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Registration number: 07959466

South Cliff Limited

Annual Report and Consolidated Financial Statements

for the Year Ended 31 March 2024

 

South Cliff Limited

Contents

Company Information

1

Strategic Report

2

Directors' Report

3 to 4

Statement of Directors' Responsibilities

5

Independent Auditor's Report

6 to 8

Consolidated Profit and Loss Account

9

Consolidated Balance Sheet

10

Balance Sheet

11

Consolidated Statement of Changes in Equity

12

Statement of Changes in Equity

13

Consolidated Statement of Cash Flows

14

Notes to the Financial Statements

15 to 33

 

South Cliff Limited

Company Information

Directors

Dr M Elalami

Dr A Pitchforth

Registered office

The Galleria
Station Road
Crawley
West Sussex
RH10 1WW

Auditors

Hazlewoods LLP
Windsor House
Bayshill Road
Cheltenham
GL50 3AT

 

South Cliff Limited

Strategic Report for the Year Ended 31 March 2024

The directors present their strategic report for the year ended 31 March 2024.

Principal activity

The principal activity of the company and group continued to be that of dentistry.

Fair review of the business

The results for the year which are set out in the profit and loss account show turnover of £17,873,916 (2023 - £10,517,391) and an operating profit of £2,216,414 (2023 - loss of £2,174,508). At 31 March 2024 the Group had net liabilities of £3,182,078 (2023 - £3,548,387). Cash at bank at the year end was £173,684.The directors consider the performance for the year and the financial position at the year end to be satisfactory.

Principal risks and uncertainties

The principal risk and uncertainties that could affect the Group relate to regulatory and staff retention risk and the NHS contracts.

The results of the Group are subject to compliance in respect of the regulatory environment related to health and safety, quality of care, the storage and distribution of controlled drugs and medicines, the disposal of hazardous waste and data protection.

Th Group requires skilled clinicians, hygienists and nurses in order to care for its patient base. The UK's decision to leave the EU could impact the supply of clinicians in the future although the risk has been somewhat mitigated by the use and implementation of the dentist-therapist skill mix within NHS and private dentistry, utilising Tier 2 skilled worker visas.

The NHS contract provides clear benefits for the Group. All NHS contracts (except one) are GDS (General Dental Services) contracts, providing income stability for the Group.

Approved by the Board on 5 August 2025 and signed on its behalf by:


Dr A Pitchforth
Director

 

South Cliff Limited

Directors' Report for the Year Ended 31 March 2024

The directors present their report and the for the year ended 31 March 2024.

Directors of the company

The directors who held office during the year were as follows:

Dr M Elalami

Dr A Pitchforth

Dividends

Ordinary dividends were paid amounting to £287,069 (2023 - £1,018,849). The directors do not recommend payment of a further dividend.

Employment of disabled persons

Applications for employment from disabled persons are always fully considered, bearing in mind the abilities of the applicant concerned. As a people-focused business, we make sure that we recruit the right person for the job every time, whatever their background.

In the event of an employee being disabled, every effort is made to ensure that their employment with the Group continues and that appropriate adjustments are made. It is policy of the Group training, career development and promotion of disabled persons should, as far as possible, be identical to their colleagues.

Employee involvement

The Group acknowledges the vital role that all employees play in its success through their skills, initiative and commitment and has continued to keep them informed on matters affecting them as employees on the various factors the performance of the Group. This is achieved through informal and formal meetings and announcements of the financial results.

Financial instruments

Objectives and policies

The board constantly monitors the Group's trading results and revise the projections as appropriate to ensure that the Group can continue to meet its future obligations as they fall due.

Price risk, credit risk, liquidity risk and cash flow risk

The Group is exposed to the usual credit and cash flow risks associated with selling on credit and manages this through credit control procedures. Credit risk in respect of the bank balances are safeguarded by using banks with high credit ratings.

The Group's bank loans and loan note debt are subject to price and liquidity risk as detailed in note 19 to the financial statements.

Disclosure of information to the auditor

Each director has taken the steps that they ought to have taken as a director in order to make themselves aware of any relevant audit information and to establish that the group's and company's auditor is aware of that information. The directors confirm that there is no relevant information that they know of and of which they know the auditor is unaware.

Appointment of auditors

Hazlewoods LLP were appointed as auditors to the group and company during the period and have expressed their willingness to continue in office.

 

South Cliff Limited

Directors' Report for the Year Ended 31 March 2024

Going concern

The directors have considered the going concern basis of preparation of these financial statements. In doing so, they have given consideration to the group's forecasts and its ability to meet its obligations for a period extending beyond 12 months from the date the financial statements were approved. The trading performance of the group has improved significantly during the year due to NHS contract performance and the group has continued to perform strongly beyond the balance sheet date.

At the balance sheet date, bank borrowings include term loans of £3,813,575 which were due for repayment in June 2024. Following the balance sheet date, the group has obtained extensions to this repayment date to September 2025 while the group arranges a refinance of its facilities. The directors are in active negotiation with the existing lender and alternative providers to refinance bank and other borrowings, however at the date of approval of these financial statements, no refinance has been completed.

