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Registered number: 08959190













 
ELLIESLEA BLAKE LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023




































Page Kirk LLP
Chartered Accountants and Statutory Auditors
Sherwood House
7 Gregory Boulevard
Nottingham
NG7 6LB


 
ELLIESLEA BLAKE LIMITED
 


CONTENTS



Page
Company Information
1
Group Strategic Report
2 - 3
Directors' Report
4
Directors' Responsibilities Statement
5
Independent Auditors' Report
6 - 9
Consolidated Profit and Loss Account
10
Consolidated Balance Sheet
11
Company Balance Sheet
12
Consolidated Statement of Changes in Equity
13 - 14
Company Statement of Changes in Equity
15 - 16
Consolidated Statement of Cash Flows
17
Notes to the Financial Statements
18 - 35



 
ELLIESLEA BLAKE LIMITED
 

 
COMPANY INFORMATION


Directors
Mrs Z V Ishak 
Mr Z M Majid 




Registered number
08959190



Registered office
Sherwood House
7 Gregory Boulevard

Nottingham

NG76LB




Independent auditors
Page Kirk LLP
Chartered Accountants and Statutory Auditors

Sherwood House

7 Gregory Boulevard

Nottingham

NG7 6LB




Page 1


 
ELLIESLEA BLAKE LIMITED
 

 
GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 31 MARCH 2023

The directors present their strategic report for the year ended 31 March 2023.

Principal activity
 
The principal activity of the group is provision of dental services.

Fair review of the business
 
The directors are pleased to report that group turnover has increased to £9,337,221 (2022 - £9,166,149) in the year however the gross profit margin has fallen to 51.36% (2022 – 55.35%). The consistent turnover is attributable to the continued support provided to NHS contract holders and private fees. The rise in cost of sales of £449,120 from £4,092,970 to £4,542,091 relates to increased materials and associate fees incurred due to the set up of new practices. The group profit after taxation fell to £988,808 (2022 - £1,463,885).
The objective going forward is to attract and retain good quality associate dentists.

Principal risks and uncertainties
 
The group’s resources and experience in both the fulfilment of NHS contracts and provision of private dental work presents a balanced position of risks and opportunities.
The principal risks faced by the group are the supply and retention of qualified dental associates, particularly within rural practices owned by the group. These risks are mitigated by the close monitoring of the labour market within the industry and taking such steps as the directors consider necessary to maintain the group’s competitiveness.
Price risk regarding revenue from NHS contracts is subject to central government funding commitments over which the group has limited influence and is set annually. Given the perceived importance of healthcare related funding, the directors are confident that this does not present a significant risk to the short-term operations of the group.
Price risk regarding revenue from private work is managed by regularly reviewing the charges set in relation to market benchmarks to maintain the group’s continued competitiveness.
Cashflow risk continues to be managed through a system of internal controls and monitoring procedures to keep the working capital cycle as short as possible with a strong emphasis on clearly identifying the group’s cash requirements in the short, medium and long term.
Employment risk regarding the recruitment and retention of overseas associates is subject to the costs of initially sponsoring the employee for their workplace visa and the training to UK standards. This is monitored closely by management to ensure that recruitment and training processes are carried out to a high standard standard. 
Employment risk regarding non-associate staff is subject to the continual increase in minimum wage set by central government, which the group has limited influence. As the group has suifficient cash reserves, this is not considered to be a signficant risk at this moment.

Page 2


 
ELLIESLEA BLAKE LIMITED
 


GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023

Key performance indicators

The directors monitor the group's performance in a number of ways, including key performance indicators and monthly management accounts for each individual company.
The key performance indicators are - 
Decrease of NHS income: £5,411,677 (2022: £6,135,289).
Year on year growth of the private income generated compared to NHS income with a projected target of achieving a 50/50 split: 42/58 (2022: 33/77).
Continue to maintain a reasonable Gross Profit Margin: 51.4% {2022: 55.3%).


This report was approved by the board on 7 August 2024 and signed on its behalf.



Mr Z M Majid
Director

Page 3


 
ELLIESLEA BLAKE LIMITED
 

 
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 MARCH 2023

The directors present their report and the financial statements for the year ended 31 March 2023.

Results and dividends

The profit for the year, after taxation, amounted to £988,808 (2022 - £1,463,885).

