Company registration number SC462158 (Scotland)
SPRING GROVE CLINIC (SCOTLAND) LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 APRIL 2024
PAGES FOR FILING WITH REGISTRAR
SPRING GROVE CLINIC (SCOTLAND) LIMITED
Contents
Page
Accountants' report
1
Statement of financial position
2 - 3
Notes to the financial statements
4 - 12
SPRING GROVE CLINIC (SCOTLAND) LIMITED
Report To The Director On The Preparation Of The Unaudited Statutory Accounts Of Spring Grove Clinic (Scotland) Limited
- 1 -
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Spring Grove Clinic (Scotland) Limited for the period ended 30 April 2024 which comprise, the statement of financial position and the related notes from the company’s accounting records and from information and explanations you have given us.
As a practising member firm of the ICAS we are subject to its ethical and other professional requirements which are detailed at https://icas.com/icas-framework-preparation-of-accounts
This report is made solely to the Board of Directors of Spring Grove Clinic (Scotland) Limited, as a body, in accordance with the terms of our engagement letter dated 18 August 2021. Our work has been undertaken solely to prepare for your approval the financial statements of Spring Grove Clinic (Scotland) Limited and state those matters that we have agreed to state to the Board of Directors of Spring Grove Clinic (Scotland) Limited, as a body, in this report in accordance with the requirements of the ICAS as detailed at https://icas.com/icas-framework-preparation-of-accounts. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Spring Grove Clinic (Scotland) Limited and its Board of Directors as a body, for our work or for this report.
It is your duty to ensure that Spring Grove Clinic (Scotland) Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Spring Grove Clinic (Scotland) Limited. You consider that Spring Grove Clinic (Scotland) Limited is exempt from the statutory audit requirement for the period.
We have not been instructed to carry out an audit or a review of the financial statements of Spring Grove Clinic (Scotland) 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 financial statements.
Condie & Co Limited
26 November 2024
Chartered Accountants
10 Abbey Park Place
Dunfermline
Fife
KY12 7NZ
SPRING GROVE CLINIC (SCOTLAND) LIMITED
Statement Of Financial Position
As At 30 April 2024
30 April 2024
- 2 -
2024
2022
Notes
£
£
£
£
Fixed assets
Intangible assets
4
23,825
114,394
Tangible assets
5
414,728
500,613
Investments
6
40,250
40,250
478,803
655,257
Current assets
Stocks
20,919
20,186
Debtors
8
400,590
593,710
Cash at bank and in hand
515
10,069
422,024
623,965
Creditors: amounts falling due within one year
9
(720,721)
(820,206)
Net current liabilities
(298,697)
(196,241)
Total assets less current liabilities
180,106
459,016
Creditors: amounts falling due after more than one year
10
(121,055)
(401,814)
Provisions for liabilities
11
(34,917)
(41,343)
Net assets
24,134
15,859
Capital and reserves
Called up share capital
12
2
2
Profit and loss reserves
24,132
15,857
Total equity
24,134
15,859
The director of the company has elected not to include a copy of the income statement within the financial statements.true
For the financial period ended 30 April 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
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 member has not required the company to obtain an audit of its financial statements for the period in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
SPRING GROVE CLINIC (SCOTLAND) LIMITED
Statement Of Financial Position (Continued)
As At 30 April 2024
30 April 2024
- 3 -
The financial statements were approved and signed by the director and authorised for issue on 26 November 2024
Mr D A I Cunningham
Director
Company Registration No. SC462158
SPRING GROVE CLINIC (SCOTLAND) LIMITED
Notes To The Financial Statements
For The Period Ended 30 April 2024
- 4 -
1
Accounting policies
Company information
Spring Grove Clinic (Scotland) Limited is a private company limited by shares incorporated in Scotland. The registered office is 23 Barrachnie Road, Glasgow, Lanarkshire, G69 6HB.
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. The principal accounting policies adopted are set out below.
The company has taken advantage of the exemption under section 399 of the Companies Act 2006 not to prepare consolidated accounts, on the basis that the group of which this is the parent qualifies as a small group. The financial statements present information about the company as an individual entity and not about its group.
1.2
Going concern
The financial statements have been prepared on a going concern basis, which assumes that the company will be able to continue in existence for the foreseeable future. The company is thus dependent on the continued support of its director. The director is confident about the continued support and accordingly consider it appropriate for the financial statements to be prepared on the going concern basis.
1.3
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.
1.4
Intangible fixed assets - goodwill
Goodwill represents the excess of the cost of acquisition of unincorporated businesses over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is 10 years.
For the purposes of impairment testing, goodwill is allocated to the cash-generating units expected to benefit from the acquisition. Cash-generating units to which goodwill has been allocated are tested for impairment at least annually, or more frequently when there is an indication that the unit may be impaired. If the recoverable amount of the cash-generating unit is less than the carrying amount of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit.
SPRING GROVE CLINIC (SCOTLAND) LIMITED
Notes To The Financial Statements (Continued)
For The Period Ended 30 April 2024
1
Accounting policies
(Continued)
- 5 -
1.5
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Land and buildings (Freehold)
Not depreciated
Tenants improvements
10% straight line basis
Plant & equipment
25% reducing balance basis
Office equipment
25% reducing balance basis
Computer equipment
25% reducing balance basis
Motor vehicles
25% reducing balance basis
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.6
Fixed asset investments
Interests in associates are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.
An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The company considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.
1.7
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.
