REGISTERED NUMBER: 10475951 (England and Wales)

Strategic Report, Report of the Directors and

Audited Financial Statements for the Year Ended 31 March 2025

for

Target Dental Limited

Page

Company Information

1

Strategic Report

2

Report of the Directors

3

Report of the Independent Auditors

5

Statement of Income and Retained Earnings

9

Balance Sheet

10

Cash Flow Statement

11

Notes to the Cash Flow Statement

12

Notes to the Financial Statements

14

DIRECTORS:

Dr M P Brown

Dr A J Renshaw

REGISTERED OFFICE:

Apex House

37-45 Cross Green

Otley

West Yorkshire

LS21 1HD

REGISTERED NUMBER:

10475951 (England and Wales)

AUDITORS:

Richard Smedley Limited

Chartered Accountants & Registered Auditors

Richmond House

Lawnswood Business Park

Redvers Close

Leeds

West Yorkshire

LS16 6QY

The directors present their strategic report for the year ended 31 March 2025.

REVIEW OF BUSINESS

The directors review is consistent with the size and nature of the company and is written in the context of risks and uncertainties faced by the company.

The directors consider the company's key performance indicators are those that communicate the financial performance and strength of the company as a whole, those being:

Turnover

Surgery occupancy

Plan membership fluctuations

Ratings received on the company's dental practices from the Care Quality Commission (CQC)

The company has continued to forecast growth with the purchase of a further dental practice, to add to the existing six dental practices that the company operates.

As a result of the continued growth, turnover has increased from £6.9m in 2024 to £9.2m in 2025.

The directors ans senior management tea, regularly asses the key performance indicators that they use to run and monitor the company including, where appropriate, non-financial indicators. These include turnover per employee, operating profit per employee, earnings per patient and occupancy rate. All these indicators relate to provision of dental care services.

In relation to quality ratings assessed by the CQC, the directors are pleased to report that in the most recent reviews the dental practices were meeting the standards required.

PRINCIPAL RISKS AND UNCERTAINTIES

The main short term risks facing the business are as follows:

The company is exposed to a number of risks including occupancy levels, pressure on rates from the NHS and availability of suitably qualified staff. The principal risks and how we mitigate them are explained below.

Competition - the company is aware of the competitive pressure in the UK. The company responds to this pressure by continuously upgrading its dental practices and providing the best care available to patients.

Liquidity risk - liquidity risk is the risk the company will not be able to meet its financial obligations as they fall due. The company seeks to manage liquidity risk by ensuring sufficient liquidity is available to meet foreseeable needs via weekly cashflow and profitability monitoring. The overall cash balances have increased from last year.

Going concern - the directors and management have recognised the principal risk and uncertainties which could affect the business and have considered the affect to which they may materialise.

Consequently the company has implemented procedures and policies which will mitigate the risks as much as possible and ensure the company continue to trade through the uncertain economic conditions. The company is well placed to deal with the difficulties all businesses are incurring at this difficult time.

ON BEHALF OF THE BOARD:

Dr M P Brown - Director

20 November 2025

The directors present their report with the financial statements of the company for the year ended 31 March 2025.

PRINCIPAL ACTIVITY

The principal activity of the company in the year under review was that of dentistry.

DIVIDENDS

Interim dividends per share were paid during the year as follows:

Ordinary A 10p

-

£90.58116

- 31 March 2025

Ordinary B 10p

-

£90.58116

- 31 March 2025

Ordinary C 10p

-

£29241.75

- 31 March 2025

Ordinary D 10p

-

£29241.75

- 31 March 2025

The total distribution of dividends for the year ended 31 March 2025 will be £ 148,884 .

EVENTS SINCE THE END OF THE YEAR

Information relating to events since the end of the year is given in the notes to the financial statements.

DIRECTORS

The directors shown below have held office during the whole of the period from 1 April 2024 to the date of this report.

