Registration number:
Rodericks Dental Limited
for the Year Ended 31 March 2020
Rodericks Dental Limited
Contents
Company Information |
|
Strategic Report |
|
Directors' Report |
|
Director's responsibilities statement |
|
Independent Auditor's Report |
|
Profit and Loss Account |
|
Statement of Comprehensive Income |
|
Balance Sheet |
|
Statement of Changes in Equity |
|
Notes to the Financial Statements |
Rodericks Dental Limited
Company Information
Directors |
G York R C Smith A Khetia D Farrell C Clark C Brady S Mehra |
Company secretary |
S Mehra |
Registered office |
|
Bankers |
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Auditors |
|
Rodericks Dental Limited
Strategic Report for the Year Ended 31 March 2020
The directors present their strategic report for the year ended 31 March 2020.
Business activities and review of the business
The directors are pleased to report that the company has performed well during the year under review. Our strategy of growing the network via acquisitions, against tightly controlled criteria, has accelerated in the year and the business acquired an additional 7 practices. The practices become fully integrated into the business over time and form a strong network across our chosen geographies. We expect this growth to continue.
In addition we have invested in central systems and support to help underpin the practice network and ensure a high quality of service from our support centre to our local practice staff; self-employed clinical team and our patients. The core of our revenue comes via long term NHS contracts although we have seen a growth in private revenue with the introduction of additional services and offering choice to our patient base.
We work collaboratively with our key strategic suppliers to ensure we operate clean, safe and well equipped dental surgeries with an appropriate range of treatments for our patients. We use national contractors for many services e.g. clinical waste, cleaning etc that operate to high professional standards.
Alongside many businesses around the world the business has been impacted by the Covid pandemic in the final weeks of the year under review, and into the following financial year. This is covered in more detail in the future developments section of this report.
The company is a wholly owned subsidiary of Rodericks Dental Holdings Limited.
On 11 September 2017, CBPE Capital LLP, a UK-based private equity firm acquired 66.8% of Seth Topco Limited as part of a refinancing arrangement. Seth Topco Limited became the ultimate parent of the Group, and the immediate parent company of Seth Finco Limited.
Seth Finco Limited owns 100% of Seth Midco Limited.
Seth Midco Limited owns 100% of Seth Bidco Limited.
Seth Bidco Limited wholly owns 100% of Rodericks Dental Holdings Limited. All companies are registered in England and Wales.
Turnover for the year ended 31 March 2020 amounted to £52.81m compared to £46.43m for the year ended 31 March 2019.
Operating loss for the year ended 31 March 2020 amounted to (£1.6m) compared to (£0.5m) for the year ended 31 March 2019.
Rodericks Dental Limited
Strategic Report for the Year Ended 31 March 2020
Principal risks and uncertainties
The key risks that could most have a material effect on the company's business activities are those of its workforce and contracts with the NHS.
The company relies heavily on its workforce and the ability to attract, develop and retain employees and associates with the necessary experience and skills.
To minimise such risks the company has developed its recruitment, induction, training and development processes to ensure the highest level of personnel are recruited and retained.
The majority of the company's income is received by way of NHS contracts relating to the performance of units of dental activity (UDA's). The company closely monitors its UDA's to ensure the required targets set by the NHS are met.
Key Performance Indicators (KPIs)
The significant KPIs of the company include the following:
i) NHS - Monitoring of performance against contracted activity;
ii) Utilisation - Measurement of dental activity to available resources;
iii) Staff & Dental personnel retention - Staff turnover; and
iv) EBITDA - Comparison of monthly results against budgets.
Due to the commercially sensitive nature of the information the directors do not consider it appropriate to disclose the actual ratios concerned in this report.
Rodericks Dental Limited
Strategic Report for the Year Ended 31 March 2020
Future Developments
The group plan to continue its growth strategy primarily through acquisitions, with the tendering for NHS Greenfield sites where appropriate opportunities arise.
In the first quarter of FY21, Covid-19 has impacted the industry across the country. The business has been following NHS England and NHS Wales guidelines throughout as standard operating procedures have evolved through the pandemic. The NHS have provided ongoing support in terms of contract payments and have been a strong partner through these unprecedented times. Private revenues have been the most impacted but are expected to recover as patient volumes coming through the practices increase in the coming months.
During the second quarter of FY21 as the country came out of national lockdown we have opened up our practices in line with NHS guidelines and seen an increasing number of face to face patient visits as well as operating a very effective telephone triage service across the estate. We will evolve our service to our patients as standard operating procedures, in line with guidelines, are developed in the coming months whilst measures are taken to control the spread of the pandemic.
Employees
The company does not discriminate between employees on the grounds of race, ethnic origin, age or sex. Equal opportunity is given to all suitable job applicants.
Applications for employment from disabled persons are given full and fair consideration with regard only to the ability of the candidates to carry out satisfactorily the duties of the job. Should an existing employee become disabled, every effort is made to ensure continuing employment with the retraining arranged where necessary. Disabled persons share in the opportunities for career developments and promotion while training takes account of any special needs.
Briefing and consultative procedures exist throughout the company to provide employees with relevant information.
This report does not contain information regarding Environmental, Social, Community and Human rights.
