Company registration number 10347318 (England and Wales)
NOVEL DENTAL GROUP LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
PAGES FOR FILING WITH REGISTRAR
NOVEL DENTAL GROUP LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 9
NOVEL DENTAL GROUP LIMITED
BALANCE SHEET
AS AT
31 MARCH 2023
31 March 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Intangible assets
3
1,049,054
1,124,004
Tangible assets
4
485,547
277,122
1,534,601
1,401,126
Current assets
Debtors
5
71,561
73,447
Cash at bank and in hand
172,545
261,681
244,106
335,128
Creditors: amounts falling due within one year
6
(120,692)
(169,822)
Net current assets
123,414
165,306
Total assets less current liabilities
1,658,015
1,566,432
Creditors: amounts falling due after more than one year
7
(1,559,528)
(1,586,567)
Provisions for liabilities
(66,254)
(33,127)
Net assets/(liabilities)
32,233
(53,262)
Capital and reserves
Called up share capital
100
100
Profit and loss reserves
32,133
(53,362)
Total equity
32,233
(53,262)
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 31 March 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges her responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
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.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
NOVEL DENTAL GROUP LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 MARCH 2023
31 March 2023
- 2 -
The financial statements were approved and signed by the director and authorised for issue on 19 March 2024
Dr M Amin
Director
Company registration number 10347318 (England and Wales)
NOVEL DENTAL GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
- 3 -
1
Accounting policies
Company information
Novel Dental Group Limited is a private company limited by shares incorporated in England and Wales. The registered office is Elthorne Gate, 64 High Street, Pinner, HA5 5QA.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
The company has taken advantage of the exemption under section 399 of the Companies Act 2006 not to prepare consolidated accounts, on the basis that the group of which this is the parent qualifies as a small group. The financial statements present information about the company as an individual entity and not about its group.
1.2
Going concern
Atruet the time of approving the financial statements, the director has a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the director continues to adopt the going concern basis of accounting in preparing the financial statements.
1.3
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates. Turnover represents revenue generated from provision of dental services provided in the normal course of business.
Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.
1.4
Intangible fixed assets - goodwill
Goodwill represents the excess of the cost of acquisition of businesses over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is twenty years.
For the purposes of impairment testing, goodwill is allocated to the cash-generating units expected to benefit from the acquisition. Cash-generating units to which goodwill has been allocated are tested for impairment at least annually, or more frequently when there is an indication that the unit may be impaired. If the recoverable amount of the cash-generating unit is less than the carrying amount of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit.
NOVEL DENTAL GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
1
Accounting policies
(Continued)
- 4 -
1.5
Intangible fixed assets other than goodwill
Intangible assets acquired separately from a business are recognised at cost that comprises of its purchase price and any direct attributable acquisition costs. The measurement shall be applied to all intangible in the same class of asset.
Intangible assets comprise various digital currencies acquired for investment. Such assets are defined as having an indefinite useful life and no amortisation is charged and is reviewed for impairment on a regular basis
Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Other intangible assets
None
1.6
Tangible fixed assets
Tangible fixed asset under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Short leasehold
Over the lease term
Fixtures and fittings
25% on reducing balance
Computer equipment
25% on cost
Motor vehicles
15% on reducing balance
1.7
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
1.8
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.9
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 balance sheet 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.
NOVEL DENTAL GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
1
Accounting policies
(Continued)
- 5 -
Basic financial assets
Basic financial assets, which include debtors 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. Financial assets classified as receivable within one year are not amortised.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
1.10
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
NOVEL DENTAL GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
1
Accounting policies
(Continued)
- 6 -
1.11
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.12
Retirement benefits
The company operates a defined contribution pension scheme. A defined contribution plan is pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.
The contributions are recognised as an expense in the Statement of income and retained earnings when they fall due. Amount not paid are shown in accruals as liability in the Statement of financial position. The assets of the plan are held separately from the Company in independently administered funds.
1.13
Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.
Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.
1.14
Government grants
Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.
A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.
1.15
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
21
19
NOVEL DENTAL GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 7 -
3
Intangible fixed assets
Goodwill
Other intangible assets
Total
£
£
£
Cost
At 1 April 2022 and 31 March 2023
1,499,000
23,488
1,522,488
Amortisation and impairment
At 1 April 2022
398,484
398,484
Amortisation charged for the year
74,950
74,950
At 31 March 2023
473,434
473,434
Carrying amount
At 31 March 2023
1,025,566
23,488
1,049,054
At 31 March 2022
1,100,516
23,488
1,124,004
Other intangible assets include digital currencies held for investments.
4
Tangible fixed assets
Short leasehold
Fixtures and fittings
Computer equipment
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 April 2022
119,514
85,151
45,515
131,865
382,045
Additions
97,213
220,567
9,594
327,374
Disposals
(6,541)
(6,541)
At 31 March 2023
216,727
305,718
48,568
131,865
702,878
Depreciation and impairment
At 1 April 2022
16,742
35,469
24,675
28,037
104,923
Depreciation charged in the year
23,224
67,562
12,589
15,574
118,949
Eliminated in respect of disposals
(6,541)
(6,541)
At 31 March 2023
39,966
103,031
30,723
43,611
217,331
Carrying amount
At 31 March 2023
176,761
202,687
17,845
88,254
485,547
At 31 March 2022
102,772
49,682
20,840
103,828
277,122
Included within the net book value of above fixed assets is £143,167 (2022:£132,080) relating to assets held under hire purchase agreements. The depreciation charged to the financial statements in the year in respect of such assets amounted to £33,879 (2022:£26,445).
