Oxford Dental Care Limited Filleted accounts for Companies House (small and micro)

OXFORD DENTAL CARE LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 06838468

Oxford Dental Care Limited

Filleted Unaudited Financial Statements

31 March 2020

Oxford Dental Care Limited

Financial Statements

Year ended 31 March 2020

Contents	Page

Statement of financial position	1

Notes to the financial statements	3

Oxford Dental Care Limited

Statement of Financial Position

31 March 2020

	2020		2019
Note	£	£	£

Fixed assets

Intangible assets	5	606,600	674,000
Tangible assets	6	111,861	124,826
		---------	---------
		718,461	798,826

Current assets

Stocks		15,262	4,235
Debtors	7	221,382	78,583
Cash at bank and in hand		473,218	416,710
		---------	---------
		709,862	499,528

Creditors: amounts falling due within one year	8	286,522		196,009
		---------		---------
Net current assets			423,340	303,519
			------------	------------
Total assets less current liabilities			1,141,801	1,102,345

Provisions	13,934	14,791
	------------	------------
Net assets	1,127,867	1,087,554
	------------	------------

Capital and reserves

Called up share capital	2	2
Profit and loss account	1,127,865	1,087,552
	------------	------------
Shareholders funds	1,127,867	1,087,554
	------------	------------

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.

For the year ending 31 March 2020 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

- 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 ;

- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .

Oxford Dental Care Limited

Statement of Financial Position (continued)

31 March 2020

These financial statements were approved by the board of directors and authorised for issue on 13 February 2021 , and are signed on behalf of the board by:

Dr D R Patel

Director

Company registration number: 06838468

Oxford Dental Care Limited

Notes to the Financial Statements

Year ended 31 March 2020

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Camburgh House, 27 New Dover Road, Canterbury, Kent, CT1 3DN, United Kingdom.

2. Statement of compliance

These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

Income tax

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.

Operating leases

Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.

Goodwill

Goodwill arises on business acquisitions and represents the excess of the cost of the acquisition over the company's interest in the net amount of the identifiable assets, liabilities and contingent liabilities of the acquired business. Goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. It is amortised on a straight-line basis over its useful life. Where a reliable estimate of the useful life of goodwill or intangible assets cannot be made, the life is presumed not to exceed ten years.

Amortisation

Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:

	Goodwill	-	5% straight line

If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

Plant and machinery	-	20% reducing balance
Fixtures and fittings	-	15% reducing balance

Impairment of fixed assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.

Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.

Provisions

Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense.

Financial instruments

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. 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.

Defined contribution plans

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 31 (2019: 28 ).

5. Intangible assets

	Goodwill
	£
Cost
At 1 April 2019 and 31 March 2020	1,348,000
	------------
Amortisation
At 1 April 2019	674,000
Charge for the year	67,400
	------------
At 31 March 2020	741,400
	------------
Carrying amount
At 31 March 2020	606,600
	------------
At 31 March 2019	674,000
	------------

6. Tangible assets

	Plant and machinery	Fixtures and fittings	Total
	£	£	£
Cost
At 1 April 2019	78,563	362,877	441,440
Additions	7,305	–	7,305
	--------	---------	---------
At 31 March 2020	85,868	362,877	448,745
	--------	---------	---------
Depreciation
At 1 April 2019	62,564	254,050	316,614
Charge for the year	3,946	16,324	20,270
	--------	---------	---------
At 31 March 2020	66,510	270,374	336,884
	--------	---------	---------
Carrying amount
At 31 March 2020	19,358	92,503	111,861
	--------	---------	---------
At 31 March 2019	15,999	108,827	124,826
	--------	---------	---------

7. Debtors

	2020	2019
	£	£
Trade debtors	74,921	78,583
Amounts owed by group undertakings and undertakings in which the company has a participating interest	122,318	–
Other debtors	24,143	–
	---------	--------
	221,382	78,583
	---------	--------

8. Creditors: amounts falling due within one year

	2020	2019
	£	£
Trade creditors	8,228	127,955
Corporation tax	58,711	67,143
Other creditors	219,583	911
	---------	---------
	286,522	196,009
	---------	---------

Bank loans and overdrafts are secured by the company by way of a fixed and floating charge over the company's assets.

9. Directors' advances, credits and guarantees

At the year end, a Director owed the company £20,700 (2019: £nil). During the year advances of £20,700 were made to the Director. Interest was charged on the loan at the official rate. At the year end, the company owed a Director £65 (2019: £nil).

10. Related party transactions

At the year end, the company was owed £122,318 from a group company.

11. Controlling party

The company's parent undertaking is DDR Holdings Limited , a company registered in England and Wales, whose registered office is at 2 Hales Drive, Canterbury, Kent, United Kingdom, CT2 7AB . The ultimate controlling party is Devkipharm Limited , a company registered in England and Wales.