Rodericks Dental Limited
Strategic Report for the Year Ended 31 March 2020
Section 172(1) statement - Engaging with our stakeholders
The board has a duty to promote the success of the Company for the benefit of its members as a whole having regard to the interests of our patients, our people, our relationship with our suppliers and the impact of our operations on the communities in which we operate, and to ensure that we maintain a reputation for high standards of business conduct.
Our key stakeholders are our patients and our people. Our suppliers, regulators and the communities we operate in are also important stakeholder groups. The Board endeavours to gain an understanding of the perceptions and attitudes of each stakeholder group and the weight they give to different issues. Where the views of different stakeholder groups do not align, the Board must decide on the best course of action to promote the Company'’s long-term success.
Patients
Patients are at the heart of our business. We aim to deliver truly outstanding, patient experiences, ensuring great clinical outcomes and value for money.
People
As a service organisation, our people are key to our business. We want our people to feel engaged and empowered to deliver great outcomes for our patients and be healthier and happier themselves. We engage with the people across the company by running surveys in order to assess engagement across the company.
Regulators
The company’s dental centres are regulated by the Care Quality Commission (CQC) and other relevant regulators. Regulators ultimately aim to protect patients and ensure that they receive high levels of care and are treated fairly. This clearly aligns with our strategy of being Clinically led.
Our regulators expect us to:
Have robust and effective processes and controls in place to mitigate risks to protect our patients
Provide high-quality, clinically robust services
Ensure we operate in a sustainable way
The business has an open and honest relationship with the CQC and self-reports incidents. We work with the CQC to ensure we meet regulatory requirements and we act quickly to address any issues or concerns raised.
Approved by the
.........................................
Company secretary and director
Rodericks Dental Limited
Directors' Report for the Year Ended 31 March 2020
The directors present their report and the financial statements for the year ended 31 March 2020.
Principal Activity
The principal activity of the company in the year under review was that of the provision of dental services to the general public.
Dividends
The total distribution of dividends for the year ended 31 March 2020 amounted to £nil (2019 - £nil).
Directors of the company
The directors who held office during the year were as follows:
On an ongoing basis Directors and Officers insurance is in place, both through this financial period and at the point this report was approved.
Engagement with employees
Employees are kept informed of the operation and financial developments of the group through meetings, weekly practice bulletins and surveys.
We hold 2 conferences per year which is our key forum to bring practice staff together discussing progress, plans and quality initiatives.
All employees have the opportunity to develop and progress, which is now being encouraged by a new online learning platform.
Monthly Area meetings and business reviews are held with members of the support centre attending to improve networking, business management support and local decision making.
Environmental matters
The directors are also conscious of their wider environmental responsibilities and within the healthcare setting strive for the highest level of clinical treatment standards and the safe removal of clinical waste across the estate. The business has also begun monitoring its energy usage this year where 2.2million kWh of energy (gas and electricity) was used in the calendar year of 2019. As a business we currently don’t measure our CO2 emissions.
Rodericks Dental Limited
Directors' Report for the Year Ended 31 March 2020
Going concern
In preparing these financial statement the directors have assessed the ability of the company to continue to operate for the period of at least twelve months from the date of signing the financial statements. The impact of COVID-19 on the company has been limited given it is a holding company and based on current position the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for a period of at least twelve months from that date of signing these financial statements and accordingly they adopt the going concern basis in preparing these financial statements.
The Directors’ have considered this further, including the impact of Covid-19 on the business, on page 18.
Information included in the Strategic Report
Under section 414C(11) the following information is included in the Strategic Report instead of the Directors Report.
Annual business review;
Principal risks and uncertainties;
Key performance indicators;
Future developments; and
Employee information
Directors' qualifying third party indemnity provisions
During the year under review, and at the date of approval of the financial statements, Seth Topco Limited, the ultimate parent company, had in force a third party indemnity provision in favour of the directors of Rodericks Dental Limited against liability in respect of proceedings brought by third parties, subject to the conditions set out in the Companies Act 2006.
Disclosure of information to the auditors
The directors confirm that:
• so far as each director is aware, there is no relevant audit information of which the company’s auditor is unaware; and
• the directors have taken all the steps that they ought to have taken as directors in order to make themselves aware of any relevant audit information and to establish that the company’s auditor is aware of that information.
Reappointment of auditors
The auditors Grant Thornton UK LLP are deemed to be reappointed under section 487(2) of the Companies Act 2006.
Approved by the
.........................................
Company secretary and director
Rodericks Dental Limited
Director's responsibilities statement
The directors acknowledge their responsibilities for preparing the Annual 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, including FRS 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’. 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 and profit or loss of the company and 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 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.
Rodericks Dental Limited
Independent Auditor's Report to the Members of Rodericks Dental Limited
Opinion
We have audited the financial statements of Rodericks Dental Limited (the 'company') for the year ended 31 March 2020, which comprise the Profit and Loss Account, Statement of Comprehensive Income, Balance Sheet, Statement of Changes in Equity, 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 company's affairs as at 31 March 2020 and of its loss 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’s 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.
