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REGISTRAR OF COMPANIES

Registration number: 07153231

Crossbank Dental Care Ltd

Unaudited Financial Statements

31 December 2023

image-name

 

Crossbank Dental Care Ltd

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
Crossbank Dental Care Ltd
for the Year Ended 31 December 2023

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Crossbank Dental Care Ltd for the year ended 31 December 2023 as set out on pages 2 to 12 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 Crossbank Dental Care Ltd, as a body, in accordance with the terms of our engagement letter dated 18 April 2023. Our work has been undertaken solely to prepare for your approval the accounts of Crossbank Dental Care Ltd and state those matters that we have agreed to state to the Board of Directors of Crossbank Dental Care Ltd, 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 Crossbank Dental Care Ltd and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Crossbank Dental Care Ltd has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and loss of Crossbank Dental Care Ltd. You consider that Crossbank Dental Care Ltd 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 Crossbank Dental Care Ltd. 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

16 October 2024

 

Crossbank Dental Care Ltd

(Registration number: 07153231)
Balance Sheet as at 31 December 2023

Note

2023
£

2022
£

Fixed assets

 

Intangible assets

4

43,733

85,633

Tangible assets

5

1,359,189

1,213,295

 

1,402,922

1,298,928

Current assets

 

Stocks

30,800

30,800

Debtors

7

395,823

138,003

Other financial assets

6

130,710

497,591

Cash at bank and in hand

 

86,103

129,481

 

643,436

795,875

Creditors: Amounts falling due within one year

8

(288,149)

(193,398)

Net current assets

 

355,287

602,477

Total assets less current liabilities

 

1,758,209

1,901,405

Creditors: Amounts falling due after more than one year

8

(610,998)

(582,345)

Provisions for liabilities

(152,217)

(105,747)

Net assets

 

994,994

1,213,313

Capital and reserves

 

Allotted, called up and fully paid share capital

100

100

Profit and loss account

994,894

1,213,213

Total equity

 

994,994

1,213,313

 

Crossbank Dental Care Ltd

(Registration number: 07153231)
Balance Sheet as at 31 December 2023 (continued)

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.

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 16 October 2024 and signed on its behalf by:
 

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

N Cooper

Director

 

Crossbank Dental Care Ltd

Notes to the Financial Statements for the Year Ended 31 December 2023

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
10 Captain French Lane
KENDAL
LA9 4HP

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.

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.

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.

 

Crossbank Dental Care Ltd

Notes to the Financial Statements for the Year Ended 31 December 2023 (continued)

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

Freehold land and buildings

2% straight line basis

Improvements to property

2% straight line basis

Plant and machinery

20% reducing balance basis

Motor vehicles

25% 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.

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.

 

Crossbank Dental Care Ltd

Notes to the Financial Statements for the Year Ended 31 December 2023 (continued)

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 are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

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.

 

Crossbank Dental Care Ltd

Notes to the Financial Statements for the Year Ended 31 December 2023 (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.

Financial instruments

Classification
Equity shares and debt securities
 Recognition and measurement
Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.

Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

 Impairment
For instruments measured at cost less impairment the impairment is the difference between the assets' carrying amount and the best estimate the entity would receive for the asset if it were sold at the reporting date.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 35 (2022 - 27).

 

Crossbank Dental Care Ltd

Notes to the Financial Statements for the Year Ended 31 December 2023 (continued)

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 January 2023

552,000

552,000

At 31 December 2023

552,000

552,000

Amortisation

At 1 January 2023

466,367

466,367

Amortisation charge

41,900

41,900

At 31 December 2023

508,267

508,267

Carrying amount

At 31 December 2023

43,733

43,733

At 31 December 2022

85,633

85,633

5

Tangible assets

Land and buildings
£

Improvements to property
 £

Plant and machinery
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 January 2023

