Woodlane Dental Equipment Limited - Accounts to registrar (filleted) - small 23.1.2

REGISTERED NUMBER: 06837995 (England and Wales)

Unaudited Financial Statements

For The Year Ended 31 December 2022

for

Woodlane Dental Equipment Limited

Page

Company Information

1

Abridged Balance Sheet

2

Notes to the Financial Statements

4

DIRECTOR:

M B Richardson

REGISTERED OFFICE:

Unit C2

Ashville Park

Short Way

Thornbury

BS35 3UU

REGISTERED NUMBER:

06837995 (England and Wales)

ACCOUNTANTS:

Kingscott Dix Limited

Chartered Accountants

Goodridge Court

Goodridge Avenue

Gloucester

Gloucestershire

GL2 5EN

FIXED ASSETS

Intangible assets

4

-

-

Tangible assets

5

149,509

77,753

149,509

77,753

CURRENT ASSETS

Stocks

223,723

139,772

Debtors

336,549

284,548

Cash at bank

219,518

208,630

779,790

632,950

CREDITORS

Amounts falling due within one year

576,411

486,534

NET CURRENT ASSETS

203,379

146,416

TOTAL ASSETS LESS CURRENT LIABILITIES

352,888

224,169

CREDITORS

Amounts falling due after more than one year

(97,561

)

(60,324

)

PROVISIONS FOR LIABILITIES

(28,406

)

(11,437

)

NET ASSETS

226,921

152,408

CAPITAL AND RESERVES

Called up share capital

8

100

100

Retained earnings

226,821

152,308

SHAREHOLDERS' FUNDS

226,921

152,408

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2022.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2022 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 Income Statement and an abridged Balance Sheet for the year ended 31 December 2022 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 and authorised for issue on 14 July 2023 and were signed by:

M B Richardson - Director

1.	STATUTORY INFORMATION

Woodlane Dental Equipment 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

Revenue from the sale and service of goods to recognised when the significant risks and rewards of ownership of the goods have passed to the buyer. This is usually on collection of the goods or on completion of the service of goods.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2014, is being amortised evenly over its estimated useful life of five years.

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.

Improvements to property

Over the lease term

Plant and machinery

20% on cost

Fixtures and fittings

20% on cost

Computer equipment

20% on cost

Stocks

Stocks and work in progress are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition.

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.

Basic financial assets

Basic financial assets, which include trade and other receivables and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Other financial assets

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

Trade debtors, loans and other receivables that have fixed or determinable payments that are not quoted in an active market are classified as 'loans and receivables'. Loans and receivables are measured at amortised cost using the effective interest method, less any impairment.

Interest is recognised by applying the effective interest rate, except for short-term receivables when the recognition of interest would be immaterial. The effective interest method is a method of calculating the amortised cost of a debt instrument and of allocating the interest income over the relevant period. The effective interest rate is the rate that exactly discounts estimated future cash receipts through the expected life of the debt instrument to the net carrying amount on initial recognition.

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 commitments

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

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 8 (2021 - 7 ) .

4.	INTANGIBLE FIXED ASSETS

Totals

£

COST

At 1 January 2022

and 31 December 2022

4,000

AMORTISATION

At 1 January 2022

and 31 December 2022

4,000

NET BOOK VALUE

At 31 December 2022

-

At 31 December 2021

-

5.	TANGIBLE FIXED ASSETS

Totals

£

COST

At 1 January 2022

197,236

Additions

111,915

Disposals

(52,520

)

At 31 December 2022

256,631

DEPRECIATION

At 1 January 2022

119,483

Charge for year

38,092

Eliminated on disposal

(50,453

)

At 31 December 2022

107,122

NET BOOK VALUE

At 31 December 2022

149,509

At 31 December 2021

77,753

As at 31 December 2022 the NBV of assets on Hire purchase is £87,051 (2021 £6,653)

6.	LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts

31.12.22

31.12.21

£

£

Net obligations repayable:

Within one year

21,017

6,720

Between one and five years

48,394

1,157

69,411

7,877

Non-cancellable operating

leases

31.12.22

31.12.21

£

£

Within one year

21,096

-

Between one and five years

28,128

-

49,224

-

7.	SECURED DEBTS

The following secured debts are included within creditors:

31.12.22

31.12.21

£

£

Hire purchase contracts

69,411

7,877

8.	CALLED UP SHARE CAPITAL

Allotted and issued:

Number:

Class:

Nominal

31.12.22

31.12.21

value:

£

£

100

Ordinary share capital

£1

100

100