The impact of macro-economic uncertainties on our audit
Our audit of the financial statements requires us to obtain an understanding of all relevant uncertainties, including those arising as a consequence of the effects of macro-economic uncertainties such as Covid-19 and Brexit. All audits assess and challenge the reasonableness of estimates made by the directors and the related disclosures and the appropriateness of the going concern basis of preparation of the financial statements. All of these depend on assessments of the future economic environment and the company’s future prospects and performance.
Covid-19 and Brexit are amongst the most significant economic events currently faced by the UK, and at the date of this report their effects are subject to unprecedented levels of uncertainty, with the full range of possible outcomes and their impacts unknown. We applied a standardised firm-wide approach in response to these uncertainties when assessing the company’s future prospects and performance. However, no audit should be expected to predict the unknowable factors or all possible future implications for a company associated with these particular events.
Conclusions relating to going concern
We have nothing to report in respect of the following matters in relation to which the ISAs (UK) require us to report to you where:
Rodericks Dental Limited
Independent Auditor's Report to the Members of Rodericks Dental Limited
• |
the directors’ use of the going concern basis of accounting in the preparation of the financial statements is not appropriate; or |
• |
the directors have not disclosed in the financial statements any identified material uncertainties that may cast significant doubt about the company’s ability to continue to adopt the going concern basis of accounting for a period of at least twelve months from the date when the financial statements are authorised for issue. |
In our evaluation of the directors' conclusions, we considered the risks associated with the company's business, including effects arising from macro-economic uncertainties such as Covid-19 and Brexit, and analysed how those risks might affect the company's financial resources or ability to continue operations over the period of at least twelve months from the date when the financial statements are authorised for issue. In accordance with the above, we have nothing to report in these respects.
However, as we cannot predict all future events or conditions and as subsequent events may result in outcomes that are inconsistent with judgements that were reasonable at the time they were made, the absence of reference to a material uncertainty in this auditor's report is not a guarantee that the company will continue in operation.
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 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 directors’ report for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
• |
the strategic report and the directors’ report have been prepared in accordance with applicable legal requirements. |
Matter on which we are required to report under the Companies Act 2006
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 directors’ report.
Rodericks Dental Limited
Independent Auditor's Report to the Members of Rodericks Dental Limited
Matters on which we are required to report by exception
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 for the financial statements
As explained more fully in the Director's responsibilities statement set out on page 8, 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 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.
Rodericks Dental Limited
Independent Auditor's Report to the Members of Rodericks Dental Limited
Auditor’s 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.
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 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.
......................................
For and on behalf of
Victoria House
199 Avebury Boulevard
MK9 1AU
Rodericks Dental Limited
Profit and Loss Account for the Year Ended 31 March 2020
Note |
Continuing operations |
Discontinued operations |
Total |
Continuing operations |
Discontinued operations |
Total |
|
Turnover |
|
- |
|
|
- |
|
|
Cost of sales |
( |
- |
( |
( |
- |
( |
|
Gross profit |
|
- |
|
|
- |
|
|
Administrative expenses |
( |
- |
( |
( |
( |
( |
|
Other operating income |
|
- |
|
|
- |
|
|
Operating (loss)/profit |
( |
- |
( |
|
( |
( |
|
Other interest receivable and similar income |
|
- |
|
|
- |
|
|
Interest payable and similar expenses |
( |
- |
( |
( |
- |
( |
|
(3,018,018) |
- |
(3,018,018) |
(3,270,917) |
- |
(3,270,917) |
||
Loss before tax |
( |
- |
( |
( |
( |
( |
|
Tax on loss |
( |
- |
( |
|
- |
|
|
Loss for the financial year |
( |
- |
( |
( |
( |
( |
Rodericks Dental Limited
Statement of Comprehensive Income for the Year Ended 31 March 2020
2020 |
2019 |
|
Loss for the year |
( |
( |
Total comprehensive income for the year |
( |
( |
Rodericks Dental Limited
(Registration number: 00190237)
Balance Sheet as at 31 March 2020
Note |
2020 |
2019 |
|
Fixed assets |
|||
Intangible assets |
|
|
|
Tangible assets |
|
|
|
Investments |
|
|
|
55,990,742 |
30,212,636 |
||
Current assets |
|||
Stocks |
|
|
|
Debtors |
|
|
|
Cash at bank and in hand |
|
|
|
|
|
||
Creditors: Amounts falling due within one year |
( |
( |
|
Net current (liabilities)/assets |
( |
|
|
Total assets less current liabilities |
|
|
|
Creditors: Amounts falling due after more than one year |
( |
( |
|
Provisions for liabilities |
( |
( |
|
Net (liabilities)/assets |
( |
|
|
Capital and reserves |
|||
Called up share capital |
|
|
|
Share premium reserve |
|
|
|
Capital redemption reserve |
|
|
|
Profit and loss account |
( |
|
|
Total equity |
( |
|
Approved and authorised by the
.........................................
