Company registration number SC479043 (Scotland)
MATHEWSON DENTAL PRACTICE LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 JULY 2022
PAGES FOR FILING WITH REGISTRAR
MATHEWSON DENTAL PRACTICE LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 6
MATHEWSON DENTAL PRACTICE LIMITED
BALANCE SHEET
- 1 -
2022
2022
Notes
£
£
£
£
Fixed assets
Intangible assets
4
1,153,959
1,185,792
Tangible assets
5
136,060
623,716
1,290,019
1,809,508
Current assets
Stocks
9,616
8,637
Debtors
6
275,764
201,752
Cash at bank and in hand
85,421
213,626
370,801
424,015
Creditors: amounts falling due within one year
7
(319,079)
(1,189,428)
Net current assets/(liabilities)
51,722
(765,413)
Total assets less current liabilities
1,341,741
1,044,095
Provisions for liabilities
(9,819)
(9,819)
Net assets
1,331,922
1,034,276
Capital and reserves
Called up share capital
180
180
Profit and loss reserves
1,331,742
1,034,096
Total equity
1,331,922
1,034,276
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 31 July 2022 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 member has 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.
MATHEWSON DENTAL PRACTICE LIMITED
BALANCE SHEET (CONTINUED)
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 29 July 2024 and are signed on its behalf by:
C Friel
Director
Company Registration No. SC479043
MATHEWSON DENTAL PRACTICE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 JULY 2022
- 3 -
1
Accounting policies
Company information
Mathewson Dental Practice Limited is a private company limited by shares incorporated in Scotland. The registered office is 20 Blythswood Square, Glasgow, G2 4BG.
1.1
Reporting period
The current period figures relate to a period shorter than 12 months as the company's accounting reference date was shorterned to align with that of the rest of the group. This means that the current period figures are not entirely comparable with the prior period presented, which covered a 12 month period.
1.2
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. The principal accounting policies adopted are set out below.
1.3
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided.
1.4
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 20 years.
1.5
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:
Freehold land and buildings
2% straight line
Plant and machinery
15%-40% reducing balance
Fixtures and fittings
15% 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.
1.6
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
MATHEWSON DENTAL PRACTICE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 JULY 2022
1
Accounting policies
(Continued)
- 4 -
1.7
Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.
1.8
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.
1.9
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
3
Employees
The average monthly number of persons (including directors) employed by the company during the period was:
2022
2022
Number
Number
Total
31
40
MATHEWSON DENTAL PRACTICE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 JULY 2022
- 5 -
4
Intangible fixed assets
Goodwill
£
Cost
At 1 April 2022 and 31 July 2022
1,910,000
Amortisation and impairment
At 1 April 2022
724,208
Amortisation charged for the period
31,833
At 31 July 2022
756,041
Carrying amount
At 31 July 2022
1,153,959
At 31 March 2022
1,185,792
5
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 April 2022
665,095
161,158
826,253
Additions
99,290
99,290
Disposals
(665,095)
(112,019)
(777,114)
At 31 July 2022
148,429
148,429
Depreciation and impairment
At 1 April 2022
93,815
108,722
202,537
Depreciation charged in the period
12,369
12,369
Eliminated in respect of disposals
(93,815)
(108,722)
(202,537)
At 31 July 2022
12,369
12,369
Carrying amount
At 31 July 2022
136,060
136,060
At 31 March 2022
571,280
52,436
623,716
MATHEWSON DENTAL PRACTICE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 JULY 2022
- 6 -
6
Debtors
2022
2022
Amounts falling due within one year:
£
£
Trade debtors
81,767
196,188
Amounts owed by group undertakings
157,254
Other debtors
36,743
5,564
275,764
201,752
7
Creditors: amounts falling due within one year
2022
2022
£
£
Trade creditors
80,940
80,103
Corporation tax
183,603
99,238
Other taxation and social security
7,199
5,498
Other creditors
47,337
1,004,589
319,079
1,189,428
8
Related party transactions
The company has taken advantage of exemption, under terms of Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland,’ not to disclose related party transactions with wholly owned subsidiaries within the group.