REGISTERED NUMBER: |
Unaudited Financial Statements for the Year Ended 30 April 2023 |
for |
Ermevin Ltd |
REGISTERED NUMBER: |
Unaudited Financial Statements for the Year Ended 30 April 2023 |
for |
Ermevin Ltd |
Ermevin Ltd (Registered number: 08486321) |
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 |
Ermevin Ltd |
Company Information |
for the Year Ended 30 April 2023 |
DIRECTOR: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Suite 5 Corum 2 |
Corum Office Park |
Crown Way |
Warmley |
Bristol |
BS30 8FJ |
Ermevin Ltd (Registered number: 08486321) |
Balance Sheet |
30 April 2023 |
30.4.23 | 30.4.22 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 4 |
Tangible assets | 5 |
Investments | 6 |
CURRENT ASSETS |
Stocks |
Debtors | 7 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 8 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
9 |
( |
) |
( |
) |
PROVISIONS FOR LIABILITIES | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital |
Retained earnings |
Ermevin Ltd (Registered number: 08486321) |
Balance Sheet - continued |
30 April 2023 |
The director acknowledges his 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 director and authorised for issue on |
Ermevin Ltd (Registered number: 08486321) |
Notes to the Financial Statements |
for the Year Ended 30 April 2023 |
1. | STATUTORY INFORMATION |
Ermevin 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; |
- 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, being the amount paid in connection with the acquisition of a business in 2014, has been amortised evenly over its estimated useful life of five years. |
Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made. |
Ermevin Ltd (Registered number: 08486321) |
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. |
Freehold land and buildings - | not provided |
Plant and machinery - | 20% on cost |
Motor vehicles - | 20% on cost |
At the year end the director has confirmed the market value of freehold land and buildings is greater than the cost, and the buildings are kept in a good state of repair, therefore the freehold land and buildings are not depreciated. |
Investments in associates |
Investments in associate undertakings are recognised at 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. |
Ermevin Ltd (Registered number: 08486321) |
Notes to the Financial Statements - continued |
for the Year Ended 30 April 2023 |
2. | ACCOUNTING POLICIES - continued |
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. |
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. |
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. |
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. |
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 |
Ermevin Ltd (Registered number: 08486321) |
Notes to the Financial Statements - continued |
for the Year Ended 30 April 2023 |
4. | INTANGIBLE FIXED ASSETS |
Goodwill |
£ |
COST |
At 1 May 2022 |
and 30 April 2023 |
AMORTISATION |
At 1 May 2022 |
and 30 April 2023 |
NET BOOK VALUE |
At 30 April 2023 |
At 30 April 2022 |
5. | TANGIBLE FIXED ASSETS |
Freehold |
land and | Plant and | Motor |
buildings | machinery | vehicles | Totals |
£ | £ | £ | £ |
COST |
At 1 May 2022 |
Additions |
Disposals | ( |
) | ( |
) |
At 30 April 2023 |
DEPRECIATION |
At 1 May 2022 |
Charge for year |
Eliminated on disposal | ( |
) | ( |
) |
At 30 April 2023 |
NET BOOK VALUE |
At 30 April 2023 |
At 30 April 2022 |
Ermevin Ltd (Registered number: 08486321) |
Notes to the Financial Statements - continued |
for the Year Ended 30 April 2023 |
6. | FIXED ASSET INVESTMENTS |
Interest |
in |
associate |
£ |
COST |
At 1 May 2022 |
and 30 April 2023 |
NET BOOK VALUE |
At 30 April 2023 |
At 30 April 2022 |
Details of the investments (including principal place of business of unincorporated entities) in which the company holds 20% or more of the nominal value of any class of share capital are as follows: |
