Company registration number 12853966 (England and Wales)
SRKP LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023
PAGES FOR FILING WITH REGISTRAR
SRKP LIMITED
BALANCE SHEET
AS AT 31 DECEMBER 2023
31 December 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Intangible assets
3
2,460
2,883
Tangible assets
4
1,245,642
1,214,682
Investments
5
53
1,248,155
1,217,565
Current assets
Stocks
6,206
6,206
Debtors
7
782,914
290,562
Cash at bank and in hand
61,274
89,705
850,394
386,473
Creditors: amounts falling due within one year
8
(1,437,940)
(665,308)
Net current liabilities
(587,546)
(278,835)
Total assets less current liabilities
660,609
938,730
Creditors: amounts falling due after more than one year
9
(1,693,264)
(1,403,610)
Net liabilities
(1,032,655)
(464,880)
Capital and reserves
Called up share capital
10
100
100
Profit and loss reserves
(1,032,755)
(464,980)
Total equity
(1,032,655)
(464,880)
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial period ended 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The members have not required the company to obtain an audit of its financial statements for the period in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
SRKP LIMITED
BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2023
31 December 2023
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 15 April 2024 and are signed on its behalf by:
R Pascaud
Director
Company Registration No. 12853966
SRKP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023
- 3 -
1
Accounting policies
Company information
SRKP Limited (the "Company") is a private company limited by shares incorporated in England and Wales, registered number 12853966. The registered office is C/O Mazars LLP, 3 Wellington Place, Leeds, West Yorkshire, LS1 4AP.
The principal activity of the company continued to be that of dental practice services.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
1.2
Going concern
Atruet the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The directors continue to support the business financially and will not seek for the company to repay the Directors' loans until the company is in a profitable position. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
1.3
Reporting period
The financial statements present a 15 month period from 1 October 2022 to 31 December 2023 and are therefore not directly comparable with the prior period.
1.4
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
1.5
Intangible fixed assets other than goodwill
Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.
Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Website
10 years straight line
SRKP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 4 -
1.6
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Leasehold improvements
5 years or 10 years straight line
Plant and machinery
10 years straight line
Computer equipment
5 years straight line
Office equipment
20% reducing balance
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.7
Fixed asset investments
Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.
A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.
1.8
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
1.9
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell.
Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
1.10
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
SRKP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 5 -
1.11
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
1.12
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
SRKP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 6 -
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.13
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.14
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.15
Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.
Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.
2
Employees
The average monthly number of persons (including directors) employed by the company during the period/year was:
2023
2022
Number
Number
Total
28
12
SRKP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2023
- 7 -
3
Intangible fixed assets
Website
£
Cost
At 1 October 2022 and 31 December 2023
3,380
Amortisation and impairment
At 1 October 2022
497
Amortisation charged for the period
423
At 31 December 2023
920
Carrying amount
At 31 December 2023
2,460
At 30 September 2022
2,883
4
Tangible fixed assets
Leasehold improvements
Plant and machinery
Computer equipment
Office equipment
Total
£
£
£
£
£
Cost
At 1 October 2022
757,499
444,981
106,955
37,421
1,346,856
Additions
175,374
72,038
14,057
22,859
284,328
At 31 December 2023
932,873
517,019
121,012
60,280
1,631,184
Depreciation and impairment
At 1 October 2022
85,724
25,191
15,084
6,175
132,174
Depreciation charged on owned assets
151,258
3,883
29,109
11,863
196,113
Depreciation charged on financed assets
57,255
57,255
At 31 December 2023
236,982
86,329
44,193
18,038
385,542
Carrying amount
At 31 December 2023
695,891
430,690
76,819
42,242
1,245,642
At 30 September 2022
671,775
419,790
91,871
31,246
1,214,682
The net carrying value of tangible fixed assets includes the following in respect of assets held under finance leases or hire purchase contracts.
