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REGISTERED NUMBER: 08250153 (England and Wales)















Unaudited Financial Statements

for the Year Ended 31 December 2023

for

Regency Dental Practice (Cheltenham) Ltd

Regency Dental Practice (Cheltenham) Ltd (Registered number: 08250153)

Contents of the Financial Statements
for the Year Ended 31 December 2023










Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 4


Regency Dental Practice (Cheltenham) Ltd

Company Information
for the Year Ended 31 December 2023







DIRECTOR: Dr C D Barley



REGISTERED OFFICE: 41 Sydenham Villas Road
Cheltenham
GL52 6EE



REGISTERED NUMBER: 08250153 (England and Wales)



ACCOUNTANTS: HATS Gloucester Ltd
48 Hucclecote Road
Gloucester
Gloucestershire
GL3 3RS



BANKERS: Lloyds Bank
130 High Street
Cheltenham
GL50 1EW

Regency Dental Practice (Cheltenham) Ltd (Registered number: 08250153)

Statement of Financial Position
31 December 2023

31/12/23 31/12/22
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 80,618 120,927
Tangible assets 5 144,632 160,698
225,250 281,625

CURRENT ASSETS
Stocks 4,500 3,500
Debtors 6 263,758 246,056
Cash at bank and in hand 99,782 102,725
368,040 352,281
CREDITORS
Amounts falling due within one year 7 146,825 125,273
NET CURRENT ASSETS 221,215 227,008
TOTAL ASSETS LESS CURRENT
LIABILITIES

446,465

508,633

CREDITORS
Amounts falling due after more than one
year

8

(407,688

)

(472,035

)

PROVISIONS FOR LIABILITIES (35,622 ) (34,829 )
NET ASSETS 3,155 1,769

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings 3,055 1,669
SHAREHOLDERS' FUNDS 3,155 1,769

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2023 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

Regency Dental Practice (Cheltenham) Ltd (Registered number: 08250153)

Statement of Financial Position - continued
31 December 2023


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 29 July 2024 and were signed by:





Dr C D Barley - Director


Regency Dental Practice (Cheltenham) Ltd (Registered number: 08250153)

Notes to the Financial Statements
for the Year Ended 31 December 2023


1. STATUTORY INFORMATION

Regency Dental Practice (Cheltenham) Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Goodwill
Goodwill being the amount paid in connection with the acquisition of the business in 2013 and 2015 is being amortised evenly over its estimated useful life of 10 years.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Short leasehold - in accordance with the property
Fixtures and fittings - 20% on reducing balance
Computer equipment - 20% on reducing balance

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Regency Dental Practice (Cheltenham) Ltd (Registered number: 08250153)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023


2. ACCOUNTING POLICIES - continued

Hire purchase and leasing commitments
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.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 14 (2022 - 14 ) .

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
Cost
At 1 January 2023
and 31 December 2023 795,607
Amortisation
At 1 January 2023 674,680
Charge for year 40,309
At 31 December 2023 714,989
Net book value
At 31 December 2023 80,618
At 31 December 2022 120,927

Regency Dental Practice (Cheltenham) Ltd (Registered number: 08250153)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023


5. TANGIBLE FIXED ASSETS
Fixtures
Short and Computer
leasehold fittings equipment Totals
£    £    £    £   
Cost
At 1 January 2023 4,763 248,495 31,469 284,727
Additions - 13,197 15,904 29,101
Disposals - (20,981 ) (13,427 ) (34,408 )
At 31 December 2023 4,763 240,711 33,946 279,420
Depreciation
At 1 January 2023 2,381 105,411 16,237 124,029
Charge for year 238 31,256 6,227 37,721
Eliminated on disposal - (16,489 ) (10,473 ) (26,962 )
At 31 December 2023 2,619 120,178 11,991 134,788
Net book value
At 31 December 2023 2,144 120,533 21,955 144,632
At 31 December 2022 2,382 143,084 15,232 160,698

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Fixtures
and
fittings
£   
Cost
At 1 January 2023 96,031
Transfer to ownership (37,410 )
At 31 December 2023 58,621
Depreciation
At 1 January 2023 45,233
Charge for year 10,159
Transfer to ownership (27,603 )
At 31 December 2023 27,789
Net book value
At 31 December 2023 30,832
At 31 December 2022 50,798

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31/12/23 31/12/22
£    £   
Trade debtors 2,563 1,326
Other debtors 261,195 244,730
263,758 246,056

Regency Dental Practice (Cheltenham) Ltd (Registered number: 08250153)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023


7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31/12/23 31/12/22
£    £   
Bank loans and overdrafts 55,680 53,460
Hire purchase contracts (see note 9) 8,667 16,799
Trade creditors 12,128 27,197
Taxation and social security 54,935 13,984
Other creditors 15,415 13,833
146,825 125,273

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31/12/23 31/12/22
£    £   
Bank loans 392,222 447,902
Hire purchase contracts (see note 9) 15,466 24,133
407,688 472,035

Amounts falling due in more than five years:

Repayable by instalments
Bank loans more 5 yr by instal 170,048 226,045

9. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts
31/12/23 31/12/22
£    £   
Net obligations repayable:
Within one year 8,667 16,799
Between one and five years 15,466 24,133
24,133 40,932

Non-cancellable operating leases
31/12/23 31/12/22
£    £   
Within one year - 8,194

Regency Dental Practice (Cheltenham) Ltd (Registered number: 08250153)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023


10. SECURED DEBTS

The following secured debts are included within creditors:

31/12/23 31/12/22
£    £   
Bank loans 423,735 467,196

The bank loans are secured by fixed and floating charges over the leasehold property and assets of the company.

11. DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31 December 2023 and 31 December 2022:

31/12/23 31/12/22
£    £   
Dr C D Barley
Balance outstanding at start of year 179,843 175,237
Amounts advanced 126,553 197,553
Amounts repaid (115,941 ) (192,947 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 190,455 179,843

The above loan to the director has no fixed repayment terms. Interest totalling £4,045 (2022 - £3,551) has been charged during the year at the HMRC official rate of interest.