Directors of the group

The directors who served during the year were:

Mrs Z V Ishak 
Mr Z M Majid 

Financial Instruments

Objectives and policies
The directors have implemented procedures to minimise risks wherever possible. Objectives include speeding up the cycle of practice refurbishment in order to retain existing patients and attract new patients.
Price risk, credit risk, liquidity risk and cash flow risk
Please see principal risks and uncertainties in the Strategic Report.

Disclosure of information to auditors

Each of the persons who are directors at the time when this Directors' Report is approved has confirmed that:
 
so far as the director is aware, there is no relevant audit information of which the Company and the Group's auditors are unaware, and

the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company and the Group's auditors are aware of that information.

Post balance sheet events

There have been no significant events affecting the Group since the year end.

Auditors

The auditorsPage Kirk LLPwill be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

This report was approved by the board on 7 August 2024 and signed on its behalf.
 





Mr Z M Majid
Director

Page 4


 
ELLIESLEA BLAKE LIMITED
 

 
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 MARCH 2023

The directors are responsible for preparing the Group Strategic Report, the Directors' Report and the consolidated financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and the Group and of the profit or loss of the Group for that period.

 In preparing these financial statements, the directors are required to:

select suitable accounting policies for the Group's financial statements and then apply them consistently;

make judgments and accounting estimates that are reasonable and prudent;

state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Group will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and the Group and to enable them to ensure that the financial statements comply with the Companies Act 2006They are also responsible for safeguarding the assets of the Company and the Group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Page 5


 
ELLIESLEA BLAKE LIMITED
 

 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ELLIESLEA BLAKE LIMITED
 

Opinion


We have audited the financial statements of Ellieslea Blake Limited (the 'parent Company') and its subsidiaries (the 'Group') for the year ended 31 March 2023, which comprise the Consolidated Profit and Loss Account, the Consolidated Balance Sheet, the Company Balance Sheet, the Consolidated Statement of Cash Flows, the Consolidated Statement of Changes in Equity, the Company Statement of Changes in Equity and the related notes, including a summary of significant accounting policiesThe financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).


In our opinion the financial statements:


give a true and fair view of the state of the Group's and of the parent Company's affairs as at 31 March 2023 and of the Group's profit for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.


Basis for opinion


We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.


Conclusions relating to going concern


In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.


Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Group's or the parent Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.


Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.


Page 6


 
ELLIESLEA BLAKE LIMITED
 

 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ELLIESLEA BLAKE LIMITED (CONTINUED)

Other information


The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' Report thereon. The directors are responsible for the other information contained within the Annual ReportOur opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.


We have nothing to report in this regard.


Opinion on other matters prescribed by the Companies Act 2006
 

In our opinion, based on the work undertaken in the course of the audit:


the information given in the Group Strategic Report and the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Group Strategic Report and the Directors' Report have been prepared in accordance with applicable legal requirements.


Matters on which we are required to report by exception
 

In the light of the knowledge and understanding of the Group and the parent Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Directors' Report.


We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:


adequate accounting records have not been kept by the parent Company, or returns adequate for our audit have not been received from branches not visited by us; or
the parent Company financial statements are not in agreement with the accounting records and returns; or
certain disclosures of directors' remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.


Responsibilities of directors
 

As explained more fully in the Directors' Responsibilities Statement set out on page 5, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.


In preparing the financial statements, the directors are responsible for assessing the Group's and the parent Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the Group or the parent Company or to cease operations, or have no realistic alternative but to do so.


Page 7


 
ELLIESLEA BLAKE LIMITED
 

 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ELLIESLEA BLAKE LIMITED (CONTINUED)

Auditors' responsibilities for the audit of the financial statements
 

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' Report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these Group financial statements.


Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

We obtained an understanding of the legal and regulatory frameworks within which the group operates, focusing on those laws and regulations that have a direct effect on the determination of material amounts and disclosures in the financial statements. The laws and regulations we considered in this context were the Companies Act 2006, Taxation legislation and Money Laundering.
We identified the greatest risk of material impact on the financial statements from irregularities, including fraud, to be the override of controls by management and the understatement of revenue. Our audit procedures to respond to these risks included:
• Enquiries of management about their own identification and assessment of the risks of irregularities.
• Sample testing on the posting of journals.
• Reviewing meeting minutes, regulatory correspondence and professional fees.
• Detailed substantive testing on the completeness of income.
Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. We are not responsible for preventing non-compliance and cannot be expected to detect non-compliance with all laws and regulations.
These inherent limitations are particularly significant in the case of misstatement resulting from fraud as this may involve sophisticated schemes designed to avoid detection, including deliberate failure to record transactions, collusion or the provision of intentional misrepresentations.