Dr M P Brown

Dr A J Renshaw

STATEMENT OF DIRECTORS' RESPONSIBILITIES

The directors are responsible for preparing the Strategic Report, the Report of the Directors 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 company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

-	select suitable accounting policies and then apply them consistently;

-	make judgements and accounting estimates that are reasonable and prudent;

-	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 company's transactions and disclose with reasonable accuracy at any time the financial position of 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 company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

AUDITORS

The auditors, Richard Smedley Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:

Dr M P Brown - Director

20 November 2025

Opinion

We have audited the financial statements of Target Dental Limited (the 'company') for the year ended 31 March 2025 which comprise the Statement of Income and Retained Earnings, Balance Sheet, Cash Flow Statement and Notes to the Cash Flow Statement, 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 company's affairs as at 31 March 2025 and of its 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 Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company 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.

Conclusions relating to going concern

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.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

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 in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors 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 this gives rise to a material misstatement in the financial statements themselves. 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.

Opinions on other matters 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 the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and

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

Matters on which we are required to report by exception

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

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, or returns adequate for our audit have not been received from branches not visited by us; or

-	the 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 three, 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 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 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 company or to cease operations, or have no realistic alternative but to do so.

Auditors' 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 a Report of the Auditors 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.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations was as follows:

- the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;

- We identified the laws and regulations applicable to the company through discussions with directors and other management, and from our commercial knowledge and sector experience;

- We focused on specific laws and regulations which we considered may have a direct material effect on the financial statements, including the Companies Act 2006, UK Corporate Governance, the Care Quality Commission (CQC) and taxation legislation. The company is subject to many other laws and regulations where the consequences of non-compliance could have a material effect on the financial statements, for instance through the imposition of fines, penalties or litigation such as employment, environmental, health and safety and building regulations;

- We asses the external compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence; and

- Identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit.

We assessed the susceptibility of the company's financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:

Making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and

To address the risk of fraud through management bias and override of controls, we:

- Performed analytical procedures to identify any unusual or unexpected relationships;

- Tested journal entries to identify unusual transactions;

- Assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias; and

- Investigated the rationale behind any significant or unusual transactions.

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

- Agreeing financial statements disclosures to underlying supporting documentation

- Enquiring of management as to actual and potential litigation and claims;

- Reviewing correspondence with HMRC and relevant regulators websites for notice of any breaches; and

- Review of relevant legal or professional costs within the accounting records for any evidence of previously undetected or unreported instances of non-compliance.

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from the financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of directors and other management and the inspection of regulatory and legal correspondence, if any.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

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 a Report of the Auditors 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.

Richard Smedley (Senior Statutory Auditor)

for and on behalf of Richard Smedley Limited

Chartered Accountants & Registered Auditors

Richmond House

Lawnswood Business Park

Redvers Close

Leeds

West Yorkshire

LS16 6QY

20 November 2025

TURNOVER

9,143,915

6,940,260

Cost of sales

4,010,483

3,277,766

GROSS PROFIT

5,133,432

3,662,494

Administrative expenses

4,199,362

3,209,640

934,070

452,854

Other operating income

2,500

12,432

OPERATING PROFIT

4

936,570

465,286

Interest receivable and similar income

9,246

548

945,816

465,834

Interest payable and similar expenses

5

203,662

162,330

PROFIT BEFORE TAXATION

742,154

303,504

Tax on profit

6

334,824

199,670

PROFIT FOR THE FINANCIAL YEAR

407,330

103,834

Retained earnings at beginning of year

1,130,748

1,090,914

Dividends

7

(148,884

)

(64,000

)

RETAINED EARNINGS AT END OF YEAR

1,389,194

1,130,748

FIXED ASSETS

Intangible assets

8

6,798,220

6,143,717

Tangible assets

9

589,907

541,257

Investments

10

-

1,689,087

7,388,127

8,374,061

CURRENT ASSETS

Stocks

11

7,000

6,000

Debtors

12

284,167

165,192

Cash at bank and in hand

672,263

411,113

963,430

582,305

CREDITORS

Amounts falling due within one year

13

992,561

1,307,380

NET CURRENT LIABILITIES

(29,131

)

(725,075

)

