Sirona Dental Systems Limited - Limited company accounts 11.7
Sirona Dental Systems Limited - Limited company accounts 11.7
REGISTERED NUMBER: |
STRATEGIC REPORT, REPORT OF THE DIRECTOR AND |
FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2014 |
FOR |
SIRONA DENTAL SYSTEMS LIMITED |
SIRONA DENTAL SYSTEMS LIMITED (REGISTERED NUMBER: 04893127) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 SEPTEMBER 2014 |
Page |
Company Information | 1 |
Strategic Report | 2 |
Report of the Director | 3 | to | 4 |
Report of the Independent Auditors | 5 |
Profit and Loss Account | 6 |
Balance Sheet | 7 |
Cash Flow Statement | 8 |
Notes to the Cash Flow Statement | 9 |
Notes to the Financial Statements | 10 | to | 14 |
SIRONA DENTAL SYSTEMS LIMITED |
COMPANY INFORMATION |
FOR THE YEAR ENDED 30 SEPTEMBER 2014 |
DIRECTOR: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
Statutory Auditor |
Chartered Accountants |
BANKERS: |
SIRONA DENTAL SYSTEMS LIMITED (REGISTERED NUMBER: 04893127) |
STRATEGIC REPORT |
FOR THE YEAR ENDED 30 SEPTEMBER 2014 |
The director presents his strategic report for the year ended 30 September 2014. |
REVIEW OF BUSINESS |
The company's turnover derives from the sale of high-tech equipment and ancillary products to the dental industry, |
together with associated services. The director has set the company's pricing policy to be comparable with the |
conditions in that market. The director and the directors of the parent company monitor the company's performance to |
ensure business risk is controlled. |
The company uses a range of performance measures to monitor and manage the business effectively. These are both |
financial and non-financial and the most significant of these are the key performance indicators (KPI's). |
The key financial performance indicators are turnover, gross profit, staff employment costs and operating result. These |
KPI's indicate the volume of work the company has undertaken as well as the efficiency and profitability, with which this |
work has been delivered. |
The key non-financial performance indicator is the number of staff employed by the company. |
The key performance indicators for the year ended 30 September 2014, with comparatives for 2013, 2012 and 2011 are |
set out below: |
2014 | 2013 | 2012 | 2011 |
Turnover (£'000) | 318 | 392 | 2,466 | 2,596 |
Change in turnover | (18.83)% | (84.11)% | (5.00)% | (18.29)% |
Gross profit (£'000) | 49 | 83 | 387 | 403 |
Gross profit percentage | 15.31% | 21.25% | 15.69% | 15.53% |
Operating result (£'000) | 77 | 288 | 79 | 127 |
Change in operating result | (73.24)% | 266.61% | (38.26)% | 605.83% |
Average number of employees | 6 | 7 | 9 | 8 |
PRINCIPAL RISKS AND UNCERTAINTIES |
The principal risks and uncertainties are considered by the Board to include the following: |
Going concern risk |
The immediate parent undertaking, Sirona Dental Systems GmbH, a company registered in Germany, has undertaken |
to provide adequate financial assistance as to enable the company to meet its liabilities as they fall due for a period of at |
least twelve months from the date of approval of these accounts. Accordingly the director considers that the going |
concern basis is an appropriate basis for the preparation of these accounts. |
Interest rate risk |
The company has received loan advances from its parent company on which interest is charged. The director reviews |
the interest rate charged on a regular basis and considers the risk to the company to be reasonable. |
Foreign currency risk |
To the extent practicable, the foreign currency exposure to the company is being actively managed by retaining certain |
funds in a Euro bank account. |
ON BEHALF OF THE BOARD: |
30 June 2015 |
SIRONA DENTAL SYSTEMS LIMITED (REGISTERED NUMBER: 04893127) |
REPORT OF THE DIRECTOR |
FOR THE YEAR ENDED 30 SEPTEMBER 2014 |
The director presents his report with the financial statements of the company for the year ended 30 September 2014. |
PRINCIPAL ACTIVITY |
The principal activity of the company in the year under review was that of the marketing of high-tech equipment for |
dental medicine and the supply of ancillary products. |
DIVIDENDS |
