Caseware UK (AP4) 2023.0.135 2023.0.135 false2023-04-01provision of orthodontics.68truetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 07344811 2023-04-01 2024-03-31 07344811 2022-04-01 2023-03-31 07344811 2024-03-31 07344811 2023-03-31 07344811 c:Director1 2023-04-01 2024-03-31 07344811 d:Buildings d:ShortLeaseholdAssets 2023-04-01 2024-03-31 07344811 d:Buildings d:ShortLeaseholdAssets 2024-03-31 07344811 d:Buildings d:ShortLeaseholdAssets 2023-03-31 07344811 d:PlantMachinery 2023-04-01 2024-03-31 07344811 d:PlantMachinery 2024-03-31 07344811 d:PlantMachinery 2023-03-31 07344811 d:PlantMachinery d:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 07344811 d:MotorVehicles 2023-04-01 2024-03-31 07344811 d:FurnitureFittings 2023-04-01 2024-03-31 07344811 d:FurnitureFittings 2024-03-31 07344811 d:FurnitureFittings 2023-03-31 07344811 d:FurnitureFittings d:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 07344811 d:ComputerEquipment 2023-04-01 2024-03-31 07344811 d:ComputerEquipment 2024-03-31 07344811 d:ComputerEquipment 2023-03-31 07344811 d:ComputerEquipment d:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 07344811 d:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 07344811 d:Goodwill 2023-04-01 2024-03-31 07344811 d:Goodwill 2024-03-31 07344811 d:Goodwill 2023-03-31 07344811 d:CurrentFinancialInstruments 2024-03-31 07344811 d:CurrentFinancialInstruments 2023-03-31 07344811 d:Non-currentFinancialInstruments 2024-03-31 07344811 d:Non-currentFinancialInstruments 2023-03-31 07344811 d:CurrentFinancialInstruments d:WithinOneYear 2024-03-31 07344811 d:CurrentFinancialInstruments d:WithinOneYear 2023-03-31 07344811 d:Non-currentFinancialInstruments d:AfterOneYear 2024-03-31 07344811 d:Non-currentFinancialInstruments d:AfterOneYear 2023-03-31 07344811 d:ShareCapital 2024-03-31 07344811 d:ShareCapital 2023-03-31 07344811 d:CapitalRedemptionReserve 2024-03-31 07344811 d:CapitalRedemptionReserve 2023-03-31 07344811 d:RetainedEarningsAccumulatedLosses 2024-03-31 07344811 d:RetainedEarningsAccumulatedLosses 2023-03-31 07344811 c:FRS102 2023-04-01 2024-03-31 07344811 c:AuditExempt-NoAccountantsReport 2023-04-01 2024-03-31 07344811 c:FullAccounts 2023-04-01 2024-03-31 07344811 c:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 07344811 2 2023-04-01 2024-03-31 07344811 d:Goodwill d:OwnedIntangibleAssets 2023-04-01 2024-03-31 07344811 e:PoundSterling 2023-04-01 2024-03-31 iso4217:GBP xbrli:pure
Registered number: 07344811













IQ Orthodontics Limited

Financial statements
Information for filing with the registrar

31 March 2024




 
IQ Orthodontics Limited


Balance sheet
At 31 March 2024

2024
2023
Note
£
£

Fixed assets
  

Intangible assets
 4 
-
16,327

Tangible assets
 5 
240,653
254,001

  
240,653
270,328

Current assets
  

Debtors
 6 
544,392
568,613

Cash at bank and in hand
  
9,637
31,716

  
554,029
600,329

Creditors: amounts falling due within one year
 7 
(196,702)
(231,119)

Net current assets
  
 
 
357,327
 
 
369,210

Total assets less current liabilities
  
597,980
639,538

Creditors: amounts falling due after more than one year
 8 
(78,090)
(151,932)

Provisions for liabilities
  

Deferred tax
  
(55,982)
(59,053)

Net assets
  
463,908
428,553


Capital and reserves
  

Called up share capital 
  
51
51

Capital redemption reserve
  
49
49

Profit and loss account
  
463,808
428,453

Shareholders' funds
  
463,908
428,553


1

 
IQ Orthodontics Limited

    
Balance sheet (continued)
At 31 March 2024

The director considers that the company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

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 financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 18 October 2024.




