Allport & Vincent Dental Laboratory Ltd - Period Ending 2020-03-31

Allport & Vincent Dental Laboratory Ltd

Contents

Balance Sheet	1
Notes to the Financial Statements	2 to 8

Allport & Vincent Dental Laboratory Ltd

(Registration number: 05333437)
Balance Sheet as at 31 March 2020

	Note	Period ended 2020 £	Unaudited Period ended 2019 £
Fixed assets
Tangible assets	4	5,779	8,407
Current assets
Debtors	5	326,381	176,720
Cash at bank and in hand		29,557	37,064
		355,938	213,784
Creditors: Amounts falling due within one year	6	(96,433)	(91,113)
Net current assets		259,505	122,671
Total assets less current liabilities		265,284	131,078
Creditors: Amounts falling due after more than one year	6	-	(3,327)
Provisions for liabilities		(1,098)	(893)
Net assets		264,186	126,858
Capital and reserves
Called up share capital		10	10
Profit and loss account		264,176	126,848
Total equity		264,186	126,858

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 18 March 2021 and signed on its behalf by:
 

Mr M G Carter
Director

Allport & Vincent Dental Laboratory Ltd

Notes to the Financial Statements for the Period from 27 July 2019 to 31 March 2020

1	General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Easton Manor
Easton Royal
Pewsey
Wiltshire
SN9 5LZ

The principal place of business is:
Unit 53
Monument Business Park
Chalgrove
Oxfordshire
OX44 7RW

These financial statements were authorised for issue by the Board on 18 March 2021.

2	Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The financial statements are presented in pound sterling, which is the functional currency of the company, and are rounded to the nearest pound.

Summary of disclosure exemptions

The company has taken advantage of the exemption from disclosing transactions with other members of the group.

Disclosure of long or short period

During the period, the company shortened its accounting reference date to 31 March 2020 in order to bring its year end in line with the reporting of its parent entity. As a result, the comparative figures relating to the 13 month period, ending 26 July 2019 are therefore not comparable.

Allport & Vincent Dental Laboratory Ltd

Notes to the Financial Statements for the Period from 27 July 2019 to 31 March 2020

Going concern

In light of the rapid global spread of the Coronavirus “COVID-19” the directors have reviewed the company’s operations, order book and cash flow to ensure that the company is able to continue trading for the foreseeable future.

Following this review, and with the support of the ultimate parent company, the directors consider there to be no significant impact on the company’s ability to continue as a going concern for the foreseeable future being 12 months from approval of these financial statements.

Audit report

The Independent Auditor's Report was unqualified. The name of the Senior Statutory Auditor who signed the audit report on 22 March 2021 was Mr D Jacobs, who signed for and on behalf of Milsted Langdon LLP.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the provision of dental laboratory services in the ordinary course of the company’s activities. Turnover is shown net of value added tax and discounts.

Turnover is recognised in the accounting year in which the services are rendered e.g. when the
laboratory service is completed and goods delivered.

Where payments are received from customers in advance of services provided, the amounts are
recorded as deferred income, which is recognised as income when goods are delivered.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Allport & Vincent Dental Laboratory Ltd

Notes to the Financial Statements for the Period from 27 July 2019 to 31 March 2020

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class	Depreciation method and rate
Leasehold property	33% straight line
Furniture, fittings and equipment	20% straight line
Motor vehicles	25% straight line
Plant and machinery	15% straight line

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Finance leases and hire purchase contracts

Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset.

Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Allport & Vincent Dental Laboratory Ltd

Notes to the Financial Statements for the Period from 27 July 2019 to 31 March 2020

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

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.

3	Staff numbers

The average number of persons employed by the company (including directors) during the period was 10 (2019 - 11).

