13 false false false false false false false false false false true false false false false false false No description of principal activity 2023-04-01 Sage Accounts Production Advanced 2023 - FRS102_2023 1,280,362 851,062 47,700 898,762 381,600 429,300 xbrli:pure xbrli:shares iso4217:GBP 08013468 2023-04-01 2024-03-31 08013468 2024-03-31 08013468 2023-03-31 08013468 2022-04-01 2023-03-31 08013468 2023-03-31 08013468 2022-03-31 08013468 core:NetGoodwill 2023-04-01 2024-03-31 08013468 core:LandBuildings core:ShortLeaseholdAssets 2023-04-01 2024-03-31 08013468 core:PlantMachinery 2023-04-01 2024-03-31 08013468 core:MotorVehicles 2023-04-01 2024-03-31 08013468 bus:Director1 2023-04-01 2024-03-31 08013468 bus:Director2 2023-04-01 2024-03-31 08013468 core:NetGoodwill 2023-03-31 08013468 core:NetGoodwill 2024-03-31 08013468 core:LandBuildings 2023-03-31 08013468 core:PlantMachinery 2023-03-31 08013468 core:FurnitureFittings 2023-03-31 08013468 core:MotorVehicles 2023-03-31 08013468 core:LandBuildings 2024-03-31 08013468 core:PlantMachinery 2024-03-31 08013468 core:FurnitureFittings 2024-03-31 08013468 core:MotorVehicles 2024-03-31 08013468 core:LandBuildings 2023-04-01 2024-03-31 08013468 core:FurnitureFittings 2023-04-01 2024-03-31 08013468 core:WithinOneYear 2024-03-31 08013468 core:WithinOneYear 2023-03-31 08013468 core:AfterOneYear 2024-03-31 08013468 core:AfterOneYear 2023-03-31 08013468 core:ShareCapital 2024-03-31 08013468 core:ShareCapital 2023-03-31 08013468 core:RetainedEarningsAccumulatedLosses 2024-03-31 08013468 core:RetainedEarningsAccumulatedLosses 2023-03-31 08013468 core:NetGoodwill 2023-03-31 08013468 core:LandBuildings 2023-03-31 08013468 core:PlantMachinery 2023-03-31 08013468 core:FurnitureFittings 2023-03-31 08013468 core:MotorVehicles 2023-03-31 08013468 bus:Director1 2023-03-31 08013468 bus:Director1 2024-03-31 08013468 bus:Director2 2023-03-31 08013468 bus:Director2 2024-03-31 08013468 bus:Director1 2022-03-31 08013468 bus:Director1 2023-03-31 08013468 bus:Director2 2022-03-31 08013468 bus:Director2 2023-03-31 08013468 bus:Director1 2022-04-01 2023-03-31 08013468 bus:Director2 2022-04-01 2023-03-31 08013468 bus:SmallEntities 2023-04-01 2024-03-31 08013468 bus:AuditExemptWithAccountantsReport 2023-04-01 2024-03-31 08013468 bus:SmallCompaniesRegimeForAccounts 2023-04-01 2024-03-31 08013468 bus:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 08013468 bus:FullAccounts 2023-04-01 2024-03-31
COMPANY REGISTRATION NUMBER: 08013468
Frays Dental Centre Limited
Filleted Unaudited Financial Statements
31 March 2024
Frays Dental Centre Limited
Statement of Financial Position
31 March 2024
2024
2023
Note
£
£
£
Fixed assets
Intangible assets
5
381,600
429,300
Tangible assets
6
96,388
117,384
---------
---------
477,988
546,684
Current assets
Stocks
6,000
6,000
Debtors
7
5,089
15,955
Cash at bank and in hand
22,115
28,776
--------
--------
33,204
50,731
Creditors: amounts falling due within one year
8
276,819
216,519
---------
---------
Net current liabilities
243,615
165,788
---------
---------
Total assets less current liabilities
234,373
380,896
Creditors: amounts falling due after more than one year
9
220,840
359,446
Provisions
Taxation including deferred tax
13,463
20,973
---------
---------
Net assets
70
477
---------
---------
Capital and reserves
Called up share capital
4
4
Profit and loss account
66
473
----
----
Shareholders funds
70
477
----
----
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
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.
Directors' responsibilities:
- 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 Act with respect to accounting records and the preparation of financial statements .