No dividends will be distributed for the year ended 30 September 2014. |
DIRECTORS |
Other changes in directors holding office are as follows: |
Details of the director's shareholding in the ultimate parent company, as disclosed in note 15 to the accounts, are shown |
in the publicly available accounts of that company. |
FINANCIAL INSTRUMENTS |
The company's financial instruments at the balance sheet date comprised cash and liquid resources. The main purpose |
of these financial instruments is to provide working capital for the company's operations. The company has various other |
financial instruments such as intercompany balances, prepayments and accruals that arise directly from its operations. |
It is, and has been throughout the period under review, the company's policy that no trading in financial instruments |
shall be undertaken. |
The main risks arising from the company's financial instruments are interest rate, liquidity risk and foreign currency risk: |
Interest rate risk |
The company has received loan advances from its parent company on which interest is charged. The director reviews |
the interest rate charged on a regular basis and considers the risk to the company to be reasonable. |
Liquidity risk |
The company had net cash balances as at the balance sheet date. |
Foreign currency risk |
The company has certain cash balances, debtors and creditors which are denominated in Euro. Gains and losses |
arising from the retranslation of these assets and liabilities are recognised in the profit and loss account. |
Financial assets |
The company has no financial assets other than short-term debtors and cash at bank. |
GOING CONCERN |
The immediate parent undertaking, Sirona Dental Systems GmbH, a company registered in Germany, has undertaken |
to provide adequate financial assistance as to enable the company to meet its liabilities as they fall due for a period of at |
least twelve months from the date of approval of these accounts. Accordingly the director considers that the going |
concern basis is an appropriate basis for the preparation of these accounts. |
SIRONA DENTAL SYSTEMS LIMITED (REGISTERED NUMBER: 04893127) |
REPORT OF THE DIRECTOR |
FOR THE YEAR ENDED 30 SEPTEMBER 2014 |
STATEMENT OF DIRECTOR'S RESPONSIBILITIES |
The director is responsible for preparing the Report of the Director and the financial statements in accordance with |
applicable law and regulations. |
Company law requires the director to prepare financial statements for each financial year. Under that law the director |
has elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting |
Practice (United Kingdom Accounting Standards and applicable law). Under company law the director must not approve |
the financial statements unless he is satisfied that they give a true and fair view of the state of affairs of the company |
and of the profit or loss of the company for that period. In preparing these financial statements, the director is required |
to: |
- | select suitable accounting policies and then apply them consistently; |
- | make judgements and accounting estimates that are reasonable and prudent; |
- | state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements; |
- | prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. |
The director is responsible for keeping adequate accounting records that are sufficient to show and explain the |
company's transactions and disclose with reasonable accuracy at any time the financial position of the company and |
enable him to ensure that the financial statements comply with the Companies Act 2006. He is also responsible for |
safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud |
and other irregularities. |
STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS |
So far as the director is aware, there is no relevant audit information (as defined by Section 418 of the Companies Act |
2006) of which the company's auditors are unaware, and he has taken all the steps that he ought to have taken as a |
director in order to make himself aware of any relevant audit information and to establish that the company's auditors |
are aware of that information. |