2023
2022
£
£
Plant and machinery
405,324
376,341
405,324
376,341
SRKP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2023
- 8 -
5
Fixed asset investments
2023
2022
£
£
Shares in group undertakings and participating interests
53
Movements in fixed asset investments
Shares in subsidiaries
£
Cost
At 1 October 2022
-
Additions
53
At 31 December 2023
53
Carrying amount
At 31 December 2023
53
At 30 September 2022
-
6
Subsidiaries
Details of the company's subsidiaries at 31 December 2023 are as follows:
Name of undertaking
Registered office
Nature of business
Class of
% Held
shares held
Direct
Smmmile Newcastle Limited
England and Wales
Dental practice
A
100.00
Smmmile Leeds Limited
England and Wales
Dental practice
A
100.00
Smmmile Nottingham Limited
England and Wales
Dental practice
A
100.00
Smmmile Bristol Limited
England and Wales
Dental practice
A
100.00
Smmmile Shelfco Limited
England and Wales
Dormant
A
100.00
Ensco 1511 Limited
England and Wales
Dormant
A
100.00
7
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
23,013
40,899
Amounts owed by group undertakings
258,154
Other debtors
105,041
44,433
Prepayments
94,275
96,148
Accrued income
302,431
109,082
782,914
290,562
SRKP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2023
- 9 -
8
Creditors: amounts falling due within one year
2023
2022
£
£
Obligations under finance leases
100,739
79,401
Trade creditors
115,827
277,202
Amounts owed to group undertakings
70,916
Taxation and social security
17,547
7,758
Deferred income
501,610
109,036
Other creditors
35,488
41,155
Accruals
595,813
150,756
1,437,940
665,308
Obligations due under finance leases and hire purchase contracts included within current and non-current liabilities are secured upon the assets to which the individual agreements relate. At the balance sheet date secured creditors relating to these loans amounted to £298,681 (2022: £340,982).
9
Creditors: amounts falling due after more than one year
2023
2022
£
£
Obligations under finance leases
197,942
261,581
Other borrowings
665,000
520,000
Other creditors
830,322
622,029
1,693,264
1,403,610
Obligations due under finance leases and hire purchase contracts included within current and non-current liabilities are secured upon the assets to which the individual agreements relate. At the balance sheet date secured creditors relating to these loans amounted to £298,681 (2022: £340,982).
Other borrowings of £665,000 (2022: £520,000) relate to a loan provided by one of the directors to the company. Interest was charged on the loan at an average rate of 5.86% in the period.
10
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary A shares of £1 each
40
40
40
40
Ordinary B shares of £1 each
40
40
40
40
Ordinary C shares of £1 each
10
10
10
10
Ordinary D shares of £1 each
10
10
10
10
100
100
100
100
SRKP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2023
- 10 -
11
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2023
2022
£
£
Within one year
171,755
143,907
Between two and five years
602,732
608,158
In over five years
441,132
605,578
1,215,619
1,357,643
12
Related party transactions
Included in Creditors: amounts falling due within one year at 31 December 2023 are amounts owed by the company to shareholders of a subsidiary, Smmmile Nottingham Limited, amounting to £14,020 (2022: £Nil).
Included in Creditors: amounts falling due after more than one year at 31 December 2023 are amounts owed by the company to the directors amounting to £1,495,322 (2022: £1,142,029).
Other borrowings of £665,000 (2022: £520,000) relate to a loan provided by one of the directors to the company. Interest was charged on the loan at an average rate of 5.86% in the period.
No interest is charged on the £830,375 (2022: £622,029) owed to the directors, reflected within Other creditors.
SRKP Limited maintains all the balance sheet assets and liabilities relating to itself and the subsidiary companies. All bank receipts in respect of turnover for each subsidiary is reflected within the bank balance of SRKP Limited.
During the period SRKP Limited recharged operating costs to the subsidiary companies which had a Principal dentist in place as at 31 December 2023. Management charges of £792,155 were charged by SRKP Limited to Smmmile Newcastle Limited, Smmmile Leeds Limited and Smmmile Nottingham Limited, relating to the recharge of overhead costs incurred within SRKP Limited.
Where turnover is greater than the costs within the subsidiary companies an amount due to the subsidiary from SRKP Limited arises.
Where turnover is less than the costs within the subsidiary companies an amount due from the subsidiary to SRKP Limited arises.
The following amounts were outstanding at the reporting end date:
SRKP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2023
12
Related party transactions
(Continued)
- 11 -
2023
2022
Amounts due to related parties
£
£
Smmmile Newcastle Limited
70,889
R Pascaud
1,084,822
831,529
S Kumar
410,500
310,500
2023
2022
Amounts due from related parties
£
£
Smmmile Leeds Limited
213,441
Smmmile Nottingham Limited
44,714
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