Company Registration No. 11346063 (England and Wales)
ARCHWAY DENTAL GROUP LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 OCTOBER 2023
31 October 2023
PAGES FOR FILING WITH REGISTRAR
PM+M Solutions for Business LLP
Chartered Accountants
New Century House
Greenbank Technology Park
Challenge Way
Blackburn
Lancashire
BB1 5QB
ARCHWAY DENTAL GROUP LIMITED
COMPANY INFORMATION
Directors
Miss J E Boland
Mrs J L Holgate
Mrs S J Fawcett
Company number
11346063
Registered office
The Rainhall Centre
Rainhall Road
Barnoldswick
Lancashire
BB18 5DR
Accountants
PM+M Solutions for Business LLP
New Century House
Greenbank Technology Park
Challenge Way
Blackburn
Lancashire
BB1 5QB
ARCHWAY DENTAL GROUP LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 7
ARCHWAY DENTAL GROUP LIMITED
BALANCE SHEET
AS AT
31 OCTOBER 2023
31 October 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Intangible assets
3
331,377
392,879
Tangible assets
4
120,873
161,318
452,250
554,197
Current assets
Debtors
5
150,480
131,690
Cash at bank and in hand
13,112
2,397
163,592
134,087
Creditors: amounts falling due within one year
6
(742,020)
(770,216)
Net current liabilities
(578,428)
(636,129)
Total assets less current liabilities
(126,178)
(81,932)
Creditors: amounts falling due after more than one year
7
(47,710)
(69,646)
Provisions for liabilities
(23,186)
(11,069)
Net liabilities
(197,074)
(162,647)
Capital and reserves
Called up share capital
3
3
Profit and loss reserves
(197,077)
(162,650)
Total equity
(197,074)
(162,647)
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 year ended 31 October 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 year 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.
ARCHWAY DENTAL GROUP LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 OCTOBER 2023
31 October 2023
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 31 July 2024 and are signed on its behalf by:
Mrs J L Holgate
Mrs S J Fawcett
Director
Director
Company registration number 11346063 (England and Wales)
ARCHWAY DENTAL GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023
- 3 -
1
Accounting policies
Company information
Archway Dental Group Limited is a private company limited by shares incorporated in England and Wales. The registered office is The Rainhall Centre, Rainhall Road, Barnoldswick, Lancashire, BB18 5DR.
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. The principal accounting policies adopted are set out below.
1.2
Going concern
The company meets its day to day working capital requirements by a bank loan and loans from companies owned by the directors. The directors have confirmed that their other companies will continue to support the company.true
On this basis, the directors consider it appropriate to prepare the financial statements on the going concern basis. The financial statements do not include any adjustments that would result from a withdrawal of these loans.
1.3
Turnover
Turnover represents the consideration received for dentistry goods and services rendered.
Income from services is recognised at the stage of completion of the work.
1.4
Intangible fixed assets - goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2018, is being amortised evenly over its estimated useful life of ten years.
1.5
Intangible fixed assets other than goodwill
Website costs are being amortised evenly over their estimated useful life of ten years.
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 costs
10% straight line
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.
ARCHWAY DENTAL GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2023
1
Accounting policies
(Continued)
- 4 -
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:
Improvements to property
10% on cost
Plant and equipment
15% on cost
Fixtures and fittings
20% on cost
Computer equipment
33% on cost
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
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.
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.
1.8
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.9
Leases
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.
The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.
ARCHWAY DENTAL GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2023
1
Accounting policies
(Continued)
- 5 -
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.
Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.
2
Employees
The average monthly number of persons employed by the company during the year was:
2023
2022
Number
Number
Total
6
9
3
Intangible fixed assets
Goodwill
Website costs
Total
£
£
£
Cost
At 1 November 2022 and 31 October 2023
608,554
6,448
615,002
Amortisation and impairment
At 1 November 2022
220,005
2,118
222,123
Amortisation charged for the year
60,857
645
61,502
At 31 October 2023
280,862
2,763
283,625
Carrying amount
At 31 October 2023
327,692
3,685
331,377
At 31 October 2022
388,549
4,330
392,879
ARCHWAY DENTAL GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2023
- 6 -
4
Tangible fixed assets
Improvements to property
Plant and equipment
Fixtures and fittings
Computer equipment
Total
£
£
£
£
£
Cost
At 1 November 2022
32,477
180,396
18,380
29,226
260,479
Additions
2,743
64
2,807
At 31 October 2023
32,477
183,139
18,444
29,226
263,286
Depreciation and impairment
At 1 November 2022
9,142
64,303
9,172
16,544
99,161
Depreciation charged in the year
3,250
27,317
3,623
9,062
43,252
At 31 October 2023
12,392
91,620
12,795
25,606
142,413
Carrying amount
At 31 October 2023
20,085
91,519
5,649
3,620
120,873
At 31 October 2022
23,335
116,093
9,208
12,682
161,318
5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
41,334
29,272
Other debtors
109,146
102,418
150,480
131,690
6
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
9,413
193,333
Trade creditors
28,536
21,688
Taxation and social security
2,577
15,744
Other creditors
701,494
539,451
742,020
770,216
ARCHWAY DENTAL GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2023
- 7 -
7
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
12,667
20,667
Other creditors
35,043
48,979
47,710
69,646
8
Secured debts
The following secured debts are included within creditors:
Bank loans £1,413 (2022 - £184,948)
Hire purchase contracts £48,336 (2022 - £66,987)
The directors have given personal guarantees on the bank loan.
Hire purchase creditors are secured on the assets to which they relate.
9
Other financial commitments
At the reporting date the company had operating lease commitments totaling £407,292 (2022 - £239,792).
10
Related party note
At the reporting date the company owed £684,312 (2022 - £506,775) to companies owned by the directors.
The loans are interest free and there are no fixed repayment terms
11
Directors' transactions
Description
% Rate
Opening balance
Amounts advanced
Closing balance
£
£
£
J Boland
-
72,647
2,673
75,320
72,647
2,673
75,320