Company secretary and director
Rodericks Dental Limited
Statement of Changes in Equity for the Year Ended 31 March 2020
Share capital |
Share premium |
Capital redemption reserve |
Other reserves |
Profit and loss account |
Total |
|
At 1 April 2019 |
|
|
|
- |
|
|
Loss for the year |
- |
- |
- |
- |
( |
( |
Total comprehensive income |
- |
- |
- |
- |
( |
( |
At 31 March 2020 |
|
|
|
- |
( |
( |
Share capital |
Share premium |
Capital redemption reserve |
Profit and loss account |
Total |
|
At 1 April 2018 |
|
|
|
|
|
Loss for the year |
- |
- |
- |
( |
( |
Total comprehensive income |
- |
- |
- |
( |
( |
At 31 March 2019 |
|
|
|
|
|
Rodericks Dental Limited
Notes to the Financial Statements for the Year Ended 31 March 2020
General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The principal place of business is:
15 Basset Court
Loake Close
Grange Park
Northampton
NN4 5EZ
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 UK and Republic of Ireland'.
Basis of preparation
These financial statements have been prepared using the historical cost convention.
The groups functional and presentational currency is GBP.
Summary of disclosure exemptions
The company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":
- the requirements of Section 7 Statement of Cash Flows;
- the requirement of Section 11 Financial instruments paragraphs 11.42, 11.44 to 11.45, 11.47, 11.48(a)(iii), 11.48(a) (iv), 11.48(b) and 11.48(c);
- the requirement of Section 12 Other financial instruments paragraphs 12.26 to 12.27, 12.29(a), 12.29(b) and 12.29;
- the requirements of Section 26 Share-based Payment paragraphs 26.18(b) 26.19 to 26.21 and 26.23
- the requirements of Section 33 Related Party Disclosures paragraph 33.7
- the requirement of Section 400 Regulation 6(2) and the disclosure of non-audit services.
Rodericks Dental Limited
Notes to the Financial Statements for the Year Ended 31 March 2020
2 |
Accounting policies (continued) |
Group accounts not prepared
Going concern
In preparing these financial statement the directors have assessed the ability of the company to continue to operate for the period of at least twelve months from the date of signing the financial statements. The impact of COVID-19 on the company has been limited given it is a holding company and based on current position the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for a period of at least twelve months from that date of signing these financial statements and accordingly they adopt the going concern basis in preparing these financial statements.
The group (Seth Topco Limited) continued to be cash generative since the balance sheet date and in light of this the directors have also concluded that it is appropriate to prepare the Group's financial statements on a going concern basis which forms part of this holding company.
Covid-19
In the first quarter of FY21, Covid-19 has impacted the industry across the country. The business has been following NHS England and NHS Wales guidelines throughout as standard operating procedures have evolved through the pandemic. The NHS have provided ongoing support in terms of contract payments and have been a strong partner through these unprecedented times. Private revenues have been the most impacted but are expected to recover as patient volumes coming through the practices increase in the coming months.
During the second quarter of FY21 as the country came out of national lockdown we have opened up our practices in line with NHS guidelines and seen an increasing number of face to face patient visits as well as operating a very effective telephone triage service across the estate. We will evolve our service to our patients as standard operating procedures, in line with guidelines, are developed in the coming months whilst measures are taken to control the spread of the pandemic.
Rodericks Dental Limited
Notes to the Financial Statements for the Year Ended 31 March 2020
2 |
Accounting policies (continued) |
Reclassification of comparative amounts
1. A loss of £185,547 on financial instruments was included in the statement of comprehensive income. This amount has been reallocated to the Profit and Loss account in the current year and removed from the statement of comprehensive income.
2. A creditor of £257,172 was disclosed as deferred consideration due after one year in the prior year financial statements. The amount has been reallocated to amounts due to related parties within one year in the current financial statements.
All areas within these financial statements in which the changes have been made are marked 'As restated'.
Rodericks Dental Limited
Notes to the Financial Statements for the Year Ended 31 March 2020
2 |
Accounting policies (continued) |
Judgements
In applying the Company's accounting policies, the directors are required to make judgements, estimates and assumptions in determining the carrying amounts of assets and liabilities. The directors' best judgements, estimates and assumptions are based on the best and most reliable evidence available at the time when the decisions are made, and are based on historical experience and other factors that are considered to be appropriate. |
Due to the inherent subjectivity involved in making such judgements, estimates and assumptions, the actual results and outcomes may differ. |
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. |
Key sources of estimation uncertainty
Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
The key accounting estimates and assumptions of the Company are:
Fair values on acquisitions;
Valuation of stocks;
Bad debts;
Impairment of intangible assets and goodwill; and
Useful expected lives of intangible assets.
Amortisation of the estimated useful expected lives of intangible assets and goodwill has been calculated based on a professional valuation of NHS contracts, customer relationships and the brand. The useful expected lives are summarised in the amortisation accounting policy.
Revenue recognition
Turnover represents the amounts chargeable for the delivery of dental goods and services provided by the company, exclusive of VAT. NHS income is recognised evenly over the contract year and private income is recognised as and when the treatment is carried out.
Tax
The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.
Rodericks Dental Limited
Notes to the Financial Statements for the Year Ended 31 March 2020
2 |
Accounting policies (continued) |
Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.
Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.
Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are stated in the balance sheet 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 |
Land and buildings - Short leasehold |
over the period of the lease |
Fixtures, fittings and equipment |
25%, 20% and 10% on cost |
Motor vehicles |
20% on cost |
Other tangible assets |
12.5% on cost |
Business combinations
Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. 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.