AUDITORS |
The auditors, Wilkins Kennedy LLP, will be proposed for re-appointment at the forthcoming Annual General Meeting. |
ON BEHALF OF THE BOARD: |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
SIRONA DENTAL SYSTEMS LIMITED |
We have audited the financial statements of Sirona Dental Systems Limited for the year ended 30 September 2014 on |
pages six to fourteen. The financial reporting framework that has been applied in their preparation is applicable law and |
United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). |
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the |
Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those |
matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent |
permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's |
members as a body, for our audit work, for this report, or for the opinions we have formed. |
Respective responsibilities of director and auditors |
As explained more fully in the Statement of Director's Responsibilities set out on page four, the director is responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view. Our responsibility is to audit and express an opinion on the financial statements in accordance with applicable law and International Standards on Auditing (UK and Ireland). Those standards require us to comply with the Auditing Practices Board's Ethical Standards for Auditors. |
Scope of the audit of the financial statements |
An audit involves obtaining evidence about the amounts and disclosures in the financial statements sufficient to give |
reasonable assurance that the financial statements are free from material misstatement, whether caused by fraud or |
error. This includes an assessment of: whether the accounting policies are appropriate to the company's circumstances |
and have been consistently applied and adequately disclosed; the reasonableness of significant accounting estimates |
made by the director; and the overall presentation of the financial statements. In addition, we read all the financial and |
non-financial information in the Strategic Report and the Report of the Director to identify material inconsistencies with |
the audited financial statements and to identify any information that is apparently materially incorrect based on, or |
materially inconsistent with, the knowledge acquired by us in the course of performing the audit. If we become aware of |
any apparent material misstatements or inconsistencies we consider the implications for our report. |
Opinion on financial statements |
In our opinion the financial statements: |
- | give a true and fair view of the state of the company's affairs as at 30 September 2014 and of its profit for the year then ended; |
- | have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and |
- | have been prepared in accordance with the requirements of the Companies Act 2006. |
Opinion on other matter prescribed by the Companies Act 2006 |
In our opinion the information given in the Strategic Report and the Report of the Director for the financial year for which |
the financial statements are prepared is consistent with the financial statements. |
Matters on which we are required to report by exception |
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you |
if, in our opinion: |
- | adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or |
- | the financial statements are not in agreement with the accounting records and returns; or |
- | certain disclosures of director's remuneration specified by law are not made; or |
- | we have not received all the information and explanations we require for our audit. |
for and on behalf of |
Statutory Auditor |
Chartered Accountants |
SIRONA DENTAL SYSTEMS LIMITED (REGISTERED NUMBER: 04893127) |
PROFIT AND LOSS ACCOUNT |
FOR THE YEAR ENDED 30 SEPTEMBER 2014 |
2014 | 2013 |
Notes | £ | £ |
TURNOVER |
Cost of sales |
GROSS PROFIT |
Administrative expenses |
(843,233 | ) | (958,295 | ) |
Other operating income |
OPERATING PROFIT | 3 |
Interest payable and similar charges | 4 |
PROFIT ON ORDINARY ACTIVITIES BEFORE TAXATION |
Tax on profit on ordinary activities | 5 |
PROFIT FOR THE FINANCIAL YEAR |
