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Wells Orthodontics Limited
Unaudited Financial Statements
For The Year Ended 31 March 2025
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—6
Page 1
Balance Sheet
Registered number: 06998245
2025 2024
Notes £ £ £ £
FIXED ASSETS
Intangible Assets 4 363,478 428,579
Tangible Assets 5 8,691 17,505
372,169 446,084
CURRENT ASSETS
Stocks 6 37,996 28,195
Debtors 7 638,814 609,654
Cash at bank and in hand 433,088 387,782
1,109,898 1,025,631
Creditors: Amounts Falling Due Within One Year 8 (143,506 ) (214,532 )
NET CURRENT ASSETS (LIABILITIES) 966,392 811,099
TOTAL ASSETS LESS CURRENT LIABILITIES 1,338,561 1,257,183
PROVISIONS FOR LIABILITIES
Deferred Taxation - (1,200 )
NET ASSETS 1,338,561 1,255,983
CAPITAL AND RESERVES
Called up share capital 9 1,050,000 1,050,000
Profit and Loss Account 288,561 205,983
SHAREHOLDERS' FUNDS 1,338,561 1,255,983
Page 1
Page 2
For the year ending 31 March 2025 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The member has not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Dr P Greatrex
Director
8 December 2025
The notes on pages 3 to 6 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
Wells Orthodontics Limited is a private company, limited by shares, incorporated in England & Wales, registered number 06998245 . The registered office is 11 Priory Road, Wells, Somerset, BA5 1SU.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006
2.2. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
2.3. Intangible Fixed Assets and Amortisation - Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2015, is being amortised
evenly over its estimated useful life of fifteen years.
2.4. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Plant & Machinery 25% on reducing balance
Computer Equipment 25% on reducing balance
2.5. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
2.6. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
...CONTINUED
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Page 4
2.6. Taxation - continued
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
2.7. Pensions
The company operates a defined pension contribution scheme. Contributions are charged to the profit and loss account as they become payable in accordance with the rules of the scheme.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 17 (2024: 16)
17 16
4. Intangible Assets
Goodwill
£
Cost
As at 1 April 2024 976,512
As at 31 March 2025 976,512
Amortisation
As at 1 April 2024 547,933
Provided during the period 65,101
As at 31 March 2025 613,034
Net Book Value
As at 31 March 2025 363,478
As at 1 April 2024 428,579
5. Tangible Assets
Plant & Machinery Computer Equipment Total
£ £ £
Cost
As at 1 April 2024 152,544 63,332 215,876
As at 31 March 2025 152,544 63,332 215,876
...CONTINUED
Page 4
Page 5
Depreciation
As at 1 April 2024 137,793 60,578 198,371
Provided during the period 6,793 2,021 8,814
As at 31 March 2025 144,586 62,599 207,185
Net Book Value
As at 31 March 2025 7,958 733 8,691
As at 1 April 2024 14,751 2,754 17,505
6. Stocks
2025 2024
£ £
Stock and work in progress 37,996 28,195
7. Debtors
2025 2024
£ £
Due within one year
Trade debtors 72,412 60,944
Prepayments and accrued income 65,395 24,122
Director's loan account 374,584 421,486
512,391 506,552
Due after more than one year
Corporation tax recoverable assets 126,423 103,102
638,814 609,654
8. Creditors: Amounts Falling Due Within One Year
2025 2024
£ £
Trade creditors 12,795 28,266
Corporation tax 86,805 137,015
Social security and other tax 8,829 7,699
Other creditors 3,116 4,348
Accruals and deferred income 31,961 37,204
143,506 214,532
9. Share Capital
2025 2024
£ £
Allotted, Called up and fully paid 1,050,000 1,050,000
Page 5
Page 6
10. Directors Advances, Credits and Guarantees
Included within Debtors are the following loans to directors:
As at 1 April 2024 Amounts advanced Amounts repaid Amounts written off As at 31 March 2025
£ £ £ £ £
Dr Paul Greatrex 421,486 124,608 171,510 - 374,584
The above loan is unsecured, and repayable on demand. Interest is charged at the offical rate of 2.25%
Page 6