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REGISTRAR OF COMPANIES

Registration number: SC395265

Carden Place Dental Practice Limited

Unaudited Financial Statements

31 March 2024

image-name

 

Carden Place Dental Practice Limited

Contents

Accountants' Report

1

Balance Sheet

2

Notes to the Financial Statements

4

 

Chartered Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
Carden Place Dental Practice 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 Carden Place Dental Practice Limited for the year ended 31 March 2024 as set out on pages 2 to 11 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 Carden Place Dental Practice Limited, as a body, in accordance with the terms of our engagement letter dated 22 November 2022. Our work has been undertaken solely to prepare for your approval the accounts of Carden Place Dental Practice Limited and state those matters that we have agreed to state to the Board of Directors of Carden Place Dental Practice 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 Carden Place Dental Practice Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Carden Place Dental Practice 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 Carden Place Dental Practice Limited. You consider that Carden Place Dental Practice 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 Carden Place Dental Practice 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

20 August 2024

 

Carden Place Dental Practice Limited

(Registration number: SC395265)
Balance Sheet as at 31 March 2024

Note

2024
£

2023
£

Fixed assets

 

Intangible assets

5

53,880

107,760

Tangible assets

6

652,009

671,040

 

705,889

778,800

Current assets

 

Stocks

13,200

13,200

Debtors

7

57,950

57,292

Cash at bank and in hand

 

91,685

109,182

 

162,835

179,674

Creditors: Amounts falling due within one year

8

(175,063)

(141,015)

Net current (liabilities)/assets

 

(12,228)

38,659

Total assets less current liabilities

 

693,661

817,459

Creditors: Amounts falling due after more than one year

8

(459,069)

(505,446)

Provisions for liabilities

(16,393)

(18,376)

Net assets

 

218,199

293,637

Capital and reserves

 

Allotted, called up and fully paid share capital

20

20

Profit and loss account

218,179

293,617

Total equity

 

218,199

293,637

 

Carden Place Dental Practice Limited

(Registration number: SC395265)
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 20 August 2024 and signed on its behalf by:
 

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

A Nohawica

Director

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

C Pilc

Director

 

Carden Place Dental Practice Limited

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

1

General information

The company is a private company limited by share capital, incorporated in Scotland.

The address of its registered office is:
32 Carden Place
ABERDEEN
AB10 1UP

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.

The company has net current liabilities at 31 March 2024 and meets its day to day working capital requirements through bank borrowings. The directors have also provided short term loans, which in common with all such facilities are repayable on demand. On the basis of this support, the directors consider it appropriate to prepare the financial statements on the going concern basis.

However, should the company not have the support of its bankers, and therefore be unable to continue trading, adjustments would have to be made to reduce the value of assets to their recoverable amounts, to provide for any further liabilities which might arise, and to reclassify fixed assets and long term liabilities as current assets and current liabilities.

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.


Government grants
Grants relating to revenue are recognised in the profit and loss account on a systematic basis over the periods in which the related costs are recognised for which the grant is intended to compensate.

Grants for the purpose of giving immediate financial support with no future related costs to be incurred are recognised in the profit and loss account when the grant proceeds become receivable.

 

Carden Place Dental Practice Limited

Notes to the 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

Land and buildings

2% straight line basis

Furniture, fittings and office equipment

15% reducing balance 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.

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.

 

Carden Place Dental Practice Limited

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

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.

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 in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

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.

 

Carden Place Dental Practice Limited

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

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 14 (2023 - 14).

 

Carden Place Dental Practice Limited

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

4

Taxation

Tax charged/(credited) in the profit and loss account

2024
£

2023
£

Current taxation

UK corporation tax

87,368

65,052

Deferred taxation

Arising from origination and reversal of timing differences

(1,983)

9,976

Tax expense in the profit and loss account

85,385

75,028

5

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 April 2023

673,500

673,500

At 31 March 2024

673,500

673,500

Amortisation

At 1 April 2023

565,740

565,740

Amortisation charge

53,880

53,880

At 31 March 2024

619,620

619,620

Carrying amount

At 31 March 2024

53,880

53,880

At 31 March 2023

107,760

107,760

 

Carden Place Dental Practice Limited

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

6

Tangible assets

Land and buildings
£

Furniture, fittings and office equipment
 £

Total
£

Cost or valuation

At 1 April 2023

627,897

110,089

737,986

Additions

-

4,981

4,981

At 31 March 2024

627,897

115,070

742,967

Depreciation

At 1 April 2023

29,302

37,644

66,946

Charge for the year

12,558

11,454

24,012

At 31 March 2024

41,860

49,098

90,958

Carrying amount

At 31 March 2024

586,037

65,972

652,009

At 31 March 2023

598,595

72,445

671,040

7

Debtors

2024
£

2023
£

Trade debtors

56,668

42,297

Other debtors

1,282

14,995

57,950

57,292

 

Carden Place Dental Practice Limited

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

8

Creditors

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

9

59,231

46,029

Trade creditors

 

13,058

17,504

Taxation and social security

 

7,121

5,318

Corporation tax liability

 

87,368

65,052

Other creditors

 

8,285

7,112

 

175,063

141,015

Due after one year

 

Loans and borrowings

9

459,069

505,446

2024
£

2023
£

After more than five years by instalments

289,839

330,495

289,839

330,495

9

Loans and borrowings

2024
£

2023
£

Current loans and borrowings

Bank borrowings

46,170

44,646

Other borrowings

13,061

1,383

59,231

46,029

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

2024
£

2023
£

Bank borrowings

46,170

44,646

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

2024
£

2023
£

Non-current loans and borrowings

Bank borrowings

459,069

505,446

 

Carden Place Dental Practice Limited

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

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

2024
£

2023
£

Bank borrowings

459,069

505,446

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

10

Related party transactions

Transactions with directors

2024

At 1 April 2023
£

Advances
£

Repayments
£

Other payments
£

Dividends credited
£

Interest
£

At 31 March 2024
£

C Pilc

Loan

13,687

8,147

(9,086)

-

(12,822)

74

-

               
         

 

2023

At 1 April 2022
£

Advances
£

Repayments
£

Other payments
£

Dividends credited
£

Interest
£

At 31 March 2023
£

A Nohawica

-

126

(126)

-

-

-

-

               
         

C Pilc

Loan

2,184

23,404

(9,880)

-

(2,200)

179

13,687

               
         

 

Directors' advances are repayable on demand.

Interest has been charged on advances to directors at 2.25%. In 2023 interest was charged on the advances to the directors at 2%.