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REGISTERED NUMBER: SC361249 (Scotland)














Unaudited Financial Statements

for the Year Ended 31 March 2023

for

M-Brace Orthodontics Ltd

M-Brace Orthodontics Ltd (Registered number: SC361249)






Contents of the Financial Statements
for the Year Ended 31 March 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


M-Brace Orthodontics Ltd

Company Information
for the Year Ended 31 March 2023







DIRECTOR: Dr R R Mahesh





SECRETARY: Mrs S Mahesh





REGISTERED OFFICE: 38 Wester Hill
Greenbank
Edinburgh
EH10 5XG





REGISTERED NUMBER: SC361249 (Scotland)





ACCOUNTANTS: Dental Accountants Scotland Ltd
Specialist Dental Accountants & Advisors
Cornerstone House
Station Road
Selkirk
Borders
TD7 5DJ

M-Brace Orthodontics Ltd (Registered number: SC361249)

Balance Sheet
31 March 2023

31.3.23 31.3.22
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 74,000 148,000
Tangible assets 5 1,431,016 1,502,756
1,505,016 1,650,756

CURRENT ASSETS
Stocks 21,425 21,078
Debtors 6 75,288 59,126
Cash at bank and in hand 1,361,846 779,000
1,458,559 859,204
CREDITORS
Amounts falling due within one year 7 820,831 499,837
NET CURRENT ASSETS 637,728 359,367
TOTAL ASSETS LESS CURRENT
LIABILITIES

2,142,744

2,010,123

PROVISIONS FOR LIABILITIES 100,468 75,832
NET ASSETS 2,042,276 1,934,291

CAPITAL AND RESERVES
Called up share capital 9 100 100
Retained earnings 2,042,176 1,934,191
SHAREHOLDERS' FUNDS 2,042,276 1,934,291

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2023 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.

M-Brace Orthodontics Ltd (Registered number: SC361249)

Balance Sheet - continued
31 March 2023


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 Statement of Comprehensive Income has not been delivered.

The financial statements were approved by the director and authorised for issue on 11 September 2023 and were signed by:





Dr R R Mahesh - Director


M-Brace Orthodontics Ltd (Registered number: SC361249)

Notes to the Financial Statements
for the Year Ended 31 March 2023

1. STATUTORY INFORMATION

M-Brace Orthodontics Ltd is a private company, limited by shares , registered in Scotland. 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
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 2014, is being amortised evenly over its 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.
Improvements to property - Straight line over 10-20 years
Fixtures and fittings - 10% on reducing balance
Computer equipment - 33% on reducing balance

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 balance sheet date.


M-Brace Orthodontics Ltd (Registered number: SC361249)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2023

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

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 28 (2022 - 29 ) .

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 April 2022
and 31 March 2023 740,000
AMORTISATION
At 1 April 2022 592,000
Amortisation for year 74,000
At 31 March 2023 666,000
NET BOOK VALUE
At 31 March 2023 74,000
At 31 March 2022 148,000

M-Brace Orthodontics Ltd (Registered number: SC361249)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2023

5. TANGIBLE FIXED ASSETS
Improvements Fixtures
to and Motor Computer
property fittings vehicles equipment Totals
£    £    £    £    £   
COST
At 1 April 2022 1,562,707 526,840 59,490 137,820 2,286,857
Additions 11,886 63,535 - 1,070 76,491
At 31 March 2023 1,574,593 590,375 59,490 138,890 2,363,348
DEPRECIATION
At 1 April 2022 459,067 209,468 14,873 100,693 784,101
Charge for year 86,380 38,091 11,154 12,606 148,231
At 31 March 2023 545,447 247,559 26,027 113,299 932,332
NET BOOK VALUE
At 31 March 2023 1,029,146 342,816 33,463 25,591 1,431,016
At 31 March 2022 1,103,640 317,372 44,617 37,127 1,502,756

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.23 31.3.22
£    £   
Trade debtors 75,288 59,126

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.23 31.3.22
£    £   
Tax 127,030 152,019
Other creditors 11,866 11,217
Directors' current accounts 514,599 282,307
Accrued expenses 167,336 54,294
820,831 499,837

8. LEASING AGREEMENTS
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2023 2022
£    £   
160,500 192,500

M-Brace Orthodontics Ltd (Registered number: SC361249)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2023

9. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31.3.23 31.3.22
value: £    £   
85 Ordinary £1 85 85
3 Ordinary £1 3 3
1 Ordinary £1 1 1
89 89

10. DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

During the year the director advanced the company monies. At the year end the company was due the director £514,999 (2022 - £282,307). No interest has been charged and there are no specific repayment terms.