CONTINUING OPERATIONS |
None of the company's activities were acquired or discontinued during the current year or previous year. |
TOTAL RECOGNISED GAINS AND LOSSES |
The company has no recognised gains or losses other than the profits for the current year or previous year. |
SIRONA DENTAL SYSTEMS LIMITED (REGISTERED NUMBER: 04893127) |
BALANCE SHEET |
30 SEPTEMBER 2014 |
2014 | 2013 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 6 |
CURRENT ASSETS |
Stocks | 7 |
Debtors | 8 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 9 |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
( |
) | ( |
) |
CAPITAL AND RESERVES |
Called up share capital | 12 |
Profit and loss account | 13 | ( |
) | ( |
) |
SHAREHOLDERS' FUNDS | 17 | ( |
) | ( |
) |
The financial statements were approved by the director on |
SIRONA DENTAL SYSTEMS LIMITED (REGISTERED NUMBER: 04893127) |
CASH FLOW STATEMENT |
FOR THE YEAR ENDED 30 SEPTEMBER 2014 |
2014 | 2013 |
Notes | £ | £ |
Net cash inflow |
from operating activities | 1 | 151,813 | 328,438 |
Returns on investments and |
servicing of finance | 2 | (62,371 | ) | (63,321 | ) |
Capital expenditure | 2 | (4,405 | ) | (2,098 | ) |
85,037 | 263,019 |
Financing | 2 | (438,360 | ) | (125,537 | ) |
(Decrease)/increase in cash in the period | ( |
) |
Reconciliation of net cash flow |
to movement in net funds | 3 |
(Decrease)/increase in cash in the period | ( |
) |
Change in net funds resulting |
from cash flows | ( |
) |
Movement in net funds in the period | ( |
) |
Net funds at 1 October |
Net funds at 30 September |
SIRONA DENTAL SYSTEMS LIMITED (REGISTERED NUMBER: 04893127) |
NOTES TO THE CASH FLOW STATEMENT |
FOR THE YEAR ENDED 30 SEPTEMBER 2014 |
1. | RECONCILIATION OF OPERATING PROFIT TO NET CASH INFLOW FROM OPERATING ACTIVITIES |
2014 | 2013 |
£ | £ |
Operating profit |
Depreciation charges | 9,239 | 12,817 |
Decrease/(increase) in stocks | 32,209 | (10,355 | ) |
(Increase)/decrease in debtors | (10,015 | ) | 292,529 |
Increase/(decrease) in creditors | 43,178 | (255,016 | ) |
Net cash inflow from operating activities | 151,813 | 328,438 |
2. | ANALYSIS OF CASH FLOWS FOR HEADINGS NETTED IN THE CASH FLOW STATEMENT |
2014 | 2013 |
£ | £ |
Returns on investments and servicing of finance |
Interest paid | (62,371 | ) | (63,321 | ) |
Net cash outflow for returns on investments and servicing of finance | (62,371 | ) | (63,321 | ) |
Capital expenditure |
Purchase of tangible fixed assets | (4,405 | ) | (2,098 | ) |
Net cash outflow for capital expenditure | (4,405 | ) | (2,098 | ) |
Financing |
Movement on intercompany balances | (438,360 | ) | (125,537 | ) |
Net cash outflow from financing | (438,360 | ) | (125,537 | ) |
3. | ANALYSIS OF CHANGES IN NET FUNDS |
At | At |
1/10/13 | Cash flow | 30/9/14 |
£ | £ | £ |
Net cash: |
Cash at bank and in hand | (353,323 | ) |
564,839 | ( |
) | 211,516 |
Total | ( |
) |
SIRONA DENTAL SYSTEMS LIMITED (REGISTERED NUMBER: 04893127) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 SEPTEMBER 2014 |
1. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
The company has reported a small profit for the year ended 30 September 2014 and has reported net liabilities |
of £438,227 at that date. At the balance sheet date a loan balance of £863,421 was outstanding and payable to |
the company's immediate parent undertaking, Sirona Dental Systems GmbH ("SDS"), a company registered in |
Germany. SDS has undertaken to provide adequate financial assistance so as to enable the company to meet |
its liabilities as they fall due for a period of at least twelve months from the date of approval of these accounts. |
Accordingly the director considers that the going concern basis is an appropriate basis for the preparation of |
these accounts. |
Accounting convention |
The financial statements have been prepared under the historical cost convention and are in accordance with |
applicable accounting standards. |
Turnover |
Turnover represents net invoiced sales of goods, excluding value added tax. |
Tangible fixed assets |
Improvements to property | - |
Office Equipment | - |
Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and |