Undertaking | Registered Office | Holding | Proportion of voting rights and shares held |
Associate | 2023 | 2022 |
Cinal Ltd |
Suite 5 Corum 2 Corum Office Park, Crown Way, Warmley, Bristol, BS30 8FJ |
Ordinary |
50% |
50% |
Ermevin Ltd owns 50 (2022 - 50) ordinary shares each worth £0.01. |
The principal activity of Cinal Ltd is dental practice activities. |
Undertaking | Registered Office | Holding | Proportion of voting rights and shares held |
Associate | 2023 | 2022 |
58 Queen Square Limited |
58 Queen Square, Bristol, BS1 4LF |
Ordinary |
33.33% |
33.33% |
Ermevin Ltd owns 3,334 (2022 - 3,334) ordinary shares each worth £0.01. |
The principal activity of 58 Queen Square Limited is the provision of clinical facilities. |
Ermevin Ltd (Registered number: 08486321) |
Notes to the Financial Statements - continued |
for the Year Ended 30 April 2023 |
7. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
30.4.23 | 30.4.22 |
£ | £ |
Amounts owed by participating interests | 654,995 | 503,654 |
Other debtors |
8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
30.4.23 | 30.4.22 |
£ | £ |
Bank loans and overdrafts |
Hire purchase contracts |
Trade creditors |
Amounts owed to participating interests | 12,640 | 8,957 |
Taxation and social security |
Other creditors |
9. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
30.4.23 | 30.4.22 |
£ | £ |
Bank loans |
Hire purchase contracts |
Included in bank loans in notes 8 and 9 is a combined balance of £271,165 (2022: £342,763) which is guaranteed by the government and unsecured. |
Ermevin Ltd (Registered number: 08486321) |
Notes to the Financial Statements - continued |
for the Year Ended 30 April 2023 |
10. | SECURED DEBTS |
The following secured debts are included within creditors: |
30.4.23 | 30.4.22 |
£ | £ |
Hire purchase contracts | 151,953 | - |
Bank loans | 377,629 | 404,732 |
Bank loans are secured by a legal charge which covers the freehold property known as 17 Queen Square, Bristol, BS1 4NH. |
Hire purchase contracts are secured over the assets to which they relate. |
11. | 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 £1,401 (2022 - £1,323) were payable to the fund at the reporting date. |
12. | OFF BALANCE SHEET COMMITMENTS |
At the year end the company had future minimum lease payments due under non-cancellable operating leases totalling £15,414 (2022 - £18,056). |
Ermevin Ltd (Registered number: 08486321) |
Notes to the Financial Statements - continued |
for the Year Ended 30 April 2023 |
13. | RELATED PARTY DISCLOSURES |
Loans to related parties |
Other related parties |
Total |
2023 | £ | £ |
At start of period | 503,654 | 503,654 |
Advanced | (56,579 | ) | (56,579 | ) |
Repaid | 207,920 | 207,920 |
At end of period | 654,995 | 654,995 |
Other related parties |
Total |
2022 | £ | £ |
At start of period | 321,219 | 321,219 |
Advanced | (43,251 | ) | (43,251 | ) |
Repaid | 225,686 | 225,686 |
At end of period | 503,654 | 503,654 |
The loans to other related parties are interest free and repayable on demand. |
Ermevin Ltd (Registered number: 08486321) |
Notes to the Financial Statements - continued |
for the Year Ended 30 April 2023 |
13. | RELATED PARTY DISCLOSURES - continued |
Loans from related parties |
Key Management |
Other related parties |
Total |
2023 | £ | £ | £ |
At start of period | 50 | 8,957 | 9,007 |
Advanced | 302,799 | 15,000 | 317,799 |
Repaid | (302,849 | (11,317 | ) | (314,166 | ) |
At end of period | - | 12,640 | 12,640 |
Key Management |
Other related parties |
Total |
2022 | £ | £ | £ |
At start of period | 336 | - | 336 |
Advanced | 265,874 | 9,000 | 274,874 |
Repaid | (266,160 | (43 | ) | (266,203 | ) |
At end of period | 50 | 8,957 | 9,007 |
The loans from key management are interest free and repayable on demand. |
The loans from other related parties are interest free and repayable on demand. |