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REGISTRAR OF COMPANIES

Registration number: 06531415

Ivory Dental Care Limited

Unaudited Financial Statements

31 March 2024

image-name

 

Ivory Dental Care Limited

Contents

Accountants' Report

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

4

 

Chartered Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
Ivory Dental Care Limited
for the Year Ended 31 March 2024

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Ivory Dental Care Limited for the year ended 31 March 2024 as set out on pages 2 to 12 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 http://www.icaew.com/regulation.

This report is made solely to the Board of Directors of Ivory Dental Care Limited, as a body, in accordance with the terms of our engagement letter dated 23 August 2023. Our work has been undertaken solely to prepare for your approval the accounts of Ivory Dental Care Limited and state those matters that we have agreed to state to the Board of Directors of Ivory Dental Care Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Ivory Dental Care Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Ivory Dental Care Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Ivory Dental Care Limited. You consider that Ivory Dental Care 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 accounts of Ivory Dental Care 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 accounts.



Dodd & Co Limited
Chartered Accountants
Clint Mill
Cornmarket
PENRITH
CA11 7HW

22 July 2024

 

Ivory Dental Care Limited

(Registration number: 06531415)
Balance Sheet as at 31 March 2024

Note

2024
£

2023
£

Fixed assets

 

Intangible assets

4

200,809

260,742

Tangible assets

5

219,746

219,358

 

420,555

480,100

Current assets

 

Stocks

71,685

64,190

Debtors

6

50,363

53,586

Cash at bank and in hand

 

144,242

304,885

 

266,290

422,661

Creditors: Amounts falling due within one year

7

(203,454)

(311,621)

Net current assets

 

62,836

111,040

Total assets less current liabilities

 

483,391

591,140

Creditors: Amounts falling due after more than one year

7

(230,747)

(288,974)

Provisions for liabilities

(55,988)

(55,685)

Net assets

 

196,656

246,481

Capital and reserves

 

Allotted, called up and fully paid share capital

200

200

Share premium reserve

16,664

16,664

Profit and loss account

179,792

229,617

Total equity

 

196,656

246,481

 

Ivory Dental Care Limited

(Registration number: 06531415)
Balance Sheet as at 31 March 2024 (continued)

For the financial year ending 31 March 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 accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 22 July 2024 and signed on its behalf by:
 

.........................................

G Readshaw

Director

 

Ivory Dental Care Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

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:
28A Whitegate Drive
BLACKPOOL
FY3 9AL

2

Accounting policies

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.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when the amount of revenue can be reliably measured; it is probable that future economic benefits will flow to the entity; and specific criteria have been met for each of the company's activities.


Other grants
Other grants in respect of capital expenditure are credited to a deferred income account and are released to profit over the expected useful lives of the relevant assets on a basis consistent with the depreciation policy.

 

Ivory Dental Care Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024 (continued)

Tax

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

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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 and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Improvements to property

2% straight line basis

Plant and equipment

25% reducing balance basis

Furniture, fittings and office equipment

25% reducing balance basis and 33% straight line basis

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

 

Ivory Dental Care Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024 (continued)

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

10 years straight line basis

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for the sale of goods or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are 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.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method where due after more than one year.

 

Ivory Dental Care Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024 (continued)

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

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.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

 

Ivory Dental Care Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024 (continued)

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 36 (2023 - 37).

 

Ivory Dental Care Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024 (continued)

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 April 2023

691,333

691,333

At 31 March 2024

691,333

691,333

Amortisation

At 1 April 2023

430,591

430,591

Amortisation charge

59,933

59,933

At 31 March 2024

490,524

490,524

Carrying amount

At 31 March 2024

200,809

200,809

At 31 March 2023

260,742

260,742

5

Tangible assets

Improvements to property
£

Plant and equipment
 £

Furniture, fittings and office equipment
 £

Total
£

Cost or valuation

At 1 April 2023

130,777

228,630

104,147

463,554

Additions

-

24,180

12,090

36,270

At 31 March 2024

130,777

252,810

116,237

499,824

Depreciation

At 1 April 2023

21,765

138,257

84,174

244,196

Charge for the year

2,616

24,159

9,107

35,882

At 31 March 2024

24,381

162,416

93,281

280,078

Carrying amount

At 31 March 2024

106,396

90,394

22,956

219,746

At 31 March 2023

109,012

90,373

19,973

219,358

 

Ivory Dental Care Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024 (continued)

6

Debtors

2024
£

2023
£

Trade debtors

945

1,960

Other debtors

49,418

51,626

50,363

53,586

7

Creditors

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

8

64,634

71,052

Trade creditors

 

57,143

58,035

Taxation and social security

 

7,505

8,389

Corporation tax liability

 

68,977

62,564

Other creditors

 

5,195

111,581

 

203,454

311,621

Due after one year

 

Loans and borrowings

8

230,747

288,974

2024
£

2023
£

After more than five years by instalments

-

16,029

-

16,029

 

Ivory Dental Care Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024 (continued)

8

Loans and borrowings

2024
£

2023
£

Current loans and borrowings

Bank borrowings

64,634

71,052

Current loans and borrowings includes the following liabilities, on which security has been given by the company:

2024
£

2023
£

Bank borrowings

64,634

71,052

Bank borrowings are secured by fixed and floating charges over the company's assets.

 

2024
£

2023
£

Non-current loans and borrowings

Bank borrowings

230,747

288,974

Non-current loans and borrowings includes the following liabilities, on which security has been given by the company:

2024
£

2023
£

Bank borrowings

230,747

288,974

Bank borrowings are secured by fixed and floating charges over the company's assets.
 

 

Ivory Dental Care Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024 (continued)

9

Related party transactions

Transactions with directors

2024

At 1 April 2023
£

Advances
£

Repayments
£

Other payments
£

Dividends credited
£

Interest
£

At 31 March 2024
£

G Readshaw

Loan

12,838

15,541

(674)

-

(13,066)

323

14,962

               
         

S Readshaw

Loan

12,838

15,407

(673)

-

(12,934)

324

14,962

               
         

 

2023

At 1 April 2022
£

Advances
£

Repayments
£

Other payments
£

Dividends credited
£

Interest
£

At 31 March 2023
£

G Readshaw

Loan

-

13,334

(604)

-

-

108

12,838

               
         

S Readshaw

Loan

-

13,334

(604)

-

-

108

12,838

               
         

 

Directors' advances are repayable on demand.

Interest has been charged on advances to directors at 2.25%.