Company registration number 11328030 (England and Wales)
MYINT DENTAL LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 13 FEBRUARY 2023
PAGES FOR FILING WITH REGISTRAR
MYINT DENTAL LTD
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 6
MYINT DENTAL LTD
BALANCE SHEET
AS AT
13 FEBRUARY 2023
13 February 2023
- 1 -
13 February 2023
30 April 2022
Notes
£
£
£
£
Fixed assets
Intangible assets
3
465,616
525,000
Tangible assets
4
55,331
61,362
520,947
586,362
Current assets
Stocks
3,702
1,379
Debtors
5
1,302,989
993
Cash at bank and in hand
251,597
1,110,319
1,558,288
1,112,691
Creditors: amounts falling due within one year
6
(226,466)
(293,960)
Net current assets
1,331,822
818,731
Total assets less current liabilities
1,852,769
1,405,093
Provisions for liabilities
(7,996)
-
0
Net assets
1,844,773
1,405,093
Capital and reserves
Called up share capital
2
2
Profit and loss reserves
1,844,771
1,405,091
Total equity
1,844,773
1,405,093

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

For the financial period ended 13 February 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The members have not required the company to obtain an audit of its financial statements for the period in question in accordance with section 476.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

MYINT DENTAL LTD
BALANCE SHEET (CONTINUED)
AS AT
13 FEBRUARY 2023
13 February 2023
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 12 January 2024 and are signed on its behalf by:
Mr P M Davis
Director
Company registration number 11328030 (England and Wales)
MYINT DENTAL LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 13 FEBRUARY 2023
- 3 -
1
Accounting policies
Company information

Myint Dental Ltd is a private company limited by shares incorporated in England and Wales. The registered office is Rosehill, New Barn Lane, Cheltenham, Gloucestershire, England, GL52 3LZ.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below.

1.2
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, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

 

When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.

1.3
Intangible fixed assets - goodwill

Goodwill represents the excess of the cost of acquisition of unincorporated businesses over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is ten years.

 

1.4
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Fixtures, fittings and equipment
20% on reducing balance

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.5
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

 

Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.

MYINT DENTAL LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 13 FEBRUARY 2023
1
Accounting policies
(Continued)
- 4 -
1.6
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.7
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

2
Employees

The average monthly number of persons (including directors) employed by the company during the period was:

2023
2022
Number
Number
Total
7
4
MYINT DENTAL LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 13 FEBRUARY 2023
- 5 -
3
Intangible fixed assets
Goodwill
£
Cost
At 1 May 2022 and 13 February 2023
750,000
Amortisation and impairment
At 1 May 2022
225,000
Amortisation charged for the period
59,384
At 13 February 2023
284,384
Carrying amount
At 13 February 2023
465,616
At 30 April 2022
525,000
4
Tangible fixed assets
Fixtures, fittings and equipment
£
Cost
At 1 May 2022
102,436
Additions
4,379
At 13 February 2023
106,815
Depreciation and impairment
At 1 May 2022
41,074
Depreciation charged in the period
10,410
At 13 February 2023
51,484
Carrying amount
At 13 February 2023
55,331
At 30 April 2022
61,362
5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
20,831
-
0
Other debtors
1,282,058
-
0
Prepayments and accrued income
100
993
1,302,989
993
MYINT DENTAL LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 13 FEBRUARY 2023
- 6 -
6
Creditors: amounts falling due within one year
2023
2022
£
£
Obligations under finance leases
-
0
1,709
Trade creditors
68,495
42,914
Corporation tax
120,074
158,589
Other taxation and social security
280
332
Other creditors
24,490
86,600
Accruals and deferred income
13,127
3,816
226,466
293,960
7
Directors' transactions

The following advances to a director subsisted during the period ended 13th February 2023.

 

Description
% Rate
Opening balance
Amounts advanced
Closing balance
£
£
£
Amounts advanced in period
-
-
12,205
12,205
-
12,205
12,205

The directors loan account was repaid within nine months of the period end.    

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