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Registration number: 12056529

Cheltenham & Cotswold Dental Ltd

Annual Report and Unaudited Filleted Financial Statements

for the Year Ended 31 December 2023

 

Cheltenham & Cotswold Dental Ltd

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 9

 

Cheltenham & Cotswold Dental Ltd

Company Information

Directors

Mr I Nasser

Mrs S Wright

Registered office

145 Hales Road
Cheltenham
GL52 6TD

Accountants

Stone & Co Chartered Accountants
2 Charnwood House
Marsh Road
Ashton
Bristol
BS3 2NA

 

Cheltenham & Cotswold Dental Ltd

(Registration number: 12056529)
Balance Sheet as at 31 December 2023

Note

2023
£

2022
£

         

Fixed assets

   

Intangible assets

4

 

311,178

330,626

Tangible assets

5

 

68,111

108,776

   

379,289

439,402

Current assets

   

Stocks

6

20,000

 

20,000

Debtors

7

28,484

 

20,174

Cash at bank and in hand

 

93,578

 

91,798

 

142,062

 

131,972

Creditors: Amounts falling due within one year

8

(163,949)

 

(173,146)

Net current liabilities

   

(21,887)

(41,174)

Total assets less current liabilities

   

357,402

398,228

Creditors: Amounts falling due after more than one year

8

 

(427,578)

(469,184)

Net liabilities

   

(70,176)

(70,956)

Capital and reserves

   

Called up share capital

100

 

100

Profit and loss account

(70,276)

 

(71,056)

Total equity

   

(70,176)

(70,956)

 

Cheltenham & Cotswold Dental Ltd

(Registration number: 12056529)
Balance Sheet as at 31 December 2023

For the financial year ending 31 December 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 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 10 September 2024 and signed on its behalf by:
 

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

Mr I Nasser
Director

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

Mrs S Wright
Director

 

Cheltenham & Cotswold Dental Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 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:
145 Hales Road
Cheltenham
GL52 6TD

These financial statements were authorised for issue by the Board on 10 September 2024.

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 smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

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.

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:

 

Cheltenham & Cotswold Dental Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

Asset class

Depreciation method and rate

Leasehold property

Over life of lease

Clinical equipment

5 years straight line

Fixtures and fittings

5 years straight line

Office equipment

25% reducing balance

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 held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

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

20 years straight line

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 merchandise sold 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.

 

Cheltenham & Cotswold Dental Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable 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.

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.

Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

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.

 

Cheltenham & Cotswold Dental Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

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.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 21 (2022 - 19).

 

Cheltenham & Cotswold Dental Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 January 2023

388,972

388,972

At 31 December 2023

388,972

388,972

Amortisation

At 1 January 2023

58,346

58,346

Amortisation charge

19,448

19,448

At 31 December 2023

77,794

77,794

Carrying amount

At 31 December 2023

311,178

311,178

At 31 December 2022

330,626

330,626

5

Tangible assets

Long leasehold land and buildings
£

Fixtures and fittings
£

Plant and machinery
£

Office equipment
£

Total
£

Cost or valuation

At 1 January 2023

2,807

50,861

180,434

2,080

236,182

Additions

3,919

1,080

-

1,666

6,665

At 31 December 2023

6,726

51,941

180,434

3,746

242,847

Depreciation

At 1 January 2023

418

29,044

97,557

387

127,406

Charge for the year

335

10,352

36,087

556

47,330

At 31 December 2023

753

39,396

133,644

943

174,736

Carrying amount

At 31 December 2023

5,973

12,545

46,790

2,803

68,111

At 31 December 2022

2,389

21,817

82,877

1,693

108,776

 

Cheltenham & Cotswold Dental Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

Included within the net book value of land and buildings above is £5,973 (2022 - £2,389) in respect of long leasehold land and buildings.
 

6

Stocks

2023
£

2022
£

Other inventories

20,000

20,000

7

Debtors

Current

2023
£

2022
£

Prepayments

4,434

2,124

Other debtors

24,050

18,050

8

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

40,853

46,783

Trade creditors

 

33,523

49,645

Taxation and social security

 

4,408

3,250

Accruals and deferred income

 

73,490

59,668

Other creditors

 

11,675

13,800

 

163,949

173,146

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

427,578

469,184