Company Registration No. 07049142 (England and Wales)
CTS DENTAL RETAIL SUPPLIES LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2020
PAGES FOR FILING WITH REGISTRAR
CTS DENTAL RETAIL SUPPLIES LIMITED
CONTENTS
Page
Accountants' report
1
Statement of financial position
2
Notes to the financial statements
3 - 6
CTS DENTAL RETAIL SUPPLIES LIMITED
CHARTERED ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF CTS DENTAL RETAIL SUPPLIES LIMITED FOR THE YEAR ENDED 30 JUNE 2020
- 1 -
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of CTS Dental Retail Supplies Limited for the year ended 30 June 2020 set out on pages 2 to 6 from the company’s accounting records and from information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at http://www.icaew.com/en/members/regulations-standards-and-guidance
.
This report is made solely to the Board of Directors of CTS Dental Retail Supplies Limited, as a body, in accordance with the terms of our engagement
.
Our work has been undertaken solely to prepare for your approval the financial statements of CTS Dental Retail Supplies Limited
and state those matters that we have agreed to state to the Board of Directors of CTS Dental Retail Supplies Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than CTS Dental Retail Supplies Limited and its Board of Directors as a body, for
our work or for this report.
It is your duty to ensure that CTS Dental Retail Supplies Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets,
liabilities, financial position and profit
of CTS Dental Retail Supplies Limited. You consider that CTS Dental Retail Supplies Limited is exempt from the statutory audit
requirement for the year.
We have not been instructed to carry out an audit or a review of the financial statements of CTS Dental Retail Supplies Limited. For this reason, we have not verified the accuracy or completeness of the
accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
MHA Carpenter Box
18 January 2021
Chartered Accountants
5 Peveril Court
6-8 London Road
Crawley
West Sussex
RH10 8JE
CTS DENTAL RETAIL SUPPLIES LIMITED
STATEMENT OF FINANCIAL POSITION
AS AT
30 JUNE 2020
30 June 2020
- 2 -
2020
2019
Notes
£
£
£
£
Non-current assets
Property, plant and equipment
3
7,498
11,770
Investment properties
4
1,054,307
1,054,307
1,061,805
1,066,077
Current assets
Trade and other receivables
5
102,846
116,521
Cash and cash equivalents
71,164
41,044
174,010
157,565
Current liabilities
6
(1,241,776)
(1,241,776)
Net current liabilities
(1,067,766)
(1,084,211)
Total assets less current liabilities
(5,961)
(18,134)
Equity
Called up share capital
2
2
Retained earnings
(5,963)
(18,136)
Total equity
(5,961)
(18,134)
The directors of the company have elected not to include a copy of the income statement within the financial statements.
true
For the financial year ended 30 June 2020 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 Companies Act 2006 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.
The financial statements were approved by the board of directors and authorised for issue on 14 January 2021 and are signed on its behalf by:
Mrs Y Brown
Director
Company Registration No. 07049142
CTS DENTAL RETAIL SUPPLIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2020
- 3 -
1
Accounting policies
Company information
CTS Dental Retail Supplies Limited is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
Three Arch Business Park, Three Arch Road, Redhill, Surrey, RH1 5SS.
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 £
1
.
The financial statements have been prepared under the historical cost convention, modified to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
1.2
Going concern
The financial statements have been prepared on a going concern basis, notwithstanding there was a net current liability position in the current and comparative periods. The directors have confirmed that they will continue to support the company for the foreseeable future.
true
The directors have considered relevant information, including the annual budget and the impact of subsequent events in making their assessment. The COVID-19 pandemic and the ensuing economic shutdown has had a significant impact on the company’s operations. In response to the COVID-19 pandemic, the directors have taken into account the potential impact on the business of possible future scenarios arising from the impact of COVID-19. This analysis also considers the effectiveness of available measures to assist in mitigating the impact.
Based on these assessments and having regard to the resources available to the entity, the directors have concluded that there is no material uncertainty in relation to the appropriateness of continuing to adopt the going concern basis in preparing the annual report and accounts.
1.3
Revenue
Revenue is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business
, and
is shown net of VAT and other sales related taxes
.
The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
1.4
Property, plant and equipment
Property, plant and equipment
are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Fixtures, fittings & equipment
3 years straight line
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and
is credited or charged to profit or loss
.
CTS DENTAL RETAIL SUPPLIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2020
1
Accounting policies
(Continued)
- 4 -
1.5
Investment properties
Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure
. Subsequently it is measured
at fair value a
t
the reporting end date.
Changes in fair value are recognised in profit or loss.
1.6
Impairment of non-current assets
At each reporting
period
end date, the
company
reviews the carrying amounts of its tangible
assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).
1.7
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset
, with
the net amounts presented in the financial statements
,
when there is a legally 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.
The company enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable
and loans from related parties.
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire, or when it transfers the financial asset and substantially all the risks and rewards of ownership to another entity. Financial liabilities are derecognised when, and only when, the company’s obligations are discharged, cancelled, or they expire.
1.8
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs. All called up share capital is allotted and fully paid.
1.9
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.
T
he
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 tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.
The carrying amount of deferred tax assets is reviewed at each reporting end date 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.
CTS DENTAL RETAIL SUPPLIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2020
- 5 -
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was 2 (2019 - 2
).
3
Property, plant and equipment
Plant and machinery etc
£
Cost
At 1 July 2019
17,655
Additions
2,419
At 30 June 2020
20,074
Depreciation and impairment
At 1 July 2019
5,885
Depreciation charged in the year
6,691
At 30 June 2020
12,576
Carrying amount
At 30 June 2020
7,498
At 30 June 2019
11,770
4
Investment property
2020
£
Fair value
At 1 July 2019 and 30 June 2020
1,054,307
The fair value of the investment property has been arrived on the basis of a valuation carried out at 3
0
June
2020 by the director
s
. The valuation was made on an open market
basis by
reference to market evidence of transaction prices for similar properties.
5
Trade and other receivables
2020
2019
Amounts falling due within one year:
£
£
Trade receivables
26,038
11,521
Other receivables
75,508
101,400
101,546
112,921
2020
2019
CTS DENTAL RETAIL SUPPLIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2020
5
Trade and other receivables
(Continued)
- 6 -
Amounts falling due after more than one year:
£
£
Deferred tax asset
1,300
3,600
Total debtors
102,846
116,521
6
Current liabilities
2020
2019
£
£
Other payables
1,241,776
1,241,776
7
Related party transactions
Included in other payables balance of £1,241,776 (2019: £1,241,776) owed to CTS Dental Holdings Limited, a company under common control of both shareholders. The balance is repayable on demand, therefore, it is considered appropriate to treat the balance payable within one year.
Also included in other receivables balance of £75,508 (2019: £101,400) owed by Alanic Engineering Limited (T/AS - CTS Dental Supplies), a company under common control of both shareholders.