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COMPANY REGISTRATION NUMBER: 06500977
Straight White Teeth Limited
Filleted Unaudited Financial Statements
30 June 2024
Straight White Teeth Limited
Financial Statements
Year ended 30 June 2024
Contents
Pages
Balance sheet
1 to 2
Notes to the financial statements
3 to 7
Straight White Teeth Limited
Balance Sheet
30 June 2024
2024
2023
Note
£
£
Fixed assets
Tangible assets
5
84,025
90,586
Current assets
Stocks
10,545
11,363
Debtors
6
1,169,742
166,786
Cash at bank and in hand
303,487
1,148,371
------------
------------
1,483,774
1,326,520
Creditors: amounts falling due within one year
7
514,452
193,364
------------
------------
Net current assets
969,322
1,133,156
------------
------------
Total assets less current liabilities
1,053,347
1,223,742
Provisions
Taxation including deferred tax
10,000
10,000
------------
------------
Net assets
1,043,347
1,213,742
------------
------------
Capital and reserves
Called up share capital
60
60
Profit and loss account
1,043,287
1,213,682
------------
------------
Shareholders funds
1,043,347
1,213,742
------------
------------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the profit and loss account has not been delivered.
For the year ending 30 June 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- 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 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Straight White Teeth Limited
Balance Sheet (continued)
30 June 2024
These financial statements were approved by the board of directors and authorised for issue on 28 August 2024 , and are signed on behalf of the board by:
Mr A J P Dash
Director
Company registration number: 06500977
Straight White Teeth Limited
Notes to the Financial Statements
Year ended 30 June 2024
1. General information
The company is a private company limited by shares, registered in England and Wales, registration number 06500977 . The address of the registered office is Fradswell Hall, Fradswell, Stafford, Staffordshire, ST18 0EX.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis. The financial statements are prepared in sterling, which is the functional currency of the entity. Monetary amounts in these financial statements are rounded to the nearest £.
Judgements and key sources of estimation uncertainty
Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome. The key assumptions and other sources of estimation uncertainty that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are as follows: As described in the accounting policies of the financial statements, depreciation of tangible assets has been based on estimated useful lives and residual values deemed appropriate by the directors. Estimated useful lives and residual values are reviewed annually and revised as appropriate. Revisions take in to account actual asset lives and residual values as evidenced by disposals during current and prior accounting periods.
Revenue recognition
Turnover comprises the value of services provided in the normal course of business. Revenue is recognised when services have been performed. The Dental Plan income is recognised as the money is received, rather than when the services are performed during the annual service period.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date. Deferred tax is recognised in respect of all material timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Leasehold property
-
over the term of the lease
Office equipment
-
25% straight line
Fixtures and fittings
-
25% reducing balance
Surgery equipment
-
25% reducing balance
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, and other costs incurred in bringing the stock to its present location and condition. Estimated selling price is the estimated proceeds from the sale of stock items, less all future costs to completion, costs to be incurred in marketing, selling and distributing.
Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. The basic financial instruments of the company are as follows: Debtors Debtors do not carry any interest and are stated at their nominal values. Appropriate allowances for estimated irrecoverable amounts are recognised in the Profit and Loss account when there is objective evidence that the asset is impaired. Cash at bank and in hand This comprises cash at bank and cash in hand. Trade Creditors Trade creditors are not interest bearing and are stated at their nominal value.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 8 (2023: 8 ).
5. Tangible assets
Leasehold property
Office equipment
Fixtures and fittings
Surgery equipment
Total
£
£
£
£
£
Cost
At 1 July 2023
113,382
19,730
6,827
145,669
285,608
Additions
411
934
2,683
4,028
---------
--------
-------
---------
---------
At 30 June 2024
113,382
20,141
7,761
148,352
289,636
---------
--------
-------
---------
---------
Depreciation
At 1 July 2023
41,952
18,810
5,994
128,266
195,022
Charge for the year
4,535
590
442
5,022
10,589
---------
--------
-------
---------
---------
At 30 June 2024
46,487
19,400
6,436
133,288
205,611
---------
--------
-------
---------
---------
Carrying amount
At 30 June 2024
66,895
741
1,325
15,064
84,025
---------
--------
-------
---------
---------
At 30 June 2023
71,430
920
833
17,403
90,586
---------
--------
-------
---------
---------
6. Debtors
2024
2023
£
£
Other debtors
1,169,742
166,786
------------
---------
7. Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
23,158
34,377
Corporation tax
268,624
124,664
Social security and other taxes
2,170
Other creditors
220,500
34,323
---------
---------
514,452
193,364
---------
---------
8. Operating leases
The total future minimum lease payments under non-cancellable operating leases are as follows:
2024
2023
£
£
Not later than 1 year
28,800
28,800
Later than 1 year and not later than 5 years
115,200
115,200
Later than 5 years
278,400
307,200
---------
---------
422,400
451,200
---------
---------
9. Directors' advances, credits and guarantees
During the year a director has maintained a current account with the company, the balance on this account at the start of the year was £33,063 credit (2023-£60,948 credit) and the balance at the year end was £744,929 debit (2023-£33,063 credit). Material advances were made in the current year of £50,000 on 13/9/23, £50,000 on 14/9/23, £50,000 on 27/9/23, £50,000 on 30/10/23 and £550,000 on 4/12/23, no material advances were made in the previous year, total advances were £33,913 (2023-£85,859). No No material repayments were made in the current or previous year, total other monies repaid were £5,921(2023-£57,974).