These conditions constitute a material uncertainty which cast significant doubt on the group's ability to continue as a going concern. The directors are confident, however, that the facilities will be refinanced before they become due for payment and accordingly consider the going concern basis of preparation to be appropriate.

Approved by the Board on 5 August 2025 and signed on its behalf by:


Dr A Pitchforth
Director

 

South Cliff Limited

Statement of Directors' Responsibilities

The directors are responsible for preparing the Strategic Report, Directors' Report and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the group and company and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:

select suitable accounting policies and apply them consistently;

make judgements and accounting estimates that are reasonable and prudent;

state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the group's and the company's transactions and disclose with reasonable accuracy at any time the financial position of the group and the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the group and the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

 

South Cliff Limited

Independent Auditor's Report to the Members of South Cliff Limited

Opinion

We have audited the financial statements of South Cliff Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 March 2024, which comprise the Consolidated Profit and Loss Account, Consolidated Balance Sheet, Balance Sheet, Consolidated Statement of Changes in Equity, Statement of Changes in Equity, Consolidated Statement of Cash Flows, and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

give a true and fair view of the state of the group's and the parent company's affairs as at 31 March 2024 and of the group's profit for the year then ended;

have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the auditor responsibilities for the audit of the financial statements section of our report. We are independent of the group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Material uncertainty relating to going concern

We draw attention to note 2 of the financial statements which describes the directors' assessment of going concern of the group and the company with respect to the refinancing of its bank loan facilities.

These events or conditions indicate that a material uncertainty exists that may cast significant doubt on the group's and the company's ability to continue as a going concern.

Our opinion is not modified, or qualified in respect of this matter.

In auditing the financial statements, we have concluded that the directors’ use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information

The directors are responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Opinion on other matter prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

the information given in the Strategic Report and Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

the Strategic Report and Directors' Report have been prepared in accordance with applicable legal requirements.

 

South Cliff Limited

Independent Auditor's Report to the Members of South Cliff Limited

Matters on which we are required to report by exception

In the light of our knowledge and understanding of the Group and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report and the Directors' Report.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:

adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or

the parent company financial statements are not in agreement with the accounting records and returns; or

certain disclosures of directors' remuneration specified by law are not made; or

we have not received all the information and explanations we require for our audit.

Responsibilities of directors

As explained more fully in the Statement of Directors' Responsibilities set out on page 5, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the group’s and the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the group or the parent company or to cease operations, or have no realistic alternative but to do so.

Auditor Responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Extent to which the audit was capable of detecting irregularities, including fraud

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

We considered the nature of the group’s industry and its control environment and reviewed the group’s documentation of its policies and procedures relating to fraud and compliance with laws and regulations. We also enquired of management about their own identification and assessment of the risks of irregularities.

We obtained an understanding of the legal and regulatory framework that the group operates in and identified the key laws and regulations that had a direct effect on the determination of material amounts and disclosures in the financial statements, including the UK Companies Act and tax legislation, and, those that do not have a direct effect on the financial statements but compliance with which may be fundamental to the group’s ability to operate or to avoid a material penalty.

We discussed among the audit engagement team regarding the opportunities and incentives that may exist within the organisation for fraud and how and where fraud might occur in the financial statements.

 

South Cliff Limited

Independent Auditor's Report to the Members of South Cliff Limited

In common with all audits conducted in accordance with ISAs (UK), we are also required to perform specific procedures to respond to the risk of management override of controls. In addressing the risk of fraud through management override of controls, we tested the appropriateness of journal entries and other adjustments; assessed whether the judgements made in accounting estimates are indicative of a potential bias; and evaluated
the business rationale of any significant transactions that are unusual or outside the normal course of business.

In addition to the above, our procedures to respond to the risks identified included the following:

• reviewing financial statement disclosures by testing to supporting documentation to assess compliance with provisions of relevant laws and regulations described as having a direct effect on the financial statements;

• performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatements due to fraud;

• enquiring of management concerning actual and potential litigation and claims and instances of non-compliance with laws and regulations; and

• reading minutes of meetings of those charged with governance.

Our audit procedures were designed to respond to risks of material misstatement in the financial statements, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery, misrepresentations or through collusion. There are inherent limitations in the audit procedures performed and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we are to become aware of it.

A further description of our responsibilities is available on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

Use of our report

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 auditor’s 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.





James Morter (Senior Statutory Auditor)
For and on behalf of Hazlewoods LLP, Statutory Auditor

Windsor House
Bayshill Road
Cheltenham
GL50 3AT

6 August 2025

 

South Cliff Limited

Consolidated Profit and Loss Account for the Year Ended 31 March 2024

Note

2024
£

2023
£

Turnover

3

17,873,916

10,517,391

Cost of sales

 

(7,031,659)

(5,649,166)

Gross profit

 

10,842,257

4,868,225

Administrative expenses

 

(8,799,620)

(7,256,973)

Other operating income

4

173,777

214,240

Operating profit/(loss)

5

2,216,414

(2,174,508)

Share of profits of associates

 

318,645

320,872

Other interest receivable and similar income

6

23,026

7,281

Interest payable and similar expenses

7

(1,385,110)

(660,916)

Amounts written off investments

 

-

(146,097)

Profit/(loss) before tax

 

1,172,975

(2,653,368)

Tax on profit/(loss)

11

(519,597)

239,578

Profit/(loss) for the financial year

 

653,378

(2,413,790)

The above results were derived from continuing operations.

