Ultrasmile Limited - Limited company accounts 20.1

REGISTERED NUMBER: 06140968 (England and Wales)

REPORT OF THE DIRECTORS AND

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST MARCH 2020

FOR

ULTRASMILE LIMITED

Page

Company Information

1

Report of the Directors

2

Income Statement

3

Balance Sheet

4

Notes to the Financial Statements

6

DIRECTORS:

Dr T D Nghiem

Mr K D Nghiem

SECRETARY:

Exceed Cosec Services Limited

REGISTERED OFFICE:

Bank House

81 St Judes Road

Englefield Green

Surrey

TW20 0DF

REGISTERED NUMBER:

06140968 (England and Wales)

ACCOUNTANTS:

Exceed Accountants Ltd

Bank House

81 St Judes Road

Englefield Green

Surrey

TW20 0DF

The directors present their report with the financial statements of the company for the year ended 31st March 2020.

PRINCIPAL ACTIVITY

The principal activity of the company in the year under review was that of dentistry services.

DIRECTORS

The directors shown below have held office during the whole of the period from 1st April 2019 to the date of this report.

Dr T D Nghiem

Mr K D Nghiem

This report has been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

ON BEHALF OF THE BOARD:

Mr K D Nghiem - Director

30th December 2020

REVENUE

1,817,891

1,808,619

Cost of sales

913,274

884,444

GROSS PROFIT

904,617

924,175

Administrative expenses

417,796

412,932

OPERATING PROFIT

4

486,821

511,243

Interest payable and similar expenses

10,928

11,186

PROFIT BEFORE TAXATION

475,893

500,057

Tax on profit

91,047

96,874

PROFIT FOR THE FINANCIAL YEAR

384,846

403,183

FIXED ASSETS

Intangible assets

5

-

-

Property, plant and equipment

6

338,964

342,268

338,964

342,268

CURRENT ASSETS

Inventories

35,000

35,000

Debtors

7

260,468

210,548

Cash at bank

49,557

55,771

345,025

301,319

CREDITORS

Amounts falling due within one year

8

150,593

132,197

NET CURRENT ASSETS

194,432

169,122

TOTAL ASSETS LESS CURRENT LIABILITIES

533,396

511,390

CREDITORS

Amounts falling due after more than one year

9

366,406

397,246

NET ASSETS

166,990

114,144

CAPITAL AND RESERVES

Called up share capital

10

102

102

Retained earnings

11

166,888

114,042

SHAREHOLDERS' FUNDS

166,990

114,144

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31st March 2020.

The members have not required the company to obtain an audit of its financial statements for the year ended 31st March 2020 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their 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 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 30th December 2020 and were signed on its behalf by:

Mr K D Nghiem - Director

1.	STATUTORY INFORMATION

Ultrasmile 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.

Turnover

Turnover represents the value of services provided under contracts to the extent that there is a right to consideration and is recorded at the value of the consideration due. Where a contract has only been partially completed at the balance sheet date turnover represents the value of the service provided to date based on a proportion of the total expected consideration at completion.

Where payments are received from customers in advance of services provided, the amounts are recorded as Deferred Income and included as part of Creditors due within one 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.

Plant and machinery etc

-

25% on cost and 20% on cost

Stocks

Inventories 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.

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 14 (2019 - 13 ) .

4.	OPERATING PROFIT

The operating profit is stated after charging:

2020

2019

£

£

Depreciation - owned assets

3,304

9,807

5.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1st April 2019

and 31st March 2020

515,247

AMORTISATION

At 1st April 2019

and 31st March 2020

515,247

NET BOOK VALUE

At 31st March 2020

-

At 31st March 2019

-

6.	PROPERTY, PLANT AND EQUIPMENT

Plant and

Land and

machinery

buildings

etc

Totals

£

£

£

COST

At 1st April 2019

and 31st March 2020

338,964

466,466

805,430

DEPRECIATION

At 1st April 2019

-

463,162

463,162

Charge for year

-

3,304

3,304

At 31st March 2020

-

466,466

466,466

NET BOOK VALUE

At 31st March 2020

338,964

-

338,964

At 31st March 2019

338,964

3,304

342,268

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2020

2019

£

£

Trade debtors

71,964

210,548

Other debtors

188,504

-

260,468

210,548

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2020

2019

£

£

Trade creditors

39,471

25,000

Tax

101,047

96,874

Social security and other taxes

4,481

3,285

Other creditors

3,626

5,430

Accruals and deferred income

1,968

1,608

150,593

132,197

9.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2020

2019

£

£

Bank loans more 5 yr by instal

366,406

397,246

Amounts falling due in more than five years:

Repayable by instalments

Bank loans more 5 yr by instal

366,406

397,246

10.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2020

2019

value:

£

£

100

Ordinary

£1

100

100

1

A Ordinary

£1

1

1

1

B Ordinary

£1

1

1

102

102

11.

RESERVES

Retained

earnings

£

At 1st April 2019

114,042

Profit for the year

384,846

Dividends

(332,000

)

At 31st March 2020

166,888

12.	RELATED PARTY DISCLOSURES

At the end of the year, the directors owed to company of NIL (2019 - NIL).

The ultimate controlling party is the directors and shareholders of the company.