TOTAL ASSETS LESS CURRENT LIABILITIES

7,358,996

7,648,986

CREDITORS

Amounts falling due after more than one year

14

(5,825,711

)

(6,386,984

)

PROVISIONS FOR LIABILITIES

18

(143,991

)

(131,154

)

NET ASSETS

1,389,294

1,130,848

CAPITAL AND RESERVES

Called up share capital

19

100

100

Retained earnings

20

1,389,194

1,130,748

SHAREHOLDERS' FUNDS

1,389,294

1,130,848

The financial statements were approved by the Board of Directors and authorised for issue on 20 November 2025 and were signed on its behalf by:

Dr A J Renshaw - Director

Dr M P Brown - Director

Cash flows from operating activities

Cash generated from operations

1

1,727,193

1,325,862

Interest paid

(190,016

)

(138,320

)

Interest element of hire purchase payments paid

(13,646

)

(24,010

)

Tax paid

(323,494

)

(302,464

)

Net cash from operating activities

1,200,037

861,068

Cash flows from investing activities

Purchase of intangible fixed assets

-

(472,466

)

Purchase of tangible fixed assets

(224,301

)

(131,524

)

Purchase of fixed asset investments

-

(1,689,087

)

Sale of tangible fixed assets

96,045

-

Interest received

9,246

548

Government grants received

-

9,931

Net cash from investing activities

(119,010

)

(2,282,598

)

Cash flows from financing activities

New loans in year

4,510,000

2,328,000

Loan repayments in year

(2,258,486

)

(1,138,878

)

Capital repayments in year

(74,386

)

42,122

Amount introduced by directors

-

4,837,279

Amount withdrawn by directors

(2,815,334

)

(5,050,321

)

Intercompany

(32,787

)

467,471

Equity dividends paid

(148,884

)

(64,000

)

Net cash from financing activities

(819,877

)

1,421,673

Increase in cash and cash equivalents

261,150

143

Cash and cash equivalents at beginning of year

2

411,113

410,970

Cash and cash equivalents at end of year

2

672,263

411,113

1.	RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS

31.3.25

31.3.24

£

£

Profit before taxation

742,154

303,504

Depreciation charges

720,114

601,380

Profit on disposal of fixed assets

(39,100

)

-

Government grants

-

(9,932

)

Finance costs

203,662

162,330

Finance income

(9,246

)

(548

)

1,617,584

1,056,734

Increase in stocks

(1,000

)

-

(Increase)/decrease in trade and other debtors

(118,975

)

113,052

Increase in trade and other creditors

229,584

156,076

Cash generated from operations

1,727,193

1,325,862

2.	CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 31 March 2025

31.3.25

1.4.24

£

£

Cash and cash equivalents

672,263

411,113

Year ended 31 March 2024

31.3.24

1.4.23

£

£

Cash and cash equivalents

411,113

410,970

3.	ANALYSIS OF CHANGES IN NET DEBT

At 1.4.24

Cash flow

At 31.3.25

£

£

£

Net cash

Cash at bank and in hand

411,113

261,150

672,263

411,113

261,150

672,263

Debt

Finance leases

(309,355

)

74,386

(234,969

)

Debts falling due within 1 year

(159,979

)

(23,148

)

(183,127

)

Debts falling due after 1 year

(2,082,968

)

(2,228,367

)

(4,311,335

)

(2,552,302

)

(2,177,129

)

(4,729,431

)

Total

(2,141,189

)

(1,915,979

)

(4,057,168

)

1.	STATUTORY INFORMATION

Target Dental Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

Despite the net current liabilities position on the balance sheet, the company is considered to be a going concern due to its maintaining of positive cash flows.

Turnover

Turnover represents the income received in the ordinary course of business for dentistry or other goods or services provided to the extent that the company has completed specific performance obligations and has therefore obtained the right to consideration. Amounts are stated net of discounts, returns and value added tax.

Turnover derived from NHS general dentistry contracts in England and Wales is recognised based upon the volume of dental activity delivered in the financial year.

