REGISTERED NUMBER: |
Unaudited Financial Statements for the Year Ended 30 April 2023 |
for |
Cinal Ltd |
REGISTERED NUMBER: |
Unaudited Financial Statements for the Year Ended 30 April 2023 |
for |
Cinal Ltd |
Cinal Ltd (Registered number: 09752293) |
Contents of the Financial Statements |
for the Year Ended 30 April 2023 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 4 |
Cinal Ltd |
Company Information |
for the Year Ended 30 April 2023 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Suite 5 Corum 2 |
Corum Office Park |
Crown Way |
Warmley |
Bristol |
BS30 8FJ |
Cinal Ltd (Registered number: 09752293) |
Balance Sheet |
30 April 2023 |
30.4.23 | 30.4.22 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 4 |
Tangible assets | 5 |
CURRENT ASSETS |
Stocks |
Debtors | 6 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 7 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
8 |
( |
) |
( |
) |
PROVISIONS FOR LIABILITIES | ( |
) | ( |
) |
NET LIABILITIES | ( |
) | ( |
) |
CAPITAL AND RESERVES |
Called up share capital |
Retained earnings | ( |
) | ( |
) |
( |
) | ( |
) |
Cinal Ltd (Registered number: 09752293) |
Balance Sheet - continued |
30 April 2023 |
The directors acknowledge their responsibilities for: |
(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
The financial statements were approved by the Board of Directors and authorised for issue on |
Cinal Ltd (Registered number: 09752293) |
Notes to the Financial Statements |
for the Year Ended 30 April 2023 |
1. | STATUTORY INFORMATION |
Cinal Ltd is a |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
There have been no material departures from the Financial Reporting Standard 102 1A. |
Turnover |
Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of dentistry services in the ordinary course of the company’s activities. |
The company recognises revenue when: |
- It is in line with work performed for patients; |
- 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. |
For Denplan patients the company recognises revenue: |
- Evenly across the year as it is received from Denplan; |
- When the amount to be received can be reliably measured; |
- When it is probable that it will be paid to the company. |
Goodwill |
Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. |
Goodwill is being amortised evenly over its estimated useful life of ten years. |
Intangible assets |
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses. |
Cinal Ltd (Registered number: 09752293) |
Notes to the Financial Statements - continued |
for the Year Ended 30 April 2023 |
2. | ACCOUNTING POLICIES - continued |
Tangible fixed 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 is provided at the following annual rates in order to write off each asset over its estimated useful life. |
Furniture, fittings & equipment - 25% on cost |
Stocks |
Dental 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. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
Cinal Ltd (Registered number: 09752293) |
Notes to the Financial Statements - continued |
for the Year Ended 30 April 2023 |
2. | ACCOUNTING POLICIES - continued |
Hire purchase and leasing commitments |
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
Pension costs and other post-retirement benefits |
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate. |
Going concern |
At the year end the company had net liabilities of £53,009 (2022 - £53,607). At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The directors are committed to ensure that the company is able to meet its liabilities on a day to day basis and have pledged to provide financial support to enable the company to meet its liabilities. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements. |
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. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
Cinal Ltd (Registered number: 09752293) |
Notes to the Financial Statements - continued |
for the Year Ended 30 April 2023 |
4. | INTANGIBLE FIXED ASSETS |
Goodwill | Website | Totals |
£ | £ | £ |
COST |
At 1 May 2022 |
and 30 April 2023 |
AMORTISATION |
At 1 May 2022 |
Amortisation for year |
At 30 April 2023 |
NET BOOK VALUE |
At 30 April 2023 |
At 30 April 2022 |
5. | TANGIBLE FIXED ASSETS |
Furniture |
fittings |
& equipmen |
£ |
COST |
At 1 May 2022 |
Additions |
At 30 April 2023 |
DEPRECIATION |
At 1 May 2022 |
Charge for year |
At 30 April 2023 |
NET BOOK VALUE |
At 30 April 2023 |
At 30 April 2022 |
Cinal Ltd (Registered number: 09752293) |
Notes to the Financial Statements - continued |
for the Year Ended 30 April 2023 |
6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
30.4.23 | 30.4.22 |
£ | £ |
Other debtors |
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
30.4.23 | 30.4.22 |
£ | £ |
Bank loans and overdrafts |
Trade creditors |
Taxation and social security |
Other creditors |
8. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
30.4.23 | 30.4.22 |
£ | £ |
Bank loans |
Other creditors |
Included in bank loans in notes 7 and 8 is a combined balance of £30,833 (2022 - £40,833) which is guaranteed by the government and unsecured. |
9. | SECURED DEBTS |
The following secured debts are included within creditors: |
30.4.23 | 30.4.22 |
£ | £ |
Other loans |
Bank loans | 164,375 | 210,097 |
The other loans are guaranteed by the directors. |
The bank loans are secured by a fixed and floating charge over the assets of the company. |
Cinal Ltd (Registered number: 09752293) |
Notes to the Financial Statements - continued |
for the Year Ended 30 April 2023 |
10. | PENSION COMMITMENTS |
The entity operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the entity in an independently administered fund. Contributions totalling £466 (2022 - £398) were payable to the fund at the reporting date. |
11. | OFF BALANCE SHEET COMMITMENTS |
At the year end the company had future minimum lease payments due under non-cancellable operating leases totalling £8,397 (2022 - £56,397). |
12. | RELATED PARTY DISCLOSURES |
Loans from related parties |
Key management |
Other related parties |
Total |
2023 | £ | £ | £ |
At start of period | 3,722 | 74,118 | 77,840 |
Advanced | 756 | 4,976 | 5,732 |
Repaid | - | (2,900 | ) | (2,900 | ) |
At end of period | 4,478 | 76,194 | 80,672 |
Key management |
Other related parties |
Total |
2022 | £ | £ | £ |
At start of period | 3,121 | 67,500 | 70,621 |
Advanced | 624 | 6,666 | 7,290 |
Repaid | (23 | (48 | ) | (71 | ) |
At end of period | 3,722 | 74,118 | 77,840 |
The loan from key management is interest free and repayable on demand. |
The loans from other related parties are interest free and repayable on demand. |
Cinal Ltd (Registered number: 09752293) |
Notes to the Financial Statements - continued |
for the Year Ended 30 April 2023 |
12. | RELATED PARTY DISCLOSURES - continued |
Loans to related parties |
Other related parties |
Total |
2023 | £ | £ |
At start of period | 183,858 | 183,858 |
Advanced | 57,660 | 57,660 |
Repaid | (34,705 | ) | (34,705 | ) |
At end of period | 206,813 | 206,813 |
Other related parties |
Total |
2022 | £ | £ |
At start of period | 175,122 | 175,122 |
Advanced | 8,736 | 8,736 |
Repaid | - | - |
At end of period | 183,858 | 183,858 |
The loans to other related parties are interest free and repayable on demand. |