The Old Bakery Dental Practice Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 07268481 (England and Wales)

Unaudited Financial Statements

for the Year Ended 31 March 2019

for

THE OLD BAKERY DENTAL PRACTICE LIMITED

Page

Company Information

1

Abridged Balance Sheet

2

to

3

Notes to the Financial Statements

4

to

7

DIRECTOR:

Dr G McAleer

SECRETARY:

Mrs L McAleer

REGISTERED OFFICE:

10a Chaloners Hill

Steeple Claydon

Buckinghamshire

MK18 2PE

REGISTERED NUMBER:

07268481 (England and Wales)

ACCOUNTANTS:

Hive Accountancy Ltd

The Innovation Centre

Treliske

Truro

Cornwall

TR1 3FF

FIXED ASSETS

Intangible assets

4

-

208,125

Tangible assets

5

-

23,743

-

231,868

CURRENT ASSETS

Stocks

-

4,441

Debtors

24,338

10,143

Cash at bank and in hand

62,317

59,350

86,655

73,934

CREDITORS

Amounts falling due within one year

17

102,640

NET CURRENT ASSETS/(LIABILITIES)

86,638

(28,706

)

TOTAL ASSETS LESS CURRENT LIABILITIES

86,638

203,162

PROVISIONS FOR LIABILITIES

-

2,622

NET ASSETS

86,638

200,540

CAPITAL AND RESERVES

Called up share capital

150

150

Retained earnings

86,488

200,390

SHAREHOLDERS' FUNDS

86,638

200,540

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2019.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2019 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

All the members have consented to the preparation of an abridged Balance Sheet for the year ended 31 March 2019 in accordance with Section 444(2A) of the Companies Act 2006.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director on 31 December 2019 and were signed by:

Dr G McAleer - Director

1.	STATUTORY INFORMATION

The Old Bakery Dental Practice Limited is a private company, limited by shares , registered in England

and Wales. The company's registered number and registered office address can be found on the

Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Where the net assets and trade are sold to another business on the last day of the accounting period,

the financial statements shall be prepared at the point immediately preceding the sale.

Turnover

Fee income represents amounts receivable for dental services supplied.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2010, is being amortised evenly over its estimated useful life of twenty years.

The goodwill broadly reflects the patient list acquired on 22 June 2010 which is considered to suffer

5% attrition each year.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured

at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Fixtures & fittings

-

25% on reducing balance

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for

obsolete and slow moving items.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement,

except to the extent that it relates to items recognised in other comprehensive income or directly in

equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been

enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at

the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods

different from those in which they are recognised in financial statements. Deferred tax is measured

using tax rates and laws that have been enacted or substantively enacted by the year end and that are

expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable

that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Hire purchase and leasing

Assets obtained under hire purchase contracts and finance leases are capitalised as tangible assets

and depreciated over the shorter of the lease term and their useful lives. Obligations under such

agreements are included in creditors net of the finance charge allocated to future periods. The finance

element of the rental payment is charged to the profit and loss account so as to produce constant

periodic rates of charge on the net obligations outstanding in each period.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the

company's pension scheme are charged to profit or loss in the period to which they relate.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2018 - 7 ).

4.	INTANGIBLE FIXED ASSETS

Totals

£

COST

At 1 April 2018

555,000

Disposals

(555,000

)

At 31 March 2019

-

AMORTISATION

At 1 April 2018

346,875

Eliminated on disposal

(346,875

)

At 31 March 2019

-

NET BOOK VALUE

At 31 March 2019

-

At 31 March 2018

208,125

5.	TANGIBLE FIXED ASSETS

Totals

£

COST

At 1 April 2018

142,841

Disposals

(142,841

)

At 31 March 2019

-

DEPRECIATION

At 1 April 2018

119,098

Eliminated on disposal

(119,098

)

At 31 March 2019

-

NET BOOK VALUE

At 31 March 2019

-

At 31 March 2018

23,743

Fixed assets, included in the above, which are held under hire purchase contracts or finance leases

are as follows:

Totals

£

COST

At 1 April 2018

4,200

Disposals

(4,200

)

At 31 March 2019

-

DEPRECIATION

At 1 April 2018

1,838

Eliminated on disposal

(1,838

)

At 31 March 2019

-

NET BOOK VALUE

At 31 March 2019

-

At 31 March 2018

2,362

6.	RELATED PARTY DISCLOSURES

For details of related party transactions, refer to note 9.

7.	GOING CONCERN

In the financial statements for 31 March 2018, the going concern note stated that:

"Within the next 12 months the company will possibly be subject to a group restructuring; a further

possibility is that the trade and assets will be transferred to a fellow group company for commercial

reasons. If this occurs it is expected that the transfer will take place at market value and accordingly all

balance sheet items are expected to realise their carrying value."

The sale of the trade and assets took place on 31 March 2018 immediately after those financial

statements were prepared, and that transaction is reflected in these financial statements for the year

ended 31 March 2019.

The trade and assets were sold to Steeple Dental Ltd, which is the parent company of The Old Bakery

Dental Practice Limited, at a market value of £900,000.

The company ceased all of its trading activities on 31 March 2018 and as such the financial statements

have been prepared on a break-up basis. However, it is anticipated that all balance sheet items will be

realised at their net book value.

8.	EXCEPTIONAL ITEMS

The income statement includes a Corporation Tax refund of £46,789 received in respect of research

and development tax credit claims for the year ended 31 March 2018. The claim commenced during

the year ended 31 March 2019 and the tax credit was received within that period.