglandWales 2022-04-01 2023-03-31 09925375 2022-03-31 09925375 core:Goodwill 2022-03-31 09925375 core:FurnitureFittingsToolsEquipment 2022-03-31 09925375 core:LandBuildings 2022-03-31 09925375 2021-04-01 2022-03-31 09925375 2022-03-31 09925375 core:CurrentFinancialInstruments 2022-03-31 09925375 core:CurrentFinancialInstruments core:WithinOneYear 2022-03-31 09925375 core:FurnitureFittingsToolsEquipment 2022-03-31 09925375 core:LandBuildings 2022-03-31 iso4217:GBP xbrli:pure

Registration number: 09925375

Prepared for the registrar

Windmill (Heaton) Orthodontics Limited

Annual Report and Financial Statements

for the Year Ended 31 March 2023

 

Windmill (Heaton) Orthodontics Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3 to 8

 

Windmill (Heaton) Orthodontics Limited

Company Information

Directors

B L Wild

I A Gordon

M Seekings

A K Shah

Registered office

13 Roseberry Court
Stokesley
Middlesbrough
TS9 5QT

Auditors

Hazlewoods LLP
Windsor House
Bayshill Road
Cheltenham
GL50 3AT

 

Windmill (Heaton) Orthodontics Limited

(Registration number: 09925375)
Balance Sheet as at 31 March 2023

Note

2023
£

Unaudited
2022
£

Fixed assets

 

Tangible assets

5

242,930

169,401

Current assets

 

Stocks

22,899

-

Debtors

6

1,862,655

848,773

Debtors: Amounts falling due after more than one year

 

112,757

-

Cash at bank and in hand

 

426,047

303,137

 

2,424,358

1,151,910

Creditors: Amounts falling due within one year

7

(750,598)

(777,027)

Net current assets

 

1,673,760

374,883

Total assets less current liabilities

 

1,916,690

544,284

Deferred tax liabilities

 

(52,349)

(32,282)

Net assets

 

1,864,341

512,002

Capital and reserves

 

Called up share capital

2

2

Profit and loss account

1,864,339

512,000

Shareholders' funds

 

1,864,341

512,002

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 7 March 2024 and signed on its behalf by:
 


M Seekings
Director


A K Shah
Director

 

Windmill (Heaton) Orthodontics Limited

Notes to the 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 is:
13 Roseberry Court
Stokesley
Middlesbrough
TS9 5QT
England

 

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.

Name of parent of group

These financial statements are consolidated in the financial statements of Riverdale Topco Limited.

The financial statements of Riverdale Topco Limited may be obtained from Companies House.

Going concern

After reviewing the company's forecasts and projections, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The company therefore continues to adopt the going concern basis in preparing its financial statements.

Judgements and estimation uncertainty

These financial statements do not contain any significant judgements or estimation uncertainty.

Revenue recognition

Turnover represents the amounts receivable during the period for the provision of dental services. Where the amount covers the balance sheet date, the amount apportioned over the period to which it relates.

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.

Government grants

Government grants are recognised based on the accrual model and are measured at the fair value of the asset received or receivable. Grants are classified as relating either to revenue or to assets. Grants relating to revenue are recognised in income over the period in which the related costs are recognised. Grants relating to assets are recognised over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income.

 

Windmill (Heaton) Orthodontics Limited

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

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.

Tangible assets

Tangible assets are stated in the statement of financial position 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, over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Computer equipment

15% straight line

Plant and machinery

15% straight line

Goodwill

Goodwill is amortised over its useful life, which shall not exceed five years if a reliable estimate of the useful life cannot be made.

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. 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 net realisable.

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.

 

Windmill (Heaton) Orthodontics Limited

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

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.

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.

 

Windmill (Heaton) Orthodontics Limited

Notes to the 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.

 

3

Staff numbers

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

 

Windmill (Heaton) Orthodontics Limited

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

 

4

Intangible assets

Goodwill
 £

Cost

At 1 April 2022 and at 31 March 2023

196,482

Amortisation

At 1 April 2022 and at 31 March 2023

196,482

Carrying amount

At 31 March 2022 and at 31 March 2023

-

 

5

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Total
£

Cost

At 1 April 2022

108,287

171,558

279,845

Additions

38,323

63,646

101,969

At 31 March 2023

146,610

235,204

381,814

Depreciation

At 1 April 2022

-

110,444

110,444

Charge for the year

-

28,440

28,440

At 31 March 2023

-

138,884

138,884

Carrying amount

At 31 March 2023

146,610

96,320

242,930

At 31 March 2022

108,287

61,114

169,401

Included within the net book value of land and buildings above is £146,610 (2022 - £108,287) in respect of freehold land and buildings.
 

 

6

Debtors

2023
 £

Unaudited
2022
 £

Trade debtors

511,047

83,396

Amounts owed by group undertakings

968,631

110,462

Other debtors

353,195

654,915

Prepayments

29,782

-

Amounts owed by group undertakings

112,757

-

 

1,975,412

848,773

 

Windmill (Heaton) Orthodontics Limited

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

 

7

Creditors

2023
 £

Unaudited
2022
 £

Due within one year

Loans and borrowings

6,908

7,609

Trade creditors

117,721

-

Social security and other taxes

20,868

8,214

Outstanding defined contribution pension costs

3,910

-

Other creditors

42,186

10,202

Accrued expenses

537,391

34,640

Corporation tax liability

21,614

41,349

Deferred income

-

675,013

750,598

777,027

 

8

Loans and borrowings

2023
£

Unaudited
2022
£

Current loans and borrowings

HP and finance lease liabilities

6,908

7,609

 

9

Financial commitments, guarantees and contingencies

The company is bound by an intra-group cross guarantee in respect of borrowings held by Riverdale Bidco Limited. At the balance sheet date, the amounts guaranteed are £39,808,168 (2022 - £28,644,955).

 

10

Parent and ultimate parent undertaking

Since 16 May 2022, the company's immediate parent is Riverdale Tradeco Limited, incorporated in England and Wales. The ultimate parent is Riverdale Topco Limited, incorporated in England and Wales. The ultimate controlling party is Apposite Healthcare GP LLP, incorporated in England and Wales.

 

11

Disclosure under Section 444(5B) CA 2006

As permitted by Section 444 CA 2006, these accounts do not contain a copy of the company's Profit and Loss account or a copy of the Directors' Report. Accordingly, the Independent Auditors' Report has been omitted.

The Independent Auditor's Report was unqualified. The name of the Senior Statutory Auditor who signed the audit report on 13 March 2024 was Martin Howard, who signed for and on behalf of Hazlewoods LLP.