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COMPANY REGISTRATION NUMBER: 09044441
SPECIALIST PERIODONTAL SERVICES LTD
FILLETED UNAUDITED FINANCIAL STATEMENTS
31 May 2023
SPECIALIST PERIODONTAL SERVICES LTD
FINANCIAL STATEMENTS
YEAR ENDED 31 MAY 2023
CONTENTS
PAGE
Statement of financial position
1
Notes to the financial statements
3
SPECIALIST PERIODONTAL SERVICES LTD
STATEMENT OF FINANCIAL POSITION
31 May 2023
2023
2022
Note
£
£
£
£
FIXED ASSETS
Tangible assets
5
4,847
839
CURRENT ASSETS
Debtors
6
41,831
48,898
Cash at bank and in hand
62,705
18,254
----------
---------
104,536
67,152
CREDITORS: amounts falling due within one year
7
49,733
35,947
----------
---------
NET CURRENT ASSETS
54,803
31,205
---------
---------
TOTAL ASSETS LESS CURRENT LIABILITIES
59,650
32,044
CREDITORS: amounts falling due after more than one year
8
27,622
31,712
PROVISIONS
Taxation including deferred tax
9
703
---------
---------
NET ASSETS
31,325
332
---------
---------
SPECIALIST PERIODONTAL SERVICES LTD
STATEMENT OF FINANCIAL POSITION (continued)
31 May 2023
2023
2022
Note
£
£
£
£
CAPITAL AND RESERVES
Called up share capital
11
100
100
Profit and loss account
31,225
232
---------
----
SHAREHOLDERS FUNDS
31,325
332
---------
----
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 31 May 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
These financial statements were approved by the board of directors and authorised for issue on 30 January 2024 , and are signed on behalf of the board by:
Mr S M Abad
Director
Company registration number: 09044441
SPECIALIST PERIODONTAL SERVICES LTD
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 31 MAY 2023
1. GENERAL INFORMATION
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Equitable House, 55 Pellon Lane, Halifax, West Yorkshire, HX1 5SP.
2. STATEMENT OF COMPLIANCE
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. ACCOUNTING POLICIES
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. There are not considered to be any judgements or accounting estimates or assumptions that have a significant impact on the financial statements.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax.
Current and deferred tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Fixtures and fittings
-
20% straight line
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
Government grants
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accrual model and the performance model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable. Grants relating to assets are recognised in income on a systematic basis 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 and not deducted from the carrying amount of the asset. Under the performance model, where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a liability.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either 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.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. EMPLOYEE NUMBERS
The average number of persons employed by the company during the year amounted to 2 (2022: 2 ).
5. TANGIBLE ASSETS
Fixtures and fittings
Total
£
£
Cost
At 1 June 2022
5,157
5,157
Additions
5,106
5,106
Disposals
( 4,937)
( 4,937)
-------
-------
At 31 May 2023
5,326
5,326
-------
-------
Depreciation
At 1 June 2022
4,318
4,318
Charge for the year
259
259
Disposals
( 4,098)
( 4,098)
-------
-------
At 31 May 2023
479
479
-------
-------
Carrying amount
At 31 May 2023
4,847
4,847
-------
-------
At 31 May 2022
839
839
-------
-------
6. DEBTORS
2023
2022
£
£
Trade debtors
29,606
9,177
Other debtors
12,225
39,721
---------
---------
41,831
48,898
---------
---------
7. CREDITORS: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
4,230
4,083
Corporation tax
42,211
30,373
Social security and other taxes
217
186
Other creditors
3,075
1,305
---------
---------
49,733
35,947
---------
---------
8. CREDITORS: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
27,622
31,712
---------
---------
9. PROVISIONS
Deferred tax (note 10)
£
At 1 June 2022
Additions
703
----
At 31 May 2023
703
----
10. DEFERRED TAX
The deferred tax included in the statement of financial position is as follows:
2023
2022
£
£
Included in provisions (note 9)
703
----
----
11. CALLED UP SHARE CAPITAL
Issued, called up and fully paid
2023
2022
No.
£
No.
£
Ordinary A shares of £ 1 each
75
75
75
75
Ordinary B shares of £ 1 each
25
25
25
25
----
----
----
----
100
100
100
100
----
----
----
----
The Ordinary A and Ordinary B shares rank pari passu, except that the Ordinary B shares do not entitle the holder to receive notice of, attend or vote at general meetings of the company.
12. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES
During the year Mr S M Abad and Mrs A Akhtar had unsecured loans with the company. The loans are interest free and repayable on demand. The loans were overdrawn by a maximum of £42,450 in the year and in credit at the year end.