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COMPANY REGISTRATION NUMBER: 08171901
East Midlands Orthodontics Limited (formerly Ortho Management Services Limited)
Filleted Unaudited Financial Statements
31 August 2023
East Midlands Orthodontics Limited (formerly Ortho Management Services Limited)
Financial Statements
Year ended 31 August 2023
Contents
Pages
Chartered accountant's report to the board of directors on the preparation of the unaudited statutory financial statements
1
Balance sheet
2 to 3
Notes to the financial statements
4 to 7
East Midlands Orthodontics Limited (formerly Ortho Management Services Limited)
Chartered Accountant's Report to the Board of Directors on the Preparation of the Unaudited Statutory Financial Statements of East Midlands Orthodontics Limited (formerly Ortho Management Services Limited)
Year ended 31 August 2023
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of East Midlands Orthodontics Limited (formerly Ortho Management Services Limited) for the year ended 31 August 2023, which comprise the balance sheet 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 Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at www.icaew.com/en/membership/regulations-standards-and-guidance. This report is made solely to the Board of Directors of East Midlands Orthodontics Limited (formerly Ortho Management Services Limited), as a body, in accordance with the terms of our engagement letter dated 20 February 2023. Our work has been undertaken solely to prepare for your approval the financial statements of East Midlands Orthodontics Limited (formerly Ortho Management Services Limited) and state those matters that we have agreed to state to you, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF as detailed at www.icaew.com/compilation. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than East Midlands Orthodontics Limited (formerly Ortho Management Services Limited) and its Board of Directors, as a body, for our work or for this report.
It is your duty to ensure that East Midlands Orthodontics Limited (formerly Ortho Management Services 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 East Midlands Orthodontics Limited (formerly Ortho Management Services Limited). You consider that East Midlands Orthodontics Limited (formerly Ortho Management Services 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 East Midlands Orthodontics Limited (formerly Ortho Management Services 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.
MILLER DAVIES LLP Chartered accountants
A3 Broomsleigh Business Park Worsley Bridge Road London SE26 5BN
29 August 2024
East Midlands Orthodontics Limited (formerly Ortho Management Services Limited)
Balance Sheet
31 August 2023
2023
2022
Note
£
£
£
Fixed assets
Tangible assets
5
91,805
120,930
Current assets
Debtors
6
1,285
29,035
Cash at bank and in hand
8,257
-------
--------
1,285
37,292
Creditors: amounts falling due within one year
7
79,752
166,285
--------
---------
Net current liabilities
78,467
128,993
--------
---------
Total assets less current liabilities
13,338
( 8,063)
--------
-------
Net assets/(liabilities)
13,338
( 8,063)
--------
-------
Capital and reserves
Called up share capital
1
1
Profit and loss account
13,337
( 8,064)
--------
-------
Shareholders funds/(deficit)
13,338
( 8,063)
--------
-------
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 31 August 2023 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 .
East Midlands Orthodontics Limited (formerly Ortho Management Services Limited)
Balance Sheet (continued)
31 August 2023
These financial statements were approved by the board of directors and authorised for issue on 29 August 2024 , and are signed on behalf of the board by:
Dr R. G. Wood
Mr J. Wood
Director
Director
Company registration number: 08171901
East Midlands Orthodontics Limited (formerly Ortho Management Services Limited)
Notes to the Financial Statements
Year ended 31 August 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Ridgeway Farm, South Croxton Road, Queniborough, Leicester, LE7 3RX.
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, as modified by the revaluation of certain financial assets and liabilities measured at fair value through profit or loss. The financial statements are prepared in sterling, which is the functional currency of the entity.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated 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:
Plant and machinery
-
10% straight line
Fixtures and fittings
-
10% straight line
Equipment
-
25% straight line
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.
Financial instruments
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 entity after deducting all of its financial liabilities.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.
4. Employee numbers
The average number of persons employed by the company during the year amounted to Nil (2022: 16 ).
5. Tangible assets
Plant and machinery
Fixtures and fittings
Equipment
Total
£
£
£
£
Cost
At 1 September 2022 and 31 August 2023
193,457
141,942
48,978
384,377
---------
---------
--------
---------
Depreciation
At 1 September 2022
127,794
101,450
34,203
263,447
Charge for the year
15,698
4,651
8,776
29,125
---------
---------
--------
---------
At 31 August 2023
143,492
106,101
42,979
292,572
---------
---------
--------
---------
Carrying amount
At 31 August 2023
49,965
35,841
5,999
91,805
---------
---------
--------
---------
At 31 August 2022
65,663
40,492
14,775
120,930
---------
---------
--------
---------
6. Debtors
2023
2022
£
£
Other debtors
1,285
29,035
-------
--------
7. Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
9,892
Amounts owed to group undertakings and undertakings in which the company has a participating interest
77,172
120,384
Social security and other taxes
6,326
Other creditors
2,580
29,683
--------
---------
79,752
166,285
--------
---------
8. Financial instruments
The carrying amount for each category of financial instrument is as follows:
2023
2022
£
£
Financial assets measured at fair value through profit or loss
Financial assets measured at fair value through profit or loss
4
36,278
----
--------
Financial liabilities measured at fair value through profit or loss
Financial liabilities measured at fair value through profit or loss
79,753
159,960
--------
---------
9. Directors' advances, credits and guarantees
During the year the directors entered into the following advances and credits with the company:
2023
Balance brought forward
Advances/ (credits) to the directors
Balance outstanding
£
£
£
Dr R. G. Wood
27,931
( 27,931)
Mr J. Wood
86
( 86)
--------
--------
----
28,017
( 28,017)
--------
--------
----
2022
Balance brought forward
Advances/ (credits) to the directors
Balance outstanding
£
£
£
Dr R. G. Wood
( 12,069)
40,000
27,931
Mr J. Wood
86
86
--------
--------
--------
( 12,069)
40,086
28,017
--------
--------
--------
10. Related party transactions
The company received £Nil during the year (2022 - £605,000) from Charnwood Research Centre Limited, a company within the same group and with the same directors as East Midlands Orthodontics Limited (formerly Ortho Management Services Limited) . At the year end East Midlands Orthodontics Limited (formerly Ortho Management Services Limited) owed £77,173 to Charnwood Research Centre Limited (2022 - £120,384). At the year end East Midlands Orthodontics Limited (formerly Ortho Management Services Limited) was owed £4 (2023 - £4) by Seven Silva Limited its parent company. East Midlands Orthodontics Limited (formerly Ortho Management Services Limited) pays rent to Dr R G Wood for use of the offices. During the year the company paid £Nil (2022 - £36,667). East Midlands Orthodontics Limited (formerly Ortho Management Services Limited) also pays rent to Ortho Business Limited for use of their offices. Mr J Wood is the sole director and shareholder of Ortho Business Limited. During the year the company paid £3,500 (2022 - £2,810).
11. Controlling party
The company's ultimate parent company is Seven Silva Limited, a company incorporated in England and Wales.