Company Registration No. 07049142 (England and Wales)
CTS DENTAL RETAIL SUPPLIES LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023
PAGES FOR FILING WITH REGISTRAR
CTS DENTAL RETAIL SUPPLIES LIMITED
CONTENTS
Page
Accountants' report
1
Statement of financial position
2 - 3
Notes to the financial statements
4 - 8
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 2023
- 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 2023 set out on pages 2 to 8 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.
Carpenter Box
1 November 2023
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 2023
30 June 2023
- 2 -
2023
2022
Notes
£
£
£
£
Non-current assets
Property, plant and equipment
3
18,205
29,242
Investment properties
4
2,592,947
2,698,912
2,611,152
2,728,154
Current assets
Trade and other receivables
5
1,317
Cash and cash equivalents
106,310
78,550
106,310
79,867
Current liabilities
6
(1,671,957)
(2,503,152)
Net current liabilities
(1,565,647)
(2,423,285)
Total assets less current liabilities
1,045,505
304,869
Provisions for liabilities
(38,800)
(60,900)
Net assets
1,006,705
243,969
Equity
Called up share capital
7
2
2
Non-distributable profit and loss reserves
8
102,710
182,184
Retained earnings
903,993
61,783
Total equity
1,006,705
243,969
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 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 Companies Act 2006 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.
CTS DENTAL RETAIL SUPPLIES LIMITED
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 30 JUNE 2023
30 June 2023
- 3 -
The financial statements were approved by the board of directors and authorised for issue on 1 November 2023 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 2023
- 4 -
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 amounts 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 at fair value. The principal accounting policies adopted are set out below.
1.2
Going concern
At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The directors have considered relevant information, including the company’s principal risks and uncertainties, and the impact of subsequent events in making their assessment. Based on these assessments and having regard to the resources available to the entity, the directors have concluded that there is no material uncertainty and that they can continue to adopt the going concern basis in preparing the annual report and financial statements.
1.3
Revenue
Turnover represents income from holiday let, shown net of VAT and other sales related taxes, and is recognised on a time apportionment basis.
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.
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 at 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).
CTS DENTAL RETAIL SUPPLIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
1
Accounting policies
(Continued)
- 5 -
1.7
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand.
1.8
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.
1.9
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.
1.10
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. 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 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.
1.11
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 non-current assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
CTS DENTAL RETAIL SUPPLIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
1
Accounting policies
(Continued)
- 6 -
1.12
Government grants
Government grants are recognised at the fair value of the asset received 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 2 (2022 - 2).
3
Property, plant and equipment
Plant and machinery etc
£
Cost
At 1 July 2022
63,629
Additions
4,618
At 30 June 2023
68,247
Depreciation and impairment
At 1 July 2022
34,387
Depreciation charged in the year
15,655
At 30 June 2023
50,042
Carrying amount
At 30 June 2023
18,205
At 30 June 2022
29,242
4
Investment property
2023
£
Fair value
At 1 July 2022
2,698,912
Revaluations
(105,965)
At 30 June 2023
2,592,947
CTS DENTAL RETAIL SUPPLIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
4
Investment property
(Continued)
- 7 -
The fair value of the investment property has been arrived on the basis of a valuation carried out at 30 June 2023 by the directors. 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
2023
2022
Amounts falling due within one year:
£
£
Other receivables
1,317
6
Current liabilities
2023
2022
£
£
Trade payables
4,662
13,760
Taxation and social security
20,818
37,445
Other payables
1,646,477
2,451,947
1,671,957
2,503,152
7
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
2
2
2
2
8
Non-distributable profit and loss reserves
2023
2022
£
£
At the beginning of the year
182,184
88,878
Transfer to retained earnings
(79,474)
93,306
At the end of the year
102,710
182,184
CTS DENTAL RETAIL SUPPLIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
- 8 -
9
Related party transactions
Included in other payables is a balance of £1,166,528 (2022 - £1,749,742) owed to CTS Dental Holdings Limited, a connected company, to the company. No formal agreement is in place therefore the balance has been treated as repayable on demand. The movement in the year relates to amounts written off.
Included in other payables is a balance of £438,332 (2022 - £651,734) owed to Alanic Engineering Limited (T/AS - CTS Dental Supplies), a company under common control of both directors. No formal agreement is in place and this has therefore been treated as repayable on demand. The movement in the year relates to amounts written off.
At the year end date, and included within other receivables, the company was owed £Nil (2022 - £1,317) from a director and shareholder of the company.