Company registration number 11765603 (England and Wales)
ESSEX SMILES LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024
PAGES FOR FILING WITH REGISTRAR
ESSEX SMILES LTD
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 5
ESSEX SMILES LTD
BALANCE SHEET
AS AT
31 JANUARY 2024
31 January 2024
- 1 -
2024
2023
as restated
Notes
£
£
£
£
Fixed assets
Investment property
3
290,952
290,952
Current assets
Debtors
4
3,300
3,603
Cash at bank and in hand
3,429
2,113
6,729
5,716
Creditors: amounts falling due within one year
5
(48,215)
(45,231)
Net current liabilities
(41,486)
(39,515)
Total assets less current liabilities
249,466
251,437
Creditors: amounts falling due after more than one year
6
(243,451)
(251,105)
Net assets
6,015
332
Capital and reserves
Called up share capital
100
100
Profit and loss reserves
5,915
232
Total equity
6,015
332
ESSEX SMILES LTD
BALANCE SHEET (CONTINUED)
AS AT
31 JANUARY 2024
31 January 2024
- 2 -
For the financial year ended 31 January 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
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.
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.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
The financial statements were approved by the board of directors and authorised for issue on 30 October 2024 and are signed on its behalf by:
Dr K A Blake
Mr A Blake
Director
Director
Company registration number 11765603 (England and Wales)
ESSEX SMILES LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024
- 3 -
1
Accounting policies
Company information
Essex Smiles Ltd is a private company limited by shares incorporated in England and Wales. The registered office is Sixty Six, North Quay, Great Yarmouth, NR30 1HE.
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 investment properties at fair value. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover represents amounts receivable for goods and services net of trade discounts.
1.3
Investment property
Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.
1.4
Taxation
The tax expense represents the sum of the tax currently payable.
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.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
2
2
3
Investment property
2024
£
Fair value
At 1 February 2023 and 31 January 2024
290,952
ESSEX SMILES LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
3
Investment property
(Continued)
- 4 -
Investment property comprises a dental practice.The fair value of the investment property has been arrived at on the basis of a valuation carried out by the directors. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties.
4
Debtors
2024
2023
Amounts falling due within one year:
£
£
Other debtors
3,300
3,603
5
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans
7,655
7,458
Taxation and social security
1,334
Other creditors
39,226
37,773
48,215
45,231
Bank loans of £7,655 (2023: £7,458) are secured against the freehold property and by way of personal guarantee,
6
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
243,451
251,105
Bank loans of £243,451 (2023: £251,105) are secured against the freehold property and by way of personal guarantee.
Creditors which fall due after five years are as follows:
2024
2023
£
£
Payable by instalments
209,164
216,622
7
Prior period adjustment
In the prior year, the company's property had been incorrectly classified as freehold property.
The property is now classified as investment property and an adjustment of £5,819 has been made in respect of depreciation incorrectly charged.
ESSEX SMILES LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
7
Prior period adjustment
(Continued)
- 5 -
Reconciliation of changes in equity
1 February
31 January
2022
2023
£
£
Adjustments to prior year
Reversing depreciation charge on property
-
5,819
Equity as previously reported
922
(5,487)
Equity as adjusted
922
332
Analysis of the effect upon equity
Profit and loss reserves
-
5,819
Reconciliation of changes in loss for the previous financial period
2023
£
Adjustments to prior year
Reversing depreciation charge on property
5,819
Loss as previously reported
(6,409)
Loss as adjusted
(590)