The group has no recognised gains or losses for the year other than the results above.

 

South Cliff Limited

(Registration number: 07959466)
Consolidated Balance Sheet as at 31 March 2024

Note

2024
£

2023
£

Fixed assets

 

Intangible assets

12

5,457,057

6,604,638

Tangible assets

13

3,331,351

3,744,066

Investment property

14

209,918

209,918

Investments

15

421,651

355,006

 

9,419,977

10,913,628

Current assets

 

Stocks

16

77,256

77,256

Debtors

17

2,401,464

1,704,911

Cash at bank and in hand

 

173,684

301,665

 

2,652,404

2,083,832

Creditors: Amounts falling due within one year

18

(13,308,707)

(11,171,161)

Net current liabilities

 

(10,656,303)

(9,087,329)

Total assets less current liabilities

 

(1,236,326)

1,826,299

Creditors: Amounts falling due after more than one year

18

(1,754,369)

(5,161,104)

Provisions for liabilities

20

(191,383)

(213,582)

Net liabilities

 

(3,182,078)

(3,548,387)

Capital and reserves

 

Called up share capital

22

2

2

Retained earnings

23

(3,182,080)

(3,548,389)

Shareholders' deficit

 

(3,182,078)

(3,548,387)

Approved and authorised by the Board on 5 August 2025 and signed on its behalf by:
 

Dr A Pitchforth
Director

 

South Cliff Limited

(Registration number: 07959466)
Balance Sheet as at 31 March 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

13

56

148

Investment property

14

209,918

209,918

Investments

15

1,974,553

1,974,553

 

2,184,527

2,184,619

Current assets

 

Debtors

17

69,928

2,223

Cash at bank and in hand

 

5,213

15,011

 

75,141

17,234

Creditors: Amounts falling due within one year

18

(2,257,919)

(2,201,581)

Net current liabilities

 

(2,182,778)

(2,184,347)

Total assets less current liabilities

 

1,749

272

Provisions for liabilities

20

(28)

(28)

Net assets

 

1,721

244

Capital and reserves

 

Called up share capital

22

2

2

Retained earnings

1,719

242

Shareholders' funds

 

1,721

244

The company made a profit after tax for the financial year of £288,546 (2023 - profit of £212,143).

Approved and authorised by the Board on 5 August 2025 and signed on its behalf by:
 

Dr A Pitchforth
Director

 

South Cliff Limited

Consolidated Statement of Changes in Equity for the Year Ended 31 March 2024
Equity attributable to the parent company

Share capital
£

Retained earnings
£

Total
£

At 1 April 2023

2

(3,548,389)

(3,548,387)

Profit for the year

-

653,378

653,378

Dividends

-

(287,069)

(287,069)

At 31 March 2024

2

(3,182,080)

(3,182,078)

Share capital
£

Retained earnings
£

Total
£

At 1 April 2022

2

(115,750)

(115,748)

Loss for the year

-

(2,413,790)

(2,413,790)

Dividends

-

(1,018,849)

(1,018,849)

At 31 March 2023

2

(3,548,389)

(3,548,387)

 

South Cliff Limited

Statement of Changes in Equity for the Year Ended 31 March 2024

Share capital
£

Retained earnings
£

Total
£

At 1 April 2023

2

242

244

Profit for the year

-

288,546

288,546

Dividends

-

(287,069)

(287,069)

At 31 March 2024

2

1,719

1,721

Share capital
£

Retained earnings
£

Total
£

At 1 April 2022

2

806,948

806,950

Profit for the year

-

212,143

212,143

Dividends

-

(1,018,849)

(1,018,849)

At 31 March 2023

2

242

244

 

South Cliff Limited

Consolidated Statement of Cash Flows for the Year Ended 31 March 2024

Note

2024
£

2023
£

Cash flows from operating activities

Profit/(loss) for the year

 

653,378

(2,413,790)

Adjustments to cash flows from non-cash items

 

Depreciation and amortisation

5

1,631,358

1,796,318

Finance income

6

(23,026)

(7,281)

Finance costs

7

1,385,110

660,916

Income tax expense

11

519,597

(239,578)

Share of results of associates

 

(318,645)

(320,872)

Other gains and losses

 

-

146,097

 

3,847,772

(378,190)

Working capital adjustments

 

Decrease in stocks

16

-

18,046

(Increase)/decrease in trade debtors

17

(387,013)

72,230

(Decrease)/increase in trade creditors

18

(5,241)

1,992,059

Cash generated from operations

 

