Registered number
08061324
Dream Smile Clinic Limited
Filleted Accounts
31 May 2024
Dream Smile Clinic Limited
Registered number: 08061324
Balance Sheet
as at 31 May 2024
Notes 2024 2023
£ £
Fixed assets
Intangible assets 3 1 1
Tangible assets 4 286,841 282,651
286,842 282,652
Current assets
Debtors 5 1,543,384 1,551,776
Investments held as current assets 6 673,737 558,914
Cash at bank and in hand 1,194,736 1,094,277
3,411,857 3,204,967
Creditors: amounts falling due within one year 7 (375,434) (355,249)
Net current assets 3,036,423 2,849,718
Total assets less current liabilities 3,323,265 3,132,370
Creditors: amounts falling due after more than one year 8 (16,820) (45,438)
Provisions for liabilities (61,400) (53,000)
Net assets £3,245,045 £3,033,932
Capital and reserves
Called up share capital 100 100
Profit and loss account 3,244,945 3,033,832
Shareholders' funds £3,245,045 £3,033,932
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Dr. Mohsen Tehranian
Director
Approved by the board on 25 February 2025
Dream Smile Clinic Limited
Notes to the Accounts
for the year ended 31 May 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
Goodwill over 10 years- Economical Useful Life
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Leases and Building Works over 20 to 50 years
Plant ,machinery, equipments over 5 years
Motor Vehicles over 5 to 7 years
Investments
Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Listed investments are measured at fair value. Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the profit and loss account.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only 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 and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 12 12
3 Intangible fixed assets £
Goodwill:
Cost
At 1 June 2023 181,250
At 31 May 2024 181,250
Amortisation
At 1 June 2023 181,249
At 31 May 2024 181,249
Net book value
At 31 May 2024 1
At 31 May 2023 1
Goodwill is being written off in equal annual instalments over its estimated economic life of 10 years.
4 Tangible fixed assets
Land and buildings Plant and machinery etc Motor vehicles Total
£ £ £ £
Cost
At 1 June 2023 61,417 601,684 98,822 761,923
Additions - 54,683 45,450 100,133
At 31 May 2024 61,417 656,367 144,272 862,056
Depreciation
At 1 June 2023 14,960 365,491 98,821 479,272
Charge for the year 1,920 87,523 6,500 95,943
At 31 May 2024 16,880 453,014 105,321 575,215
Net book value
At 31 May 2024 44,537 203,353 38,951 286,841
At 31 May 2023 46,457 236,193 1 282,651
5 Debtors 2024 2023
£ £
Trade debtors 104,589 92,384
Oher Debtors 168,795 189,392
Due from Companies under Common Control Note 9 1,270,000 1,270,000
1,543,384 1,551,776
Amounts due after more than one year included above 1,270,000 1,270,000
6 Investments held as current assets 2024 2023
£ £
Fair value
Listed investments 673,737 558,914
Increase/(decrease) in fair value included in the profit and loss account for the financial year
Listed investments 24,686 59,747
7 Creditors: amounts falling due within one year 2024 2023
£ £
Obligations under finance lease and hire purchase contracts 28,618 28,618
Trade creditors 109,366 170,083
Taxation and social security costs 216,418 132,957
Other creditors 21,032 23,591
375,434 355,249
8 Creditors: amounts falling due after one year 2024 2023
£ £
Obligations under finance lease and hire purchase contracts 16,820 45,438
9 Related party transactions
Dr Mohsen Tehranian & Dr Mihaela Cretu
Directors
The property in which the dental practice is operating from belongs to Dr M Tehranian. There is no rent payable to Dr M Tehranian for the use of the property. Included in debtors, there is a loan of £1,270,000 made to MO&MI Properties Limited, a company owned by Dr. Tehranian and Dr. Cretu. Interest is chargeable on the loan and the loan is secured by a charge over the assets of MO&MI Limited.
10 Controlling party
The company is controlled by the directors by the virtue of their 100% interest in the share capital of the company.
11 Other information
Dream Smile Clinic Limited is a private company limited by shares and incorporated in England. Its registered office is:
70-78 Conington Road
Lewisham
London SE13 7FB
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