| COLTENE/WHALEDENT LIMITED |
| Independent auditors' report |
| to the member of COLTENE/WHALEDENT LIMITED |
|
| In accordance with the exemption provided by APB Ethical Standard - Provisions Available for Smaller Entities (Revised), we have prepared and submitted the company’s returns to the tax authorities and assisted with the preparation of the accounts.the Income Statement, the Statement of Financial Position, the Statement of Changes in Equity, the Statement of Cash Flows and the related notes. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland". |
| This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in an auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed. |
| Respective responsibilities of directors and auditors |
| As explained more fully in the Statement of Directors' Responsibilities, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view. Our responsibility is to audit and express an opinion on the financial statements in accordance with applicable law and International Standards on Auditing (UK and Ireland). Those standards require us to comply with the Auditing Practices Board's Ethical Standards for Auditors. |
| Scope of the audit of the accounts |
| A description of the scope of an audit of financial statements is provided on the APB’s website at www.frc.org.uk/auditscopeukprivate |
| Opinion on the accounts |
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Debtors |
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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. |
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Creditors |
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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. |
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Taxation |
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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. |
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Foreign currency translation |
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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. |
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Leased assets |
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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. |
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Pensions |
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Contributions to defined contribution plans are expensed in the period to which they relate. |
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| 2 |
Analysis of turnover |
2024 |
|
2023 |
| £ |
£ |
|
|
Sale of goods |
1,138,460 |
|
1,479,389 |
|
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|
|
|
|
|
|
|
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By geographical market: |
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|
UK |
1,138,460 |
|
1,479,389 |
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|
|
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|
|
|
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| 3 |
Operating profit |
2024 |
|
2023 |
| £ |
£ |
|
This is stated after charging: |
|
|
Depreciation of owned fixed assets |
11,306 |
|
10,468 |
|
|
|
|
|
|
|
|
|
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| 4 |
Staff costs |
2024 |
|
2023 |
| £ |
£ |
|
|
Wages and salaries |
829,054 |
|
804,661 |
|
Other staff costs |
83,148 |
|
81,497 |
|
Other pension costs |
32,952 |
|
27,260 |
|
|
|
|
|
|
945,154 |
|
913,418 |
|
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|
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Average number of employees during the year |
Number |
Number |
|
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Administration |
2 |
|
2 |
|
Sales |
14 |
|
14 |
|
|
|
|
|
|
16 |
|
16 |
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|
|
|
|
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| 5 |
Taxation |
2024 |
|
2023 |
| £ |
£ |
|
Analysis of charge in period |
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Current tax: |
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UK corporation tax on loss of the period |
- |
|
- |
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|
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|
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Deferred tax: |
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Origination and reversal of timing differences |
- |
|
(31,200) |
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|
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Tax on ordinary activities |
- |
|
(31,200) |
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Factors affecting tax charge for period |
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The differences between the tax assessed for the period and the standard rate of corporation tax are explained as follows: |
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|
2024 |
|
2023 |
| £ |
£ |
|
Loss on ordinary activities before taxation |
(418,065) |
|
(138,323) |
|
|
|
|
|
|
|
|
|
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Standard rate of corporation tax in the UK |
