Silverfin false 30/04/2023 01/05/2022 30/04/2023 J A Anderson 22/03/2018 17 January 2024 The principal activity of the company during the financial year was as a dental practice. 11271127 2023-04-30 11271127 bus:Director1 2023-04-30 11271127 2022-04-30 11271127 core:CurrentFinancialInstruments 2023-04-30 11271127 core:CurrentFinancialInstruments 2022-04-30 11271127 core:Non-currentFinancialInstruments 2023-04-30 11271127 core:Non-currentFinancialInstruments 2022-04-30 11271127 core:ShareCapital 2023-04-30 11271127 core:ShareCapital 2022-04-30 11271127 core:RetainedEarningsAccumulatedLosses 2023-04-30 11271127 core:RetainedEarningsAccumulatedLosses 2022-04-30 11271127 core:Goodwill 2022-04-30 11271127 core:Goodwill 2023-04-30 11271127 core:LandBuildings 2022-04-30 11271127 core:LeaseholdImprovements 2022-04-30 11271127 core:Vehicles 2022-04-30 11271127 core:FurnitureFittings 2022-04-30 11271127 core:ComputerEquipment 2022-04-30 11271127 core:LandBuildings 2023-04-30 11271127 core:LeaseholdImprovements 2023-04-30 11271127 core:Vehicles 2023-04-30 11271127 core:FurnitureFittings 2023-04-30 11271127 core:ComputerEquipment 2023-04-30 11271127 core:CurrentFinancialInstruments core:Secured 2023-04-30 11271127 bus:OrdinaryShareClass1 2023-04-30 11271127 core:WithinOneYear 2023-04-30 11271127 core:WithinOneYear 2022-04-30 11271127 core:BetweenOneFiveYears 2023-04-30 11271127 core:BetweenOneFiveYears 2022-04-30 11271127 2022-05-01 2023-04-30 11271127 bus:FullAccounts 2022-05-01 2023-04-30 11271127 bus:SmallEntities 2022-05-01 2023-04-30 11271127 bus:AuditExemptWithAccountantsReport 2022-05-01 2023-04-30 11271127 bus:PrivateLimitedCompanyLtd 2022-05-01 2023-04-30 11271127 bus:Director1 2022-05-01 2023-04-30 11271127 core:Goodwill core:TopRangeValue 2022-05-01 2023-04-30 11271127 core:LandBuildings core:BottomRangeValue 2022-05-01 2023-04-30 11271127 core:LandBuildings core:TopRangeValue 2022-05-01 2023-04-30 11271127 core:LeaseholdImprovements core:TopRangeValue 2022-05-01 2023-04-30 11271127 core:Vehicles 2022-05-01 2023-04-30 11271127 core:FurnitureFittings core:TopRangeValue 2022-05-01 2023-04-30 11271127 core:ComputerEquipment core:TopRangeValue 2022-05-01 2023-04-30 11271127 2021-05-01 2022-04-30 11271127 core:Goodwill 2022-05-01 2023-04-30 11271127 core:LandBuildings 2022-05-01 2023-04-30 11271127 core:LeaseholdImprovements 2022-05-01 2023-04-30 11271127 core:FurnitureFittings 2022-05-01 2023-04-30 11271127 core:ComputerEquipment 2022-05-01 2023-04-30 11271127 core:Non-currentFinancialInstruments 2022-05-01 2023-04-30 11271127 bus:OrdinaryShareClass1 2022-05-01 2023-04-30 11271127 bus:OrdinaryShareClass1 2021-05-01 2022-04-30 iso4217:GBP xbrli:pure xbrli:shares

Company No: 11271127 (England and Wales)

MINCH DENT LTD

Unaudited Financial Statements
For the financial year ended 30 April 2023
Pages for filing with the registrar

MINCH DENT LTD

Unaudited Financial Statements

For the financial year ended 30 April 2023

Contents

ACCOUNTANTS' REPORT TO THE DIRECTOR ON THE PREPARATION OF
THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF MINCH DENT LTD

For the financial year ended 30 April 2023

ACCOUNTANTS' REPORT TO THE DIRECTOR ON THE PREPARATION OF
THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF MINCH DENT LTD (continued)

For the financial year ended 30 April 2023

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Minch Dent Ltd for the financial year ended 30 April 2023 which comprise the Statement of Financial Position and the related notes 1 to 11 from the Company’s accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at www.icaew.com/regulation.

