Company Registration No. 06441991 (England and Wales)
PARADE DENTAL PRACTICE LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022
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
Aspen Waite South West
21 Bampton Street
Tiverton
Devon
EX16 6AA
PARADE DENTAL PRACTICE LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 7
PARADE DENTAL PRACTICE LIMITED
BALANCE SHEET
AS AT
31 MARCH 2022
31 March 2022
- 1 -
2022
2021
Notes
£
£
£
£
Fixed assets
Tangible assets
5
47,893
59,613
Current assets
Debtors
6
16,059
7,653
Cash at bank and in hand
50,043
69,566
66,102
77,219
Creditors: amounts falling due within one year
7
(45,146)
(53,721)
Net current assets
20,956
23,498
Total assets less current liabilities
68,849
83,111
Provisions for liabilities
(8,424)
(10,463)
Net assets
60,425
72,648
Capital and reserves
Called up share capital
8
200
200
Profit and loss reserves
60,225
72,448
Total equity
60,425
72,648
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 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
T
he directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
T
he 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.
PARADE DENTAL PRACTICE LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 MARCH 2022
31 March 2022
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 20 April 2022 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 2022
- 3 -
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 a
mounts
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
Going concern
1.3
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.
1.4
Tangible fixed assets
Tangible fixed assets
are initially measured at cost and subsequently measured at cos
t
, 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
1.5
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.
1.6
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.
PARADE DENTAL PRACTICE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2022
1
Accounting policies
(Continued)
- 4 -
1.7
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
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.
1.8
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.
1.9
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.
1.10
Government grants
Government grants are recognised at the fair value of the asset receive
d
or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.
A grant that specifies performance conditions is recognised in income when the performance conditions are met
. Where a
grant does not specify performance conditions
it
is recognised in income when the proceeds are received or receivable
. A grant received before the recognition criteria are satisfied is recognised as a liability.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was 11 (2021 - 12
).
PARADE DENTAL PRACTICE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2022
- 5 -
3
Taxation
2022
2021
£
£
Current tax
UK corporation tax on profits for the current period
8,535
31,048
Adjustments in respect of prior periods
1
4
Total current tax
8,536
31,052
Deferred tax
Origination and reversal of timing differences
(2,039)
(2,766)
Total tax charge
6,497
28,286
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:
2022
2021
£
£
Profit before taxation
34,234
145,888
Expected tax charge based on the standard rate of corporation tax in the UK of 19.00% (2021: 19.00%)
6,504
27,719
Tax effect of expenses that are not deductible in determining taxable profit
22
377
Adjustments in respect of prior years
4
Depreciation add back
2,954
3,468
Capital allowances
(944)
(515)
Deferred tax movement
(2,039)
(2,767)
Taxation for the year
6,497
28,286
4
Intangible fixed assets
Goodwill
£
Cost
At 1 April 2021 and 31 March 2022
199,321
Amortisation and impairment
At 1 April 2021 and 31 March 2022
199,321
Carrying amount
At 31 March 2022
At 31 March 2021
PARADE DENTAL PRACTICE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2022
- 6 -
5
Tangible fixed assets
Land and buildings Leasehold
Fixtures, fittings & equipment
Computer equipment
Total
£
£
£
£
Cost
At 1 April 2021
25,120
163,304
26,538
214,962
Additions
1,222
2,599
3,821
At 31 March 2022
25,120
164,526
29,137
218,783
Depreciation and impairment
At 1 April 2021
10,303
120,131
24,915
155,349
Depreciation charged in the year
2,511
11,097
1,933
15,541
At 31 March 2022
12,814
131,228
26,848
170,890
Carrying amount
At 31 March 2022
12,306
33,298
2,289
47,893
At 31 March 2021
14,817
43,173
1,623
59,613
6
Debtors
2022
2021
Amounts falling due within one year:
£
£
Unpaid share capital
20
20
Other debtors
2,348
1,827
Prepayments and accrued income
13,691
5,806
16,059
7,653
7
Creditors: amounts falling due within one year
2022
2021
£
£
Trade creditors
11,329
5,077
Corporation tax
8,535
31,048
Other taxation and social security
4,046
2,830
Other creditors
18,028
11,558
Accruals and deferred income
3,208
3,208
45,146
53,721
PARADE DENTAL PRACTICE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2022
- 7 -
8
Called up share capital
2022
2021
£
£
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