3,455,518

1,704,145

Income taxes paid

11

(20,374)

(312,478)

Net cash flow from operating activities

 

3,435,144

1,391,667

Cash flows from investing activities

 

Interest received

23,026

7,281

Purchase of business

 

-

(979,460)

Acquisitions of tangible assets

(70,970)

(830,112)

Proceeds from sale of tangible assets

 

-

8,905

Acquisition of intangible assets

12

-

(48,117)

Advances of loans, classified as investing activities

 

(512,725)

(690,385)

Dividends received from associate

252,000

252,000

Net cash flows from investing activities

 

(308,669)

(2,279,888)

Cash flows from financing activities

 

Interest paid

7

(1,073,054)

(660,916)

Proceeds from bank borrowing draw downs

 

707,455

1,557,933

Repayment of bank borrowing

 

(1,145,339)

(68,088)

Proceeds from other borrowing draw downs

 

1,945,458

-

Repayment of other borrowing

 

(3,093,666)

-

Payments to finance lease creditors

 

(308,241)

(88,923)

Dividends paid

(287,069)

(1,018,849)

Net cash flows from financing activities

 

(3,254,456)

(278,843)

Net decrease in cash and cash equivalents

 

(127,981)

(1,167,064)

Cash and cash equivalents at 1 April

 

301,665

1,468,729

Cash and cash equivalents at 31 March

 

173,684

301,665

 

South Cliff Limited

Notes to the Financial Statements for the Year Ended 31 March 2024

 

1

General information

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

The address of its registered office is:
The Galleria
Station Road
Crawley
West Sussex
RH10 1WW

 

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 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland and the Companies Act 2006'.

Basis of preparation

These financial statements have been prepared using the historical cost convention except for, where disclosed in these accounting policies, certain items that are shown at fair value.

The presentational currency of the financial statements is Pounds Sterling, being the functional currency of the primary economic environment in which the company operates. Monetary amounts in these financial statements are rounded to the nearest Pound.

Basis of consolidation

The consolidated financial statements consolidate the financial statements of the company and its subsidiary undertakings drawn up to 31 March 2024.

A subsidiary is an entity controlled by the company. Control is achieved where the company has the power to govern the financial and operating policies of an entity so as to obtain benefits from its activities.

The results of subsidiaries acquired or disposed of during the year are included in the Profit and Loss Account from the effective date of acquisition or up to the effective date of disposal, as appropriate. Where necessary, adjustments are made to the financial statements of subsidiaries to bring their accounting policies into line with those used by the Group.

The purchase method of accounting is used to account for business combinations that result in the acquisition of subsidiaries by the Group. The cost of a business combination is measured as the fair value of the assets given, equity instruments issued and liabilities incurred or assumed at the date of exchange, plus costs directly attributable to the business combination. Identifiable assets acquired and liabilities and contingent liabilities assumed in a business combination are measured initially at their fair values at the acquisition date. Any excess of the cost of the business combination over the acquirer’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities recognised is recorded as goodwill.

Inter-company transactions, balances and unrealised gains on transactions between the company and its subsidiaries, which are related parties, are eliminated in full.

Intra-group losses are also eliminated but may indicate an impairment that requires recognition in the consolidated financial statements.

Accounting policies of subsidiaries have been changed where necessary to ensure consistency with the policies adopted by the Group. Non-controlling interests in the net assets of consolidated subsidiaries are identified separately from the Group’s equity therein. Non-controlling interests consist of the amount of those interests at the date of the original business combination and the non-controlling shareholder’s share of changes in equity since the date of the combination.

 

South Cliff Limited

Notes to the Financial Statements for the Year Ended 31 March 2024

Parent company profit

As permitted by section 408 of the Companies Act 2006, the Parent Company's statement of comprehensive income has not been included in these financial statements.

Going concern

The directors have considered the going concern basis of preparation of these financial statements. In doing so, they have given consideration to the Group's forecasts and its ability to meet its obligations for a period extending beyond 12 months from the date the financial statements were approved. The trading performance of the Group has improved significantly during the year due to NHS contract performance and the Group has continued to perform strongly beyond the balance sheet date.

At the balance sheet date, bank borrowings include term loans of £3,813,575 which were due for repayment in June 2024. Following the balance sheet date, the Group has obtained extensions to this repayment date to September 2025 while the Group organises a refinance of its borrowings. The directors are in active negotiation with the existing lender and alternative providers to refinance these and other borrowings, however at the date of approval of these financial statements, no refinance has been completed.

These conditions constitute a material uncertainty which cast significant doubt on the Group and company's ability to continue as a going concern. The directors are confident, however, that the facilities will be refinance before they become due for payment and accordingly consider the going concern basis of preparation to be appropriate.

Critical accounting judgements and key sources of estimation uncertainty
In the application of the group’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amounts 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 if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.
 

Judgements

No significant judgements have been made by management in preparing these financial statements.

Key sources of estimation uncertainty

No key sources of estimation uncertainty have been identified by management in preparing these financial statements other than those detailed in these accounting policies.

