Registered number
06844177
Timberhill Dental Practice Limited
Filleted Accounts
31 March 2024
Timberhill Dental Practice Limited
Registered number: 06844177
Balance Sheet
as at 31 March 2024
Notes 2024 2023
£ £
Fixed assets
Intangible assets 3 111,375 131,625
Tangible assets 4 63,082 78,853
174,457 210,478
Current assets
Stocks 3,000 3,000
Debtors 5 30,091 8,669
Cash at bank and in hand 250,762 247,631
283,853 259,300
Creditors: amounts falling due within one year 6 (89,929) (79,154)
Net current assets 193,924 180,146
Total assets less current liabilities 368,381 390,624
Creditors: amounts falling due after more than one year 7 (67,001) (92,242)
Net assets 301,380 298,382
Capital and reserves
Called up share capital 1,000 1,000
Profit and loss account 300,380 297,382
Shareholder's funds 301,380 298,382
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The member has not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Dr D.R.Sathananthan
Director
Approved by the board on 9 October 2024
Timberhill Dental Practice Limited
Notes to the Accounts
for the year ended 31 March 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Fixtures, fittings, tools and equipment 20% reducing balance.
Land & Buildings - Leasehold Improvements 20% reducing balance.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that 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, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 11 11
3 Intangible fixed assets £
Goodwill:
Cost
At 1 April 2023 405,000
At 31 March 2024 405,000
Amortisation
At 1 April 2023 273,375
Provided during the year 20,250
At 31 March 2024 293,625
Net book value
At 31 March 2024 111,375
At 31 March 2023 131,625
Goodwill is being written off in equal annual instalments over its estimated economic life of 10 years.
4 Tangible fixed assets
Land and buildings Plant and machinery etc Total
£ £ £
Cost
At 1 April 2023 15,450 178,156 193,606
At 31 March 2024 15,450 178,156 193,606
Depreciation
At 1 April 2023 5,562 109,191 114,753
Charge for the year 1,978 13,793 15,771
At 31 March 2024 7,540 122,984 130,524
Net book value
At 31 March 2024 7,910 55,172 63,082
At 31 March 2023 9,888 68,965 78,853
5 Debtors 2024 2023
£ £
Trade debtors 8,080 3,275
Other debtors 22,011 5,394
30,091 8,669
6 Creditors: amounts falling due within one year 2024 2023
£ £
Trade creditors 45,702 54,245
Taxation and social security costs 30,350 19,138
Other creditors 13,877 5,771
89,929 79,154
7 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans 24,956 34,859
Obligations under finance lease and hire purchase contracts 42,045 57,383
67,001 92,242
8 Related party transactions
The company paid rent of £25,750 for the use of pemises owned by the director. (2023 - £25,750)
The directors loan account at the year end, included in other creditors amounted to £10,313 (2023 - £404)
9 Controlling party
The director who is the sole shareholder controls the company.
10 Other information
Timberhill Dental Practice Limited is a private company limited by shares and incorporated in England. Its registered office is:
104 High Street
West Wickham
Kent
BR4 0NF
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