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OLSEN'S DENTAL PRACTICE LTD

Registered Number
07980319
(England and Wales)

Unaudited Financial Statements for the Year ended
31 August 2024

OLSEN'S DENTAL PRACTICE LTD
Company Information
for the year from 1 September 2023 to 31 August 2024

Director

OLSEN, Hooria, Dr

Company Secretary

OLSEN, Henry

Registered Address

7 Lonsdale Road
Queens Park
London
NW6 6RA

Registered Number

07980319 (England and Wales)
OLSEN'S DENTAL PRACTICE LTD
Statement of Financial Position
31 August 2024

Notes

2024

2023

£

£

£

£

Fixed assets
Tangible assets457,10972,852
57,10972,852
Current assets
Debtors565,90266,975
Cash at bank and on hand42,03169,271
107,933136,246
Creditors amounts falling due within one year6(77,911)(145,715)
Net current assets (liabilities)30,022(9,469)
Total assets less current liabilities87,13163,383
Creditors amounts falling due after one year7(7,500)(17,500)
Provisions for liabilities8(14,277)-
Net assets65,35445,883
Capital and reserves
Called up share capital100100
Profit and loss account65,25445,783
Shareholders' funds65,35445,883
The financial statements were approved and authorised for issue by the Director on 15 February 2025, and are signed on its behalf by:
OLSEN, Hooria, Dr
Director
Registered Company No. 07980319
OLSEN'S DENTAL PRACTICE LTD
Notes to the Financial Statements
for the year ended 31 August 2024

1.Accounting policies
Statutory information
The company is a private company limited by shares and registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.
Statement of compliance
The financial statements have been prepared in accordance with the Companies Act 2006 and FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland including Section 1A Small Entities.
Functional and presentation currency
The financial statements are presented in sterling and this is the functional currency of the company.
Going concern
After reviewing the company's forecasts and projections, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The company therefore continues to adopt the going concern basis of accounting in preparing its financial statements.
Turnover policy
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.
Revenue from sale of goods
Revenue from the sale of goods is recognised when the company has transferred to the buyer the significant risks and rewards of ownership of the goods, usually when goods are delivered and legal title has passed. Providing the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the company and the costs incurred or to be incurred in respect of the transition can be measured reliably.
Employee benefits
Short-term employee benefits are measured at the undiscounted amount expected to be paid in exchange for the employee's services to the company. Where employees have accrued short-term benefits which the entity has not paid by the balance sheet date, an accrual is recognised within creditors: amounts falling due within one year together with an associated expense in profit or loss. The liabilities are classified as current obligations in the statement of financial position because they are expected to be settled wholly within twelve months after the end of the period.
Defined contribution pension plan
The company operates a defined contribution pension plan for the benefit of its employees. Contributions are recognised as expenses as they become payable. Differences between contributions payable in the year and those actually paid are recognised as either prepayments or accruals in the balance sheet. The assets of the defined contribution pension scheme are held separately from those of the company in an independently administered fund.
Current taxation
Current tax is recognised in profit or loss, except for taxes related to revaluations of land and buildings which are recognised in other comprehensive income. Current tax represents the amount of tax payable (receivable) in respect of taxable profit (loss) for the current, or past, reporting periods. Current tax is measured at the amount expected to be paid (recovered) using the tax rates and laws which have been enacted, or substantively enacted, by the balance sheet date. Where payments to HM Revenue and Customs exceed liabilities owed, an asset is recognised to the extent of the amount of tax recoverable.
Deferred tax
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.
Intangible assets
Intangible assets are stated at cost less accumulated amortisation and accumulated impairment losses. The assets are reviewed for impairment if the above factors indicate that the carrying amount may be impaired. Amortisation is included in 'administrative expenses' in the profit and loss account.
Goodwill
Goodwill arising on an acquisition of a business is carried at cost less accumulated impairment losses, if any. Goodwill is amortised over its expected useful life which is estimated to be ten years. Goodwill is assessed for impairment when there are indicators of impairment and any impairment is charged to the income statement. No reversals of impairment are recognised.
Tangible fixed assets and depreciation
All fixed assets are initially recorded at cost. Property, plant and equipment is used in the company's principal activity for the production and supply of goods or for administrative purposes and is stated in the balance sheet under the historic cost model. This model requires the assets to be stated at cost less amounts in respect of depreciation and less any accumulated impairment losses. Depreciation is calculated so as to write off the cost of an asset, less its estimated residual value (which is the expected amount that would currently be obtained from disposal of an asset, after deducting the estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life), over the useful economic life of the respective asset as follows:

Straight line (years)
Plant and machinery4
Fixtures and fittings4
Trade and other 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.
Trade and other 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.
Share capital
Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of new ordinary shares or options are shown in equity as a deduction, net of tax, from the proceeds.
2.Average number of employees

20242023
Average number of employees during the year32
3.Intangible assets

Other

Total

££
Cost or valuation
At 01 September 23325,000325,000
At 31 August 24325,000325,000
Amortisation and impairment
At 01 September 23325,000325,000
At 31 August 24325,000325,000
Net book value
At 31 August 24--
At 31 August 23--
4.Tangible fixed assets

Plant & machinery

Fixtures & fittings

Total

£££
Cost or valuation
At 01 September 2378,693143,868222,561
Additions30,35613,15243,508
At 31 August 24109,049157,020266,069
Depreciation and impairment
At 01 September 2367,60082,109149,709
Charge for year22,79036,46159,251
At 31 August 2490,390118,570208,960
Net book value
At 31 August 2418,65938,45057,109
At 31 August 2311,09361,75972,852
5.Debtors: amounts due within one year

2024

2023

££
Trade debtors / trade receivables34,31937,438
Other debtors12,62010,974
Prepayments and accrued income18,96318,563
Total65,90266,975
6.Creditors: amounts due within one year

2024

2023

££
Trade creditors / trade payables19,26862,278
Bank borrowings and overdrafts10,00010,000
Taxation and social security32,56426,342
Other creditors14,11344,090
Accrued liabilities and deferred income1,9663,005
Total77,911145,715
7.Creditors: amounts due after one year

2024

2023

££
Bank borrowings and overdrafts7,50017,500
Total7,50017,500
8.Provisions for liabilities

2024

2023

££
Net deferred tax liability (asset)14,277-
Total14,277-