SPRING GROVE CLINIC (SCOTLAND) LIMITED
Notes To The Financial Statements (Continued)
For The Period Ended 30 April 2024
1
Accounting policies
(Continued)
- 6 -
1.8
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
1.9
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.10
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's statement of financial position 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 debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method 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. Financial assets classified as receivable within one year are not amortised.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
1.11
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.12
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
SPRING GROVE CLINIC (SCOTLAND) LIMITED
Notes To The Financial Statements (Continued)
For The Period Ended 30 April 2024
1
Accounting policies
(Continued)
- 7 -
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement 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.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date 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. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the income statement, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.13
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
1.14
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.15
Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.
Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the statement of financial position as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.
Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.
SPRING GROVE CLINIC (SCOTLAND) LIMITED
Notes To The Financial Statements (Continued)
For The Period Ended 30 April 2024
- 8 -
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the director is required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
3
Employees
The average monthly number of persons (including directors) employed by the company during the period was:
2024
2022
Number
Number
Total
13
18
4
Intangible fixed assets
Goodwill
£
Cost
At 1 January 2023 and 30 April 2024
679,269
Amortisation and impairment
At 1 January 2023
564,875
Amortisation charged for the period
90,569
At 30 April 2024
655,444
Carrying amount
At 30 April 2024
23,825
At 31 December 2022
114,394
SPRING GROVE CLINIC (SCOTLAND) LIMITED
Notes To The Financial Statements (Continued)
For The Period Ended 30 April 2024
- 9 -
5
Tangible fixed assets
Land and buildings (Freehold)
Tenants improvements
Plant & equipment
Office equipment
Computer equipment
Motor vehicles
Total
£
£
£
£
£
£
£
Cost
At 1 January 2023
218,027
256,984
334,713
16,153
75,603
31,825
933,305
Additions
6,353
954
7,307
At 30 April 2024
218,027
256,984
341,066
16,153
76,557
31,825
940,612
Depreciation and impairment
At 1 January 2023
148,907
219,533
11,301
47,647
5,304
432,692
Depreciation charged in the period
34,264
39,053
1,617
9,418
8,840
93,192
At 30 April 2024
183,171
258,586
12,918
57,065
14,144
525,884
Carrying amount
At 30 April 2024
218,027
73,813
82,480
3,235
19,492
17,681
414,728
At 31 December 2022
218,027
108,077
115,180
4,852
27,956
26,521
500,613
SPRING GROVE CLINIC (SCOTLAND) LIMITED
Notes To The Financial Statements (Continued)
For The Period Ended 30 April 2024
5
Tangible fixed assets
(Continued)
- 10 -
Clydesdale Bank Plc hold floating charges dated 1st July 2014 and 6 November 2018 over all assets of the company as security.
6
Fixed asset investments
2024
2022
£
£
Shares in group undertakings and participating interests
40,250
40,250
7
Subsidiaries
Details of the company's subsidiaries at 30 April 2024 are as follows:
Name of undertaking
Registered office
Nature of business
Class of
% Held
shares held
Direct
DDN Scotland Ltd
23 Barrachnie Road, Glasgow, Lanarkshire, United Kingdom, G69 6HB
Dental Practice
Ordinary shares
100.00
8
Debtors
2024
2022
Amounts falling due within one year:
£
£
Trade debtors
143,726
50,176
Other debtors
254,780
537,325
Prepayments and accrued income
2,084
6,209
400,590
593,710
9
Creditors: amounts falling due within one year
2024
2022
£
£
Bank loans and overdrafts
377,178
339,611
Obligations under finance leases
19,051
26,135
Trade creditors
137,835
141,103
Corporation tax
98,853
119,932
Other taxation and social security
29,368
48,835
Other creditors
51,443
130,957
Accruals and deferred income
6,993
13,633
720,721
820,206
SPRING GROVE CLINIC (SCOTLAND) LIMITED
Notes To The Financial Statements (Continued)
For The Period Ended 30 April 2024
- 11 -
10
Creditors: amounts falling due after more than one year
2024
2022
£
£
Bank loans and overdrafts
82,083
339,933
Obligations under finance leases
38,972
61,881
121,055
401,814
Amounts included above which fall due after five years are as follows:
Payable by instalments
-
41,469
11
Provisions for liabilities
2024
2022
£
£
Deferred tax liabilities
34,917
41,343
12
Called up share capital
2024
2022
2024
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary A shares of 1p each
99
99
1
1
Ordinary B shares of 1p each
99
99
1
1
Ordinary C shares of 1p each
1
1
-
-
Ordinary D shares of 1p each
1
1
-
-
200
200
2
2
The issued "A" Ordinary shares, issued "B" Ordinary shares, issued "C" Ordinary shares and issued "D" Ordinary shares rank pari passu with each other except that the director of the company may resolve to declare a dividend on one or more classes of share.
SPRING GROVE CLINIC (SCOTLAND) LIMITED
Notes To The Financial Statements (Continued)
For The Period Ended 30 April 2024
- 12 -
13
Related party transactions
The following amounts were outstanding at the reporting end date:
2024
2022
Amounts due from related parties
£
£
Other related parties
252,603
425,548
The balance due from group undertakings, which is included in other debtors, is interest free.
The balance due from other related parties, which is included in other debtors, has interest charged.
Both balances are repayable on demand.
Other information
The company has taken advantage of Section 1 AC35 of FRS 102 whereby only material transactions which are not under normal market conditions need to be disclosed.
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