Company registration number 11998378 (England and Wales)
WHITE HOUSE DENTAL PRACTICE WIRRAL LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
PAGES FOR FILING WITH REGISTRAR
WHITE HOUSE DENTAL PRACTICE WIRRAL LTD
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 7
WHITE HOUSE DENTAL PRACTICE WIRRAL LTD
BALANCE SHEET
AS AT
31 MARCH 2024
31 March 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Intangible assets
3
410,102
410,102
Tangible assets
4
66,299
72,099
476,401
482,201
Current assets
Stocks
29,058
26,814
Debtors
5
131,054
122,719
Cash at bank and in hand
105,812
86,428
265,924
235,961
Creditors: amounts falling due within one year
6
(216,880)
(167,296)
Net current assets
49,044
68,665
Total assets less current liabilities
525,445
550,866
Creditors: amounts falling due after more than one year
7
(407,748)
(451,065)
Provisions for liabilities
(15,824)
(17,257)
Net assets
101,873
82,544
Capital and reserves
Called up share capital
100
100
Profit and loss reserves
101,773
82,444
Total equity
101,873
82,544
The director of the company has 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 director acknowledges his 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.
WHITE HOUSE DENTAL PRACTICE WIRRAL LTD
BALANCE SHEET (CONTINUED)
AS AT
31 MARCH 2024
31 March 2024
- 2 -
The financial statements were approved and signed by the director and authorised for issue on 16 September 2024
Dr J Singh
Director
Company registration number 11998378 (England and Wales)
WHITE HOUSE DENTAL PRACTICE WIRRAL LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
- 3 -
1
Accounting policies
Company information
White House Dental Practice Wirral Ltd is a private company limited by shares incorporated in England and Wales. The registered office is The Summit, Woodwater Park, Pynes Hill, Exeter, United Kingdom, EX2 5WS.
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. 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 the business, and is shown gross. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
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
Intangible fixed assets - goodwill
As of 1st April 2023, the company changed it's amortisation method to an impairment review with reference to the patient base acquired, considering number of patients and revenue generated from these patients. The goodwill was previously amortised on a systematic basis over 10 years.
Goodwill represents the excess of the cost of acquisition of businesses over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses.
At each reporting period end date, the company reviews the carrying amounts of its intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).
If the recoverable amount of an asset is estimated to be less than its carrying amount, the carrying amount of the asset is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss.
WHITE HOUSE DENTAL PRACTICE WIRRAL LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 4 -
1.4
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost, net of depreciation and any impairment losses.
Leasehold land and buildings
2% per annum straight line
Plant and equipment
25% per annum on NBV
Fixtures and fittings
25% per annum on NBV
Computers
25% per annum on NBV
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.
1.5
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
1.6
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.
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.
1.7
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
1.8
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.9
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.
WHITE HOUSE DENTAL PRACTICE WIRRAL LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 5 -
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
15
14
3
Intangible fixed assets
Goodwill
£
Cost
At 1 April 2023 and 31 March 2024
615,152
Amortisation and impairment
At 1 April 2023 and 31 March 2024
205,050
Carrying amount
At 31 March 2024
410,102
At 31 March 2023
410,102
WHITE HOUSE DENTAL PRACTICE WIRRAL LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 6 -
4
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 April 2023
3,184
134,509
137,693
Additions
11,935
11,935
At 31 March 2024
3,184
146,444
149,628
Depreciation and impairment
At 1 April 2023
113
65,481
65,594
Depreciation charged in the year
66
17,669
17,735
At 31 March 2024
179
83,150
83,329
Carrying amount
At 31 March 2024
3,005
63,294
66,299
At 31 March 2023
3,071
69,028
72,099
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
27,132
11,247
Other debtors
103,922
111,472
131,054
122,719
6
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans
34,938
36,411
Trade creditors
30,330
12,897
Taxation and social security
46,517
39,990
Other creditors
105,095
77,998
216,880
167,296
Included within other creditors is £9,415 (2023: £9,071) of hire purchase agreements that are secured against the assets to which they relate.
Included within bank loans and overdrafts is £25,373 (2023: £26,411) of loan secured by a fixed and floating charge against the leasehold property and by way of a personal guarantee.
WHITE HOUSE DENTAL PRACTICE WIRRAL LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 7 -
7
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
393,015
426,916
Other creditors
14,733
24,149
407,748
451,065
Included within other creditors is £14,733 (2023: £24,149) of hire purchase agreements that are secured against the assets to which they relate.
Included within bank loans and overdrafts is £380,912 (2023: £405,249) of loan secured by a fixed and floating charge against the leasehold property and by way of a personal guarantee.
Creditors which fall due after five years are as follows:
2024
2023
£
£
Payable by instalments
279,421
297,422
8
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2024
2023
£
£
256,000
281,620
9
Directors' transactions
Advances or credits have been granted by the company to its directors as follows:
Description
% Rate
Opening balance
Amounts advanced
Interest charged
Amounts repaid
Closing balance
£
£
£
£
£
Director
2.25
105,932
101,421
1,379
(106,665)
102,067
105,932
101,421
1,379
(106,665)
102,067
The aforementioned advances are unsecured and repayable on demand.