It is your duty to ensure that Minch Dent Ltd has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Minch Dent Ltd. You consider that Minch Dent Ltd is exempt from the statutory audit requirement for the financial year.

We have not been instructed to carry out an audit or a review of the financial statements of Minch Dent Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

This report is made solely to the Director of Minch Dent Ltd, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the financial statements of Minch Dent Ltd and state those matters that we have agreed to state to the director of Minch Dent Ltd, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Minch Dent Ltd and its Director as a body for our work or for this report.

Bishop Fleming LLP
Chartered Accountants

10 North Place
Cheltenham
Gloucestershire
GL50 4DW

17 January 2024

MINCH DENT LTD

STATEMENT OF FINANCIAL POSITION

As at 30 April 2023
MINCH DENT LTD

STATEMENT OF FINANCIAL POSITION (continued)

As at 30 April 2023
Note 2023 2022
£ £
Fixed assets
Intangible assets 4 82,553 97,564
Tangible assets 5 454,694 440,197
537,247 537,761
Current assets
Stocks 6,000 4,150
Debtors 6 12,641 9,250
Cash at bank and in hand 60,689 30,703
79,330 44,103
Creditors: amounts falling due within one year 7 ( 215,956) ( 180,220)
Net current liabilities (136,626) (136,117)
Total assets less current liabilities 400,621 401,644
Creditors: amounts falling due after more than one year 8 ( 283,812) ( 289,462)
Provision for liabilities ( 35,690) ( 36,015)
Net assets 81,119 76,167
Capital and reserves
Called-up share capital 9 2 2
Profit and loss account 81,117 76,165
Total shareholders' funds 81,119 76,167

For the financial year ending 30 April 2023 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The financial statements of Minch Dent Ltd (registered number: 11271127) were approved and authorised for issue by the Director on 17 January 2024. They were signed on its behalf by:

J A Anderson
Director
MINCH DENT LTD

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 April 2023
MINCH DENT LTD

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 April 2023
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Minch Dent Ltd (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is C/O Bishop Fleming Llp, 10 North Place, Cheltenham, GL50 4DW, United Kingdom.

The financial statements have been prepared under the historical cost convention in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

The director has assessed the Statement of Financial Position and likely future cash flows at the date of approving these financial statements. The director has a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

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. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

Employee benefits

Defined contribution schemes
The Company operates a defined contribution scheme. The amount charged to the Statement of Income and Retained Earnings in respect of pension costs and other post-retirement benefits is the contributions payable in the financial year. Differences between contributions payable in the financial year and contributions actually paid are included as either accruals or prepayments in the Statement of Financial Position.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Statement of Financial Position date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Transition to FRS 102

These financial statements for the year ended 30 April 2023 are the company's first financial statements prepared in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland. The date of transition was 1 May 2021. To ensure comparability, the reported financial position and performance for the previous period have been amended to also comply with FRS 102 as per Note 2.

Intangible assets

Intangible assets are stated at cost or valuation, net of amortisation and any provision for impairment. Amortisation is provided on all intangible assets at rates to write off the cost or valuation of each asset over its expected useful life as follows:

Goodwill 10 years straight line
Tangible fixed assets

Tangible fixed assets are stated at cost (or deemed cost) or valuation less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended. Depreciation is provided on all tangible fixed assets, other than investment properties and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line / reducing balance basis over its expected useful life, as follows:

Land and buildings 25 - 50 years straight line
Leasehold improvements 15 years straight line
Vehicles 25 % reducing balance
Fixtures and fittings 4 years straight line
Computer equipment 3 years straight line
Leases

The Company as lessee
Assets held under finance leases, hire purchase contracts and other similar arrangements, which confer rights and obligations similar to those attached to owned assets, are capitalised as tangible fixed assets at the fair value of the leased asset (or, if lower, the present value of the minimum lease payments as determined at the inception of the lease) and are depreciated over the shorter of the lease terms and their useful lives. The capital elements of future lease obligations are recorded as liabilities, while the interest elements are charged to the Statement of Income and Retained Earnings over the period of the leases to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost includes materials, direct labour and an attributable proportion of manufacturing overheads based on normal levels of activity. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

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 creditors: amounts falling due within one year.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

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.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Ordinary share capital

The ordinary share capital of the Company is presented as equity.

