Company registration number 08044767 (England and Wales)
PARKVIEW DENTAL SURGERY LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 25 OCTOBER 2023
PAGES FOR FILING WITH REGISTRAR
PARKVIEW DENTAL SURGERY LIMITED
CONTENTS
Page
Statement of financial position
1 - 2
Notes to the financial statements
3 - 7
PARKVIEW DENTAL SURGERY LIMITED
STATEMENT OF FINANCIAL POSITION
AS AT
25 OCTOBER 2023
25 October 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
4
73,475
83,320
Current assets
Debtors
5
70,982
50,132
Cash at bank and in hand
865
3,450
71,847
53,582
Creditors: amounts falling due within one year
6
(84,588)
(93,612)
Net current liabilities
(12,741)
(40,030)
Total assets less current liabilities
60,734
43,290
Creditors: amounts falling due after more than one year
7
(40,833)
(30,833)
Provisions for liabilities
(11,710)
(11,798)
Net assets
8,191
659
Capital and reserves
Called up share capital
1
1
Profit and loss reserves
8,190
658
Total equity
8,191
659
The director of the company has elected not to include a copy of the income statement within the financial statements.true
For the financial year ended 25 October 2023 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 member has 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.
PARKVIEW DENTAL SURGERY LIMITED
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT
25 OCTOBER 2023
25 October 2023
- 2 -
The financial statements were approved and signed by the director and authorised for issue on 23 October 2024
I D Grime
Director
Company Registration No. 08044767
PARKVIEW DENTAL SURGERY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 25 OCTOBER 2023
- 3 -
1
Accounting policies
Company information
Parkview Dental Surgery Limited is a private company limited by shares incorporated in England and Wales. The registered office is Bulman House, Regent Centre, Gosforth, Newcastle upon Tyne, NE3 3LS.
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 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.
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
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 7 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 land and buildings
20 years straight line
Fixtures and fittings
15% reducing balance
Office equipment
15% 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.
PARKVIEW DENTAL SURGERY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 25 OCTOBER 2023
1
Accounting policies
(Continued)
- 4 -
1.5
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.
1.6
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 statement of financial position when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with 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.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, 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 payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable 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.
1.7
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.
1.8
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 income statement 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.
PARKVIEW DENTAL SURGERY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 25 OCTOBER 2023
1
Accounting policies
(Continued)
- 5 -
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 income statement, 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.
1.9
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.10
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
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
8
10
3
Intangible fixed assets
Goodwill
£
Cost
At 26 October 2022 and 25 October 2023
20,000
Amortisation and impairment
At 26 October 2022 and 25 October 2023
20,000
Carrying amount
At 25 October 2023
At 25 October 2022
PARKVIEW DENTAL SURGERY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 25 OCTOBER 2023
- 6 -
4
Tangible fixed assets
Leasehold land and buildings
Fixtures and fittings
Office equipment
Total
£
£
£
£
Cost
At 26 October 2022 and 25 October 2023
101,062
110,251
11,191
222,504
Depreciation and impairment
At 26 October 2022
49,688
83,446
6,050
139,184
Depreciation charged in the year
5,053
4,021
771
9,845
At 25 October 2023
54,741
87,467
6,821
149,029
Carrying amount
At 25 October 2023
46,321
22,784
4,370
73,475
At 25 October 2022
51,374
26,805
5,141
83,320
5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
1,551
1,372
Other debtors
68,754
48,087
Prepayments and accrued income
677
673
70,982
50,132
Included within other debtors is £58,698 (2022:£35,071) owed by the director.
6
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
12,500
32,119
Trade creditors
10,716
13,757
Corporation tax
41,281
30,892
Other taxation and social security
13,243
10,485
Accruals and deferred income
6,848
6,359
84,588
93,612
7
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
40,833
30,833
PARKVIEW DENTAL SURGERY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 25 OCTOBER 2023
7
Creditors: amounts falling due after more than one year
(Continued)
- 7 -
Creditors include bank loans and overdrafts and net obligations under finance lease and hire purchase contracts which are secured of 40,833 (2022 - £30,833).
The bank loans and overdrafts are secured on the assets of the company.
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:
2023
2022
£
£
3,573
6,870