Company registration number 07418269 (England and Wales)
Horbury Dental Care Limited
UNAUDITED FINANCIAL STATEMENTS
for the year ended 31 March 2024
PAGES FOR FILING WITH REGISTRAR
Horbury Dental Care Limited
Contents
Page
Statement of financial position
1 - 2
Notes to the financial statements
3 - 6
Horbury Dental Care Limited
Statement of financial position
as at 31 March 2024
31 March 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Intangible assets
3
574,712
660,908
Tangible assets
4
795,997
762,519
1,370,709
1,423,427
Current assets
Stocks
32,888
32,402
Debtors
5
108,783
108,783
Cash at bank and in hand
1,007,618
1,096,636
1,149,289
1,237,821
Creditors: amounts falling due within one year
6
(544,810)
(580,840)
Net current assets
604,479
656,981
Total assets less current liabilities
1,975,188
2,080,408
Creditors: amounts falling due after more than one year
7
(62,500)
(112,500)
Provisions for liabilities
8
(198,097)
(189,530)
Net assets
1,714,591
1,778,378
Capital and reserves
Called up share capital
9
200
200
Profit and loss reserves
1,714,391
1,778,178
Total equity
1,714,591
1,778,378
Horbury Dental Care Limited
Statement of financial position (continued)
as at 31 March 2024
31 March 2024
- 2 -
The directors of the company have elected not to include a copy of the income statement within the financial statements.true
For the financial year ended 31 March 2024 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.
The financial statements were approved by the board of directors and authorised for issue on 8 August 2024 and are signed on its behalf by:
M V Willings
Director
Company Registration No. 07418269
Horbury Dental Care Limited
Notes to the financial statements
for the year ended 31 March 2024
- 3 -
1
Accounting policies
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.
Turnover
Turnover represents the fair value of the consideration received for services provided in the normal course of business. Turnover is recognised on the provision of the services.
Intangible fixed assets - goodwill
Goodwill represents the excess of the cost of acquisition of unincorporated businesses over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is 20 years.
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost less depreciation.
Depreciation is recognised so as to write off the cost of assets less their residual values over their useful lives on the following bases:
Leasehold land and buildings
Straight line over the life of the lease
Fixtures, fittings & equipment
10% reducing balance basis & 33% straight line basis
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
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 income statement 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.
Horbury Dental Care Limited
Notes to the financial statements (continued)
for the year ended 31 March 2024
1
Accounting policies
(continued)
- 4 -
Deferred tax
Deferred tax is recognised on all timing differences between the carrying amount of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. The carrying amount of the deferred tax assets is reviewed at the end of each reporting period 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 assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is then settled or the asset realised, based on the tax rates that have been enacted or substantively enacted by the end of the reporting period.
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
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 statement of financial position as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to the income statement on a straight line basis over the term of the lease.
Government grants
Government grants are recognised at the fair value of the asset received and are recognised over the same period in which related costs are incurred. Government grants relate to Coronavirus Job Retention Scheme (CJRS) funding of staff who have been furloughed due to Covid-19. These revenue-based grants are recognised over the same period in which the related costs are incurred.
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
38
40
Horbury Dental Care Limited
Notes to the financial statements (continued)
for the year ended 31 March 2024
- 5 -
3
Intangible fixed assets
Goodwill
£
Cost
At 1 April 2023 and 31 March 2024
1,724,000
Amortisation and impairment
At 1 April 2023
1,063,092
Amortisation charged for the year
86,196
At 31 March 2024
1,149,288
Carrying amount
At 31 March 2024
574,712
At 31 March 2023
660,908
4
Tangible fixed assets
Leasehold land and buildings
Fixtures, fittings & equipment
Total
£
£
£
Cost
At 1 April 2023
135,733
1,323,912
1,459,645
Additions
118,338
118,338
At 31 March 2024
135,733
1,442,250
1,577,983
Depreciation and impairment
At 1 April 2023
135,733
561,393
697,126
Depreciation charged in the year
84,860
84,860
At 31 March 2024
135,733
646,253
781,986
Carrying amount
At 31 March 2024
795,997
795,997
At 31 March 2023
762,519
762,519
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Amounts owed by connected company
90,799
90,799
Other debtors
3,506
3,506
Prepayments and accrued income
14,478
14,478
108,783
108,783
Horbury Dental Care Limited
Notes to the financial statements (continued)
for the year ended 31 March 2024
- 6 -
6
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans
50,000
50,000
Obligations under finance leases
8,979
Trade creditors
174,646
199,393
Corporation tax
146,894
133,064
Other taxation and social security
5,926
11,810
Accruals and deferred income
167,344
177,594
544,810
580,840
The obligations under finance leases are secured against the assets to which they relate.
7
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans
62,500
112,500
8
Provisions for liabilities
2024
2023
£
£
Deferred tax liabilities
198,097
189,530
9
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
A Ordinary shares of £1 each
180
180
180
180
B Ordinary shares of £1 each
5
5
5
5
C Ordinary shares of £1 each
5
5
5
5
D Ordinary shares - non voting of £1 each
5
5
5
5
E Ordinary shares - non voting of £1 each
4
4
4
4
F Ordinary shares - non voting of £1 each
1
1
1
1
200
200
200
200
10
Parent company
The ultimate ultimate parent company is MKW Holdings Limited. a company registered in England & Wales and whose registered office is Vincent House, Queen Street, Horbury, Wakefield, WF4 6LP.
11
Company information
Horbury Dental Care Limited is a private company limited by shares incorporated in England and Wales. The registered office is Vincent House, Queen Street, Horbury, Wakefield, WF4 6LP.