slow moving items. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the |
balance sheet date where transactions or events that result in an obligation to pay more tax in future or a right to |
pay less tax in future have occurred at the balance sheet date. Timing differences are differences between the |
Company's taxable profits and its results as stated in the financial statements that arise from the inclusion of |
gains and losses in tax assessments in periods different from those in which they are recognised in the financial |
statements. A net deferred tax asset is regarded as recoverable and therefore recognised only when, on the |
basis of all available evidence, it can be regarded as more likely than not that there will be appropriate taxable |
profits from which the future reversal of the underlying timing differences can be deducted. |
Foreign currencies |
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the |
balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling |
at the date of transaction. Exchange differences are taken into account in arriving at the operating result. |
Hire purchase and leasing commitments |
Rentals paid under operating leases are charged to the profit and loss account 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 the profit and loss account in the period to which they relate. |
SIRONA DENTAL SYSTEMS LIMITED (REGISTERED NUMBER: 04893127) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 SEPTEMBER 2014 |
2. | STAFF COSTS |
2014 | 2013 |
£ | £ |
Wages and salaries | 367,055 | 405,688 |
Social security costs | 50,496 | 57,167 |
Other pension costs | 11,026 | 13,478 |
428,577 | 476,333 |
The average monthly number of employees during the year was as follows: |
2014 | 2013 |
Administration | 2 | 2 |
Sales | 4 | 5 |
6 | 7 |
3. | OPERATING PROFIT |
The operating profit is stated after charging/(crediting): |
2014 | 2013 |
£ | £ |
Other operating leases | 89,098 | 87,715 |
Depreciation - owned assets |
Auditors' remuneration |
Auditors' remuneration - non-audit services | 42,525 | 50,140 |
Recharged expenses | (920,435 | ) | (1,246,758 | ) |
Foreign exchange (gain)/loss | (75,740 | ) | 52,310 |
Directors' remuneration |
Directors' pension contributions to money purchase schemes |
The number of directors to whom retirement benefits were accruing was as follows: |
Money purchase schemes | 1 | 1 |
Recharged expenditure disclosed above represents amounts recharged to group companies in respect of costs |
incurred by the company on behalf of group companies. The amounts recharged have been agreed between |
the company and the relevant group companies concerned and are considered to be appropriate. |
4. | INTEREST PAYABLE AND SIMILAR CHARGES |
2014 | 2013 |
£ | £ |
Loan interest payable | 62,371 | 63,321 |
5. | TAXATION |
Analysis of the tax charge |
The tax charge on the profit on ordinary activities for the year was as follows: |
2014 | 2013 |
£ | £ |
Deferred tax |
Tax on profit on ordinary activities |
SIRONA DENTAL SYSTEMS LIMITED (REGISTERED NUMBER: 04893127) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 SEPTEMBER 2014 |
5. | TAXATION - continued |
Factors affecting the tax charge |
The tax assessed for the year is lower than the standard rate of corporation tax in the UK. The difference is |
explained below: |
2014 | 2013 |
£ | £ |
Profit on ordinary activities before tax |
Profit on ordinary activities |
multiplied by the standard rate of corporation tax |
in the UK of |
Effects of: |
Expenses not deductible for tax purposes |
Depreciation in excess of capital allowances |
Utilisation of tax losses | ( |
) | ( |
) |
Change in tax rates and roundings | 1,376 | - |
Current tax charge |
6. | TANGIBLE FIXED ASSETS |
Improvements |
to | Office |
property | Equipment | Totals |
£ | £ | £ |
COST |
At 1 October 2013 |
Additions |
Disposals | ( |
) | ( |
) |
At 30 September 2014 |
DEPRECIATION |
At 1 October 2013 |
Charge for year |
Eliminated on disposal | ( |
) | ( |
) |
At 30 September 2014 |
NET BOOK VALUE |
At 30 September 2014 |
At 30 September 2013 |
7. | STOCKS |
2014 | 2013 |
£ | £ |
Finished goods |