A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' Report.


Page 8


 
ELLIESLEA BLAKE LIMITED
 

 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ELLIESLEA BLAKE LIMITED (CONTINUED)

Use of our report
 

This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an Auditors' Report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed.





John Wallis FCA (Senior Statutory Auditor)
  
for and on behalf of
Page Kirk LLP
 
Chartered Accountants and Statutory Auditors
  
Sherwood House
7 Gregory Boulevard
Nottingham
NG7 6LB

7 August 2024
Page 9


 
ELLIESLEA BLAKE LIMITED
 

 
CONSOLIDATED PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 MARCH 2023

2023
2022
Note
£
£

  

Turnover
 3 
9,337,221
9,166,149

Cost of sales
  
(4,542,091)
(4,092,970)

Gross profit
  
4,795,130
5,073,179

Administrative expenses
  
(3,451,876)
(3,125,392)

Operating profit
  
1,343,254
1,947,787

Interest receivable and similar income
 7 
20,329
1,340

Interest payable and similar expenses
 8 
(4,836)
(7,239)

Profit before tax
  
1,358,747
1,941,888

Tax on profit
 9 
(369,939)
(478,003)

Profit for the financial year
  
988,808
1,463,885

Profit for the year attributable to:
  

Owners of the parent
  
988,808
1,463,885

  
988,808
1,463,885

The notes on pages 18 to 35 form part of these financial statements.

Page 10


 
ELLIESLEA BLAKE LIMITED
REGISTERED NUMBER:08959190


CONSOLIDATED BALANCE SHEET
AS AT 31 MARCH 2023

2023
2022
Note
£
£

Fixed assets
  

Intangible assets
 11 
751,882
1,352,437

Tangible assets
 12 
534,370
451,220

  
1,286,252
1,803,657

Current assets
  

Stocks
 14 
20,228
17,864

Debtors: amounts falling due within one year
 15 
7,125,380
5,983,380

Cash at bank and in hand
 16 
2,643,124
2,849,272

  
9,788,732
8,850,516

Creditors: amounts falling due within one year
 17 
(4,665,760)
(4,957,710)

Net current assets
  
 
 
5,122,972
 
 
3,892,806

Total assets less current liabilities
  
6,409,224
5,696,463

Provisions for liabilities
  

Deferred taxation
 19 
(83,810)
(72,463)

  
 
 
(83,810)
 
 
(72,463)

Net assets
  
6,325,414
5,624,000


Capital and reserves
  

Called up share capital 
 20 
100
100

Profit and loss account
  
6,325,314
5,623,900

Equity attributable to owners of the parent Company
  
6,325,414
5,624,000


The financial statements were approved and authorised for issue by the board and were signed on its behalf on 7 August 2024.


Mr Z M Majid
Director

The notes on pages 18 to 35 form part of these financial statements.

Page 11


 
ELLIESLEA BLAKE LIMITED
REGISTERED NUMBER:08959190


COMPANY BALANCE SHEET
AS AT 31 MARCH 2023

2023
2022
Note
£
£

Fixed assets
  

Investments
 13 
6,000,000
6,000,000

  
6,000,000
6,000,000

Current assets
  

Debtors: amounts falling due within one year
 15 
6,572,261
5,447,626

  
6,572,261
5,447,626

Creditors: amounts falling due within one year
 17 
(1,675,711)
(2,763,682)

Net current assets
  
 
 
4,896,550
 
 
2,683,944

Total assets less current liabilities
  
10,896,550
8,683,944

  

  

Net assets
  
10,896,550
8,683,944


Capital and reserves
  

Called up share capital 
 20 
100
100

Profit and loss account
  
10,896,450
8,683,844

  
10,896,550
8,683,944


The financial statements were approved and authorised for issue by the board and were signed on its behalf on 7 August 2024.


Mr Z M Majid
Director

The notes on pages 18 to 35 form part of these financial statements.

