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Registered number: 13173359
Dentistry By Mike Limited
Financial Statements
For The Year Ended 31 March 2024
Aspire Accountancy
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: 13173359
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 621,935 549,825
621,935 549,825
CURRENT ASSETS
Stocks 5 20,387 11,646
Debtors 6 4,269 8,432
Cash at bank and in hand 509,442 281,045
534,098 301,123
Creditors: Amounts Falling Due Within One Year 7 (572,132 ) (590,091 )
NET CURRENT ASSETS (LIABILITIES) (38,034 ) (288,968 )
TOTAL ASSETS LESS CURRENT LIABILITIES 583,901 260,857
NET ASSETS 583,901 260,857
CAPITAL AND RESERVES
Called up share capital 8 100 100
Profit and Loss Account 583,801 260,757
SHAREHOLDERS' FUNDS 583,901 260,857
Page 1
Page 2
For the year ending 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The member has not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Dr Mike Hughes
Director
27/07/2024
The notes on pages 3 to 5 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
Dentistry By Mike Limited is a private company, limited by shares, incorporated in England & Wales, registered number 13173359 . The registered office is 8 Llys Castan,, Parc Menai, Bangor, Gwynedd, LL57 4FH.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. 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 is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
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. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Freehold N/A
Leasehold N/A
Plant & Machinery 20% Reducing Balance
Motor Vehicles 10% Reducing Balance
Fixtures & Fittings 20% Reducing Balance
2.4. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
2.5. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and 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 end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period 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 assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
...CONTINUED
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Page 4
2.5. Taxation - continued
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 10 (2023: 10)
10 10
4. Tangible Assets
Land & Property
Freehold Leasehold Plant & Machinery Motor Vehicles
£ £ £ £
Cost
As at 1 April 2023 341,451 - 123,259 -
Additions - 9,518 - 55,235
As at 31 March 2024 341,451 9,518 123,259 55,235
Depreciation
As at 1 April 2023 - - 44,302 -
Provided during the period - - 15,791 5,524
As at 31 March 2024 - - 60,093 5,524
Net Book Value
As at 31 March 2024 341,451 9,518 63,166 49,711
As at 1 April 2023 341,451 - 78,957 -
Fixtures & Fittings Total
£ £
Cost
As at 1 April 2023 185,585 650,295
Additions 68,195 132,948
As at 31 March 2024 253,780 783,243
Depreciation
As at 1 April 2023 56,168 100,470
Provided during the period 39,523 60,838
As at 31 March 2024 95,691 161,308
Net Book Value
As at 31 March 2024 158,089 621,935
As at 1 April 2023 129,417 549,825
5. Stocks
2024 2023
£ £
Stock 20,387 11,646
Page 4
Page 5
6. Debtors
2024 2023
£ £
Due within one year
Trade debtors 5,663 7,183
Prepayments and accrued income 564 2,219
Pension scheme prepayments (1,958 ) (970 )
4,269 8,432
7. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 89,226 104,995
Bank loans and overdrafts 41,829 37,040
Corporation tax 74,655 27,769
Other taxes and social security 4,539 5,519
Societe General 35,805 38,214
Accruals and deferred income 990 900
Director's loan account 108 37,924
Natwest Loan 183,864 191,078
Natwest Mortgage 141,116 146,652
572,132 590,091
8. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 100 100
Page 5