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Registered number: 07398347













Ivory Dental Practice Limited

Financial statements
Information for filing with the registrar

17 June 2024




 
Ivory Dental Practice Limited


Balance sheet
At 17 June 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 5 
160,094
115,862

Investments
  
2,005
2,005

  
162,099
117,867

Current assets
  

Stocks
  
30,000
30,000

Debtors
 6 
547,797
445,044

Cash at bank and in hand
  
180,823
59,862

  
758,620
534,906

Creditors: amounts falling due within one year
 7 
(399,322)
(174,600)

Net current assets
  
 
 
359,298
 
 
360,306

Total assets less current liabilities
  
521,397
478,173

Creditors: amounts falling due after more than one year
 8 
-
(177,714)

Provisions for liabilities
  

Deferred tax
  
(33,943)
(22,629)

  
 
 
(33,943)
 
 
(22,629)

Net assets
  
487,454
277,830


Capital and reserves
  

Called up share capital 
  
100
100

Profit and loss account
  
487,354
277,730

Shareholders' funds
  
487,454
277,830


1

 
Ivory Dental Practice Limited

    
Balance sheet (continued)
At 17 June 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 period 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 17 March 2025.




Harpreet Singh Gill
Director

Registered number: 07398347
The notes on pages 3 to 8 form part of these financial statements. 

2

 
Ivory Dental Practice Limited
 
 

Notes to the financial statements
for the year ended 17 June 2024

1.


General information

Ivory Dental Practice Limited ("the company") is a private company limited by shares, incorporated in the United Kingdom and registered in England. The address of the registered office is Devonshire House Office 129 Wade Road, Basingstoke, England, RG24 8PE.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

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 shown in the profit and loss account represents private fees and capitation schemes income receivable during the period.

 
2.3

Research and development

In the research phase of an internal project it is not possible to demonstrate that the project will generate future economic benefits and hence all expenditure on research shall be recognised as an expense when it is incurred. Intangible assets are recognised from the development phase of a project if and only if certain specific criteria are met in order to demonstrate the asset will generate probable future economic benefits and that its cost can be reliably measured. The capitalised development costs are subsequently amortised on a straight-line basis over their useful economic lives, which range from 3 to 6 years.
If it is not possible to distinguish between the research phase and the development phase of an internal project, the expenditure is treated as if it were all incurred in the research phase only.

 
2.4

Interest income

Interest income is recognised in profit or loss using the effective interest method.

3

 
Ivory Dental Practice Limited
 

 
Notes to the financial statements
for the year ended 17 June 2024

2.Accounting policies (continued)

 
2.5

Current and deferred taxation

The tax expense for the period comprises current and deferred tax. 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.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


 
2.6

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.

 
2.7

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

4

 
Ivory Dental Practice Limited
 

 
Notes to the financial statements
for the year ended 17 June 2024

2.Accounting policies (continued)


2.7
Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis.

Depreciation is provided on the following basis:

Freehold property
-
2%
straight line
Plant and machinery
-
15%
reducing balance
Office equipment
-
15%
reducing balance
Computer equipment
-
15%
reducing balance

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.8

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

 
2.9

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

 
2.10

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

 
2.11

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.


3.


Employees

The average monthly number of employees, including directors, during the period was 19 (2023 - 20).

5

 
Ivory Dental Practice Limited
 
 

Notes to the financial statements
for the year ended 17 June 2024

4.


Intangible assets




Goodwill

£



Cost


At 18 June 2023
447,124



At 17 June 2024

447,124



Amortisation


At 18 June 2023
447,124



At 17 June 2024

447,124



Net book value



At 17 June 2024
-



At 17 June 2023
-



6

 
Ivory Dental Practice Limited
 
 

Notes to the financial statements
for the year ended 17 June 2024

5.


Tangible fixed assets





Freehold property
Plant and machinery
Office equipment
Computer equipment
Total

£
£
£
£
£



Cost


At 18 June 2023
32,439
201,776
18,063
3,056
255,334


Additions
-
5,995
59,553
1,399
66,947



At 17 June 2024

32,439
207,771
77,616
4,455
322,281



Depreciation


At 18 June 2023
7,698
117,573
13,450
751
139,472


Charge for the year
805
16,126
5,264
520
22,715



At 17 June 2024

8,503
133,699
18,714
1,271
162,187



Net book value



At 17 June 2024
23,936
74,072
58,902
3,184
160,094



At 17 June 2023
24,741
84,203
4,613
2,305
115,862


6.


Debtors

2024
2023
£
£


Trade debtors
3,348
9,321

Amounts owed by joint ventures and associated undertakings
-
56,284

Other debtors
543,576
373,326

Prepayments and accrued income
873
6,113

547,797
445,044


7

 
Ivory Dental Practice Limited
 
 

Notes to the financial statements
for the year ended 17 June 2024

7.


Creditors: amounts falling due within one year

2024
2023
£
£

Bank loans
166,676
67,935

Trade creditors
26,763
14,528

Corporation tax
85,637
53,725

Other taxation and social security
8,251
2,706

Obligations under finance lease and hire purchase contracts
-
4,740

Other creditors
37,036
26,310

Accruals and deferred income
74,959
4,656

399,322
174,600



8.


Creditors: amounts falling due after more than one year

2024
2023
£
£

Bank loans
-
176,560

Net obligations under finance leases and hire purchase contracts
-
1,154

-
177,714



9.


Related party transactions

At the balance sheet date the company was owed monies by the following companies of which Dr B D Thornton is a directors and shareholder:
Kingston Property Group Limited: £nil (2023: £3,000)
ABDD Limited: £nil (2023: £4,284)
Alma Labs Limited: £nil (2023: £49,000)

 
8