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COMPANY REGISTRATION NUMBER: 06512755
CAMPBELL ORTHODONTICS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 March 2024
CAMPBELL ORTHODONTICS LIMITED
FINANCIAL STATEMENTS
YEAR ENDED 31 MARCH 2024
CONTENTS
PAGE
Director's report
1
Statement of income and retained earnings
2
Statement of financial position
3
Notes to the financial statements
5
The following pages do not form part of the financial statements
Chartered accountants report to the director on the preparation of the unaudited statutory financial statements
11
CAMPBELL ORTHODONTICS LIMITED
DIRECTOR'S REPORT
YEAR ENDED 31 MARCH 2024
The director presents her report and the unaudited financial statements of the company for the year ended 31 March 2024 .
DIRECTOR
The director who served the company during the year was as follows:
Dr A Campbell
SMALL COMPANY PROVISIONS
This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.
This report was approved by the board of directors on 2 December 2024 and signed on behalf of the board by:
Dr A Campbell
Director
Registered office:
81-83 Park Road
Peterborough
PE1 2TN
CAMPBELL ORTHODONTICS LIMITED
STATEMENT OF INCOME AND RETAINED EARNINGS
YEAR ENDED 31 MARCH 2024
2024
2023
Note
£
£
TURNOVER
693,771
643,380
Cost of sales
218,038
153,515
----------
----------
GROSS PROFIT
475,733
489,865
Administrative expenses
356,027
373,228
----------
----------
OPERATING PROFIT
119,706
116,637
Interest payable and similar expenses
116
6
----------
----------
PROFIT BEFORE TAXATION
5
119,590
116,631
Tax on profit
28,489
21,858
----------
----------
PROFIT FOR THE FINANCIAL YEAR AND TOTAL COMPREHENSIVE INCOME
91,101
94,773
----------
----------
Dividends paid and payable
( 73,000)
( 156,000)
RETAINED EARNINGS AT THE START OF THE YEAR
126,125
187,352
----------
----------
RETAINED EARNINGS AT THE END OF THE YEAR
144,226
126,125
----------
----------
All the activities of the company are from continuing operations.
CAMPBELL ORTHODONTICS LIMITED
STATEMENT OF FINANCIAL POSITION
31 March 2024
2024
2023
Note
£
£
£
£
FIXED ASSETS
Tangible assets
6
19,638
17,060
CURRENT ASSETS
Stocks
11,646
5,000
Debtors
7
154,639
163,566
Cash at bank and in hand
54,941
83,987
----------
----------
221,226
252,553
CREDITORS: amounts falling due within one year
8
91,728
140,246
----------
----------
NET CURRENT ASSETS
129,498
112,307
----------
----------
TOTAL ASSETS LESS CURRENT LIABILITIES
149,136
129,367
PROVISIONS
4,909
3,241
----------
----------
NET ASSETS
144,227
126,126
----------
----------
CAPITAL AND RESERVES
Called up share capital
1
1
Profit and loss account
144,226
126,125
----------
----------
SHAREHOLDERS FUNDS
144,227
126,126
----------
----------
These financial statements have been prepared 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'.
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.
Director's responsibilities:
- The member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The director acknowledges her responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
CAMPBELL ORTHODONTICS LIMITED
STATEMENT OF FINANCIAL POSITION (continued)
31 March 2024
These financial statements were approved by the board of directors and authorised for issue on 2 December 2024 , and are signed on behalf of the board by:
Dr A Campbell
Director
Company registration number: 06512755
CAMPBELL ORTHODONTICS 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 81-83 Park Road, Peterborough, PE1 2TN.
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
(a) 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.
(b) Going concern
The UK economy has recently been impacted by rising inflation, interest rates and energy costs, exacerbated by the war in Ukraine. All these matters have impacted the company's trading results to a greater or lesser extent. At the date of signing these financial statements, the directors have considered the effect of these matters on the company with the information available to it and do not believe that it will affect the ability of the company to continue to trade for the foreseeable future. On this basis, the directors have prepared these financial statements on a going concern basis.
(c) Revenue recognition
The revenue shown in the profit and loss account represents income receivable from dental treatments carried out during the period. Revenue in respect of dental treatment uncompleted at the year-end date is recognised by reference to the stage of completion.
(d) 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.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
(e) Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
(f) 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:
Plant and machinery
-
25% reducing balance
Fixtures and fittings
-
20% straight line
Equipment
-
25% straight line
(g) Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
(h) 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.
(i) Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
(j) Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual agreement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
(k) 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 8 (2023: 7 ).
5. PROFIT BEFORE TAXATION
Profit before taxation is stated after charging:
2024
2023
£
£
Depreciation of tangible assets
8,861
7,210
-------
-------
6. TANGIBLE ASSETS
Plant and machinery
Fixtures and fittings
Equipment
Total
£
£
£
£
Cost
At 1 April 2023
30,220
250
9,324
39,794
Additions
11,439
11,439
--------
----
--------
--------
At 31 March 2024
30,220
250
20,763
51,233
--------
----
--------
--------
Depreciation
At 1 April 2023
15,734
150
6,850
22,734
Charge for the year
3,622
50
5,189
8,861
--------
----
--------
--------
At 31 March 2024
19,356
200
12,039
31,595
--------
----
--------
--------
Carrying amount
At 31 March 2024
10,864
50
8,724
19,638
--------
----
--------
--------
At 31 March 2023
14,486
100
2,474
17,060
--------
----
--------
--------
7. DEBTORS
2024
2023
£
£
Trade debtors
142,690
157,387
Other debtors
11,949
6,179
----------
----------
154,639
163,566
----------
----------
8. CREDITORS: amounts falling due within one year
2024
2023
£
£
Payments received on account
45,917
107,180
Trade creditors
14,229
9,059
Corporation tax
26,821
22,222
Social security and other taxes
5,462
Directors loan account
519
153
Other creditors
( 1,220)
1,632
--------
----------
91,728
140,246
--------
----------
9. RELATED PARTY TRANSACTIONS
During the year the directors made available a loan to the company of £ 519 (2023: £ 153 ). Interest has been charged on this balance at the UK market rate. The loan is repayable on demand.
CAMPBELL ORTHODONTICS LIMITED
MANAGEMENT INFORMATION
YEAR ENDED 31 MARCH 2024
The following pages do not form part of the financial statements.
CAMPBELL ORTHODONTICS LIMITED
CHARTERED ACCOUNTANTS REPORT TO THE DIRECTOR ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF CAMPBELL ORTHODONTICS LIMITED
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 financial statements of Campbell Orthodontics Limited for the year ended 31 March 2024, which comprise the statement of income and retained earnings, 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 Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at www.icaew.com/en/membership/regulations-standards-and-guidance. This report is made solely to the director of Campbell Orthodontics Limited in accordance with the terms of our engagement letter dated 14 March 2019. Our work has been undertaken solely to prepare for your approval the financial statements of Campbell Orthodontics Limited and state those matters that we have agreed to state to you in this report in accordance with ICAEW Technical Release 07/16 AAF as detailed at www.icaew.com/compilation. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Campbell Orthodontics Limited and its director for our work or for this report.
It is your duty to ensure that Campbell Orthodontics 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 Campbell Orthodontics Limited. You consider that Campbell Orthodontics 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 financial statements of Campbell Orthodontics 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.
PFM TOWNENDS LLP Chartered Accountants
Fulford Lodge 1 Heslington Lane Fulford York YO10 4HW
2 December 2024