Company registration number 10028707 (England and Wales)
CARISBROOKE DENTAL LEICESTER LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
PAGES FOR FILING WITH REGISTRAR
CARISBROOKE DENTAL LEICESTER LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 7
CARISBROOKE DENTAL LEICESTER LIMITED
BALANCE SHEET
AS AT 31 MARCH 2024
31 March 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Intangible assets
4
1,605,763
1,700,219
Tangible assets
5
262,436
191,749
1,868,199
1,891,968
Current assets
Stocks
143,298
157,731
Debtors
6
1,949,850
1,559,416
Cash at bank and in hand
112,925
329,563
2,206,073
2,046,710
Creditors: amounts falling due within one year
7
(612,301)
(655,011)
Net current assets
1,593,772
1,391,699
Total assets less current liabilities
3,461,971
3,283,667
Creditors: amounts falling due after more than one year
8
(360,017)
(490,731)
Provisions for liabilities
(49,662)
(30,098)
Net assets
3,052,292
2,762,838
Capital and reserves
Called up share capital
9
1,000
1,000
Share premium account
1,677,852
1,677,852
Profit and loss reserves
1,373,440
1,083,986
Total equity
3,052,292
2,762,838
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.
CARISBROOKE DENTAL LEICESTER LIMITED
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 11 October 2024 and are signed on its behalf by:
Dr JL McCahill
Director
Company registration number 10028707 (England and Wales)
CARISBROOKE DENTAL LEICESTER LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
- 3 -
1
Accounting policies
Company information
Carisbrooke Dental Leicester Limited is a private company limited by shares incorporated in England and Wales. The registered office is 21, The Point, Rockingham Road, Market Harborough, Leicestershire, England, LE16 7NU.
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
Income from healthcare treatment is recognised as treatment is delivered, unless covered by an annual healthcare plan when it is recognised on a straight line basis over the period of the plan. Income from sale of dental sundries is recognised when delivered to patients.
1.3
Intangible fixed assets - goodwill
Goodwill represents the excess of the cost of acquisition of unincorporated 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. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is 25 years.
1.4
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.
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:
Leasehold improvements
Over 16 years
Fixtures and fittings
20% Straight line method
1.5
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible and 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). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
1.6
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.
CARISBROOKE DENTAL LEICESTER LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 4 -
1.7
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 current liabilities.
1.8
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method.
1.9
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.10
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. 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.
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.
1.11
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.12
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
CARISBROOKE DENTAL LEICESTER LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 5 -
1.13
Leases
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
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
27
27
4
Intangible fixed assets
Goodwill
£
Cost
At 1 April 2023 and 31 March 2024
2,361,416
Amortisation and impairment
At 1 April 2023
661,197
Amortisation charged for the year
94,456
At 31 March 2024
755,653
Carrying amount
At 31 March 2024
1,605,763
At 31 March 2023
1,700,219
CARISBROOKE DENTAL LEICESTER LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 6 -
5
Tangible fixed assets
Leasehold improvements
Fixtures and fittings
Total
£
£
£
Cost
At 1 April 2023
77,558
578,774
656,332
Additions
137,875
137,875
At 31 March 2024
77,558
716,649
794,207
Depreciation and impairment
At 1 April 2023
23,449
441,134
464,583
Depreciation charged in the year
4,420
62,768
67,188
At 31 March 2024
27,869
503,902
531,771
Carrying amount
At 31 March 2024
49,689
212,747
262,436
At 31 March 2023
54,109
137,640
191,749
6
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
15,139
36,106
Amounts owed by group undertakings
1,760,298
1,499,727
Other debtors
152,279
3,350
Prepayments and accrued income
22,134
20,233
1,949,850
1,559,416
Amounts owed by group undertakings represent interest free loans to the company's parent company.
7
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans
130,756
128,446
Trade creditors
254,311
311,753
Corporation tax
111,171
102,290
Other taxation and social security
11,148
10,892
Other creditors
9,224
27,259
Accruals and deferred income
95,691
74,371
612,301
655,011
CARISBROOKE DENTAL LEICESTER LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 7 -
8
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
360,017
490,731
The aggregate bank loans of £490,773 (2023: £619,177) are secured by a fixed and floating charge over the assets and undertaking of the company and a mortgage over its leasehold interest in the property from which it operates.
9
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary A of 1p each
30,000
30,000
300
300
Ordinary B of 1p each
30,000
30,000
300
300
Ordinary C of 1p each
22,000
22,000
220
220
Ordinary D of 1p each
10,000
10,000
100
100
Ordinary E of 1p each
8,000
8,000
80
80
100,000
100,000
1,000
1,000
10
Financial commitments, guarantees and contingent liabilities
The total amount of financial commitments, guarantees and contingencies not included in the balance sheet at 31 March 2024 was £715,793 (2023: £455,000). The amount represented the future minimum lease payments under a non-cancellable operating lease over the premises from which the business operates.
11
Directors' transactions
During the year company made aggregate loans of £150,000 to its Directors. Total interest of £1,479 was charged on these loans at the official rate of 2.25%. The balance due to the company from the Directors at 31 March 2024 was £151,479 and this total is included in other debtors.
No provision has been made for the tax of £51,124 that is potentially payable under s455 CTA 2010 as it is the Directors' intention to repay these loans within nine months of the end of the company's financial year.