Company registration number 07432780 (England and Wales)
DENTAL SMART PRACTICE LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023
PAGES FOR FILING WITH REGISTRAR
DENTAL SMART PRACTICE LIMITED
Contents
Page
Accountants' report
1
Statement of financial position
2 - 3
Notes to the financial statements
4 - 10
DENTAL SMART PRACTICE LIMITED
Report To The Director On The Preparation Of The Unaudited Statutory Accounts Of Dental Smart Practice Limited
- 1 -
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Dental Smart Practice Limited for the year ended 30 November 2023 which comprise, the statement of financial position and the related notes from the company’s accounting records and from information and explanations you have given us.
As a practising member firm of the ICAS we are subject to its ethical and other professional requirements which are detailed at https://icas.com/icas-framework-preparation-of-accounts
This report is made solely to the Board of Directors of Dental Smart Practice Limited, as a body, in accordance with the terms of our engagement letter dated 27 May 2021. Our work has been undertaken solely to prepare for your approval the financial statements of Dental Smart Practice Limited and state those matters that we have agreed to state to the Board of Directors of Dental Smart Practice Limited, as a body, in this report in accordance with the requirements of the ICAS as detailed at https://icas.com/icas-framework-preparation-of-accounts. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Dental Smart Practice Limited and its Board of Directors as a body, for our work or for this report.
It is your duty to ensure that Dental Smart Practice Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Dental Smart Practice Limited. You consider that Dental Smart Practice Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the financial statements of Dental Smart Practice Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
Condie & Co Limited
22 August 2024
Chartered Accountants
10 Abbey Park Place
Dunfermline
Fife
KY12 7NZ
DENTAL SMART PRACTICE LIMITED
Statement Of Financial Position
As At 30 November 2023
- 2 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
4
419,562
434,694
Current assets
Stocks
3,150
3,000
Debtors
5
14,779
36,947
Cash at bank and in hand
30,122
11,915
48,051
51,862
Creditors: amounts falling due within one year
6
(121,249)
(128,198)
Net current liabilities
(73,198)
(76,336)
Total assets less current liabilities
346,364
358,358
Creditors: amounts falling due after more than one year
7
(235,363)
(218,986)
Provisions for liabilities
8
(10,528)
(11,737)
Net assets
100,473
127,635
Capital and reserves
Called up share capital
9
1,000
1,000
Profit and loss reserves
99,473
126,635
Total equity
100,473
127,635
The director of the company has elected not to include a copy of the income statement within the financial statements.true
For the financial year ended 30 November 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges his 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.
DENTAL SMART PRACTICE LIMITED
Statement Of Financial Position (Continued)
As At 30 November 2023
- 3 -
The financial statements were approved and signed by the director and authorised for issue on 22 August 2024
Mr C Miron
Director
Company Registration No. 07432780
DENTAL SMART PRACTICE LIMITED
Notes To The Financial Statements
For The Year Ended 30 November 2023
- 4 -
1
Accounting policies
Company information
Dental Smart Practice Limited is a private company limited by shares incorporated in England and Wales. The registered office is 21 Albion Terrace, Sewardstone Road, London, E4 7SB. The principal place of business is Stonehaven Dental Practice, 4 Barclay Street, Stonehaven, AB39 2BJ.
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 financial statements have been prepared on a going concern basis, which assumes that the company will be able to continue in existence for the foreseeable future. The company is dependent on the continued support of its director. The director is confident about the continued support and accordingly considers it appropriate for the financial statements to be prepared on the going concern basis.true
1.3
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for services provided in the normal course of business. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
Revenue from contracts for the provision of services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.
1.4
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:
Heritable property
Nil depreciation
Plant and machinery
20% Reducing balance
Fixtures, fittings & 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.
DENTAL SMART PRACTICE LIMITED
Notes To The Financial Statements (Continued)
For The Year Ended 30 November 2023
1
Accounting policies
(Continued)
- 5 -
1.5
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible 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.
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.
1.6
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.
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.
1.7
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.
1.8
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 statement of financial position 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.
DENTAL SMART PRACTICE LIMITED
Notes To The Financial Statements (Continued)
For The Year Ended 30 November 2023
1
Accounting policies
(Continued)
- 6 -
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.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
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.
1.9
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.10
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.
DENTAL SMART PRACTICE LIMITED
Notes To The Financial Statements (Continued)
For The Year Ended 30 November 2023
1
Accounting policies
(Continued)
- 7 -
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 income statement, 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.
1.11
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.
1.12
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.13
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 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 profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.
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.
1.14
Government grants
Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.
A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.
DENTAL SMART PRACTICE LIMITED
Notes To The Financial Statements (Continued)
For The Year Ended 30 November 2023
- 8 -
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the director is required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
6
5
4
Tangible fixed assets
Heritable property
Plant and machinery
Fixtures, fittings & equipment
Total
£
£
£
£
Cost
At 1 December 2022
360,098
36,574
100,890
497,562
Additions
319
-
319
At 30 November 2023
360,098
36,893
100,890
497,881
Depreciation and impairment
At 1 December 2022
11,788
51,080
62,868
Depreciation charged in the year
4,979
10,472
15,451
At 30 November 2023
16,766
61,551
78,319
Carrying amount
At 30 November 2023
360,098
20,127
39,339
419,562
At 30 November 2022
360,098
24,786
49,810
434,694
Tangible fixed assets with a net book value of £419,562 (2022: £434,694) have been pledged as security in favour of The Royal Bank of Scotland PLC.
DENTAL SMART PRACTICE LIMITED
Notes To The Financial Statements (Continued)
For The Year Ended 30 November 2023
- 9 -
5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
7,529
12,769
Other debtors
6,275
24,178
Prepayments and accrued income
975
14,779
36,947
6
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans
39,004
42,616
Obligations under finance leases
7,354
6,639
Trade creditors
2,613
1,163
Corporation tax
54,757
72,943
Other taxation and social security
1,577
976
Other creditors
11,271
408
Accruals and deferred income
4,673
3,453
121,249
128,198
The Royal Bank of Scotland PLC hold a floating charge dated 21 June 2013 over all assets of the company as security.
7
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
232,754
208,441
Obligations under finance leases
2,609
10,545
235,363
218,986
The Royal Bank of Scotland PLC hold a floating charge dated 21 June 2013 over all assets of the company as security.
Amounts included above which fall due after five years are as follows:
Payable by instalments
131,021
144,661
DENTAL SMART PRACTICE LIMITED
Notes To The Financial Statements (Continued)
For The Year Ended 30 November 2023
- 10 -
8
Provisions for liabilities
2023
2022
£
£
Deferred tax liabilities
10,528
11,737
9
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
1,000
1,000
1,000
1,000
10
Related party transactions
The company has taken advantage of Section 1 AC35 of FRS 102 whereby only material transactions which are not under normal market conditions need to be disclosed.
11
Directors' transactions
Description
% Rate
Opening balance
Amounts advanced
Interest charged
Amounts repaid
Closing balance
£
£
£
£
£
Mr C Miron
2.25
(17,903)
149,197
(292)
(130,553)
449
(17,903)
149,197
(292)
(130,553)
449
The balance due to the director, which is included in other creditors, is repayable on demand.
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