19.00% |
|
19.00% |
|
| £ |
£ |
|
Loss on ordinary activities multiplied by the standard rate of corporation tax |
|
(79,432) |
|
(26,281) |
|
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Effects of: |
|
Expenses not deductible for tax purposes |
79,432 |
|
26,281 |
|
|
Current tax charge for period |
- |
|
- |
|
|
|
|
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| 6 |
Tangible fixed assets |
|
|
|
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Computer hardware |
|
Office Equipment |
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Total |
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At cost |
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At cost |
| £ |
£ |
£ |
|
Cost or valuation |
|
At 1 January 2024 |
31,344 |
|
66,285 |
|
97,629 |
|
Additions |
1,141 |
|
- |
|
1,141 |
|
Disposals |
- |
|
(32,626) |
|
(32,626) |
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At 31 December 2024 |
32,485 |
|
33,659 |
|
66,144 |
|
|
|
|
|
|
|
|
|
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Depreciation |
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At 1 January 2024 |
20,051 |
|
57,252 |
|
77,303 |
|
Charge for the year |
7,137 |
|
4,169 |
|
11,306 |
|
On disposals |
- |
|
(32,626) |
|
(32,626) |
|
At 31 December 2024 |
27,188 |
|
28,795 |
|
55,983 |
|
|
|
|
|
|
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|
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Carrying amount |
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At 31 December 2024 |
5,297 |
|
4,864 |
|
10,161 |
|
At 31 December 2023 |
11,293 |
|
9,033 |
|
20,326 |
|
|
|
|
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|
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| 7 |
Debtors |
2024 |
|
2023 |
| £ |
£ |
|
|
Trade debtors |
959 |
|
5,770 |
|
Amounts owed by group undertakings and undertakings in which the company has a participating interest |
|
73,189 |
|
277,572 |
|
Deferred tax asset (see note 9) |
|
|
|
|
31,200 |
|
31,200 |
|
Prepayments and accrued income |
137,313 |
|
98,356 |
|
|
|
|
|
|
242,661 |
|
412,898 |
|
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|
|
|
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| 8 |
Creditors: amounts falling due within one year |
2024 |
|
2023 |
| £ |
£ |
|
|
Trade creditors |
43,986 |
|
61,285 |
|
Amounts owed to group undertakings and undertakings in which the company has a participating interest |
|
- |
|
- |
|
Corporation tax |
- |
|
- |
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Other taxes and social security costs |
- |
|
- |
|
Other creditors |
348,369 |
|
242,390 |
|
|
|
|
|
|
392,355 |
|
303,675 |
|
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|
|
|
|
|
|
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| 9 |
Deferred taxation |
2024 |
|
2023 |
| £ |
£ |
|
|
Tax losses carried forward |
(31,200) |
|
(31,200) |
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|
|
|
|
|
2024 |
|
2023 |
| £ |
£ |
|
|
Credited to the profit and loss account |
- |
|
(31,200) |
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|
At 31 December |
(31,200) |
|
(31,200) |
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|
|
|
|
|
|
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| 10 |
Share capital |
Nominal |
|
2024 |
|
2024 |
|
2023 |
| value |
Number |
£ |
£ |
|
Allotted, called up and fully paid: |
|
Ordinary shares |
£1 each |
|
- |
|
200,000 |
|
200,000 |
|
|
|
|
|
|
|
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| 11 |
Profit and loss account |
2024 |
|
2023 |
| £ |
£ |
|
|
At 1 January |
154,370 |
|
261,493 |
|
Loss for the financial year |
(418,065) |
|
(107,123) |
|
Dividends |
- |
|
- |
|
|
At 31 December |
(263,695) |
|
154,370 |
|
|
|
|
|
|
|
|
|
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| 12 |
Dividends |
2024 |
|
2023 |
| £ |
£ |
|
|
Dividends on ordinary shares (note 11) |
- |
|
- |
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| 13 |
Other financial commitments |
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|
Total future minimum lease payments under non-cancellable operating leases: |
|
| Total |
Total |
|
|
|
|
|
|
2024 |
|
2023 |
| £ |
£ |
|
Falling due: |
|
within one year |
145,193 |
|
107,352 |
|
within two to five years |
336,927 |
|
281,564 |
|
|
|
|
|
|
482,120 |
|
388,916 |
|
|
|
|
|
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| 14 |
Presentation currency |
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The financial statements are presented in Sterling. |
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| 15 |
Legal form of entity and country of incorporation |
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COLTENE/WHALEDENT LIMITED is a private company limited by shares and incorporated in England. |
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| 16 |
Principal place of business |
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The address of the company's principal place of business and registered office is: |
|
The President Suite A, Kendal House, Victoria Way, Burgess Hill, West Susses RH15 9NF |