4	Tangible assets

	Leasehold property £	Furniture, fittings and equipment  £	Motor vehicles  £	Plant and machinery £	Total £
Cost
At 27 July 2019	60,840	16,312	23,047	103,273	203,472
Additions	-	537	-	-	537
At 31 March 2020	60,840	16,849	23,047	103,273	204,009
Depreciation
At 27 July 2019	60,840	14,926	19,363	99,936	195,065
Charge for the period	-	582	1,432	1,151	3,165
At 31 March 2020	60,840	15,508	20,795	101,087	198,230
Carrying amount
At 31 March 2020	-	1,341	2,252	2,186	5,779
At 26 July 2019 (unaudited)	-	1,386	3,684	3,337	8,407

Allport & Vincent Dental Laboratory Ltd

Notes to the Financial Statements for the Period from 27 July 2019 to 31 March 2020

5

Debtors

	Note	Period ended 2020 £	Unaudited Period ended 2019 £
Trade debtors		159,708	125,959
Amounts due from related parties	9	152,090	35,000
Prepayments		2,568	3,746
Other debtors		12,015	12,015
		326,381	176,720

Amounts due from related parties are unsecured, interest free, have no fixed date of repayment and are repayable on demand.

6

Creditors

Creditors: amounts falling due within one year

	Period ended 2020 £	Unaudited Period ended 2019 £
Due within one year
Bank loans and overdrafts	66	2,675
Trade creditors	25,936	30,185
Amounts owed to related parties	3,605	-
Taxation and social security	65,578	32,102
Other creditors	1,248	23,640
Accruals and deferred income	-	2,511
	96,433	91,113

Amounts owed to related parties are unsecured, interest free, have no fixed date of repayment and are repayable on demand.

Creditors: amounts falling due after more than one year

	Period ended 2020 £	Unaudited Period ended 2019 £
Due after one year
Loans and borrowings	-	3,327

Allport & Vincent Dental Laboratory Ltd

Notes to the Financial Statements for the Period from 27 July 2019 to 31 March 2020

7	Share capital

Allotted, called up and fully paid shares

	Period ended 2020		Unaudited Period ended 2019
	No.	£	No.	£
A Ordinary shares of £0.25 each	12	3	12	3
B Ordinary shares of £0.25 each	4	1	4	1
C Ordinary shares of £0.25 each	4	1	4	1
D Ordinary shares of £0.25 each	16	4	16	4
E Ordinary shares of £0.25 each	4	1	4	1
	40	10	40	10

8	Financial commitments, guarantees and contingencies

Amounts not provided for in the balance sheet

The total amount of financial commitments not included in the balance sheet is £59,063 (2019 - £70,313) in respect of non-cancellable operating leases.

9	Related party transactions

The company has taken advantage of the exemption available in FRS 102 Section 1A in respect of related party disclosures whereby it has not disclosed transactions or balances with the ultimate parent entity or any wholly owned subsidiary undertaking of the group.

Key management personnel

All directors and certain employees who have authority and responsibility for planning, directing and controlling the activities of the company are considered to be be key management personnel.

No remuneration was paid to key management in the current year.

Directors' remuneration

The directors' remuneration for the period was as follows:

	Period ended 2020 £	Unaudited Period ended 2019 £
Remuneration	-	7,108

Allport & Vincent Dental Laboratory Ltd

Notes to the Financial Statements for the Period from 27 July 2019 to 31 March 2020

10	Parent and ultimate parent undertaking

The company's immediate parent is Gensmile Laboratories Limited, incorporated in England and Wales.

 The ultimate parent is Gensmile Limited, incorporated in England and Wales.

 The most senior parent entity producing publicly available financial statements is Gensmile Limited. These financial statements are available upon request from Easton Manor, Easton Royal, Pewsey, Wiltshire, England, SN9 5LZ.

11	Non adjusting events after the financial period

In line with government guidance relating to Coronavirus “COVID-19”, the company closed its laboratory at the end of March 2020. Whilst the company’s operations have since recommenced, this has meant that turnover is reduced in the current year. The company has taken advantage of the government support offered to mitigate the impact of COVID-19 on its results.