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Registrar

Registration number: 04813508

SPS Dental Sales Limited

Unaudited Filleted Financial Statements

for the Year Ended 30 June 2024

 

SPS Dental Sales Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3 to 7

 

SPS Dental Sales Limited

Company Information

Directors

C Knight

K Knight

Company secretary

K Knight

Registered office

3 Warners Mill
Silks Way
Braintree
Essex
CM7 3GB

Bankers

Lloyds Bank Plc
2 - 4 Bank Street
Braintree
Essex
CM7 7UN

Accountants

Lambert Chapman LLP
Chartered Accountants
3 Warners Mill
Silks Way
Braintree
Essex
CM7 3GB

 

SPS Dental Sales Limited

(Registration number: 04813508)
Balance Sheet as at 30 June 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

5

7,835

10,146

Current assets

 

Stocks

6

344,652

759,863

Debtors

7

76,028

195,765

Cash at bank and in hand

 

86,384

196,337

 

507,064

1,151,965

Creditors: Amounts falling due within one year

8

(432,735)

(976,317)

Net current assets

 

74,329

175,648

Total assets less current liabilities

 

82,164

185,794

Creditors: Amounts falling due after more than one year

8

(9,167)

(19,167)

Provisions for liabilities

(1,802)

(2,334)

Net assets

 

71,195

164,293

Capital and reserves

 

Called up share capital

9

200

200

Retained earnings

70,995

164,093

Shareholders' funds

 

71,195

164,293

For the financial year ending 30 June 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 6 September 2024 and signed on its behalf by:
 

C Knight
Director

K Knight
Company secretary and director

 
     
 

SPS Dental Sales Limited

Notes to the Financial Statements for the Year Ended 30 June 2024

1

General information

The company is a private company limited by share capital, incorporated in England & Wales.

The address of its registered office is: 3 Warners Mill, Silks Way, Braintree, Essex, CM7 3GB, England.

The principal place of business is: Unit 7 Bellcroft, Eastways Industrial Estate, Witham, Essex, CM8 3YU.

These financial statements were authorised for issue by the Board on 6 September 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements were prepared in accordance with Financial Reporting Standard 102 section 1A 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

Basis of preparation

These financial statements have been prepared using the historical cost convention.

These financial statements are presented in Sterling (£), which is the company's functional currency.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of value added tax, returns, rebates and discounts.

The company recognises revenue when:
- the amount of revenue can be reliably measured;
- it is probable that future economic benefits will flow to the entity;
- and specific criteria have been met for each of the company's activities.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Tax

Current Tax is recognised in the profit and loss account, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

 

SPS Dental Sales Limited

Notes to the Financial Statements for the Year Ended 30 June 2024

Deferred income tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the company. Deferred income tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

Depreciation

Depreciation is charged so as to write off the cost or valuation of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant and machinery

25% Reducing Balance

Office equipment

33% Straight Line Basis and

15% Reducing Balance Method

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

3 years Straight Line Basis

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method. Cost represents the expenditure incurred in bringing each product to its present location and condition as follows:

Parts and equipment - Purchase cost on a First-in, first-out basis
Work in progress - Cost incurred for jobs installed post year end.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

 

SPS Dental Sales Limited

Notes to the Financial Statements for the Year Ended 30 June 2024

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and Loss Account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 0 (2023 - 0).

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 July 2023

42,500

42,500

At 30 June 2024

42,500

42,500

Amortisation

At 1 July 2023

42,500

42,500

At 30 June 2024

42,500

42,500

Carrying amount

At 30 June 2024

-

-

At 30 June 2023

-

-

 

SPS Dental Sales Limited

Notes to the Financial Statements for the Year Ended 30 June 2024

5

Tangible assets

Office equipment
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 July 2023

30,670

797

31,467

Disposals

(699)

-

(699)

At 30 June 2024

29,971

797

30,768

Depreciation

At 1 July 2023

20,673

648

21,321

Charge for the year

1,662

37

1,699

Eliminated on disposal

(87)

-

(87)

At 30 June 2024

22,248

685

22,933

Carrying amount

At 30 June 2024

7,723

112

7,835

At 30 June 2023

9,997

149

10,146

6

Stocks

2024
£

2023
£

Work in progress

159,208

481,872

Other inventories

185,444

277,991

344,652

759,863

7

Debtors

2024
£

2023
£

Trade debtors

76,028

195,138

Prepayments

-

627

76,028

195,765

 

SPS Dental Sales Limited

Notes to the Financial Statements for the Year Ended 30 June 2024

8

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

10,000

10,000

Trade creditors

 

150,179

152,282

Amounts owed to group undertakings and undertakings in which the company has a participating interest

69,983

91,453

Taxation and social security

 

-

12,776

Accruals and deferred income

 

-

3,352

Other creditors

 

202,573

706,454

 

432,735

976,317

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

9,167

19,167

9

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary A shares of £1 each

100

100

100

100

Ordinary B shares of £1 each

100

100

100

100

200

200

200

200