Turnover from all private dental work is recognised based upon the completion of each piece of treatment carried out. Patients pay for treatment as these occur, with the transaction price being based either upon the relevant NHS charge or the relevant charge for each particular item of private treatment. As such, the performance obligation is identified to be the services provided to a patient which is deemed to be recognised as the point in time.

The company also generates turnover from private patients under dental plan agreements, where turnover is recognised over time as the individual performance and obligations are met.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of various dental practices, is being amortised evenly over its estimated useful life of fifteen years.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Plant and machinery

-

15% on reducing balance

Fixtures and fittings

-

15% on reducing balance

Motor vehicles

-

25% on reducing balance

Computer equipment

-

25% on reducing balance

Investments in subsidiaries

Investments in subsidiary undertakings are recognised at cost.

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Financial instruments

Basic financial instruments are recognised at amortised cost, derivative financial instruments are initially recorded at cost and thereafter at fair value with changes recognised in profit or loss.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3.	EMPLOYEES AND DIRECTORS

31.3.25

31.3.24

£

£

Wages and salaries

1,980,346

1,598,464

Social security costs

150,156

116,368

Other pension costs

224,891

27,613

2,355,393

1,742,445

The average number of employees during the year was as follows:

31.3.25

31.3.24

Staff

81

69

31.3.25

31.3.24

£

£

Directors' remuneration

-

-

Directors' pension contributions to money purchase schemes

190,000

-

4.	OPERATING PROFIT

The operating profit is stated after charging/(crediting):

31.3.25

31.3.24

£

£

Hire of plant and machinery

1,200

1,192

Other operating leases

316,626

218,633

Depreciation - owned assets

118,706

108,634

Profit on disposal of fixed assets

(39,100

)

-

Goodwill amortisation

601,408

492,746

5.

INTEREST PAYABLE AND SIMILAR EXPENSES

31.3.25

31.3.24

£

£

Bank interest

-

2,805

Bank loan interest

190,016

135,515

Hire purchase

13,646

24,010

203,662

162,330

6.

TAXATION

Analysis of the tax charge

The tax charge on the profit for the year was as follows:

31.3.25

31.3.24

£

£

Current tax:

UK corporation tax

323,494

197,432

Deferred tax

11,330

2,238

Tax on profit

334,824

199,670

Reconciliation of total tax charge included in profit and loss

The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below:

31.3.25

31.3.24

£

£

Profit before tax

742,154

303,504

Profit multiplied by the standard rate of corporation tax in the UK of 25% (2024 - 25%)

185,539

75,876

Effects of:

Expenses not deductible for tax purposes

-

165

Depreciation in excess of capital allowances

137,955

121,391

Movement on deferred tax

11,330

2,238

Total tax charge

334,824

199,670

7.

DIVIDENDS

31.3.25

31.3.24

£

£

Ordinary A shares of 10p each

Interim

45,200

-

Ordinary B shares of 10p each

Interim

45,200

-

Ordinary C share of 10p

Interim

29,242

32,000

Ordinary D share of 10p

Interim

29,242

32,000

148,884

64,000

8.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 April 2024

7,765,224

Reclassification/transfer

1,255,911

At 31 March 2025

9,021,135

AMORTISATION

At 1 April 2024

1,621,507

Amortisation for year

601,408

At 31 March 2025

2,222,915

NET BOOK VALUE

At 31 March 2025

6,798,220

At 31 March 2024

6,143,717

9.	TANGIBLE FIXED ASSETS

Improvements

Fixtures

to

Plant and

and

property

machinery

fittings

£

£

£

COST

At 1 April 2024

17,647

453,748

175,292

Additions

-

118,552

8,856

Disposals

-

-

-

At 31 March 2025

17,647

572,300

184,148

DEPRECIATION

At 1 April 2024

1,939

136,379

57,163

Charge for year

1,765

65,390

19,051

Eliminated on disposal

-

-

-

At 31 March 2025

3,704

201,769

76,214

NET BOOK VALUE

At 31 March 2025

13,943

370,531

107,934

At 31 March 2024

15,708

317,369

118,129