678,809

357,329

456,974

83,000

1,576,112

Additions

-

61,589

124,790

92,891

279,270

Disposals

-

-

-

(83,000)

(83,000)

At 31 December 2023

678,809

418,918

581,764

92,891

1,772,382

Depreciation

At 1 January 2023

68,860

39,578

221,795

32,584

362,817

Charge for the year

13,576

7,979

59,470

1,935

82,960

Eliminated on disposal

-

-

-

(32,584)

(32,584)

At 31 December 2023

82,436

47,557

281,265

1,935

413,193

Carrying amount

At 31 December 2023

596,373

371,361

300,499

90,956

1,359,189

At 31 December 2022

609,949

317,751

235,179

50,416

1,213,295

 

Crossbank Dental Care Ltd

Notes to the Financial Statements for the Year Ended 31 December 2023 (continued)

6

Other financial assets (current and non-current)

2023
£

2022
£

Current financial assets

Financial assets at fair value through profit and loss

130,710

497,591

Financial assets at fair value through profit and loss
£

Total
£

Current financial assets

Cost or valuation

At 1 January 2023

497,591

497,591

Fair value adjustments

(12,567)

(12,567)

Additions

20,099

20,099

Disposals

(374,413)

(374,413)

At 31 December 2023

130,710

130,710

Impairment

Carrying amount

At 31 December 2023

130,710

130,710

 

Crossbank Dental Care Ltd

Notes to the Financial Statements for the Year Ended 31 December 2023 (continued)

7

Debtors

2023
£

2022
£

Trade debtors

750

1,158

Other debtors

395,073

136,845

395,823

138,003

8

Creditors

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

9

93,705

69,048

Trade creditors

 

77,522

67,095

Taxation and social security

 

11,927

8,739

Corporation tax liability

 

1,495

36,239

Other creditors

 

103,500

12,277

 

288,149

193,398

Due after one year

 

Loans and borrowings

9

610,998

582,345

2023
£

2022
£

After more than five years by instalments

153,017

159,910

153,017

159,910

 

Crossbank Dental Care Ltd

Notes to the Financial Statements for the Year Ended 31 December 2023 (continued)

9

Loans and borrowings

2023
£

2022
£

Current loans and borrowings

Bank borrowings

41,404

40,698

Finance lease liabilities

52,301

28,350

93,705

69,048

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

2023
£

2022
£

Bank borrowings

41,404

40,698

Finance lease liabilities

52,301

28,350

93,705

69,048

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

Finance lease liabilities are secured on the assets to which they relate.

2023
£

2022
£

Non-current loans and borrowings

Bank borrowings

451,127

490,525

Finance lease liabilities

159,871

91,820

610,998

582,345

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

2023
£

2022
£

Bank borrowings

451,127

490,525

Finance lease liabilities

159,871

91,820

610,998

582,345

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

Finance lease liabilities are secured on the assets to which they relate.

 

Crossbank Dental Care Ltd

Notes to the Financial Statements for the Year Ended 31 December 2023 (continued)

10

Related party transactions

Transactions with directors

2023

At 1 January 2023
£

Advances
£

Repayments
£

Other payments
£

Dividends credited
£

Interest
£

At 31 December 2023
£

N Cooper

Directors loan

36,029

92,676

(25,117)

-

(52,000)

1,120

52,708

               
         

R L Cooper

Directors loan

41,627

89,536

(25,116)

-

(50,000)

1,120

57,167

               
         

 

2022

At 1 January 2022
£

Advances
£

Repayments
£

Other payments
£

Dividends credited
£

Interest
£

At 31 December 2022
£

N Cooper

Directors loan

68,723

76,617

(58,782)

-

(52,000)

1,471

36,029

               
         

R L Cooper

Directors loan

72,310

76,628

(58,782)

-

(50,000)

1,471

41,627

               
         

 

Directors' advances are repayable on demand.

Interest has been charged at a rate of 2% and 2.25% on advances to directors.