Goodwill
Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.
Rodericks Dental Limited
Notes to the Financial Statements for the Year Ended 31 March 2020
2 |
Accounting policies (continued) |
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 |
estimated useful life of between 10 and 20 years as appropriate. |
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 the NHS for services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.
Stocks
Stocks consist of dental supplies and consumables and are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.
Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.
Rodericks Dental Limited
Notes to the Financial Statements for the Year Ended 31 March 2020
2 |
Accounting policies (continued) |
Borrowings
Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and Loss Account over the period of the relevant borrowing.
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.
Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.
Provisions
The company makes provision for liabilities when it has a legal or constructive obligation arising from a past event, it is probable that an outflow of resources will be required to settle an obligation, and the amount can be reliably estimated. Provisions are not discounted on the basis of materiality.
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 company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.
Rodericks Dental Limited
Notes to the Financial Statements for the Year Ended 31 March 2020
2 |
Accounting policies (continued) |
Defined contribution pension obligation
A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company 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.
Share based payments
The group issues equity share based payments to certain employees (including directors).
Equity settled share based payments are measured at fair value for the period using the value of shares at the date of grant.
Financial instruments
Classification
Debt instruments such as loans and other accounts receivable and payable are initially measured at present value of the future payments and subsequently at amortised cost using the effective interest method; Debt instruments that are payable or receivable within one year, typically trade payables or receivables, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However if the arrangements of a short-term instrument constitute a financing transaction, such as the payment of a trade debt deferred beyond normal business terms or financed at a rate of interest that is not a market rate or in the case of an outright short-term loan not at market rate, the financial asset or liability is measured, initially and subsequently, at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in profit or loss.
Financial assets and liabilities are offset and the net amount reported in the statement of financial position when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Rodericks Dental Limited
Notes to the Financial Statements for the Year Ended 31 March 2020
Revenue |
The analysis of the company's revenue for the year from continuing operations is as follows:
2020 |
2019 |
|
Rendering of dental services and sale of dental goods |
|
|
Management charges receivable |
|
|
|
|
Other operating income |
The analysis of the company's other operating income for the year is as follows:
2020 |
2019 |
|
Rental income |
|
|
Other gains and losses |
The analysis of the company's other gains and losses for the year is as follows:
2020 |
2019 |
|
Gain/(loss) on disposal of property, plant and equipment |
- |
( |
Operating loss |
Arrived at after charging/(crediting)
2020 |
2019 |
|
Depreciation expense |
|
|
Amortisation expense |
|
|
Operating lease expense - plant and machinery |
|
|
Other interest receivable and similar income |
2020 |
2019 |
|
Interest income on bank deposits |
|
|
Dividend income received from subsidiary undertakings |
|
- |
|
|
Rodericks Dental Limited
Notes to the Financial Statements for the Year Ended 31 March 2020
Interest payable and similar expenses |
2020 |
2019 |
|
Interest on bank overdrafts and borrowings |
|
|
Interest on obligations under finance leases and hire purchase contracts |
|
|
Other finance liabilities |
|
|
Loss on financial instruments |
|
|
|
|
The comparative figures for interest payable and similar expenses have been restated as losses on financial instruments of £185,547 were reclassified from other comprehensive income.
Staff costs |
The aggregate payroll costs (including directors' remuneration) were as follows:
2020 |
2019 |
|
Wages and salaries |
|
|
Social security costs |
|
|
Pension costs, defined contribution scheme |
|
|
Staff training and recruitment |
|
|
|
|
The average number of persons employed by the company (including directors) during the year, analysed by category was as follows:
2020 |
2019 |
|
Management |
|
|
Administration and operations |
|
|
Finance |
|
|
|
|
Rodericks Dental Limited
Notes to the Financial Statements for the Year Ended 31 March 2020
Directors' remuneration |
The directors' remuneration for the year was as follows:
2020 |
2019 |
|
Remuneration |
|
|
Contributions paid to superannuation pension scheme |
|
|
938,813 |
805,143 |
During the year the number of directors who were receiving benefits and share incentives was as follows:
2020 |
2019 |
|
Superannuation pension scheme |
|
|
In respect of the highest paid director:
2020 |
2019 |
|
Remuneration |
|
|
Auditors' remuneration |
2020 |
2019 |
|
Audit of the financial statements |
|
|
The company has taken the exemption against disclosing non-audit fees. All non-audit fees have been disclosed by the ultimate parent company, Seth Topco Limited in the year end group consolidated accounts.
