Company Registration No. 06441991 (England and Wales)
PARADE DENTAL PRACTICE LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
PAGES FOR FILING WITH REGISTRAR
PARADE DENTAL PRACTICE LIMITED
COMPANY INFORMATION
Directors
Mr A Byrne
Mr M Byrne
Mrs K Byrne
Company number
06441991
Registered office
48A North Street
Bridgwater
Somerset
TA6 3PN
Accountants
Apsleys Chartered Accountants
21 Bampton Street
Tiverton
Devon
EX16 6AA
PARADE DENTAL PRACTICE LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 6
PARADE DENTAL PRACTICE LIMITED
BALANCE SHEET
AS AT
31 MARCH 2023
31 March 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
5
59,360
47,893
Current assets
Debtors
6
9,458
16,059
Cash at bank and in hand
47,026
50,043
56,484
66,102
Creditors: amounts falling due within one year
7
(45,346)
(45,146)
Net current assets
11,138
20,956
Total assets less current liabilities
70,498
68,849
Provisions for liabilities
(10,725)
(8,424)
Net assets
59,773
60,425
Capital and reserves
Called up share capital
8
200
200
Profit and loss reserves
59,573
60,225
Total equity
59,773
60,425
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 31 March 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
The financial statements were approved by the board of directors and authorised for issue on 1 August 2023 and are signed on its behalf by:
Mr A Byrne
Director
Company Registration No. 06441991
PARADE DENTAL PRACTICE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
- 2 -
1
Accounting policies
Company information
Parade Dental Practice Limited is a private company limited by shares incorporated in England and Wales within the United Kingdom.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.
1.2
Turnover
Turnover represents the total invoice value of services provided during the year.
Revenue from contracts for the provision of professional services under the NHS is a set price per unit.
Revenue from contracts for the provision of private professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that are recoverable.
1.3
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost of assets less their residual values over their useful lives on the following bases:
Land and buildings Leasehold
Straight line over the life of the lease
Fixtures, fittings & equipment
25% reducing balance
Computer equipment
3 years straight line
1.4
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts.
1.5
Financial instruments
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.
1.6
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
PARADE DENTAL PRACTICE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
1
Accounting policies
(Continued)
- 3 -
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes 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 reporting end date.
Deferred tax
Deferred taxation is provided on the liability method to take account of timing differences between the treatment of certain items for accounts purposes and their treatment for tax purposes.
1.7
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
1.8
Retirement benefits
The company operates a defined contribution scheme for the benefit of its employees. The costs of contributions are written off against profits in the year they are payable.
The company also operates a defined benefit pension scheme for employees. The assets of the scheme are held separately from those of the company. The pension costs charged in the financial statements represent the contribution payable by the company during the year.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was 11 (2022 - 11).
3
Taxation
2023
2022
£
£
Current tax
UK corporation tax on profits for the current period
4,901
8,535
Adjustments in respect of prior periods
1
Total current tax
4,901
8,536
Deferred tax
Origination and reversal of timing differences
2,301
(2,039)
Total tax charge
7,202
6,497
PARADE DENTAL PRACTICE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
3
Taxation
(Continued)
- 4 -
The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:
2023
2022
£
£
Profit before taxation
46,510
34,234
Expected tax charge based on the standard rate of corporation tax in the UK of 19.00% (2022: 19.00%)
8,837
6,504
Tax effect of expenses that are not deductible in determining taxable profit
23
22
Depreciation add back
3,755
2,954
Capital allowances
(7,714)
(944)
Deferred tax movement
2,301
(2,039)
Taxation for the year
7,202
6,497
4
Intangible fixed assets
Goodwill
£
Cost
At 1 April 2022 and 31 March 2023
199,321
Amortisation and impairment
At 1 April 2022 and 31 March 2023
199,321
Carrying amount
At 31 March 2023
At 31 March 2022
PARADE DENTAL PRACTICE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 5 -
5
Tangible fixed assets
Land and buildings Leasehold
Fixtures, fittings & equipment
Computer equipment
Total
£
£
£
£
Cost
At 1 April 2022
25,120
164,526
29,137
218,783
Additions
30,738
491
31,229
At 31 March 2023
25,120
195,264
29,628
250,012
Depreciation and impairment
At 1 April 2022
12,814
131,228
26,848
170,890
Depreciation charged in the year
2,169
16,008
1,585
19,762
At 31 March 2023
14,983
147,236
28,433
190,652
Carrying amount
At 31 March 2023
10,137
48,028
1,195
59,360
At 31 March 2022
12,306
33,298
2,289
47,893
6
Debtors
2023
2022
Amounts falling due within one year:
£
£
Unpaid share capital
20
20
Other debtors
522
2,348
Prepayments and accrued income
8,916
13,691
9,458
16,059
7
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
8,615
11,329
Corporation tax
4,880
8,535
Other taxation and social security
7,216
4,046
Other creditors
21,487
18,028
Accruals and deferred income
3,148
3,208
45,346
45,146
PARADE DENTAL PRACTICE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 6 -
8
Called up share capital
2023
2022
£
£
Ordinary share capital
Issued and fully paid
180 Ordinary A shares of £1 each
180
180
20 Ordinary B shares of £1 each
20
20
200
200