Cinal Ltd - Period Ending 2019-04-30

Cinal Ltd - Period Ending 2019-04-30


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Registration number: 09752293

Cinal Ltd

Annual Report and Unaudited Financial Statements

for the Year Ended 30 April 2019

 

Cinal Ltd

Contents

Balance Sheet

1 to 2

Notes to the Unaudited Financial Statements

3 to 9

 

Cinal Ltd

(Registration number: 09752293)
Balance Sheet as at 30 April 2019

Note

2019
£

2018
£

Fixed assets

 

Intangible assets

4

193,960

222,002

Tangible assets

5

22,267

20,946

 

216,227

242,948

Current assets

 

Stocks

6

500

300

Debtors

7

4,830

-

Cash at bank and in hand

 

7,488

12,771

 

12,818

13,071

Creditors: Amounts falling due within one year

8

(106,089)

(94,905)

Net current liabilities

 

(93,271)

(81,834)

Total assets less current liabilities

 

122,956

161,114

Creditors: Amounts falling due after more than one year

8

(216,799)

(227,278)

Provisions for liabilities

(3,785)

(3,560)

Net liabilities

 

(97,628)

(69,724)

Capital and reserves

 

Called up share capital

1

1

Profit and loss account

(97,629)

(69,725)

Total equity

 

(97,628)

(69,724)

 

Cinal Ltd

(Registration number: 09752293)
Balance Sheet as at 30 April 2019

For the financial year ending 30 April 2019 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 accounts for the year in question in accordance with section 476; and

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

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 21 January 2020 and signed on its behalf by:
 

.........................................

A Rao
Director

 

Cinal Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2019

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:
Freshford House
Redcliffe Way
Bristol
BS1 6NL

These financial statements were authorised for issue by the Board on 21 January 2020.

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.

Going concern

On the basis of the directors' assessment of the company's financial position and their indication of continued support of the company for a period of at least 12 months from the date of approval of these financial statements to enable the company to meet its obligations for that period, the company's directors have a reasonable expectation that the company will be able to continue in operational existence for the foreseeable future. Thus they continue to adopt the going concern basis of accounting in preparing the financial statements.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of dentistry services in the ordinary course of the Company’s activities.

The Company recognises revenue when:
- It is in line with work performed for both NHS and private patients;
- It is probable that future economic benefits will flow to the entity;
- And specific criteria have been met for each of the Company's activities.

For Denplan patients the Company recognises revenue:
- Evenly across the year as it is received from Denplan;
- When the amount to be received can be reliably measured;
- When it is probable that it will be paid to the company.

Tax

The tax expense for the period comprises 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.

 

Cinal Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2019

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.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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 and that are expected to apply to the reversal of the timing difference.

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.

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

Furniture, fittings and equipment

25% straight line

Long leasehold property

Over the term of the lease

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

10% 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.

 

Cinal Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2019

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.

Stocks

Dental stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

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.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and Loss Account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

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.

 

Cinal Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2019

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 employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 3 (2018 - 4).

4

Intangible assets

Goodwill
 £

Cost or valuation

At 1 May 2018

280,423

At 30 April 2019

280,423

Amortisation

At 1 May 2018

58,421

Amortisation charge

28,042

At 30 April 2019

86,463

Carrying amount

At 30 April 2019

193,960

At 30 April 2018

222,002

 

Cinal Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2019

5

Tangible assets

Long leasehold property
£

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 May 2018

1

37,995

37,996

Additions

-

12,098

12,098

At 30 April 2019

1

50,093

50,094

Depreciation

At 1 May 2018

-

17,050

17,050

Charge for the year

-

10,777

10,777

At 30 April 2019

-

27,827

27,827

Carrying amount

At 30 April 2019

1

22,266

22,267

At 30 April 2018

1

20,945

20,946

6

Stocks

2019
£

2018
£

Other inventories

500

300

7

Debtors

2019
£

2018
£

Other debtors

3,500

-

Prepayments and accrued income

1,330

-

Total current trade and other debtors

4,830

-

 

Cinal Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2019

8

Creditors

Creditors: amounts falling due within one year

Note

2019
£

2018
£

Due within one year

 

Bank loans and overdrafts

9

16,947

22,803

Trade creditors

 

1,713

1,955

Amounts owed to related parties

11

72,674

55,717

Taxation and social security

 

1,374

1,099

Other creditors

 

251

-

Accruals and deferred income

 

13,130

13,331

 

106,089

94,905

Creditors: amounts falling due after more than one year

Note

2019
£

2018
£

Due after one year

 

Loans and borrowings

9

216,799

227,278

9

Loans and borrowings

2019
£

2018
£

Non-current loans and borrowings

Bank borrowings

216,799

227,278

2019
£

2018
£

Current loans and borrowings

Bank borrowings

16,947

22,803

The bank loan is secured by a fixed and floating charge over the assets of the company.

 

Cinal Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2019

10

Financial commitments, guarantees and contingencies

Amounts not provided for in the balance sheet

At 30 April 2019, the company had total commitments under non-cancellable operating leases over the remaining life of those leases of £168,396 (2018 - £188,376).

11

Related party transactions

Loans from related parties

2019

Parent
£

Key management
£

Total
£

At start of period

53,180

2,537

55,717

Advanced

16,957

-

16,957

At end of period

70,137

2,537

72,674

2018

Parent
£

Key management
£

Total
£

At start of period

19,180

-

19,180

Advanced

34,000

3,540

37,540

Repaid

-

(1,003)

(1,003)

At end of period

53,180

2,537

55,717

Terms of loans from related parties

The loan from the parent is interest free and repayable on demand.
 The loan from key management is interest free and repayable on demand,
 

12

Parent and ultimate parent undertaking

The company's immediate and ultimate parent is Ermevin Ltd, incorporated in England & Wales.

 The ultimate parent entity produces publicly available financial statements is Ermevin Ltd. These financial statements are available upon request from the registered office.