Company registration number 12222964 (England and Wales)
BROADWATER TEETH LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
PAGES FOR FILING WITH REGISTRAR
BROADWATER TEETH LTD
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 6
BROADWATER TEETH LTD
BALANCE SHEET
AS AT
31 MARCH 2024
31 March 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
31,606
42,142
Current assets
Debtors
4
308,491
307,249
Cash at bank and in hand
437,789
285,433
746,280
592,682
Creditors: amounts falling due within one year
5
(90,736)
(77,459)
Net current assets
655,544
515,223
Total assets less current liabilities
687,150
557,365
Creditors: amounts falling due after more than one year
6
(25,913)
Provisions for liabilities
(7,902)
(8,007)
Net assets
679,248
523,445
Capital and reserves
Called up share capital
300
300
Profit and loss reserves
678,948
523,145
Total equity
679,248
523,445
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
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.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
BROADWATER TEETH LTD
BALANCE SHEET (CONTINUED)
AS AT
31 MARCH 2024
31 March 2024
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 27 September 2024 and are signed on its behalf by:
Dr S Patel
Director
Company registration number 12222964 (England and Wales)
BROADWATER TEETH LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
- 3 -
1
Accounting policies
Company information
Broadwater Teeth Ltd is a private company limited by shares incorporated in England and Wales. The registered office is 302 Broadwater Cresent, Stevenage, England, SG2 8EU.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below.
1.2
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 represents revenue generated from provision of dental services provided in the normal course of business.
Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.
1.3
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Motor vehicles
25% on reducing balance
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.
1.4
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
BROADWATER TEETH LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 4 -
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.5
Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.
Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
2
2
BROADWATER TEETH LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 5 -
3
Tangible fixed assets
Motor vehicles
£
Cost
At 1 April 2023 and 31 March 2024
56,190
Depreciation and impairment
At 1 April 2023
14,048
Depreciation charged in the year
10,536
At 31 March 2024
24,584
Carrying amount
At 31 March 2024
31,606
At 31 March 2023
42,142
The above disclosed fixed assets are under hire purchase lease agreements.
4
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
31,937
33,618
Other debtors
276,554
273,631
308,491
307,249
5
Creditors: amounts falling due within one year
2024
2023
£
£
Taxation and social security
57,334
39,415
Other creditors
33,402
38,044
90,736
77,459
6
Creditors: amounts falling due after more than one year
2024
2023
Notes
£
£
Obligations under finance leases
7
25,913
BROADWATER TEETH LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 6 -
7
Finance lease obligations
2024
2023
Future minimum lease payments due under finance leases:
£
£
Within one year
27,595
29,277
In two to five years
25,913
27,595
55,190
The above disclosed hire purchase debt has a fixed interest rate and is secured by an insurance policy over the asset held under hire purchase lease commitments.
8
Related party transactions
Transactions with related parties
The following amounts were outstanding at the reporting end date:
2024
2023
Amounts due from related parties
£
£
Tulsi Property Limited ("TPL")
274,012
271,917
Included in the other debtors is the above loan due from TPL. Dr SR Patel and Dr S Patel are the directors and shareholders in TPL. The loan is unsecured, interest free and repayable on demand.
Other information
The company provides dental services from Broadwater Dental Practice, a sole trader business, owned by the director Dr S Patel.