Rodericks Dental Limited
Notes to the Financial Statements for the Year Ended 31 March 2020
Taxation |
Tax charged/(credited) in the income statement
2020 |
2019 |
|
Current taxation |
||
UK corporation tax |
- |
|
UK corporation tax adjustment to prior periods |
( |
( |
(15,626) |
(155,016) |
|
Deferred taxation |
||
Arising from origination and reversal of timing differences |
|
|
Arising from changes in tax rates and laws |
( |
( |
Effect of tax rate change on opening balance |
10,555 |
- |
Total deferred taxation |
|
|
Tax expense/(receipt) in the income statement |
|
( |
The tax on loss before tax for the year is the same as the standard rate of corporation tax in the UK (2019 - the same as the standard rate of corporation tax in the UK) of
The differences are reconciled below:
2020 |
2019 |
|
Loss before tax |
( |
( |
Corporation tax at standard rate |
( |
( |
Rodericks Dental Limited
Notes to the Financial Statements for the Year Ended 31 March 2020
12 |
Taxation (continued) |
2020 |
2019 |
|
Effect of expense not deductible in determining taxable profit (tax loss) |
|
|
UK deferred tax credit relating to changes in tax rates or laws |
( |
( |
Deferred tax credit from unrecognised temporary difference from a prior period |
( |
( |
Decrease in UK and foreign current tax from adjustment for prior periods |
( |
( |
Tax increase from effect of capital allowances and depreciation |
|
|
Deferred tax not recognised |
|
|
Tax increase arising from group relief |
|
|
Other tax effects for reconciliation between accounting profit and tax expense (income) |
( |
|
Total tax charge/(credit) |
|
( |
The March 2016 Budget Statement announced a change to the UK Corporation tax regime which would reduce the main rate of Corporation tax to 17% from 1 April 2020. Subsequently in the Spring Budget 2020, it was announced that the main rate of Corporation tax would remain at 19% from 1 April 2020. As this subsequent announcement was substantively enacted on 17 March 2020 and before the balance sheet date their effects are included in these financial statements.
Rodericks Dental Limited
Notes to the Financial Statements for the Year Ended 31 March 2020
Intangible assets |
Goodwill |
Total |
|
Cost or valuation |
||
At 1 April 2019 |
|
|
Additions acquired separately |
|
|
At 31 March 2020 |
|
|
Amortisation |
||
At 1 April 2019 |
|
|
Amortisation charge |
|
|
At 31 March 2020 |
|
|
Carrying amount |
||
At 31 March 2020 |
|
|
At 31 March 2019 |
|
|
All goodwill additions relate to acquisitions through business combinations. The acquisition method of accounting for business combinations has been used on all acquisitions in the year.
During this financial year, the group have made the following acquisitions;
Asset purchases trading under Rodericks Dental Limited
Ellesmere Port Dental Practice
Harlestone Road Dental Practice
Cavendish Dental Practice
Sheil Road Dental Practice
Hall & Smith Dental Practice
The Collegiate Dental Practice
Salford Dental Practice
Rodericks Dental Limited
Notes to the Financial Statements for the Year Ended 31 March 2020
13 |
Intangible assets (continued) |
Parental Guarantee disclosures
The following subsidiaries are exempt from the requirements of the UK Companies Act 2006 relating to the audit of individual accounts by virtue of s479A of the Act.
Rodericks (Wales) Limited (09404747)
RD Davies Limited (06748334)
Bryant Dental Practice Limited (06509276)
Winnersh Dental Practice Limited (06971995)
Chipping Manor Dental Practice Limited (06512564)
Cottams Dental Practice Limited (08107764)
High Street Dental Practice Limited (06485427)
Eastwood Dental Limited (10237429)
Rodericks Private Limited (10204800)
Rodericks (Chalfont St Giles) Limited (10516972)
Oral Ceramics Limited (01791389)
Woodburn Cottage Services Limited (07187295)
Denticheck Limited (05941795)
United Dental Limited (08740332)
Cwmtawe Dental Practice Limited (06520991)
Mansfield Practice Limited (07435476)
Park Dental Care Limited (05542197)
Courtland Dental Centre Limited (07912981)
Archway (Manchester) Limited (08645765)
Revive Dental Care Limited (05935737)
Rodericks Beeston Limited (11942664)
Rodericks Mexborough Limited (11942809)
Ash Dental Practice Limited (07178216)
Rodericks Dental Limited
Notes to the Financial Statements for the Year Ended 31 March 2020
Tangible assets |
Land and buildings |
Furniture, fittings and equipment |
Motor vehicles |
Other tangible assets |
Total |
|
Cost or valuation |
|||||
At 1 April 2019 |
|
|
|
|
|
Additions |
|
|
- |
|
|
Disposals |
- |
( |
- |
( |
( |
At 31 March 2020 |
|
|
|
|
|
Depreciation |
|||||
At 1 April 2019 |
|
|
|
|
|
Charge for the year |
|
|
|
|
|
Eliminated on disposal |
- |
( |
- |
( |
( |
At 31 March 2020 |
|
|
|
|
|
Carrying amount |
|||||
At 31 March 2020 |
|
|
|
|
|
At 31 March 2019 |
|
|
|
|
|
Rodericks Dental Limited
Notes to the Financial Statements for the Year Ended 31 March 2020
14 |
Tangible assets (continued) |
There is a fixed charge held with National Westminster Bank Plc over the freehold property and all other assets of the company.
