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Registered number: 08157391
Surrey Orthodontics (Godalming) Limited
Unaudited Financial Statements
For The Year Ended 31 March 2024
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—6
Page 1
Balance Sheet
Registered number: 08157391
2024 2023
Notes £ £ £ £
FIXED ASSETS
Intangible Assets 4 43,250 232,750
Tangible Assets 5 530,000 715,367
573,250 948,117
CURRENT ASSETS
Stocks 6 50,000 40,000
Debtors 7 202,117 213,205
Cash at bank and in hand 763,261 688,733
1,015,378 941,938
Creditors: Amounts Falling Due Within One Year 8 (815,772 ) (747,249 )
NET CURRENT ASSETS (LIABILITIES) 199,606 194,689
TOTAL ASSETS LESS CURRENT LIABILITIES 772,856 1,142,806
Creditors: Amounts Falling Due After More Than One Year 9 (652,422 ) (764,114 )
PROVISIONS FOR LIABILITIES
Deferred Taxation (80,000 ) (57,750 )
NET ASSETS 40,434 320,942
CAPITAL AND RESERVES
Called up share capital 10 1 1
Profit and Loss Account 40,433 320,941
SHAREHOLDERS' FUNDS 40,434 320,942
Page 1
Page 2
For the year ending 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The member has not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Dr J W Young
Director
30 September 2024
The notes on pages 3 to 6 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
Surrey Orthodontics (Godalming) Limited is a private company, limited by shares, incorporated in England & Wales, registered number 08157391 . The registered office is 69 West Street, Farnham, Surrey, GU9 7EH.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006
2.2. Turnover
Turnover represents net invoiced sales of services.
2.3. Intangible Fixed Assets and Amortisation - Goodwill
Goodwill, being the amount paid in connection with the acquisition of businesses in 2012 and 2014, is being
amortised evenly over its estimated useful life of ten years.
2.4. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Plant & Machinery 20% on reducing balance
Motor Vehicles 20% on reducing balance
No depreciation has been provided on the equipment, fixtures and fittings mainly relating to the new surgery at Cranleigh, or the commercial vehicle, expended during the year.
2.5. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
2.6. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and 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 end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period 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.
...CONTINUED
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2.6. Taxation - continued
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 29 (2023: 29)
29 29
4. Intangible Assets
Goodwill
£
Cost
As at 1 April 2023 1,894,125
As at 31 March 2024 1,894,125
Amortisation
As at 1 April 2023 1,661,375
Provided during the period 189,500
As at 31 March 2024 1,850,875
Net Book Value
As at 31 March 2024 43,250
As at 1 April 2023 232,750
Goodwill of £300,000 relates to the purchase of a private orthodontic practice at 115 High Street, Godalming,
Surrey, on 26/7/12, from Dr J W Young, which commenced trading in 2008, valued by R A Leslie & Co LLP,
Chartered Accountants.
Goodwill of £402,125 relates to the purchase of a private orthodontic practice at 69 West Street, Farnham,
Surrey, on 30/5/14, from unconnected parties.
Goodwill of £267,000 relates to the purchase of an NHS practice at 69 West Street, Farnham, Surrey, on
1/10/14, from unconnected parties.
Goodwill of £1,000,000, amended to £925,000, as agreed with HMRC, relates to the purchase of a private/NHS
practice at 69 West Street, Farnham, Surrey, on 1/10/14, from Dr J W Young, which commenced trading in
2008, valued by R A Leslie & Co LLP, Chartered Accountants.
Page 4
Page 5
5. Tangible Assets
Plant & Machinery Motor Vehicles Total
£ £ £
Cost
As at 1 April 2023 817,917 41,069 858,986
Additions 1,229 - 1,229
Disposals (53,675 ) - (53,675 )
As at 31 March 2024 765,471 41,069 806,540
Depreciation
As at 1 April 2023 143,619 - 143,619
Provided during the period 124,852 8,069 132,921
As at 31 March 2024 268,471 8,069 276,540
Net Book Value
As at 31 March 2024 497,000 33,000 530,000
As at 1 April 2023 674,298 41,069 715,367
6. Stocks
2024 2023
£ £
Stock and work-in-progress 50,000 40,000
7. Debtors
2024 2023
£ £
Due within one year
Trade debtors 67,843 139,609
Prepayments and accrued income 9,000 9,000
Corporation tax recoverable 30,225 14,730
Director's loan account 95,049 49,866
202,117 213,205
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8. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Bank loans and overdrafts 52,500 32,500
Other taxes and social security 15,100 15,417
Sundry creditors and accruals 705,287 643,034
Hire purchase liabilities 42,885 56,298
815,772 747,249
The sundry creditors and accruals include £524,499 (2023 £442,521) relating to amounts accrued to the associates, to complete treatment plans where the company has received the income in advance.
9. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Bank loans 478,537 523,881
Hire purchase liabilities - more than one year 173,885 240,233
652,422 764,114
10. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 1 1
11. Related Party Transactions
The company is under the control of Dr J W Young. At the year end Dr Young owed the company £95,049 (2023: £49,866, which was repaid in full during the year).
Rent was paid to Dr J W Young of £34,500 (2023: £34,500) relating to a property that he acquired at 69 West
Street, Farnham, Surrey, and the company occupies, charged at normal market rates.
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