Malik & Waring Orthodontists Limited - Accounts to registrar (filleted) - small 23.1.2

REGISTERED NUMBER: 06030024 (England and Wales)

Unaudited Financial Statements for the Year Ended 31 December 2022

for

Malik & Waring Orthodontists Limited

Page

Company Information

1

Statement of Financial Position

2

Notes to the Financial Statements

4

DIRECTORS:

Dr O H Malik

Dr D T Waring

Mrs S Malik

Mrs C A Waring

SECRETARY:

Dr D T Waring

REGISTERED OFFICE:

70 Market Street

Tottington

Bury

Greater Manchester

BL8 3LJ

REGISTERED NUMBER:

06030024 (England and Wales)

ACCOUNTANTS:

Anthony Marshall Ltd

Chartered Accountants

70 Market Street

Tottington

Bury

Greater Manchester

BL8 3LJ

FIXED ASSETS

Intangible assets

4

-

-

Tangible assets

5

31,207

36,780

Investment property

6

2,850,000

2,850,000

2,881,207

2,886,780

CURRENT ASSETS

Stocks

11,000

11,000

Debtors

7

90,078

45,551

Cash at bank and in hand

86,800

41,325

187,878

97,876

CREDITORS

Amounts falling due within one year

8

254,743

246,910

NET CURRENT LIABILITIES

(66,865

)

(149,034

)

TOTAL ASSETS LESS CURRENT LIABILITIES

2,814,342

2,737,746

CREDITORS

Amounts falling due after more than one year

9

(917,005

)

(803,625

)

PROVISIONS FOR LIABILITIES

11

(222,139

)

(169,885

)

NET ASSETS

1,675,198

1,764,236

CAPITAL AND RESERVES

Called up share capital

2

2

Revaluation reserve

12

857,350

857,350

Retained earnings

817,846

906,884

1,675,198

1,764,236

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 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 and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

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

The financial statements were approved by the Board of Directors and authorised for issue on 30 May 2023 and were signed on its behalf by:

Dr O H Malik - Director

1.	STATUTORY INFORMATION

Malik & Waring Orthodontists 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.

The presentation currency of the financial statements is the Pound Sterling (£).

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 as modified by the revaluation of certain assets.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2008, has been amortised evenly over it's estimated useful life of ten 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.

Short leasehold

-

10% on cost

Plant and machinery

-

25% reducing balance

Computer equipment

-

33% on cost

Investment property

Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

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 statement of financial position date.

Deferred tax

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

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

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 16 (2021 - 16 ) .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 January 2022

and 31 December 2022

110,000

AMORTISATION

At 1 January 2022

and 31 December 2022

110,000

NET BOOK VALUE

At 31 December 2022

-

At 31 December 2021

-

5.	TANGIBLE FIXED ASSETS

Short

Plant and

Computer

leasehold

machinery

equipment

Totals

£

£

£

£

COST

At 1 January 2022

31,422

145,995

51,278

228,695

Additions

-

-

8,009

8,009

At 31 December 2022

31,422

145,995

59,287

236,704

DEPRECIATION

At 1 January 2022

31,422

118,634

41,859

191,915

Charge for year

-

6,840

6,742

13,582

At 31 December 2022

31,422

125,474

48,601

205,497

NET BOOK VALUE

At 31 December 2022

-

20,521

10,686

31,207

At 31 December 2021

-

27,361

9,419

36,780

6.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 January 2022

and 31 December 2022

2,850,000

NET BOOK VALUE

At 31 December 2022

2,850,000

At 31 December 2021

2,850,000

Fair value at 31 December 2022 is represented by:

£

Valuation in 2020

1,171,038

Valuation in 2021

1,678,962

2,850,000

Investment property comprises: 731 High St, Stoke-on-Trent, ST6 5RD; 200 Finchley Road, London, NW3 6BX; 42 Railway Road, Darwen, BB3 2RJ; 53 and 55 St Thomas's Road, Chorley, PR7 1JE; Lowmead House, St John Street, Whitland, SA34 0AP and Government Building, St Georges St, Millom, LA18 5DN.

The fair value of the investment property has been based on the directors' assessment of subsequent movements in property valuation since the purchase of the property. The valuation conforms to International Valuation Standards and was based on recent market transactions on arm's length terms for similar properties.

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.22

31.12.21

£

£

Other debtors

90,078

45,551

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.22

31.12.21

£

£

Bank loans and overdrafts (see note 10)

50,275

58,684

Trade creditors

45,055

54,146

Taxation and social security

137,077

114,001

Other creditors

22,336

20,079

254,743

246,910

9.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.12.22

31.12.21

£

£

Bank loans (see note 10)

917,005

803,625

10.

LOANS

An analysis of the maturity of loans is given below:

31.12.22

31.12.21

£

£

Amounts falling due within one year or on demand:

Bank loans

50,275

58,684

Amounts falling due between two and five years:

Bank loans - 2-5 years

917,005

803,625

Bank loans of £344,222 (2021: £350,000) are secured by an all assets debenture on the company's property, and are guaranteed by Expert Orthodontics Limited.

11.	PROVISIONS FOR LIABILITIES

31.12.22

31.12.21

£

£

Deferred tax

222,139

169,885

Deferred

tax

£

Balance at 1 January 2022

169,885

Provided during year

52,254

Balance at 31 December 2022

222,139

12.

RESERVES

Revaluation

reserve

£

At 1 January 2022

and 31 December 2022

857,350

13.	ULTIMATE CONTROLLING PARTY

The ultimate controlling parties during the year are Dr O.H. Malik and Dr D.T. Waring, by virtue of being joint shareholders and directors.