Revenue recognition

Turnover represents amounts receivable for dental services and counter sales. None of the companies within the group are registered for VAT.

The group 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 group's activities.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in the profit and loss account, except that a charge 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 group operates and generates taxable income.

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

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

 

South Cliff Limited

Notes to the Financial Statements for the Year Ended 31 March 2024

Tangible assets

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

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

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

Asset class

Depreciation method and rate

Freehold land and buildings

50 years straight line

Leasehold land and buildings

Over the life of the lease

Plant and machinery

25% straight line

Fixtures and fittings

25% straight line

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by external valuers. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

Business combinations

When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.

Intangible assets

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the group’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.

Negative goodwill arising on an acquisition is recognised on the face of the balance sheet on the acquisition date and subsequently the excess up to the fair value of non-monetary assets acquired is recognised in profit or loss in the periods in which the non-monetary assets are recovered.

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

10 years straight line

 

South Cliff Limited

Notes to the Financial Statements for the Year Ended 31 March 2024

Investments

In the parent company financial statements, investments in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.

A subsidiary is an entity controlled by the group. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The group considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.

On consolidation, investments in associates are initially recognised at the transaction price (including transaction costs) and are subsequently adjusted to reflect the group's share of the profit or loss, other comprehensive income and equity of the associate using the equity method. Any difference between the cost of acquisition and the share of the fair value of the net identifiable assets of the associate on acquisition is recognised as goodwill. Any unamortised balance of goodwill is included in the carrying value of the investment in associate.

Losses in excess of the carrying amount of an investment in an associate are recorded as a provision only when the company has incurred legal or constructive obligations or has made payments on behalf of the associate.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

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

Trade debtors are recognised initially at the transaction price. All trade debtors are repayable within one year and hence are included at the undiscounted cost of cash expected to be received. A provision for the impairment of trade debtors is established when there is objective evidence that the group will not be able to collect all amounts due according to the original terms of the debtors.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell.

At each reporting date, stocks are assessed for impairment. If stocks are 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.

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 group 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.

Trade creditors are recognised initially at the transaction price and all are repayable within one year and hence are included at the undiscounted amount of cash expected to be paid.

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 group has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

 

South Cliff Limited

Notes to the Financial Statements for the Year Ended 31 March 2024

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the Balance Sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the Profit and Loss Account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

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

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the group has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

 

South Cliff Limited

Notes to the Financial Statements for the Year Ended 31 March 2024

Financial instruments


Classification
Financial instruments are classified and accounted for according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Where shares are issued, any component that creates a financial liability of the company is presented as a liability on the balance sheet. The corresponding dividends relating to the liability component are charged as interest expenses in the profit and loss account.

 Recognition and measurement
All financial assets and liabilities are initially measured at transaction price (including transaction costs), except for those financial assets classified as at fair value through profit or loss, which are initially measured at fair value (which is normally the transaction price excluding transaction costs), unless the arrangement constitutes a financing transaction. If an arrangement constitutes a financing transaction, the financial asset or financial liability is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

 Impairment
Assets, other than those measured at fair value, are assessed for indicators of impairment at each balance sheet date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss as described below.

A non financial asset is impaired where there is objective evidence that, as a result of one or more events that occurred after initial recognition, the estimated recoverable value of the asset has been reduced. The recoverable amount of an asset is the higher of its fair value less costs to sell and its value in use.

The recoverable amount of goodwill is derived from measurement of the present value of the future cash flows of the cash-generating units ('CGUs') of which the goodwill is a part. Any impairment loss in respect of a CGU is allocated first to the goodwill attached to that CGU, and then to other assets within that CGU on a pro-rata basis.

Where indicators exist for a decrease in impairment loss, the prior impairment loss is tested to determine reversal. An impairment loss is reversed on an individual impaired asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had no impairment been recognised. Where a reversal of impairment occurs in respect of a CGU, the reversal is applied first to the assets (other than goodwill) of the CGU on a pro-rata basis and then to any goodwill allocated to that CGU.

For financial assets carried at amortised cost, the amount of an impairment is the difference between the asset’s carrying amount and the present value of estimated future cash flows, discounted at the financial asset’s original effective interest rate.

For financial assets carried at cost less impairment, the impairment loss is the difference between the asset’s carrying amount and the best estimate of the amount that would be received for the asset if it were to be sold at the reporting date.

Where indicators exist for a decrease in impairment loss, and the decrease can be related objectively to an event occurring after the impairment was recognised, the prior impairment loss is tested to determine reversal. An impairment loss is reversed on an individual impaired financial asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had no impairment been recognised.

 

South Cliff Limited

Notes to the Financial Statements for the Year Ended 31 March 2024

 

3

Turnover

The analysis of the group's turnover for the year from continuing operations is as follows:

2024
£

2023
£

Provision of dentistry services

17,804,132

10,470,868

Management charges

69,784

46,523

17,873,916

10,517,391

The total turnover of the group has been derived from its principal activity wholly undertaken in the United Kingdom.