Frays Dental Centre Limited
Statement of Financial Position (continued)
31 March 2024
These financial statements were approved by the board of directors and authorised for issue on 12 November 2024 , and are signed on behalf of the board by:
H Aggarwal
Director
Company registration number: 08013468
Frays Dental Centre Limited
Notes to the Financial Statements
Year ended 31 March 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is The Old Mill, 9 Soar Lane, Leicester, LE3 5DE.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
The company's balance sheet shows an insolvent position, and the ability of the company to continue trading is dependent on the continued support from its director's. The director's are of the opinion that they will continue to support the company.
Revenue recognition
The turnover shown in the profit and loss account represent fees due during the period.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Goodwill
Goodwill arises on business acquisitions and represents the excess of the cost of the acquisition over the company's interest in the net amount of the identifiable assets, liabilities and contingent liabilities of the acquired business. Goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. It is amortised on a straight-line basis over its useful life. Where a reliable estimate of the useful life of goodwill or intangible assets cannot be made, the life is presumed not to exceed ten years.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Goodwill
-
5% straight line
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Land & buildings
-
10% straight line
Dental equipment
-
15% straight line
Fixtures & equipment
-
15% & 33% Straight line
-
25% reducing balance
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 13 (2023: 11 ).
5. Intangible assets
Goodwill
£
Cost
At 1 April 2023 and 31 March 2024
1,280,362
------------
Amortisation
At 1 April 2023
851,062
Charge for the year
47,700
------------
At 31 March 2024
898,762
------------
Carrying amount
At 31 March 2024
381,600
------------
At 31 March 2023
429,300
------------
6. Tangible assets
Land and buildings
Dental equipment
Fixtures, fittings and equipment
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 April 2023
6,110
69,544
73,536
111,539
260,729
Additions
546
8,567
9,113
-------
--------
--------
---------
---------
At 31 March 2024
6,110
70,090
82,103
111,539
269,842
-------
--------
--------
---------
---------
Depreciation
At 1 April 2023
1,833
46,039
63,041
32,432
143,345
Charge for the year
611
4,659
5,062
19,777
30,109
-------
--------
--------
---------
---------
At 31 March 2024
2,444
50,698
68,103
52,209
173,454
-------
--------
--------
---------
---------
Carrying amount
At 31 March 2024
3,666
19,392
14,000
59,330
96,388
-------
--------
--------
---------
---------
At 31 March 2023
4,277
23,505
10,495
79,107
117,384
-------
--------
--------
---------
---------
7. Debtors
2024
2023
£
£
Amounts owed by group undertakings and undertakings in which the company has a participating interest
5,000
Other debtors
89
15,955
-------
--------
5,089
15,955
-------
--------
8. Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
21,170
57,577
Trade creditors
42,818
22,144
Corporation tax
19,000
15,278
Social security and other taxes
6,469
5,121
Wages
16,463
13,524
Other creditors
170,899
102,875
---------
---------
276,819
216,519
---------
---------
The bank loan amounting to £21,170 (2023: £17,577) is secured by a charge held by the lender.
9. Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
186,816
293,476
Other creditors
34,024
65,970
---------
---------
220,840
359,446
---------
---------
Included within creditors: amounts falling due after more than one year is an amount of £162,136 (2023: £139,834) in respect of liabilities payable or repayable by instalments which fall due for payment after more than five years from the reporting date.
The bank loan amounting to £186,816 (2023: £210,142) is secured by a charge held by the lender.
10. Directors' advances, credits and guarantees
During the year the directors entered into the following advances and credits with the company:
2024
Balance brought forward
Advances/ (credits) to the directors
Amounts repaid
Balance outstanding
£
£
£
£
H Aggarwal
9,086
80,395
( 144,590)
( 55,109)
A Goutam
( 73,537)
37,640
( 28,360)
( 64,257)
--------
---------
---------
---------
( 64,451)
118,035
( 172,950)
( 119,366)
--------
---------
---------
---------
2023
Balance brought forward
Advances/ (credits) to the directors
Amounts repaid
Balance outstanding
£
£
£
£
H Aggarwal
8,254
68,505
( 67,673)
9,086
A Goutam
( 75,933)
26,177
( 23,781)
( 73,537)
--------
--------
--------
--------
( 67,679)
94,682
( 91,454)
( 64,451)
--------
--------
--------
--------
11. Related party transactions
The company occupied premises owned by related parties, rent free in both the current and preceding years.