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Registration number: 06520298

Stella Maris Practice Limited

Unaudited Abridged Financial Statements

(Companies House version)

for the Year Ended 31 March 2024

 

Stella Maris Practice Limited

Contents

Accountants' Report

1

Abridged Balance Sheet

2 to 3

Notes to the Unaudited Abridged Financial Statements

4 to 8

 

Chartered Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
Stella Maris Practice Limited
for the Year Ended 31 March 2024

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Stella Maris Practice Limited for the year ended 31 March 2024 as set out on pages 2 to 8 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at http://www.icaew.com/en/members/regulations-standards-and-guidance/.

This report is made solely to the Board of Directors of Stella Maris Practice Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of Stella Maris Practice Limited and state those matters that we have agreed to state to the Board of Directors of Stella Maris Practice Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Stella Maris Practice Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Stella Maris Practice Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Stella Maris Practice Limited. You consider that Stella Maris Practice Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of Stella Maris Practice Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.

......................................

Page Kirk LLP
Chartered accountants and chartered tax advisers
Sherwood House
7 Gregory Boulevard
Nottingham
NG7 6LB

27 November 2024

 

Stella Maris Practice Limited

(Registration number: 06520298)
Abridged Balance Sheet as at 31 March 2024

Note

2024

2023

   

£

£

£

£

Fixed assets

   

 

Tangible assets

4

 

86,820

 

99,308

Current assets

   

 

Stocks

4,000

 

3,000

 

Debtors

306,124

 

278,154

 

Cash at bank and in hand

 

42,660

 

49,441

 

 

352,784

 

330,595

 

Creditors: Amounts falling due within one year

5.1

(34,224)

 

(45,274)

 

Net current assets

   

318,560

 

285,321

Total assets less current liabilities

   

405,380

 

384,629

Creditors: Amounts falling due after more than one year

 

(2,784)

 

(1,392)

Provisions for liabilities

 

(21,705)

 

(18,869)

Net assets

   

380,891

 

364,368

Capital and reserves

   

 

Called up share capital

100

 

100

 

Profit and loss account

380,791

 

364,268

 

Total equity

   

380,891

 

364,368

 

Stella Maris Practice Limited

(Registration number: 06520298)
Abridged Balance Sheet as at 31 March 2024

For the financial 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 accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

All of the company’s members have consented to the preparation of an Abridged Balance Sheet in accordance with Section 444(2A) of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 27 November 2024 and signed on its behalf by:
 

.........................................
Dr K Khosla
Director

 

Stella Maris Practice Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 March 2024

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
The Dental Practice
84 Walsall Road
Stone Cross
West Bromwich
B71 3HN

These financial statements were authorised for issue by the Board on 27 November 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Basis of preparation of financial statements

These financial statements were prepared under the historical cost convention in accordance with applicable United Kingdom accounting standards, including the Financial Reporting Standard 102 ('FRS 102') Section 1A small entities, and with the Companies Act 2006.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Government grants

Government grant income are recognised within the accounts using the accrual model. This includes the Bounce back loan interest grant.

 

Stella Maris Practice Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 March 2024

Tax

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

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

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant and machinery

15% reducing balance

Fixtures and fittings

15% reducing balance

Computer equipment

33% reducing balance

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

 

Stella Maris Practice Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 March 2024

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

 

Stella Maris Practice Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 March 2024

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

During the year, the average number of employees at the company was 6 (2023 - 8).

 

Stella Maris Practice Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 March 2024

4

Tangible assets

Fixtures & Fittings
 £

Office equipment
 £

Plant & machinery
£

Total
£

Cost or valuation

At 1 April 2023

98,075

34,559

213,648

346,282

Additions

-

-

3,740

3,740

At 31 March 2024

98,075

34,559

217,388

350,022

Depreciation

At 1 April 2023

67,683

27,065

152,226

246,974

Charge for the year

4,568

2,481

9,179

16,228

At 31 March 2024

72,251

29,546

161,405

263,202

Carrying amount

At 31 March 2024

25,824

5,013

55,983

86,820

At 31 March 2023

30,392

7,494

61,422

99,308

5

Creditors

Creditors: amounts falling due within one year

Creditors include net obligations under finance lease and hire purchase contracts which are secured of £8,148 (2023 - £11,135).

The finance leases are secured against the assets they relate to.

Bank overdrafts are secured by a legal charge with Barclays Security Trustee Limited which contains a fixed charge, floating charge covering all the property or undertaking of the company and a negative pledge

6

Obligations under leases and hire purchase contracts

Finance leases

At 31 March 2024 the company had total commitments under non-cancellable finance leases over the remaining life of those leases of £8,148 (2023 - £11,135).

Operating leases

At 31 March 2024 the company had total commitments under non-cancellable operating leases over the remaining life of those leases of £6,959 (2023 - £7,391).