 

4

Other operating income

The analysis of the group's other operating income for the year is as follows:

2024
£

2023
£

Government grants

-

28,894

Rent receivable

71,182

62,933

Other operating income

102,595

122,413

173,777

214,240

 

5

Operating profit/(loss)

Arrived at after charging/(crediting)

2024
£

2023
£

Depreciation expense

483,777

575,417

Amortisation expense

1,147,581

1,220,901

Operating lease expense - property

458,206

347,947

Operating lease expense - plant and machinery

117,162

53,293

Operating lease expense - other

13,345

11,350

 

6

Other interest receivable and similar income

2024
£

2023
£

Interest income on bank deposits

-

468

Other interest receivable

23,026

6,813

23,026

7,281

 

7

Interest payable and similar expenses

2024
£

2023
£

Interest on bank overdrafts and borrowings

865,237

497,027

Loan processing fees

117,180

91,260

Interest on obligations under finance leases and hire purchase contracts

85,727

39,163

Interest expense on other finance liabilities

316,966

33,466

1,385,110

660,916

 

South Cliff Limited

Notes to the Financial Statements for the Year Ended 31 March 2024

 

8

Staff costs

The aggregate payroll costs (including directors' remuneration) were as follows:

2024
£

2023
£

Wages and salaries

5,354,457

3,269,838

Social security costs

415,359

250,162

Pension costs, defined contribution scheme

67,954

44,039

5,837,770

3,564,039

The average number of persons employed by the group (including directors) during the year, analysed by category was as follows:

2024
No.

2023
No.

Clinical and administrative

271

198

271

198

Company
The aggregate payroll costs (including directors' remuneration) were as follows:

2024
 £

2023
 £

Wages and salaries

18,200

18,200

The average number of persons employed by the group (including directors) during the year, analysed by category was as follows:

2024
No.

2023
No.

Administration and support

2

2

2

2

 

9

Directors' remuneration

The directors' remuneration for the year was as follows:

2024
£

2023
£

Remuneration

18,200

18,200

 

10

Auditors' remuneration

2024
£

2023
£

Audit of these financial statements

30,000

27,420


 

 

South Cliff Limited

Notes to the Financial Statements for the Year Ended 31 March 2024

 

11

Taxation

Tax charged/(credited) in the consolidated profit and loss account

2024
£

2023
£

Current taxation

UK corporation tax

336,140

(215,492)

UK corporation tax adjustment to prior periods

5,285

(9,135)

Associate tax charge

-

53,481

341,425

(171,146)

Deferred taxation

Arising from origination and reversal of timing differences

178,172

(68,432)

Tax expense/(receipt) in the income statement

519,597

(239,578)

The tax on profit before tax for the year is higher than the standard rate of corporation tax in the UK (2023 - lower than the standard rate of corporation tax in the UK) of 25% (2023 - 19%).

The differences are reconciled below:

2024
£

2023
£

Profit/(loss) before tax

1,172,975

(2,653,368)

Corporation tax at standard rate

293,244

(504,140)

Increase/(decrease) in UK and foreign current tax from adjustment for prior periods

5,285

(9,135)

Tax increase from effect of capital allowances and depreciation

36,735

262,082

Tax increase from other short-term timing differences

54,930

-

Effect of revenues exempt from taxation

(37,718)

-

Effect of expense not deductible in determining taxable profit (tax loss)

295,517

28,877

Decrease from tax losses for which no deferred tax asset was recognised

(128,396)

-

Deferred tax credit relating to changes in tax rates or laws

-

(17,262)

Total tax charge/(credit)

519,597

(239,578)

Deferred tax

Group

Deferred tax assets and liabilities

2024

Liability
£

Accelerated capital allowances

191,383

191,383

2023

Asset
£

Liability
£

Accelerated capital allowances

-

213,582

Tax losses

200,371

-

200,371

213,582

 

South Cliff Limited

Notes to the Financial Statements for the Year Ended 31 March 2024

Company

Deferred tax assets and liabilities

2024

Liability
£

Accelerated capital allowances

28

28

2023

Liability
£

Accelerated capital allowances

28

28

 

12

Intangible assets

Group

Goodwill
 £

Cost or valuation

At 1 April 2023

11,960,463

At 31 March 2024

11,960,463

Amortisation

At 1 April 2023

5,355,825

Amortisation charge

1,147,581

At 31 March 2024

6,503,406

Carrying amount

At 31 March 2024

5,457,057

At 31 March 2023

6,604,638

 

South Cliff Limited

Notes to the Financial Statements for the Year Ended 31 March 2024

 

13

Tangible assets

Group

Freehold land and buildings
£

Leasehold land and buildings
£

Plant and machinery
 £

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 April 2023

2,852,972

885,303

1,887,734

33,144

5,659,153

Additions

-

-

60,519

10,451

70,970

At 31 March 2024

2,852,972

885,303

1,948,253

43,595

5,730,123

Depreciation

At 1 April 2023

204,611

329,382

1,357,174

23,828

1,914,995

Charge for the year

119,654

87,762

270,389

5,972

483,777

At 31 March 2024

324,265

417,144

1,627,563

29,800

2,398,772

Carrying amount

At 31 March 2024

2,528,707

468,159

320,690

13,795

3,331,351

At 31 March 2023

2,648,361

555,921

530,468

9,316

3,744,066

Assets held under finance leases and hire purchase contracts

The net carrying amount of tangible assets includes the following amounts in respect of assets held under finance leases and hire purchase contracts:

2024
£

2023
£

Freehold property

432,000

486,000

Leasehold land and buildings

203,392

228,816

Plant and machinery

136,685

224,617

772,077

939,433

 

South Cliff Limited

Notes to the Financial Statements for the Year Ended 31 March 2024

Company

Plant and machinery
 £

Total
£

Cost or valuation

At 1 April 2023 and 31 March 2024

3,258

3,258

Depreciation

At 1 April 2023

3,110

3,110

Charge for the year

92

92

At 31 March 2024

3,202

3,202

Carrying amount

At 31 March 2024

56

56

At 31 March 2023

148

148

 

14

Investment properties

Group and company

2024
£

Fair value

At 1 April 2023 and 31 March 2024

209,918

Investment property comprises a 50% share of a UK freehold property. The property was acquired in March 2020 and the directors are of the opinion that there is no material difference between the price paid and the market value at the balance sheet date.

 

15

Investments

Group

2024
£

2023
£

Investments in associates

421,651

355,006

Associates

£

Cost

At 1 April 2023

485,712

Share of increase in equity

66,645

At 31 March 2024

552,357

Impairment

At 1 April 2023

130,706

Carrying amount

At 31 March 2024

421,651

At 31 March 2023

355,006

 

South Cliff Limited

Notes to the Financial Statements for the Year Ended 31 March 2024

Details of undertakings

Details of the investments in which the group holds 20% or more of the nominal value of any class of share capital are as follows:

Undertaking

Registered office

Holding

Proportion of voting rights and shares held

2024

2023

Associates

Family Dental Centre Ltd*

16 Great Queen Street, Covent Garden, London, WC2B 5AH

Ordinary

50%

50%

Associate undertakings

The principal activity of Family Dental Centre Ltd is dentistry.
 

Company

2024
£

2023
£

Investments in subsidiaries

513,586

513,586

Investments in associates

1,460,967

1,460,967

1,974,553

1,974,553

Subsidiaries

£

Cost or valuation

At 1 April 2023 and 31 March 2024

513,586

Carrying amount

At 31 March 2023 and 31 March 2024

513,586

Associates

£

Cost

At 1 April 2023 and 31 March 2024

1,460,967

Carrying amount

At 31 March 2023 and 31 March 2024

1,460,967

Details of undertakings

Details of the investments in which the company holds 20% or more of the nominal value of any class of share capital are as follows:

Undertaking

Registered office

Holding

Proportion of voting rights and shares held

2024

2023

Subsidiary undertakings

Dumbledore Dental Care Limited

The Galleria, Station Road, Crawley, RH10 1WW

Ordinary

100%

100%

Dale Road Oral Care Ltd*

As above

Ordinary

100%

100%

 

South Cliff Limited

Notes to the Financial Statements for the Year Ended 31 March 2024

Undertaking

Registered office

Holding

Proportion of voting rights and shares held

Steyning Dental Care Limited*

As above

Ordinary

100%

100%

Bewbush Dental Limited*

As above

Ordinary

100%

100%

* denotes indirect holding.

Subsidiary undertakings

Dumbledore Dental Care Limited

The principal activity of Dumbledore Dental Care Limited is dentistry.

Dale Road Oral Care Ltd*

The principal activity of Dale Road Oral Care Ltd* is dentistry.

Steyning Dental Care Limited*

The principal activity of Steyning Dental Care Limited* is dentistry.

Bewbush Dental Limited*

The principal activity of Bewbush Dental Limited* is dentistry.

Under section 479A of the Companies Act 2006 all of the above subsidiaries have taken the exemption in relation to the audit of financial statements.

 

16

Stocks

 

Group

Company

2024
£

2023
£

2024
£

2023
£

Consumables

77,256

77,256

-

-

 

17

Debtors

   

Group

Company

Note

2024
£

2023
£

2024
£

2023
£

Trade debtors

 

972,830

549,444

-

-

Other debtors

 

1,329,849

841,807

69,928

2,223

Prepayments

 

98,785

110,567

-

-

Deferred tax assets

11

-

200,371

-

-

Corporation tax asset

11

-

2,722

-

-

 

2,401,464

1,704,911

69,928

2,223

 

South Cliff Limited

Notes to the Financial Statements for the Year Ended 31 March 2024

 

18

Creditors

   

Group

Company

Note

2024
£

2023
£

2024
£

2023
£

Due within one year

 

Loans and borrowings

19

6,021,029

4,041,462

196,102

507,718

Trade creditors

 

4,586,996

4,975,527

52,323

61,072

Amounts due to related parties

27

448,745

489,440

2,001,048

1,621,464

Social security and other taxes

 

