Registered number
04914786
Labtech Dental laboratory
Filleted Accounts
31 March 2023
Labtech Dental laboratory
Registered number: 04914786
Balance Sheet
as at 31 March 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 5,677 7,691
Current assets
Debtors 4 100,921 124,098
Cash at bank and in hand 3,286 2,889
104,207 126,987
Creditors: amounts falling due within one year 5 (58,294) (73,660)
Net current assets 45,913 53,327
Total assets less current liabilities 51,590 61,018
Creditors: amounts falling due after more than one year 6 (30,000) (22,800)
Net assets 21,590 38,218
Capital and reserves
Called up share capital 2 2
Profit and loss account 21,588 38,216
Shareholders' funds 21,590 38,218
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Jaker Ahmed
Director
Approved by the board on 22 December 2023
Labtech Dental laboratory
Notes to the Accounts
for the year ended 31 March 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Leasehold land and buildings improvements over the lease term
Plant and machinery 25% straight line
Fixtures, fittings, tools and equipment 20% straight line
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. 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, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 5 5
3 Tangible fixed assets
Land and buildings Plant and machinery etc Total
£ £ £
Cost
At 1 April 2022 19,211 38,607 57,818
Additions - 755 755
Disposals (19,211) (32,265) (51,476)
At 31 March 2023 - 7,097 7,097
Depreciation
At 1 April 2022 19,210 30,917 50,127
Charge for the year 1 1,421 1,422
On disposals (19,211) (30,918) (50,129)
At 31 March 2023 - 1,420 1,420
Net book value
At 31 March 2023 - 5,677 5,677
At 31 March 2022 1 7,690 7,691
4 Debtors 2023 2022
£ £
Trade debtors 27,615 26,356
Other debtors 73,306 97,742
100,921 124,098
5 Creditors: amounts falling due within one year 2023 2022
£ £
Bank loans and overdrafts (7,200) 7,200
Trade creditors 1,514 14,979
Corporation tax 37,738 33,943
Other taxes and social security costs 26,425 16,231
pension (184) -
Other creditors 1 1,307
58,294 73,660
6 Creditors: amounts falling due after one year 2023 2022
£ £
Bank loans 30,000 22,800
7 Other information
Labtech Dental laboratory is a private company limited by shares and incorporated in England. Its registered office is:
298 Kilburn High Road
London
NW6 2DB
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