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Registration number: 11695106

Prepared for the registrar

Triangle Dental Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 30 September 2023

 

Triangle Dental Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3 to 11

 

Triangle Dental Limited

Company Information

Directors

Dr J R Cowie

Dr C T Read

Company secretary

Mrs S V Cowie

Registered office

Staverton Court
Staverton
Cheltenham
GL51 0UX

Accountants

Hazlewoods LLP
Staverton Court
Staverton
Cheltenham
GL51 0UX

 

Triangle Dental Limited

(Registration number: 11695106)
Balance Sheet as at 30 September 2023

Note

2023
£

2022
£

Fixed assets

 

Intangible assets

4

832,807

884,858

Tangible assets

5

326,491

325,186

Investments

6

157,743

70,000

 

1,317,041

1,280,044

Current assets

 

Stocks

46,224

43,200

Debtors

7

9,619

22,605

Cash at bank and in hand

 

242,189

183,083

 

298,032

248,888

Creditors: Amounts falling due within one year

8

(330,165)

(222,502)

Net current (liabilities)/assets

 

(32,133)

26,386

Total assets less current liabilities

 

1,284,908

1,306,430

Creditors: Amounts falling due after more than one year

8

(879,407)

(981,855)

Deferred tax liabilities

10

(81,390)

(61,706)

Net assets

 

324,111

262,869

Capital and reserves

 

Called up share capital

100

100

Profit and loss account

324,011

262,769

Shareholders' funds

 

324,111

262,869

For the financial year ending 30 September 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 accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

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 6 March 2024 and signed on its behalf by:
 


Dr C T Read
Director

 

Triangle Dental Limited

Notes to the Financial Statements for the Year Ended 30 September 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:
Staverton Court
Staverton
Cheltenham
GL51 0UX

The principal place of business is:
79 School Road
Reading
RG31 5AT

 

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.

Critical accounting judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.
 

Judgements

No significant judgements have been made by management in preparing these financial statements.

Key sources of estimation uncertainty

No key sources of estimation uncertainty have been identified by management in preparing these financial statements other than those detailed in these accounting policies.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of returns, rebates and discounts and after eliminating sales within the company.

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.

 

Triangle Dental Limited

Notes to the Financial Statements for the Year Ended 30 September 2023

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.

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 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

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

Plant and machinery

10% written down value

Motor vehicles

25% reducing balance

Business combinations

Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.

Goodwill

Purchased goodwill is capitalised and written off in equal annual instalments over twenty years. The directors believe this is a reasonable estimate of its useful economic life due to the location of the dental practice and consistent patient base.

Intangible assets

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date.

Negative goodwill arising on an acquisition is recognised on the face of the Balance Sheet on the acquisition date and subsequently the excess up to the fair value of non-monetary assets acquired is recognised in profit or loss in the periods in which the non-monetary assets are recovered.

 

Triangle Dental Limited

Notes to the Financial Statements for the Year Ended 30 September 2023

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.


Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

Trade debtors

Trade debtors are amounts due from customers for goods 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 estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out 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.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors 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.

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 expenses.

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.

 

Triangle Dental Limited

Notes to the Financial Statements for the Year Ended 30 September 2023

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.

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.

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.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

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.

 

Triangle Dental Limited

Notes to the Financial Statements for the Year Ended 30 September 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:

 

Triangle Dental Limited

Notes to the Financial Statements for the Year Ended 30 September 2023

 

4

Intangible assets

Goodwill
 £

Total
£

Cost

At 1 October 2022

1,041,011

1,041,011

At 30 September 2023

1,041,011

1,041,011

Amortisation

At 1 October 2022

156,153

156,153

Amortisation charge

52,051

52,051

At 30 September 2023

208,204

208,204

Carrying amount

At 30 September 2023

832,807

832,807

At 30 September 2022

884,858

884,858

 

Triangle Dental Limited

Notes to the Financial Statements for the Year Ended 30 September 2023

 

5

Tangible assets

Plant and machinery
 £

Motor vehicles
 £

Total
£

Cost

At 1 October 2022

258,591

94,531

353,122

Additions

18,660

29,226

47,886

At 30 September 2023

277,251

123,757

401,008

Depreciation

At 1 October 2022

18,354

9,582

27,936

Charge for the year

25,344

21,237

46,581

At 30 September 2023

43,698

30,819

74,517

Carrying amount

At 30 September 2023

233,553

92,938

326,491

At 30 September 2022

240,237

84,949

325,186

 

6

Investments

2023
£

2022
£

Other investments

157,743

70,000

 

7

Debtors

Note

2023
 £

2022
 £

Trade debtors

 

7,059

5,352

Amounts owed by related parties

11

-

742

Other debtors

 

-

15,000

Prepayments

 

2,560

1,511

   

9,619

22,605

 

Triangle Dental Limited

Notes to the Financial Statements for the Year Ended 30 September 2023

 

8

Creditors

Note

2023
 £

2022
 £

Due within one year

 

Loans and borrowings

9

102,448

98,213

Trade creditors

 

21,069

51,518

Amounts due to related parties

11

46,630

27,776

Social security and other taxes

 

9,790

9,026

Outstanding defined contribution pension costs

 

2,235

1,911

Other creditors

 

62,648

29,341

Accrued expenses

 

4,672

3,955

Corporation tax liability

80,673

762

 

330,165

222,502

Due after one year

 

Loans and borrowings

9

879,407

981,855

 

9

Loans and borrowings

2023
£

2022
£

Current loans and borrowings

Bank borrowings

87,895

84,437

HP and finance lease liabilities

14,553

13,776

102,448

98,213


 

2022
£

2022
£

Non-current loans and borrowings

Bank borrowings

858,654

946,548

HP and finance lease liabilities

20,753

35,307

879,407

981,855

The bank borrowings above are secured by fixed and floating charges over the assets of the company.

 

10

Deferred tax

Deferred tax assets and liabilities

2023

Liability
£

Differences between accumulated depreciation and amortisation and capital allowances

81,390

2022

Liability
£

Differences between accumulated depreciation and amortisation and capital allowances

61,706

 

Triangle Dental Limited

Notes to the Financial Statements for the Year Ended 30 September 2023

 

11

Related party transactions

Transactions with directors

2023

At 1 October 2022
£

Advances to director
£

Repayments by director
£

At 30 September 2023
£

Dr J R Cowie

(27,776)

11,954

(1,733)

(17,555)

         
       

 

2022

At 1 October 2021
£

Advances to director
£

Repayments by director
£

At 30 September 2022
£

Dr J R Cowie

(1,061)

9,866

(36,581)

(27,776)

         
       

 

Summary of transactions with other related parties

During the year the company received £29,817 from a related party (2022 - repaid £5,628 to a related party). At the balance sheet date the amount due to a related party was £29,075 (2022 - £742 due from a related party). The amount is interest free and repayable on demand.

 

12

Financial commitments, guarantees and contingencies

Operating leases

The total of future minimum lease payments is as follows:

2023
£

2022
£

Not later than one year

34,767

34,767

Later than one year and not later than five years

139,068

139,068

Later than five years

173,834

208,601

347,669

382,436