320,964

68,253

-

-

Outstanding defined contribution pension costs

 

13,448

-

-

-

Other payables

 

641,246

792,484

-

-

Accruals

 

936,666

782,712

3,852

9,928

Corporation tax liability

11

339,613

21,283

4,594

1,399

 

13,308,707

11,171,161

2,257,919

2,201,581

Due after one year

 

Loans and borrowings

19

1,754,369

5,161,104

-

-

 

19

Loans and borrowings

Current loans and borrowings

 

Group

Company

2024
£

2023
£

2024
£

2023
£

Bank borrowings

3,848,702

1,323,655

46,102

507,718

Hire purchase contracts

240,319

223,854

-

-

Other borrowings

1,932,008

2,493,953

150,000

-

6,021,029

4,041,462

196,102

507,718

Non-current loans and borrowings

 

Group

Company

2024
£

2023
£

2024
£

2023
£

Bank borrowings

662,270

3,947,220

-

-

Hire purchase contracts

526,198

850,904

-

-

Other borrowings

565,901

362,980

-

-

1,754,369

5,161,104

-

-

Other borrowings of £430,000 (2023 - £715,000) are secured against trade debtors.

Bank borrowings comprise two term loans of £3,813,575 (2023 - £4,247,120) and £697,397 (2023 - £nil) which are repayable in September 2025 and November 2026 respectively. The loans are secured by way of fixed and floating charges over the assets of the company and its subsidiaries. Interest is charged at rates of 2.7% above SONIA and 7.6% on these respective loans.

Hire purchase liabilities are secured against the assets to which they relate.

 

South Cliff Limited

Notes to the Financial Statements for the Year Ended 31 March 2024

 

20

Provisions for liabilities

Group

Deferred tax
£

At 1 April 2023

213,582

Decrease in existing provisions

(22,199)

At 31 March 2024

191,383

Company

Deferred tax
£

At 1 April 2023

28

At 31 March 2024

28

 

21

Pension and other schemes

Defined contribution pension scheme

The group operates a defined contribution pension scheme. The pension cost charge for the year represents contributions payable by the group to the scheme and amounted to £67,954 (2023 - £44,039).

Contributions totalling £13,448 (2023 - £Nil) were payable to the scheme at the end of the year and are included in creditors.

 

22

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary shares of £1 each

2

2

2

2

       

The holders of ordinary shares are entitled to receive dividends as declared from time to time and are entitled to one vote per share at meetings of the company. All ordinary shares rank equally with regard to the company's residual assets.

 

23

Reserves

Group

Profit and loss reserve

The profit and loss reserves comprises the balance of profits and losses accumulated over the life of the group.

 

South Cliff Limited

Notes to the Financial Statements for the Year Ended 31 March 2024

 

24

Obligations under leases and hire purchase contracts

Group

Finance leases

The total of future minimum lease payments is as follows:

2024
£

2023
£

Not later than one year

282,108

225,420

Later than one year and not later than five years

484,409

849,338

766,517

1,074,758

Operating leases

The total of future minimum lease payments is as follows:

2024
£

2023
£

Not later than one year

452,391

420,925

Later than one year and not later than five years

1,725,544

1,456,795

Later than five years

1,757,962

2,026,275

3,935,897

3,903,995

 

25

Dividends

2024
 £

2023
 £

Dividends paid

287,069

1,018,849

 

South Cliff Limited

Notes to the Financial Statements for the Year Ended 31 March 2024

 

26

Analysis of changes in net debt

Group

At 1 April 2023
£

Cash flows
£

Transfers
£

Other non-cash changes
£

At 31 March 2024
£

Cash and cash equivalents

Cash

301,665

(127,981)

-

-

173,684

Borrowings

Bank borrowings

(5,270,875)

437,884

515,147

(193,128)

(4,510,972)

Other borrowings

(2,856,933)

1,148,208

(665,147)

(124,037)

(2,497,909)

Lease liabilities

(1,074,758)

308,241

-

-

(766,517)

(9,202,566)

1,894,333

(150,000)

(317,165)

(7,775,398)

 

(8,900,901)

1,766,352

(150,000)

(317,165)

(7,601,714)

Other non-cash changes to both bank borrowings and other borrowings relate to amortisation of capitalised debt costs.

Other adjustments relate to balances previously classified as bank borrowings which have been transferred to other borrowings and amounts previously shown as other creditors which have been transferred to other borrowings.

 

South Cliff Limited

Notes to the Financial Statements for the Year Ended 31 March 2024

 

27

Related party transactions

Group

Summary of transactions with entities under common control

At the year end, the group owed £464,369 (2023 - £489,440) to companies under common control which is included within creditors.

Transactions with directors

During the year, the group loaned the directors £512,725 (2023 - £690,385). Interest was charged at 2%. The balance owed to the group at the year end was £1,203,423 (2023 - £690,385) and this is included within other debtors.

Company

Summary of transactions with key management

Key management personnel are considered to be the directors of the company and key management personnel compensation is disclosed in note 9 to the financial statements.