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Registered number: 10182915
The Dental Barn Limited
Unaudited Financial Statements
For The Year Ended 31 March 2024
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: 10182915
2024 2023
Notes £ £ £ £
FIXED ASSETS
Intangible Assets 4 50,000 75,000
Tangible Assets 5 102,782 48,159
152,782 123,159
CURRENT ASSETS
Stocks 6 5,110 5,110
Debtors 7 11,795 7,876
Cash at bank and in hand 51,463 153,569
68,368 166,555
Creditors: Amounts Falling Due Within One Year 8 (49,290 ) (70,832 )
NET CURRENT ASSETS (LIABILITIES) 19,078 95,723
TOTAL ASSETS LESS CURRENT LIABILITIES 171,860 218,882
Creditors: Amounts Falling Due After More Than One Year 9 (76,290 ) (92,242 )
NET ASSETS 95,570 126,640
CAPITAL AND RESERVES
Called up share capital 10 1,000 1,000
Profit and Loss Account 94,570 125,640
SHAREHOLDERS' FUNDS 95,570 126,640
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 members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their 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
Mrs A Thompson
Director
26/07/2024
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
The Dental Barn Limited is a private company, limited by shares, incorporated in England & Wales, registered number 10182915 . The registered office is Southerden House, Market Street, Hailsham, East Sussex, BN27 2AE.
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. Intangible Fixed Assets and Amortisation - Goodwill
Goodwill is the difference between amounts paid on the acquisition of a business and the fair value of the separable net assets. It is amortised to profit and loss account over its estimated economic life of 10 years.
2.4. 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:
Leasehold over the lease term of 20 years
Plant & Machinery 25% of written down value
Fixtures & Fittings 25% of written down value
Computer Equipment 25% of written down value
2.5. 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.
2.6. 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.
...CONTINUED
Page 3
Page 4
2.6. Taxation - continued
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.
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. Intangible Assets
Goodwill
£
Cost
As at 1 April 2023 250,000
As at 31 March 2024 250,000
Amortisation
As at 1 April 2023 175,000
Provided during the period 25,000
As at 31 March 2024 200,000
Net Book Value
As at 31 March 2024 50,000
As at 1 April 2023 75,000
5. Tangible Assets
Land & Property
Leasehold Plant & Machinery Fixtures & Fittings Computer Equipment Total
£ £ £ £ £
Cost
As at 1 April 2023 19,924 88,622 11,828 799 121,173
Additions - 51,456 16,423 2,648 70,527
As at 31 March 2024 19,924 140,078 28,251 3,447 191,700
Depreciation
As at 1 April 2023 8,487 55,852 8,018 657 73,014
Provided during the period 996 12,141 2,518 249 15,904
As at 31 March 2024 9,483 67,993 10,536 906 88,918
Net Book Value
As at 31 March 2024 10,441 72,085 17,715 2,541 102,782
As at 1 April 2023 11,437 32,770 3,810 142 48,159
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Page 5
6. Stocks
2024 2023
£ £
Finished goods 5,110 5,110
7. Debtors
2024 2023
£ £
Due within one year
Prepayments and accrued income 11,795 7,876
8. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 16,069 18,753
Bank loans and overdrafts 16,648 16,649
Corporation tax 11,593 33,742
Other taxes and social security 3,985 1,095
Directors' loan accounts 995 593
49,290 70,832
9. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Bank loans 76,290 92,242
10. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 1,000 1,000
Page 5