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COMPANY REGISTRATION NUMBER: 06543121
CARROLL DENTAL PRACTICE LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 March 2023
CARROLL DENTAL PRACTICE LIMITED
FINANCIAL STATEMENTS
YEAR ENDED 31 MARCH 2023
CONTENTS
PAGE
Director's report
1
Income statement
2
Statement of financial position
3
Notes to the financial statements
5
The following pages do not form part of the financial statements
Chartered accountants report to the director on the preparation of the unaudited statutory financial statements
10
CARROLL DENTAL PRACTICE LIMITED
DIRECTOR'S REPORT
YEAR ENDED 31 MARCH 2023
The director presents his report and the unaudited financial statements of the company for the year ended 31 March 2023 .
PRINCIPAL ACTIVITIES
The principal activity of the company during the year was that of dental practice activities.
DIRECTOR
The director who served the company during the year was as follows:
Dr P D Carroll
SMALL COMPANY PROVISIONS
This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.
This report was approved by the board of directors on 2 February 2024 and signed on behalf of the board by:
Dr P D Carroll
Director
Registered office:
27 Main Street
Shenstone
WS14 0LZ
CARROLL DENTAL PRACTICE LIMITED
INCOME STATEMENT
YEAR ENDED 31 MARCH 2023
2023
2022
Note
£
£
TURNOVER
346,412
298,881
Cost of sales
68,210
60,664
----------
----------
GROSS PROFIT
278,202
238,217
Administrative expenses
184,307
155,138
Other operating income
6,899
10,148
----------
----------
OPERATING PROFIT
100,794
93,227
Interest payable and similar expenses
( 73)
----------
----------
PROFIT BEFORE TAXATION
5
100,794
93,300
Tax on profit
14,376
19,043
----------
--------
PROFIT FOR THE FINANCIAL YEAR
86,418
74,257
----------
--------
All the activities of the company are from continuing operations.
The company has no other recognised items of income and expenses other than the results for the year as set out above.
CARROLL DENTAL PRACTICE LIMITED
STATEMENT OF FINANCIAL POSITION
31 March 2023
2023
2022
Note
£
£
£
FIXED ASSETS
Intangible assets
6
48,500
58,200
Tangible assets
7
39,716
6,108
--------
--------
88,216
64,308
CURRENT ASSETS
Stocks
2,250
1,050
Debtors
8
301
778
Cash at bank and in hand
25,566
48,784
--------
--------
28,117
50,612
CREDITORS: amounts falling due within one year
9
31,750
35,755
--------
--------
NET CURRENT (LIABILITIES)/ASSETS
( 3,633)
14,857
--------
--------
TOTAL ASSETS LESS CURRENT LIABILITIES
84,583
79,165
--------
--------
NET ASSETS
84,583
79,165
--------
--------
CAPITAL AND RESERVES
Called up share capital
100
100
Profit and loss account
84,483
79,065
--------
--------
SHAREHOLDERS FUNDS
84,583
79,165
--------
--------
These financial statements have been prepared 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'.
For the year ending 31 March 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's 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 director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
CARROLL DENTAL PRACTICE LIMITED
STATEMENT OF FINANCIAL POSITION (continued)
31 March 2023
These financial statements were approved by the board of directors and authorised for issue on 2 February 2024 , and are signed on behalf of the board by:
Dr P D Carroll
Director
Company registration number: 06543121
CARROLL DENTAL PRACTICE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 31 MARCH 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 27 Main Street, Shenstone, WS14 0LZ.
2. STATEMENT OF COMPLIANCE
These financial statements have been prepared in compliance with FRS 102 Section 1A, 'The Financial Reporting Standad applicable in the UK and Republic of Ireland'.
3. ACCOUNTING POLICIES
(a) Basis of preparation
The financial statements have been prepared on the historical cost basis. The financial statements are prepared in sterling, which is the functional currency of the entity.
(b) Going concern
In March 2020 the UK was impacted by the outbreak of Covid-19. The Government imposed significant restrictions at that time in an effort to manage the spread of the virus which resulted in the company having to review and change its working practices to ensure compliance with these restrictions. More latterly, the UK economy has been impacted by rising inflation, interest rates and energy costs, exacerbated by the war in Ukraine. All these matters have impacted the company's trading results to a a greater or lesser extent. At the date of signing these financial statements, the directors have considered the effect of these matters on the company with the information available to it and do not believe that it will affect the ability of the company to continue to trade for the foreseeable future. On this basis, the directors have prepared these financial statements on a going concern basis.