SIRONA DENTAL SYSTEMS LIMITED (REGISTERED NUMBER: 04893127) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 SEPTEMBER 2014 |
8. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2014 | 2013 |
£ | £ |
Trade debtors | 37,112 | 31,920 |
Amounts due from group undertakings |
Other debtors | 14,796 | 12,352 |
VAT |
Deferred tax asset |
Prepayments and accrued income | 29,694 | 30,552 |
The deferred tax asset includes £44,000 (2013: £20,500) which is not anticipated to be recoverable within one |
year. |
9. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2014 | 2013 |
£ | £ |
Trade creditors |
Amounts due to group undertakings |
Social security and other taxes |
Accruals and deferred income |
10. | OPERATING LEASE COMMITMENTS |
The following operating lease payments are committed to be paid within one year: |
Land and buildings |
2014 | 2013 |
£ | £ |
Expiring: |
Between one and five years |
11. | DEFERRED TAX |
£ |
Balance at 1 October 2013 | ( |
) |
Charge to Profit and Loss Account during year |
Balance at 30 September 2014 | ( |
) |
As at 30 September 2014 a net deferred tax asset of £60,000 (2013: £70,000) relating to tax adjusted losses and |
timing differences, has been recognised, based on anticipated corporate tax losses of £304,781 (2013: |
£345,599). The company has prepared forecast profit figures for future years. Due to increased visibility of |
earnings under a proposed new operating structure, the company considers that it can reasonably foresee the |
recovery of tax losses against future profits and accordingly considers it is prudent and appropriate to recognise |
a deferred tax asset in respect of all tax losses as at the balance sheet date. |
12. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2014 | 2013 |
value: | £ | £ |
Ordinary | £200 |
SIRONA DENTAL SYSTEMS LIMITED (REGISTERED NUMBER: 04893127) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 SEPTEMBER 2014 |
13. | RESERVES |
Profit |
and loss |
account |
£ |
At 1 October 2013 | ( |
) |
Profit for the year |
At 30 September 2014 | ( |
) |
14. | PENSION COMMITMENTS |
The company operates a defined contribution pension scheme for certain employees. The assets of the scheme |
are held separately from those of the company in an independently administered fund. Contributions to the |
scheme for the year amounted to £11,026 (2013: £13,478). There were no outstanding contributions payable by |
the company to the fund as at 30 September 2014 (2013: £Nil). |
15. | IMMEDIATE AND ULTIMATE PARENT COMPANY |
The immediate parent undertaking is Sirona Dental Systems GmbH, a company registered in Germany. The |
ultimate parent undertaking is Sirona Dental Systems Inc., a company registered in the United States of |
America. Copies of the consolidated Sirona Dental Systems Inc. annual report are available on written request |
from the Investor Relations Department, Sirona Dental Systems Inc. 3030 47th Avenue, Suite 500, Long Island |
City, NY 11101, United States of America. Consolidated accounts are prepared and filed only at the ultimate |
parent undertaking level of the Sirona Group. |
16. | RELATED PARTY DISCLOSURES |
In accordance with Financial Reporting Standard No 8 "Related Party Disclosures", transactions with other group |
undertakings within the Sirona group have not been disclosed in these financial statements. |
At the balance sheet date, the company was due £41,425 (2013: £46,083) from and owed £Nil (2013: £Nil) to |
Sirona Dental GmbH, a fellow subsidiary undertaking of the ultimate parent company as disclosed in note 15 to |
the accounts. In addition, the company had trade and loan account balances with Sirona Dental Systems GmbH |
("SDS"), the immediate parent undertaking of the company and another fellow subsidiary undertaking of the |
Sirona Group, as at the balance sheet date totalling £22,634 due to the company and £863,421 payable to SDS |
respectively (2013: payable to SDS £336,803 and £947,005 respectively). |
17. | RECONCILIATION OF MOVEMENTS IN SHAREHOLDERS' FUNDS |
2014 | 2013 |
£ | £ |
Profit for the financial year |
Net addition to shareholders' funds |
Opening shareholders' funds | ( |
) | ( |
) |
Closing shareholders' funds | ( |
) | ( |
) |