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:
2020 |
2019 |
|
Property, plant and equipment |
434,759 |
521,199 |
Investments |
2020 |
2019 |
|
Investments in subsidiaries |
|
|
Subsidiaries |
£ |
Cost or valuation |
|
At 1 April 2019 |
|
Additions |
|
At 31 March 2020 |
|
Provision |
|
Carrying amount |
|
At 31 March 2020 |
|
At 31 March 2019 |
|
Details of undertakings
Details of the investments (including principal place of business of unincorporated entities) in which the company holds 20% or more of the nominal value of any class of share capital are as follows:
Rodericks Dental Limited
Notes to the Financial Statements for the Year Ended 31 March 2020
15 |
Investments (continued) |
Undertaking |
Registered office |
Holding |
Proportion of voting rights and shares held |
||||
2020 |
2019 |
||||||
Subsidiary undertakings |
|||||||
|
15 Basset Court, Loake Close, Grange Park, Northampton, NN4 5EZ England and Wales |
|
|
|
|||
|
15 Basset Court, Loake Close, Grange Park, Northampton, NN4 5EZ England and Wales |
|
|
|
|||
|
15 Basset Court, Loake Close, Grange Park, Northampton, NN4 5EZ England and Wales |
|
|
|
|||
|
15 Basset Court, Loake Close, Grange Park, Northampton, NN4 5EZ England and Wales |
|
|
|
|||
|
15 Basset Court, Loake Close, Grange Park, Northampton, NN4 5EZ England and Wales |
|
|
|
|||
|
15 Basset Court, Loake Close, Grange Park, Northampton, NN4 5EZ England and Wales |
|
|
|
|||
|
15 Basset Court, Loake Close, Grange Park, Northampton, NN4 5EZ England and Wales |
|
|
|
|||
|
15 Basset Court, Loake Close, Grange Park, Northampton, NN4 5EZ England and Wales |
|
|
|
Rodericks Dental Limited
Notes to the Financial Statements for the Year Ended 31 March 2020
15 |
Investments (continued) |
Undertaking |
Registered office |
Holding |
Proportion of voting rights and shares held |
||||
|
15 Basset Court, Loake Close, Grange Park, Northampton, NN4 5EZ England and Wales |
|
|
|
|||
|
15 Basset Court, Loake Close, Grange Park, Northampton, NN4 5EZ England and Wales |
|
|
|
|||
|
15 Basset Court, Loake Close, Grange Park, Northampton, NN4 5EZ England and Wales |
|
|
|
|||
|
15 Basset Court, Loake Close, Grange Park, Northampton, NN4 5EZ England and Wales |
|
|
|
|||
|
15 Basset Court, Loake Close, Grange Park, Northampton, NN4 5EZ England and Wales |
|
|
|
|||
|
15 Basset Court, Loake Close, Grange Park, Northampton, NN4 5EZ England and Wales |
|
|
|
|||
|
15 Basset Court, Loake Close, Grange Park, Northampton, NN4 5EZ England and Wales |
|
|
|
|||
|
15 Basset Court, Loake Close, Grange Park, Northampton, NN4 5EZ England and Wales |
|
|
|
Rodericks Dental Limited
Notes to the Financial Statements for the Year Ended 31 March 2020
15 |
Investments (continued) |
Undertaking |
Registered office |
Holding |
Proportion of voting rights and shares held |
||||
|
15 Basset Court, Loake Close, Grange Park, Northampton, NN4 5EZ England and Wales |
|
|
|
|||
|
15 Basset Court, Loake Close, Grange Park, Northampton, NN4 5EZ England and Wales |
|
|
|
|||
|
15 Basset Court, Loake Close, Grange Park, Northampton, NN4 5EZ England and Wales |
|
|
|
|||
|
15 Basset Court, Loake Close, Grange Park, Northampton, NN4 5EZ England and Wales |
|
|
|
The principal activity of Cottam's Dental Practice Limited is |
The principal activity of Rodericks (Wales) Ltd is |
The principal activity of Winnersh Dental Practice Ltd is |
The principal activity of Chipping Manor Dental Practice Ltd is |
The principal activity of Rodericks Eyecare Ltd is |
The principal activity of NNI Holdings Limited is |
The principal activity of High Street Dental Practice Limited is |
The principal activity of Rodericks Private Limited is |
The principal activity of Rodericks (Stoke-on-Trent) Limited is |
The principal activity of Eastwood Dental Ltd is |
The principal activity of Denserve Solutions Ltd is |
The principal activity of Traindent Limited is |
The principal activity of Woodburn Cottage Services Limited is |
The principal activity of Denticheck Limited is |
Rodericks Dental Limited
Notes to the Financial Statements for the Year Ended 31 March 2020
15 |
Investments (continued) |
The principal activity of RE:NU Facial Aesthetics Limited is |
The principal activity of Archway Dental Care (Manchester) Limited is |
The principal activity of Revive Dental Care Limited is |
The principal activity of Rodericks Beeston Limited is |
The principal activity of Rodericks Mexborough Limited is |
The principal activity of Ash Dental Practice Limited is |
Stocks |
2020 |
2019 |
|
Stock of dental supplies and consumables |
|
|
Debtors |
2020 |
2019 |
|
Trade debtors |
|
|
Amounts owed by related parties |
|
|
Other debtors |
|
|
Prepayments |
|
|
Income tax asset |
441,470 |
263,907 |
Total current trade and other debtors |
|
|
The amounts due from the parent company and other entities within the group are non-interest bearing, unsecured and repayable on demand.
