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Registered number: 11651046













Harborne Orthodontics Limited

Financial statements
Information for filing with the registrar

30 April 2024




 
Harborne Orthodontics Limited


Balance sheet
At 30 April 2024

2024
2023
Note
£
£

Fixed assets
  

Intangible assets
 4 
1
1

  
1
1

Current assets
  

Debtors
 5 
734,371
585,376

  
734,371
585,376

Creditors: amounts falling due within one year
 6 
(49,155)
(37,510)

Net current assets
  
 
 
685,216
 
 
547,866

Total assets less current liabilities
  
685,217
547,867

  

Net assets
  
685,217
547,867


Capital and reserves
  

Called up share capital 
  
2
2

Profit and loss account
  
685,215
547,865

Shareholders' funds
  
685,217
547,867


1

 
Harborne Orthodontics Limited

    
Balance sheet (continued)
At 30 April 2024

The directors consider 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 directors acknowledge their 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 28 January 2025.




G J B Cottam
Director

Registered number: 11651046
The notes on pages 3 to 5 form part of these financial statements. 

2

 
Harborne Orthodontics Limited
 
 

Notes to the financial statements
Year ended 30 April 2024

1.


General information

Harbourne Orthodontics Limited ('the company') is a private company limited by shares, incorporated and domiciled in the United Kingdom and registered in England and Wales. The address of the registered office is 64 Moorcroft Road, Birmingham, B13 8LU.

2.Accounting policies

 
2.1

Statement of compliance

The financial statements have been prepared in accordance with Section 1A of Financial Reporting
Standard 102 'The Financial Reporting Standard applicable in the United Kingdom and the Republic
of Ireland' (FRS 102) and the Companies Act 2006.

 
2.2

Revenue

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

 
2.3

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.

 
2.4

Taxation

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.


 
2.5

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.

3

 
Harborne Orthodontics Limited
 

 
Notes to the financial statements
Year ended 30 April 2024

2.Accounting policies (continued)

 
2.6

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 debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) 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.

Discounting is omitted where the effect of discounting is immaterial. The company's cash and cash equivalents, trade and most other debtors 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 instrument is 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 creditors, bank loans and other loans are initially measured at their transaction price (adjusting for transaction costs except in the initial measurement of financial liabilities that are subsequently measured at fair value through profit and loss). When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments 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 creditors are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade creditors 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.


3.


Employees

The average monthly number of employees, including directors, during the year was 2 (2023 - 2).

4

 
Harborne Orthodontics Limited
 
 

Notes to the financial statements
Year ended 30 April 2024

4.


Intangible assets



Goodwill

£



Cost


At 1 May 2023
1



At 30 April 2024

1






Net book value



At 30 April 2024
1




5.


Debtors

2024
2023
£
£


Trade debtors
15,862
15,085

Amounts owed by group undertakings
718,509
570,291

734,371
585,376



6.


Creditors: amounts falling due within one year

2024
2023
£
£

Corporation tax
45,783
34,204

Other creditors
930
930

Accruals and deferred income
2,442
2,376

49,155
37,510



7.


Related party transactions

During the year, the company operated on normal commercial terms with Ortho Exclusively Limited. The
amount owed from Ortho Exclusively Limited at 30 April 2024 was £718,509 (2023: £570,291 due from Ortho Exclusively Limited).

 
5