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Company No: 10537818 (England and Wales)

PREBEND STREET PRACTICE LIMITED

Unaudited Financial Statements
For the financial year ended 31 December 2023
Pages for filing with the registrar

PREBEND STREET PRACTICE LIMITED

Unaudited Financial Statements

For the financial year ended 31 December 2023

Contents

PREBEND STREET PRACTICE LIMITED

STATEMENT OF FINANCIAL POSITION

As at 31 December 2023
PREBEND STREET PRACTICE LIMITED

STATEMENT OF FINANCIAL POSITION (continued)

As at 31 December 2023
Note 2023 2022
£ £
Restated - note 2
Fixed assets
Intangible assets 4 500,993 644,693
Tangible assets 5 282,527 44,212
783,520 688,905
Current assets
Debtors 6 974,016 681,793
Cash at bank and in hand 0 143,155
974,016 824,948
Creditors: amounts falling due within one year 7 ( 1,499,062) ( 738,456)
Net current (liabilities)/assets (525,046) 86,492
Total assets less current liabilities 258,474 775,397
Creditors: amounts falling due after more than one year 8 ( 208,627) ( 773,717)
Net assets 49,847 1,680
Capital and reserves
Called-up share capital 9 100 100
Profit and loss account 49,747 1,580
Total shareholders' funds 49,847 1,680

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.

Director's responsibilities:

The financial statements of Prebend Street Practice Limited (registered number: 10537818) were approved and authorised for issue by the Director. They were signed on its behalf by:

B J Lauffer
Director

20 September 2024

PREBEND STREET PRACTICE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 December 2023
PREBEND STREET PRACTICE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 December 2023
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Prebend Street Practice Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the company's registered office is 35 Ballards Lane, London, N3 1XW, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Prior year adjustment

The prior year comparatives have been restated due to certain errors that were found within the company's accounting system, set out in Note 2 below.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

Interest income

Interest income is recognised when it is probable that the economic benefits will flow to the company and the amount of revenue can be measured reliably. Interest income is accrued on a time basis, by reference to the principal outstanding at the effective interest rate applicable, which is the rate that exactly discounts estimated future cash receipts through the expected life of the financial asset to that asset's net carrying amount on initial recognition.

Employee benefits

Defined contribution schemes
The company operates a defined contribution scheme. The amount charged to the Statement of Income and Retained Earnings in respect of pension costs and other post-retirement benefits is the contributions payable in the financial year. Differences between contributions payable in the financial year and contributions actually paid are included as either accruals or prepayments in the Statement of Financial Position.

Finance costs

Finance costs are charged to the Statement of Income and Retained Earnings over the term of the debt using the effective interest method so the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Statement of Financial Position date.

Intangible assets

Intangible assets are stated at cost or valuation, net of amortisation and any provision for impairment. Amortisation is provided on all intangible assets at rates to write off the cost or valuation of each asset over its expected useful life as follows:

Goodwill 10 years straight line
Goodwill

Goodwill arises on business combination and represents any excess of consideration given over the fair value of the identifiable assets and liabilities acquired. Goodwill is initially recognised as an intangible asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight line basis over its useful economic life, which is 10 years.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Leasehold improvements 7 years straight line
Plant and machinery 5 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Borrowing costs

All other borrowing costs are recognised in profit or loss in the period in which they are incurred.

Leases

The company as lessee
Assets held under finance leases, hire purchase contracts and other similar arrangements, which confer rights and obligations similar to those attached to owned assets, are capitalised as tangible fixed assets at the fair value of the leased asset (or, if lower, the present value of the minimum lease payments as determined at the inception of the lease) and are depreciated over the shorter of the lease terms and their useful lives. The capital elements of future lease obligations are recorded as liabilities, while the interest elements are charged to the Statement of Income and Retained Earnings over the period of the leases to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

Financial instruments

The Company only enters into basic financial instruments and transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties and loans to related parties.

Financial assets
Basic financial assets, including trade and other debtors, and amounts due from related companies, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Such assets are subsequently carried at amortised cost using the effective interest method.

At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in the Statement of Income and Retained Earnings.

Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or (c) control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions.

Financial liabilities
Basic financial liabilities, including trade and other creditors and accruals, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest.

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 payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.

Financial assets and liabilities are offset and the net amounts presented in the financial statements when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

2. Prior year adjustment

The prior year comparatives have been restated due to an overlooked error.

As previously reported Adjustment As restated
Year ended 31 December 2022 £ £ £
Called-up share capital 1 99 100

3. Employees

2023 2022
Number Number
Monthly average number of persons employed by the company during the year, including the director 10 9

4. Intangible assets

Goodwill Total
£ £
Cost
At 01 January 2023 1,471,306 1,471,306
At 31 December 2023 1,471,306 1,471,306
Accumulated amortisation
At 01 January 2023 826,613 826,613
Charge for the financial year 143,700 143,700
At 31 December 2023 970,313 970,313
Net book value
At 31 December 2023 500,993 500,993
At 31 December 2022 644,693 644,693

5. Tangible assets

Leasehold improve-
ments
Plant and machinery Total
£ £ £
Cost
At 01 January 2023 0 94,998 94,998
Additions 157,131 114,447 271,578
At 31 December 2023 157,131 209,445 366,576
Accumulated depreciation
At 01 January 2023 0 50,786 50,786
Charge for the financial year 14,755 19,361 34,116
Disposals 0 ( 853) ( 853)
At 31 December 2023 14,755 69,294 84,049
Net book value
At 31 December 2023 142,376 140,151 282,527
At 31 December 2022 0 44,212 44,212

6. Debtors

2023 2022
£ £
Trade debtors 32,804 8,702
Prepayments 3,854 19,673
S455 235,155 147,701
Other debtors 702,203 505,717
974,016 681,793

7. Creditors: amounts falling due within one year

2023 2022
£ £
Bank loans and overdrafts (secured £ 755,749) 811,431 140,608
Trade creditors 7,397 44,919
Accruals 42,007 37,426
Taxation and social security 311,668 263,984
Obligations under finance leases and hire purchase contracts 26,393 0
Other creditors 300,166 251,519
1,499,062 738,456

Bank loans of £755,549 (2022: £130,608) are secured on a fixed and floating charge on the assets of the company.

8. Creditors: amounts falling due after more than one year

2023 2022
£ £
Bank loans and overdrafts (secured) 104,905 773,717
Obligations under finance leases and hire purchase contracts 103,722 0
208,627 773,717

Bank loans of £Nil (2022: £773,717) are secured on a fixed and floating charge on the assets of the company.

Bank loans
2023 2022
£ £
Between one and two years 33,084 147,138
Between two and five years 71,821 468,111
After five years 0 158,468
104,905 773,717
On demand or within one year 788,573 140,608
893,478 914,325
Finance leases
2023 2022
£ £
Between one and two years 26,393 0
Between two and five years 77,329 0
After five years 0 0
103,722 0
On demand or within one year 26,393 0
130,115 0
Total borrowings including finance leases
2023 2022
£ £
Between one and two years 59,477 147,138
Between two and five years 149,150 468,111
After five years 0 158,468
208,627 773,717
On demand or within one year 814,966 140,608
1,023,593 914,325

9. Called-up share capital

2023 2022
£ £
Allotted, called-up and fully-paid
100 Ordinary shares of £ 1.00 each 100 100

Prior year called-up share capital has been restated as disclosed on note 2.

10. Financial commitments

Commitments

Total future minimum lease payments under non-cancellable operating leases are as follows:

2023 2022
£ £
within one year 47,520 50,100
between one and five years 190,080 176,825
after five years 59,400 10,800
297,000 237,725

Pensions

The company operates a defined contribution pension scheme for the director and employees. The assets of the scheme are held separately from those of the company in an independently administered fund.

2023 2022
£ £
Unpaid contributions due to the fund (inc. in other creditors) 424 445

11. Director's benefits: advances, credits and guarantees

2023 2022
£ £
Included in the other debtors is a balance owed by a director. This balance is unsecured, and interest is charged at HMRC's approved rate with no fixed repayment terms. 696,203 505,679