(c) Revenue recognition
The revenue shown in the profit and loss account represents income receivable from dental treatments carried out during the period. Revenue in respect of dental treatment uncompleted at the year-end date is recognised by reference to the stage of completion.
(d) Current & 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.
(e) Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Goodwill
-
5% straight line
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
(f) Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.
(g) 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:
Plant and machinery
-
25% reducing balance
Motor vehicles
-
25% reducing balance
(h) 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.
(i) Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
(j) 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 it liabilities.
(k) Defined contribution plans
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to the profit and loss account in the period to which they relate.
4. EMPLOYEE NUMBERS
The average number of persons employed by the company during the year amounted to 2 (2022: 2 ).
5. PROFIT BEFORE TAXATION
Profit before taxation is stated after charging:
2023
2022
£
£
Amortisation of intangible assets
9,700
9,700
Depreciation of tangible assets
13,238
2,035
--------
-------
6. INTANGIBLE ASSETS
Goodwill
£
Cost
At 1 April 2022 and 31 March 2023
194,000
----------
Amortisation
At 1 April 2022
135,800
Charge for the year
9,700
----------
At 31 March 2023
145,500
----------
Carrying amount
At 31 March 2023
48,500
----------
At 31 March 2022
58,200
----------
7. TANGIBLE ASSETS
Plant and machinery
Motor vehicles
Total
£
£
£
Cost
At 1 April 2022
12,483
12,483
Additions
956
45,890
46,846
--------
--------
--------
At 31 March 2023
13,439
45,890
59,329
--------
--------
--------
Depreciation
At 1 April 2022
6,375
6,375
Charge for the year
1,765
11,473
13,238
--------
--------
--------
At 31 March 2023
8,140
11,473
19,613
--------
--------
--------
Carrying amount
At 31 March 2023
5,299
34,417
39,716
--------
--------
--------
At 31 March 2022
6,108
6,108
--------
--------
--------
8. DEBTORS
2023
2022
£
£
Trade debtors
301
778
----
----
9. CREDITORS: amounts falling due within one year
2023
2022
£
£
Trade creditors
15
Accruals and deferred income
7,333
5,451
Corporation tax
14,376
19,043
Directors current account
( 22,058)
522
Shenstone dental care limited
32,084
10,739
--------
--------
31,750
35,755
--------
--------
10. RELATED PARTY TRANSACTIONS
During the year the Company loaned the director £ 22,057.50 (2022: £ 521.73 ), this amount remains outstanding at the year end but will be repaid by the director before 31st December 2023. The loan incurred interest at 4.25%, in line with the Bank of England rate as at 31st March 2023 and is repayable upon demand.
CARROLL DENTAL PRACTICE LIMITED
MANAGEMENT INFORMATION
YEAR ENDED 31 MARCH 2023
The following pages do not form part of the financial statements.
CARROLL DENTAL PRACTICE LIMITED
CHARTERED ACCOUNTANTS REPORT TO THE DIRECTOR ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF CARROLL DENTAL PRACTICE LIMITED
YEAR ENDED 31 MARCH 2023
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Carroll Dental Practice Limited for the year ended 31 March 2023, which comprise the income statement, statement of financial position and the related notes from the company's accounting records and from information and explanations you have given us. As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at www.icaew.com/en/membership/regulations-standards-and-guidance. This report is made solely to the director of Carroll Dental Practice Limited in accordance with the terms of our engagement letter dated 13 December 2011. Our work has been undertaken solely to prepare for your approval the financial statements of Carroll Dental Practice Limited and state those matters that we have agreed to state to you in this report in accordance with ICAEW Technical Release 07/16 AAF as detailed at www.icaew.com/compilation. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Carroll Dental Practice Limited and its director for our work or for this report.
It is your duty to ensure that Carroll Dental Practice Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Carroll Dental Practice Limited. You consider that Carroll Dental Practice Limited is exempt from the statutory audit requirement for the year. We have not been instructed to carry out an audit or a review of the financial statements of Carroll Dental Practice Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
PFM TOWNENDS LLP Chartered Accountants
Fulford Lodge 1 Heslington Lane Fulford York YO10 4HW
2 February 2024