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

2.Transition to FRS102

The Company has adopted FRS 102 for the year ended 30 April 2023, with the date of transition being 1 May 2021. The comparative year amounts have been restated as below.

Reconciliation of equity

01.05.2021 30.04.2022
£ £
Capital and reserves (as previously stated) 109,549 112,182
Deferred tax provision (26,193) (36,015)
Capital and reserves (as restated) 83,356 76,167

Reconciliation of profit or loss

30.04.2022
£
Profit for the year (as previously stated) 67,631
Deferred tax movement for the year (9,822)
Profit for the year (as restated) 57,809

3. Employees

2023 2022
Number Number
Monthly average number of persons employed by the Company during the year, including the director 9 12

4. Intangible assets

Goodwill Total
£ £
Cost
At 01 May 2022 150,109 150,109
At 30 April 2023 150,109 150,109
Accumulated amortisation
At 01 May 2022 52,545 52,545
Charge for the financial year 15,011 15,011
At 30 April 2023 67,556 67,556
Net book value
At 30 April 2023 82,553 82,553
At 30 April 2022 97,564 97,564

5. Tangible assets

Land and buildings Leasehold improve-
ments
Vehicles Fixtures and fittings Computer equipment Total
£ £ £ £ £ £
Cost
At 01 May 2022 210,655 136,641 25,980 129,622 8,500 511,398
Additions 41,085 5,681 0 38,584 0 85,350
At 30 April 2023 251,740 142,322 25,980 168,206 8,500 596,748
Accumulated depreciation
At 01 May 2022 10,210 10,079 5,528 42,421 2,963 71,201
Charge for the financial year 4,470 9,275 5,113 32,420 2,643 53,921
Impairment losses 16,932 0 0 0 0 16,932
At 30 April 2023 31,612 19,354 10,641 74,841 5,606 142,054
Net book value
At 30 April 2023 220,128 122,968 15,339 93,365 2,894 454,694
At 30 April 2022 200,445 126,562 20,452 87,201 5,537 440,197

6. Debtors

2023 2022
£ £
Trade debtors 4,363 973
Other debtors 8,278 8,277
12,641 9,250

7. Creditors: amounts falling due within one year

2023 2022
£ £
Bank loans (secured) 21,154 19,697
Trade creditors 21,319 20,698
Amounts owed to director 74,985 56,484
Other loans 36,570 28,711
Accruals 4,796 8,252
Taxation and social security 26,058 7,325
Obligations under finance leases and hire purchase contracts (secured) 15,376 3,727
Other creditors 15,698 35,326
215,956 180,220

8. Creditors: amounts falling due after more than one year

2023 2022
£ £
Bank loans (secured) 177,273 198,565
Other loans 68,059 71,934
Obligations under finance leases and hire purchase contracts (secured) 38,480 18,963
283,812 289,462

The bank loans are secured on freehold properties of the Company with a carrying value of £220,128 (2022: £200,445). The obligations under finance leases and hire purchase contracts are secured on the assets to which they relate.

9. Called-up share capital

2023 2022
£ £
Allotted, called-up and fully-paid
2 Ordinary shares of £ 1.00 each 2 2

10. Financial commitments

Commitments

Total future minimum lease payments under non-cancellable operating leases are as follows:

2023 2022
£ £
within one year 2,652 2,395
between one and five years 4,403 6,797
7,055 9,192

11. Related party transactions

Transactions with the entity's director

2023 2022
£ £
Dividends paid in the year 33,000 32,500
Balance due from company to director 74,985 56,484

No interest is being charged on the loan from the Director, which is repayable on demand.