Company registration number 07201863 (England and Wales)
ETWALL DENTAL PRACTICE LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024
PAGES FOR FILING WITH REGISTRAR
ETWALL DENTAL PRACTICE LTD
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 7
ETWALL DENTAL PRACTICE LTD
BALANCE SHEET
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Intangible assets
4
112,200
132,000
Tangible assets
5
242,831
279,648
355,031
411,648
Current assets
Stocks
2,765
3,965
Debtors
6
1,282,255
1,224,082
Cash at bank and in hand
10,613
53,073
1,295,633
1,281,120
Creditors: amounts falling due within one year
7
(966,600)
(964,717)
Net current assets
329,033
316,403
Total assets less current liabilities
684,064
728,051
Creditors: amounts falling due after more than one year
8
(174,367)
(240,655)
Provisions for liabilities
(60,708)
(69,912)
Net assets
448,989
417,484
Capital and reserves
Called up share capital
9
2
2
Profit and loss reserves
448,987
417,482
Total equity
448,989
417,484
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 31 July 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 members have not required the company to obtain an audit of its financial statements for the year 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.
The financial statements were approved and signed by the director and authorised for issue on 5 March 2025
Mr K R Patel
Director
Company Registration No. 07201863
ETWALL DENTAL PRACTICE LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024
- 2 -
1
Accounting policies
Company information
Etwall Dental Practice Ltd is a private company limited by shares incorporated in England and Wales. The registered office is Prebend House, 72 London Road, Leicester, LE2 0QR.
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.
1.2
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.
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.
1.3
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 20 years.
1.4
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:
Plant and equipment
15% reducing balance basis
Fixtures and fittings
15% reducing balance basis
Motor vehicles
15% 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.
1.5
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell.
ETWALL DENTAL PRACTICE LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
1
Accounting policies
(Continued)
- 3 -
1.6
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.
1.7
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 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 AND LIABIITIES
Basic financial assets and liabilities, which include debtors and creditors with no stated interest rate and receivables or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
1.8
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.
1.9
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
CURRENT TAX
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account 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 profit and loss account, 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.
ETWALL DENTAL PRACTICE LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
1
Accounting policies
(Continued)
- 4 -
1.10
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense.
1.11
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.12
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 balance sheet 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.
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 year was:
As restated
2024
2023
Number
Number
Total
15
13
ETWALL DENTAL PRACTICE LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
- 5 -
4
Intangible fixed assets
Goodwill
£
Cost
At 1 August 2023 and 31 July 2024
396,000
Amortisation and impairment
At 1 August 2023
264,000
Amortisation charged for the year
19,800
At 31 July 2024
283,800
Carrying amount
At 31 July 2024
112,200
At 31 July 2023
132,000
5
Tangible fixed assets
Plant and equipment
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
Cost
At 1 August 2023
266,362
37,461
148,350
452,173
Additions
9,453
3,466
1,674
14,593
Disposals
(8,557)
(8,557)
At 31 July 2024
275,815
40,927
141,467
458,209
Depreciation and impairment
At 1 August 2023
132,318
17,954
22,253
172,525
Depreciation charged in the year
21,525
3,446
17,882
42,853
At 31 July 2024
153,843
21,400
40,135
215,378
Carrying amount
At 31 July 2024
121,972
19,527
101,332
242,831
At 31 July 2023
134,044
19,507
126,097
279,648
Tangible fixed assets include assets with a carrying amount of £199,537 (2023 - £240,702) have been pledged to secure borrowings of the company. The company is not allowed to pledge these assets as security for other borrowings or to sell them to another entity.
ETWALL DENTAL PRACTICE LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
- 6 -
6
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
46,153
55,360
Other debtors
1,236,102
1,168,722
1,282,255
1,224,082
7
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans
26,538
36,348
Trade creditors
20,798
6,212
Amounts owed to group undertakings
721,998
792,720
Corporation tax
110,542
18,000
Other taxation and social security
6,096
5,152
Other creditors
80,628
106,285
966,600
964,717
The bank loans are secured by fixed and floating charges over the assets of the company.
Net obligations under hire purchase contracts (included within other creditors) are secured on the assets concerned.
8
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans
8,235
34,786
Other creditors
166,132
205,869
174,367
240,655
The bank loans are secured by fixed and floating charges over the assets of the company.
Net obligations under hire purchase contracts (included within other creditors) are secured on the assets concerned.
9
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
2
2
2
2
ETWALL DENTAL PRACTICE LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
- 7 -
10
Parent company
Perfect Smiles KP Ltd is the ultimate controlling party by virtue of their ownership of 100% of the issued ordinary share capital of the company.