NOVEL DENTAL GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 8 -
5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Prepayments and accrued income
71,561
73,447
6
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans
13,302
13,048
Trade creditors
19,864
42,946
Taxation and social security
17,008
35,905
Other creditors
70,518
77,923
120,692
169,822
7
Creditors: amounts falling due after more than one year
2023
2022
Notes
£
£
Bank loans and overdrafts
8
24,967
38,221
Obligations under finance leases
9
79,303
86,983
Other creditors
1,455,258
1,461,363
1,559,528
1,586,567
During the year the company paid interest of £135,588 to the other creditors for the above disclosed loans (£1,455,258).
Amounts included above which fall due after five years are as follows:
Payable other than by instalments
1,455,258
1,461,363
8
Loans and overdrafts
2023
2022
£
£
Bank loans
38,269
51,269
Payable within one year
13,302
13,048
Payable after one year
24,967
38,221
NOVEL DENTAL GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
8
Loans and overdrafts
(Continued)
- 9 -
The above disclosed bank loan is secured by the personal guarantees from the director and staff member of the company.
9
Finance lease obligations
2023
2022
Future minimum lease payments due under finance leases:
£
£
Within one year
48,626
29,584
In two to five years
79,303
86,983
127,929
116,567
The above disclosed hire purchase debt has a fixed interest rate and is secured by an insurance policy over the asset held under hire purchase lease commitments.
10
Operating lease commitments
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2023
2022
£
£
527,211
491,967
11
Parent company
The company is 100% subsidiary of Think Forward Holdings Limited ("TFHL"). TFHL is incorporated in England and Wales and the registered office address is Elthorne Gate, 64 High Street, Pinner, HA5 5QA.
2023-03-312022-04-01false19 March 2024CCH SoftwareCCH Accounts Production 2023.200No description of principal activityDr M Amin103473182022-04-012023-03-31103473182023-03-31103473182022-03-3110347318core:Goodwill2023-03-3110347318core:Non-standardIntangibleAssetClass1ComponentIntangibleAssetsOtherThanGoodwill2023-03-3110347318core:Goodwill2022-03-3110347318core:Non-standardIntangibleAssetClass1ComponentIntangibleAssetsOtherThanGoodwill2022-03-3110347318core:LandBuildingscore:LeasedAssetsHeldAsLessee2023-03-3110347318core:FurnitureFittings2023-03-3110347318core:ComputerEquipment2023-03-3110347318core:MotorVehicles2023-03-3110347318core:LandBuildingscore:LeasedAssetsHeldAsLessee2022-03-3110347318core:FurnitureFittings2022-03-3110347318core:ComputerEquipment2022-03-3110347318core:MotorVehicles2022-03-3110347318core:CurrentFinancialInstrumentscore:WithinOneYear2023-03-3110347318core:CurrentFinancialInstrumentscore:WithinOneYear2022-03-3110347318core:Non-currentFinancialInstrumentscore:AfterOneYear2023-03-3110347318core:Non-currentFinancialInstrumentscore:AfterOneYear2022-03-3110347318core:CurrentFinancialInstruments2023-03-3110347318core:CurrentFinancialInstruments2022-03-3110347318core:Non-currentFinancialInstruments2023-03-3110347318core:Non-currentFinancialInstruments2022-03-3110347318core:ShareCapital2023-03-3110347318core:ShareCapital2022-03-3110347318core:RetainedEarningsAccumulatedLosses2023-03-3110347318core:RetainedEarningsAccumulatedLosses2022-03-3110347318bus:Director12022-04-012023-03-3110347318core:Goodwill2022-04-012023-03-3110347318core:IntangibleAssetsOtherThanGoodwill2022-04-012023-03-3110347318core:Non-standardIntangibleAssetClass1ComponentIntangibleAssetsOtherThanGoodwill2022-04-012023-03-3110347318core:LandBuildingscore:LongLeaseholdAssets2022-04-012023-03-3110347318core:FurnitureFittings2022-04-012023-03-3110347318core:ComputerEquipment2022-04-012023-03-3110347318core:MotorVehicles2022-04-012023-03-31103473182021-04-012022-03-3110347318core:Goodwill2022-03-3110347318core:Non-standardIntangibleAssetClass1ComponentIntangibleAssetsOtherThanGoodwill2022-03-31103473182022-03-3110347318core:LandBuildingscore:LeasedAssetsHeldAsLessee2022-03-3110347318core:FurnitureFittings2022-03-3110347318core:ComputerEquipment2022-03-3110347318core:MotorVehicles2022-03-3110347318core:LandBuildingscore:LeasedAssetsHeldAsLessee2022-04-012023-03-3110347318core:Non-currentFinancialInstruments12023-03-3110347318core:Non-currentFinancialInstruments12022-03-3110347318core:WithinOneYear2023-03-3110347318core:WithinOneYear2022-03-3110347318core:BetweenTwoFiveYears2023-03-3110347318core:BetweenTwoFiveYears2022-03-3110347318bus:PrivateLimitedCompanyLtd2022-04-012023-03-3110347318bus:SmallCompaniesRegimeForAccounts2022-04-012023-03-3110347318bus:FRS1022022-04-012023-03-3110347318bus:AuditExemptWithAccountantsReport2022-04-012023-03-3110347318bus:FullAccounts2022-04-012023-03-31xbrli:purexbrli:sharesiso4217:GBP