Page 12


 
ELLIESLEA BLAKE LIMITED
 


CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2023


Called up share capital
Profit and loss account
Total equity

£
£
£

At 1 April 2022
100
5,623,900
5,624,000



Profit for the year
-
988,808
988,808

Dividends: Equity capital
-
(287,394)
(287,394)


At 31 March 2023
100
6,325,314
6,325,414


The notes on pages 18 to 35 form part of these financial statements.

Page 13


 
ELLIESLEA BLAKE LIMITED
 


CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2022


Called up share capital
Profit and loss account
Total equity

£
£
£

At 1 April 2021
100
4,449,815
4,449,915



Profit for the year
-
1,463,885
1,463,885

Dividends: Equity capital
-
(289,800)
(289,800)


At 31 March 2022
100
5,623,900
5,624,000


The notes on pages 18 to 35 form part of these financial statements.

Page 14


 
ELLIESLEA BLAKE LIMITED
 


COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2023


Called up share capital
Profit and loss account
Total equity

£
£
£

At 1 April 2022
100
8,683,844
8,683,944



Profit for the year
-
2,500,000
2,500,000

Dividends: Equity capital
-
(287,394)
(287,394)


At 31 March 2023
100
10,896,450
10,896,550


The notes on pages 18 to 35 form part of these financial statements.

Page 15


 
ELLIESLEA BLAKE LIMITED
 


COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2022


Called up share capital
Profit and loss account
Total equity

£
£
£

At 1 April 2021
100
7,273,644
7,273,744



Profit for the year
-
1,700,000
1,700,000

Dividends: Equity capital
-
(289,800)
(289,800)


At 31 March 2022
100
8,683,844
8,683,944


The notes on pages 18 to 35 form part of these financial statements.

Page 16


 
ELLIESLEA BLAKE LIMITED
 


CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 MARCH 2023

2023
2022
£
£

Cash flows from operating activities

Profit for the financial year
988,808
1,463,885

Adjustments for:

Amortisation of intangible assets
600,555
625,423

Depreciation of tangible assets
160,872
131,915

Impairments of fixed assets
67,120
-

Interest paid
4,836
7,239

Interest received
(20,329)
(1,340)

Taxation charge
369,939
478,003

(Increase) in stocks
(2,364)
(2,851)

(Increase) in debtors
(1,141,999)
(1,936,307)

Increase in creditors
190,409
1,355,093

Corporation tax (paid)
(840,952)
(361,754)

Net cash generated from operating activities

376,895
1,759,306


Cash flows from investing activities

Purchase of tangible fixed assets
(311,142)
(12,550)

Interest received
20,329
1,340

Net cash from investing activities

(290,813)
(11,210)

Cash flows from financing activities

Dividends paid
(287,394)
(289,800)

Interest paid
(4,836)
(7,239)

Net cash used in financing activities
(292,230)
(297,039)

Net (decrease)/increase in cash and cash equivalents
(206,148)
1,451,057

Cash and cash equivalents at beginning of year
2,849,272
1,398,215

Cash and cash equivalents at the end of year
2,643,124
2,849,272


Cash and cash equivalents at the end of year comprise:

Cash at bank and in hand
2,643,124
2,849,272

2,643,124
2,849,272


The notes on pages 18 to 35 form part of these financial statements.

Page 17


 
ELLIESLEA BLAKE LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

1.


General information

The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
Sherwood House
7 Gregory Boulevard
Nottingham
Nottinghamshire
NG7 6LB
England
These financial statements were authorised for issue by the Board on 7 August 2024.

2.Accounting policies

  
2.1

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

  
2.2

Statement of compliance

These financial statements were prepared in accordance with Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
The parent company has taken advantage of section 408 of the Companies Act 2006 and has not included its own Profit and Loss Account in these financial statements. The parent company's profit for the year was £2,500,000 (2022 - £1,700,000).

 
2.3

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires Group management to exercise judgment in applying the Group's accounting policies.

The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Profit and Loss Account in these financial statements.

The following principal accounting policies have been applied:

  
2.4

Critical accounting judgements and key sources of estimation uncertainty

Preparation of the financial statements requires management to make significant judgements and estimates. During the preparation of these financial statements there have been no significant or material judgements and estimates that required disclosing.