B Qureshi
Director

Company registered number: 07344811
The notes on pages 3 to 9 form part of these financial statements.

2

 
IQ Orthodontics Limited
 
 

Notes to the financial statements
Year ended 31 March 2024

1.


General information

IQ Orthodontics Limited ('the company') is a private company limited by shares, incorporated and domiciled in the United Kingdom and registered in England & Wales. The address of the registered office is Unit 18, The Peacocks Centre, Woking, Surrey, GU21 6GB.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

 
2.2

Revenue

The turnover recognised in the profit and loss account represents NHS contract income and private fees receivable during the year.

 
2.3

Operating leases: the company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

 
2.4

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.5

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.6

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

3

 
IQ Orthodontics Limited
 

 
Notes to the financial statements
Year ended 31 March 2024

2.Accounting policies (continued)

 
2.7

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

 
2.8

Intangible assets

Goodwill

Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer’s interest in the fair value of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight-line basis to the statement of comprehensive income over its useful economic life.

Other intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

 The estimated useful lives range as follows:

Goodwill
-
10
years

4

 
IQ Orthodontics Limited
 

 
Notes to the financial statements
Year ended 31 March 2024

2.Accounting policies (continued)

 
2.9

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives.

Depreciation is provided on the following basis:

Property improvements
-
5%
straight line
Plant and machinery
-
25%
reducing balance
Motor vehicles
-
25%
reducing balance
Fixtures and fittings
-
25%
reducing balance
Computer equipment
-
25%
reducing balance

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.10

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

 
2.11

Financial instruments

The company has elected to apply the provisions of Section 11 “Basic Financial Instruments” 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.

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 trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.
5

 
IQ Orthodontics Limited
 

 
Notes to the financial statements
Year ended 31 March 2024

2.Accounting policies (continued)


2.11
Financial instruments (continued)


Discounting is omitted where the effect of discounting is immaterial. The company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

Financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instruments any contract that evidences a residual interest in the assets of the company after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

 
2.12

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.


3.


Employees

The average monthly number of employees, including directors, during the year was 6 (2023 - 8).

6

 
IQ Orthodontics Limited
 
 

Notes to the financial statements
Year ended 31 March 2024

4.


Intangible assets




Goodwill

£



Cost


At 1 April 2023
259,102



At 31 March 2024

259,102



Amortisation


At 1 April 2023
242,774


Charge for the year
16,328



At 31 March 2024

259,102



Net book value



At 31 March 2024
-



At 31 March 2023
16,327



7

 
IQ Orthodontics Limited
 
 

Notes to the financial statements
Year ended 31 March 2024

5.


Tangible fixed assets





Property improvements
Plant and machinery
Fixtures and fittings
Computer equipment
Total

£
£
£
£
£



Cost


At 1 April 2023
295,584
5,354
23,660
20,954
345,552


Additions
-
5,500
514
1,045
7,059



At 31 March 2024

295,584
10,854
24,174
21,999
352,611



Depreciation


At 1 April 2023
61,824
1,590
14,841
13,299
91,554


Charge for the year
14,779
1,399
2,269
1,957
20,404



At 31 March 2024

76,603
2,989
17,110
15,256
111,958



Net book value



At 31 March 2024
218,981
7,865
7,064
6,743
240,653



At 31 March 2023
233,761
3,765
8,819
7,656
254,001


6.


Debtors

2024
2023
£
£


Amounts owed by group undertakings
3,454
6,755

Other debtors
445,062
408,961

Prepayments and accrued income
95,876
152,897

544,392
568,613


8

 
IQ Orthodontics Limited
 
 

Notes to the financial statements
Year ended 31 March 2024

7.


Creditors: amounts falling due within one year

2024
2023
£
£

Bank overdrafts
8,254
-

Bank loans
75,069
74,448

Trade creditors
8,026
9,690

Corporation tax
34,950
85,661

Other taxation and social security
8,190
2,745

Obligations under finance lease and hire purchase contracts
-
1,324

Other creditors
20,610
16,871

Accruals and deferred income
41,603
40,380

196,702
231,119



8.


Creditors: amounts falling due after more than one year

2024
2023
£
£

Bank loans
78,090
151,932

78,090
151,932


 
9