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Registration number: 13188086

White Friars House Dental Practice Ltd

Unaudited Filleted Financial Statements

for the Year Ended 30 November 2023

 

White Friars House Dental Practice Ltd

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 8

 

White Friars House Dental Practice Ltd

Company Information

Directors

Dr Gregory John Paysden

Mrs Nina Elizabeth Eve Paysden

Registered office

White Friars House
14 White Friars
Chester
CH1 1NZ

 

White Friars House Dental Practice Ltd

(Registration number: 13188086)
Balance Sheet as at 30 November 2023

Note

2023
£

(As restated)

2022
£

Fixed assets

 

Intangible assets

4

295,993

332,992

Tangible assets

5

24,440

24,000

 

320,433

356,992

Current assets

 

Stocks

6

10,000

17,500

Debtors

7

176,669

91,571

Cash at bank and in hand

 

3

6,017

 

186,672

115,088

Creditors: Amounts falling due within one year

8

(119,603)

(168,492)

Net current assets/(liabilities)

 

67,069

(53,404)

Total assets less current liabilities

 

387,502

303,588

Creditors: Amounts falling due after more than one year

8

(371,048)

(292,108)

Provisions for liabilities

(6,110)

(4,560)

Net assets

 

10,344

6,920

Capital and reserves

 

Called up share capital

100

100

Retained earnings

10,244

6,820

Shareholders' funds

 

10,344

6,920

For the financial year ending 30 November 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. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 11 April 2024 and signed on its behalf by:

Dr Gregory John Paysden
Director

 

White Friars House Dental Practice Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023

1

General information

The company is a private company limited by share capital, incorporated in England & Wales.

The address of its registered office is:
White Friars House
14 White Friars
Chester
CH1 1NZ

These financial statements were authorised for issue by the Board on 11 April 2024.

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 that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

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 sales/value added tax, returns, rebates and discounts.

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.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change 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.

 

White Friars House Dental Practice Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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 and that are expected to apply to the reversal of the timing difference.

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, other than land and properties under construction over their estimated useful lives, as follows:

Goodwill

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. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

10% Straight line

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. 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 receivables.

 

White Friars House Dental Practice Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023

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 (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.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable 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 subsequently measured at amortised cost using the effective interest method.

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.

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.

 

White Friars House Dental Practice Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 13 (2022 - 11).

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 December 2022

369,991

369,991

At 30 November 2023

369,991

369,991

Amortisation

At 1 December 2022

36,999

36,999

Amortisation charge

36,999

36,999

At 30 November 2023

73,998

73,998

Carrying amount

At 30 November 2023

295,993

295,993

At 30 November 2022

332,992

332,992

 

White Friars House Dental Practice Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023

5

Tangible assets

Furniture, fittings and equipment
 £

Plant and Machinery
£

Total
£

Cost or valuation

At 1 December 2022

-

30,000

30,000

Additions

6,720

-

6,720

At 30 November 2023

6,720

30,000

36,720

Depreciation

At 1 December 2022

-

6,000

6,000

Charge for the year

280

6,000

6,280

At 30 November 2023

280

12,000

12,280

Carrying amount

At 30 November 2023

6,440

18,000

24,440

At 30 November 2022

-

24,000

24,000

6

Stocks

2023
£

2022
£

Finished goods and goods for resale

10,000

17,500

7

Debtors

Current

2023
£

2022
£

Trade debtors

16,521

6,489

Amounts owed by related parties

159,441

84,807

Prepayments

707

275

 

176,669

91,571

 

White Friars House Dental Practice Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023

8

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

9

38,555

13,288

Trade creditors

 

21,503

14,555

Amounts owed to related parties

65

17,860

Taxation and social security

 

11,091

11,518

Accruals

 

15,385

47,931

Other creditors

 

33,004

63,340

 

119,603

168,492

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

9

371,048

292,108

9

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Bank borrowings

371,048

292,108

2023
£

2022
£

Current loans and borrowings

Bank borrowings

18,873

13,288

Other borrowings

19,682

-

38,555

13,288