Page 18


 
ELLIESLEA BLAKE LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

2.Accounting policies (continued)

 
2.5

Basis of consolidation

The consolidated financial statements present the results of the Company and its own subsidiaries ("the Group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full.
The consolidated financial statements incorporate the results of business combinations using the purchase method. In the Balance Sheet, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the Consolidated Profit and Loss Account from the date on which control is obtained. They are deconsolidated from the date control ceases.
In accordance with the transitional exemption available in FRS 102, the Group has chosen not to retrospectively apply the standard to business combinations that occurred before the date of transition to FRS 102, being 01 January 2016.

 
2.6

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Group and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Group will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.7

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.8

Pensions

Defined contribution pension plan

The Group operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Group pays fixed contributions into a separate entity. Once the contributions have been paid the Group has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Group in independently administered funds.

Page 19


 
ELLIESLEA BLAKE LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

2.Accounting policies (continued)

 
2.9

Taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company and the Group operate and generate income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits;
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met; and
Where they relate to timing differences in respect of interests in subsidiaries, associates, branches and joint ventures and the Group can control the reversal of the timing differences and such reversal is not considered probable in the foreseeable future.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

 
2.10

Intangible assets

Goodwill

Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer’s interest in the fair value of the Group's share of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight-line basis to the Consolidated Profit and Loss Account over its useful economic life of 10 years.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual
value, over their useful life as follows:
Asset class                                                                                   Amortisation method and rate
Goodwill                                                                                        straight line over 10 years

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

Page 20


 
ELLIESLEA BLAKE LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

2.Accounting policies (continued)

 
2.11

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis.

Depreciation is provided on the following basis:

Other property, plant and equipment
-
25%
reducing balance
Motor vehicles
-
25%
reducing balance
Furniture, fittings and equipment
-
25%
reducing balance

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

  
2.12

Business combinations

Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.

 
2.13

Impairment of fixed assets and goodwill

Assets that are subject to depreciation or amortisation are assessed at each balance sheet date to determine whether there is any indication that the assets are impaired. Where there is any indication that an asset may be impaired, the carrying value of the asset (or cash-generating unit to which the asset has been allocated) is tested for impairment. An impairment loss is recognised for the amount by which the asset's carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an asset's (or CGU's) fair value less costs to sell and value in use. For the purposes of assessing impairment, assets are grouped at the lowest levels for which there are separately identifiable cash flows (CGUs). Non-financial assets that have been previously impaired are reviewed at each balance sheet date to assess whether there is any indication that the impairment losses recognised in prior periods may no longer exist or may have decreased.

Page 21


 
ELLIESLEA BLAKE LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

2.Accounting policies (continued)

 
2.14

Investments

Investments in subsidiaries are measured at cost less accumulated impairment.

Investments in unlisted Group shares, whose market value can be reliably determined, are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in the Consolidated Profit and Loss Account for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment.

Investments in listed company shares are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in profit or loss for the period.

 
2.15

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

 
2.16

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.17

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

In the Consolidated Statement of Cash Flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the Group's cash management.

 
2.18

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Page 22


 
ELLIESLEA BLAKE LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

2.Accounting policies (continued)

 
2.19

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

 
2.20

Financial instruments

The Group has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

The Group has elected to apply the recognition and measurement provisions of IFRS 9 Financial Instruments (as adopted by the UK Endorsement Board) with the disclosure requirements of Sections 11 and 12 and the other presentation requirements of FRS 102.

Financial instruments are recognised in the Group's Balance Sheet when the Group 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 trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, 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.

Discounting is omitted where the effect of discounting is immaterial. The Group's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

Other financial assets

Other financial assets, which includes investments in equity instruments which are not classified as subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the recognised transaction price. Such assets are subsequently measured at fair value with the changes in fair value being recognised in the profit or loss. Where other financial assets are not publicly traded, hence their fair value cannot be measured reliably, they are measured at cost less impairment.

Impairment of financial assets

Financial assets are assessed for indicators of impairment at each reporting date. 

Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The
Page 23


 
ELLIESLEA BLAKE LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

2.Accounting policies (continued)


2.20
Financial instruments (continued)

impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.

If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.

Financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instruments any contract that evidences a residual interest in the assets of the Group after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other payables, bank loans, other loans and loans due to fellow group companies are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

Other financial instruments

Derivatives, including forward exchange contracts, futures contracts and interest rate swaps, are not classified as basic financial instruments. These are initially recognised at fair value on the date the derivative contract is entered into, with costs being charged to the profit or loss. They are subsequently measured at fair value with changes in the profit or loss.

Debt instruments that do not meet the conditions as set out in FRS 102 paragraph 11.9 are subsequently measured at fair value through the profit or loss. This recognition and measurement would also apply to financial instruments where the performance is evaluated on a fair value basis as with a documented risk management or investment strategy.

Derecognition of financial instruments

Derecognition of financial assets

Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Group transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Group will continue to recognise the value of the portion of the risks and rewards retained.

Page 24


 
ELLIESLEA BLAKE LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

2.Accounting policies (continued)


2.20
Financial instruments (continued)

Derecognition of financial liabilities

Financial liabilities are derecognised when the Group's contractual obligations expire or are discharged or cancelled.

  
2.21

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

 
2.22

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.


3.


Turnover

An analysis of turnover by class of business is as follows:


2023
2022
£
£

Services, UK
9,337,221
9,166,149

9,337,221
9,166,149


All turnover arose within the United Kingdom.


4.


Auditors' remuneration

During the year, the Group obtained the following services from the Company's auditors:


2023
2022
£
£

Audit of these financial statements
15,792
15,792

Page 25


 
ELLIESLEA BLAKE LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

5.


Employees

Staff costs, including directors' remuneration, were as follows:


Group
Group
2023
2022
£
£


Wages and salaries
1,157,727
1,090,676

Social security costs
95,095
65,594

Cost of defined contribution scheme
53,777
52,936

1,306,599
1,209,206


The average monthly number of employees, including the directors, during the year was as follows:


        2023
        2022
            No.
            No.







Administration and clinical
65
66



Management
4
4

69
70


6.


Directors' remuneration

2023
2022
£
£

Remuneration
41,183
46,938

Contributions paid to money purchase schemes
40,000
40,000

81,183
86,938



7.


Interest receivable

2023
2022
£
£


Other interest receivable
20,329
1,340

20,329
1,340

Page 26


 
ELLIESLEA BLAKE LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

8.


Interest payable and similar expenses

2023
2022
£
£


Other interest payable
4,836
7,239

4,836
7,239


9.


Taxation


2023
2022
£
£

Corporation tax


Adjustments in respect of previous periods
358,592
498,629


358,592
498,629


Total current tax
358,592
498,629

Deferred tax


Origination and reversal of timing differences
11,347
(20,626)

Total deferred tax
11,347
(20,626)


Taxation on profit on ordinary activities
369,939
478,003
Page 27


 
ELLIESLEA BLAKE LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
 
9.Taxation (continued)


Factors affecting tax charge for the year

The tax assessed for the year is the same as (2022 - the same as) the standard rate of corporation tax in the UK of 19% (2022 - 19%) as set out below:

2023
2022
£
£


Profit on ordinary activities before tax
1,358,747
1,941,888


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 19% (2022 - 19%)
258,162
368,959

Effects of:


Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
13,889
5,208

Capital allowances for year in excess of depreciation
72,557
124,462

Short-term timing difference leading to an increase (decrease) in taxation
25,331
(20,626)

Total tax charge for the year
369,939
478,003


Factors that may affect future tax charges

Enter details here


10.


Dividends

2023
2022
£
£


Dividends analysis
287,394
289,800

287,394
289,800

Page 28


 
ELLIESLEA BLAKE LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

11.


Intangible assets

Group 





Goodwill

£



Cost


At 1 April 2022
7,684,808



At 31 March 2023

7,684,808



Amortisation


At 1 April 2022
6,332,371


Charge for the year on owned assets
600,555



At 31 March 2023

6,932,926



Net book value



At 31 March 2023
751,882



At 31 March 2022
1,352,437



Page 29


 
ELLIESLEA BLAKE LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

12.