Rodericks Dental Limited
Notes to the Financial Statements for the Year Ended 31 March 2020
Cash and cash equivalents |
2020 |
2019 |
|
Cash on hand |
|
|
Short-term deposits |
|
|
|
|
Creditors |
Note |
2020 |
2019 |
|
Due within one year |
|||
Loans and borrowings |
|
|
|
Trade creditors |
|
|
|
Amounts due to related parties |
|
|
|
Social security and other taxes |
|
|
|
Other payables |
|
|
|
Accrued expenses |
|
|
|
|
|
||
Due after one year |
|||
Loans and borrowings |
|
|
Provisions for liabilities |
Deferred tax |
|
At 1 April 2019 |
|
Additional provisions |
|
At 31 March 2020 |
|
Rodericks Dental Limited
Notes to the Financial Statements for the Year Ended 31 March 2020
Pension and other schemes |
Defined contribution pension scheme
The company makes contributions into a workplace pension scheme. During the year an amount of £
Share capital |
Allotted, called up and fully paid shares
2020 |
2019 |
|||
No. |
£ |
No. |
£ |
|
|
|
97,354 |
|
97,255 |
|
|
32,581 |
|
32,581 |
|
|
|
|
The various classes of share capital have the following key rights attached:
Voting
The 'A' and 'B' Ordinary shares shall be treated pari passu and as if they are constituted one class of share. Each holder shall be entitled to receive notice of, and to attend and speak, at any general meeting and at any share class meeting.
Dividends/Income
The 'A' and 'B' Ordinary shares are entitled to participate in dividends and a distribution of capital (including on a winding up).
Redemption and return of capital
The 'A' and 'B' Ordinary shares carry no right of redemption.
Rodericks Dental Limited
Notes to the Financial Statements for the Year Ended 31 March 2020
Reserves |
Share premium
The share premium account represents the consideration received on the issue of shares in the Company in excess of the nominal value of those shares.
Capital redemption reserve
The capital redemption reserve represents the nominal value of shares purchased by the Company.
Profit and loss account
The profit and loss account represents the accumulated profits, losses and distributions of the Group or Company.
Loans and borrowings |
2020 |
2019 |
|
Non-current loans and borrowings |
||
Hire purchase contracts |
|
|
Other borrowings |
|
|
|
|
2020 |
2019 |
|
Current loans and borrowings |
||
Hire purchase contracts |
|
|
Rodericks Dental Limited
Notes to the Financial Statements for the Year Ended 31 March 2020
24 |
Loans and borrowings (continued) |
Bank borrowings due within five years
The group has loan facilities in place. Facility B, C and Incremental of the finance agreement matures on 12 July 2025 and the RCF element matures on 12 July 2024.
Interest on the B, C & Incremental facilities comprise LIBOR plus a margin of 6%, of which the LIBOR is subject to a minimum rate of 0.50% (floor). Interest on the RCF loan comprise of LIBOR plus a margin of 3%.
The group decided to hedge part of the loan (Facility B - £21m) for a period of 3 years under an Interest rate swap + floor.
All loans are secured by a fixed and floating charge over all the assets of the group.
Obligations under leases and hire purchase contracts |
Finance leases
The hire purchase commitments are secured by the assets to which they relate.
The total of future minimum lease payments is as follows:
2020 |
2019 |
|
Not later than one year |
|
|
Later than one year and not later than five years |
|
|
|
|
Operating leases
The total of future minimum lease payments is as follows:
2020 |
2019 |
|
Not later than one year |
|
|
Later than one year and not later than five years |
|
|
Later than five years |
|
|
|
|
The amount of non-cancellable operating lease payments recognised as an expense during the year was £
Rodericks Dental Limited
Notes to the Financial Statements for the Year Ended 31 March 2020
Commitments |
Capital commitments
The total amount contracted for but not provided in the financial statements was £Nil (2019 - £
Related party transactions |
The company has entered into leases on various properties, the freehold interests in which are owned in partnership by certain directors in their personal capacity. Rent paid by the company under these leases in the year amounted to £111,400 (2019 - £111,400).
Financial instruments |
Categorisation of financial instruments
2020 |
2019 |
|
Financial assets measured at fair value through profit or loss |
|
|
Financial assets that are debt instruments measured at amortised cost |
|
|
Financial liabilities measured at amortised cost |
67,891,167 |
37,099,128 |
Financial assets measured at fair value through profit and loss comprises cash at bank.
Financial assets that are debt instruments measured at amortised cost comprise trade debtors and other debtors.
Financial liabilities measured at amortised cost comprise trade creditors, other creditors, loans and borrowings, related party transactions and pension liabilities.
Parent and ultimate parent undertaking |
The company's immediate parent is
The ultimate parent is
The parent of the largest group in which these financial statements are consolidated is
Rodericks Dental Limited
Notes to the Financial Statements for the Year Ended 31 March 2020
29 |
Parent and ultimate parent undertaking (continued) |
The parent of the smallest group in which these financial statements are consolidated is
The address of Seth Topco Limited is:
The group accounts for Seth Topco Limited are also available from Companies House.