Company registration number SC479043 (Scotland)
MATHEWSON DENTAL PRACTICE LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023
PAGES FOR FILING WITH REGISTRAR
MATHEWSON DENTAL PRACTICE LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
3 - 6
MATHEWSON DENTAL PRACTICE LIMITED
BALANCE SHEET
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Intangible assets
4
1,153,959
Tangible assets
5
136,060
1,290,019
Current assets
Stocks
-
9,616
Debtors
6
1,702,798
275,764
Cash at bank and in hand
85,421
1,702,798
370,801
Creditors: amounts falling due within one year
7
(319,079)
Net current assets
1,702,798
51,722
Total assets less current liabilities
1,702,798
1,341,741
Provisions for liabilities
(9,819)
Net assets
1,702,798
1,331,922
Capital and reserves
Called up share capital
180
180
Profit and loss reserves
1,702,618
1,331,742
Total equity
1,702,798
1,331,922
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 30 July 2024 and are signed on its behalf by:
C Friel
Director
Company Registration No. SC479043
MATHEWSON DENTAL PRACTICE LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 JULY 2023
- 2 -
Share capital
Profit and loss reserves
Total
£
£
£
Balance at 1 April 2022
180
1,034,096
1,034,276
Period ended 31 July 2022:
Profit and total comprehensive income for the period
-
297,646
297,646
Balance at 31 July 2022
180
1,331,742
1,331,922
Year ended 31 July 2023:
Profit and total comprehensive income for the year
-
370,876
370,876
Balance at 31 July 2023
180
1,702,618
1,702,798
MATHEWSON DENTAL PRACTICE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023
- 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 prior 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.
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
Going concern
On 29 July 2023, following a group restructure, the trade, assets and liabilities of the business were hived into SDC Clinics Limited. The company is no longer trading and will remain dormant from this date. true
As such, the financial statements have been prepared on a basis other than going concern.
1.4
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided.
1.5
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.
1.6
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:
Plant and machinery
15%-40% 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.
MATHEWSON DENTAL PRACTICE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2023
1
Accounting policies
(Continued)
- 4 -
1.7
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.
1.8
Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.
1.9
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.10
Leases
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
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 year was:
2023
2022
Number
Number
Total
31
31
MATHEWSON DENTAL PRACTICE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2023
- 5 -
4
Intangible fixed assets
Goodwill
£
Cost
At 1 August 2022
1,910,000
Transfers
(1,910,000)
At 31 July 2023
Amortisation and impairment
At 1 August 2022
756,041
Amortisation charged for the year
116,988
Transfers
(873,029)
At 31 July 2023
Carrying amount
At 31 July 2023
At 31 July 2022
1,153,959
5
Tangible fixed assets
Leasehold land and buildings
Plant and machinery
Fixtures and fittings
Total
£
£
£
£
Cost
At 1 August 2022
148,429
148,429
Additions
3,631
14,217
30,720
48,568
Transfers
(3,631)
(162,646)
(30,720)
(196,997)
At 31 July 2023
Depreciation and impairment
At 1 August 2022
12,369
12,369
Depreciation charged in the year
35,496
4,745
40,241
Transfers
(47,865)
(4,745)
(52,610)
At 31 July 2023
Carrying amount
At 31 July 2023
At 31 July 2022
136,060
136,060
MATHEWSON DENTAL PRACTICE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2023
- 6 -
6
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
81,767
Amounts owed by group undertakings
1,702,798
157,254
Other debtors
36,743
1,702,798
275,764
7
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
80,940
Corporation tax
183,603
Other taxation and social security
7,199
Other creditors
47,337
319,079
8
Sale of business
On the 29 July 2023 the trade and assets of the company were transferred to SDC Clinics Limited, a company under common control.
9
Audit report information
As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:
The auditor's report was unqualified.
Senior Statutory Auditor:
Alan Brown
Statutory Auditor:
Azets Audit Services
10
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.