Tangible fixed assets

Group






Leasehold property
Other property, plant and equipment
Motor vehicles
Furniture, fittings and equipment
Total

£
£
£
£
£



Cost or valuation


At 1 April 2022
67,120
858,827
38,295
1,287,399
2,251,641


Additions
-
46,047
-
265,095
311,142



At 31 March 2023

67,120
904,874
38,295
1,552,494
2,562,783



Depreciation


At 1 April 2022
-
811,503
9,574
979,344
1,800,421


Charge for the year on owned assets
-
30,570
5,385
124,917
160,872


Impairment charge
67,120
-
-
-
67,120



At 31 March 2023

67,120
842,073
14,959
1,104,261
2,028,413



Net book value



At 31 March 2023
-
62,801
23,336
448,233
534,370



At 31 March 2022
67,120
47,324
28,721
308,055
451,220




The net book value of land and buildings may be further analysed as follows:


2023
2022
£
£

Long leasehold
-
67,120

-
67,120


Page 30


 
ELLIESLEA BLAKE LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

13.


Fixed asset investments

Company





Investments in subsidiary companies

£



Cost or valuation


At 1 April 2022
6,000,000



At 31 March 2023
6,000,000





Subsidiary undertakings


The following were subsidiary undertakings of the Company:

Name

Registered office

Class of shares

Holding

Ishak Practices Limited
7 Gregory Boulevard, NG7 6LB
Ordinary
100%
Smile Centre (Boston) Limited (Indirect)
7 Gregory Boulevard, NG7 6LB
Ordinary
100%


14.


Stocks

Group
Group
2023
2022
£
£

Raw materials and consumables
20,228
17,864


Page 31


 
ELLIESLEA BLAKE LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

15.


Debtors

Group
Group
Company
Company
2023
2022
2023
2022
£
£
£
£


Trade debtors
385,185
375,101
-
-

Other debtors
6,732,695
5,600,779
6,572,261
5,447,626

Prepayments and accrued income
7,500
7,500
-
-

7,125,380
5,983,380
6,572,261
5,447,626



16.


Cash and cash equivalents

Group
Group
2023
2022
£
£

Cash at bank and in hand
2,643,124
2,849,272

2,643,124
2,849,272



17.


Creditors: Amounts falling due within one year

Group
Group
Company
Company
2023
2022
2023
2022
£
£
£
£

Trade creditors
962,802
517,769
-
-

Amounts owed to group undertakings
-
-
248,316
618,494

Corporation tax
51,082
533,441
357
357

Other taxation and social security
44,459
33,502
-
-

Other creditors
3,562,739
2,980,810
1,427,038
2,144,831

Accruals and deferred income
44,678
892,188
-
-

4,665,760
4,957,710
1,675,711
2,763,682


Page 32


 
ELLIESLEA BLAKE LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

18.


Financial instruments

Group
Group
Company
Company
2023
2022
2023
2022
£
£
£
£



Categorisation of financial instruments

Financial assets that are debt instruments measured at amortised cost
9,761,005
8,925,262
6,572,261
5,447,626

Financial liabilities measured at amortised cost
4,519,897
4,390,770
1,675,354
2,763,325

14,280,902
13,316,032
8,247,615
8,210,951

Items of income, expenses, gains or losses
The total interest income for financial assets not measured at fair value through profit or loss is £20,329 (2022 - £1,340).
The total interest income for financial assets measured at fair value through profit or loss is £4,836 (2022 - £7,239).


19.


Deferred taxation


Group



2023


£






At beginning of year
(72,463)


Charged to the profit or loss
(11,347)



At end of year
(83,810)

Page 33


 
ELLIESLEA BLAKE LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
 
19.Deferred taxation (continued)

Company


2023






At end of year
-
Group
Group
2023
2022
£
£

Accelerated capital allowances
(83,810)
(72,463)

(83,810)
(72,463)

Page 34


 
ELLIESLEA BLAKE LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

20.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



1 (2022 - 1) Ordinary Share Capital share of £100.00
100
100



21.


Related party transactions

Key management compensation


2023
2022
£
£

Salaries and other short term employee benefits
41,183
46,938
Post-employment benefits
40,000
40,000
81,183
86,938

Related parties
Balances owed from non-group related parties amount to £6,572,261 (2022 - £5,447,627).
Balances owed to non-group related parties amount to £1,427,038 (2022 - £2,144,831).


22.


Parent and ultimate parent undertaking

Ellieslea Blake Limited is controlled by Mr Z M Majid and Mrs Z V Ishak.

 
Page 35