Company Registration No. NI651820 (Northern Ireland)
Maghera Dental Ltd
Unaudited accounts
for the year ended 31 March 2024
Maghera Dental Ltd
Unaudited accounts
Contents
Maghera Dental Ltd
Company Information
for the year ended 31 March 2024
Company Number
NI651820 (Northern Ireland)
Registered Office
27 Church Street
Maghera
BT46 5EA
Northern Ireland
Accountants
Westerly Accountancy Ltd
24 Orchard Road
Wrafton
Braunton
EX33 2DZ
Maghera Dental Ltd
Statement of financial position
as at 31 March 2024
Intangible assets
170,000
210,000
Tangible assets
118,586
125,540
Cash at bank and in hand
34,571
105,320
Creditors: amounts falling due within one year
(96,737)
(85,335)
Net current assets
1,616
61,588
Total assets less current liabilities
290,202
397,128
Creditors: amounts falling due after more than one year
(232,451)
(296,133)
Called up share capital
100
100
Profit and loss account
57,651
100,895
Shareholders' funds
57,751
100,995
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 director acknowledges her 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 and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board and authorised for issue on 1 September 2024 and were signed on its behalf by
Jan Hamilton
Director
Company Registration No. NI651820
Maghera Dental Ltd
Notes to the Accounts
for the year ended 31 March 2024
Maghera Dental Ltd is a private company, limited by shares, registered in Northern Ireland, registration number NI651820. The registered office is 27 Church Street, Maghera, BT46 5EA, Northern Ireland.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
The accounts are presented in £ sterling.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Land & buildings
Improvements Straight line 10 years
Plant & machinery
Straight line 5-10 years
Fixtures & fittings
Straight line 10 years
Computer equipment
Straight line 4 years
Goodwill represents the difference between the amount paid for the purchase of a business and its assets and the fair value of the identifiable assets and liabilities at the date of purchase.
Subsequent to initial recognition, intangible fixed assets (including purchased goodwill and patents) are included at cost less accumulated amortisation.
Purchased goodwill is amortised over its estimated useful life, considered to be 10 years.
Inventories have been valued at the lower of cost and estimated selling price less costs to complete and sell. In respect of work in progress and finished goods, cost includes a relevant proportion of overheads according to the stage of manufacturing/completion.
Basic financial instruments are recognised at amortised cost, except for investments in non-convertible preference and non-puttable ordinary shares which are measured at fair value, with changes recognised in profit or loss. Derivative financial instruments are initially recorded at cost and thereafter at fair value with changes recognised in profit or loss.
Maghera Dental Ltd
Notes to the Accounts
for the year ended 31 March 2024
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged against profit on a straight line basis over the lease term.
Assets held under finance leases and hire purchase contracts are capitalised and depreciated over their useful lives. The corresponding lease or hire purchase obligation is treated in the balance sheet as a liability. The interest element of rental obligations is charged to the profit and loss account over the period of the lease at a constant proportion of the outstanding balance of capital repayments.
4
Intangible fixed assets
Goodwill
Charge for the year
40,000
Goodwill arising on the purchase of the Maghera Dental Practice on 2nd July 2018 is being amortised evenly over the director's estimate of its useful life of 10 years.
5
Tangible fixed assets
Land & buildings
Plant & machinery
Fixtures & fittings
Computer equipment
Total
Cost or valuation
At cost
At cost
At cost
At cost
At 1 April 2023
40,041
139,577
-
18,017
197,635
Additions
-
8,000
2,223
2,694
12,917
At 31 March 2024
40,041
147,577
2,223
20,711
210,552
At 1 April 2023
5,962
58,153
-
7,980
72,095
Charge for the year
4,004
12,774
-
3,093
19,871
At 31 March 2024
9,966
70,927
-
11,073
91,966
At 31 March 2024
30,075
76,650
2,223
9,638
118,586
At 31 March 2023
34,079
81,424
-
10,037
125,540
Maghera Dental Ltd
Notes to the Accounts
for the year ended 31 March 2024
Amounts falling due within one year
Accrued income and prepayments
40,216
16,943
7
Creditors: amounts falling due within one year
2024
2023
Bank loans and overdrafts
26,500
24,407
Obligations under finance leases and hire purchase contracts
8,518
8,518
Trade creditors
8,898
10,376
Taxes and social security
15,384
19,871
Loans from directors
1,620
1,620
8
Creditors: amounts falling due after more than one year
2024
2023
Bank loans
225,083
280,248
Obligations under finance leases and hire purchase contracts
7,368
15,885
Bank loans are repayable by June 2033 and interest is charged at 2.75% above Bank of England base rate.
Allotted, called up and fully paid:
100 Ordinary shares of £1 each
100
100
10
Operating lease commitments
2024
2023
At 31 March 2024 the company had the following future minimum lease payments under non-cancellable operating leases for each of the following periods:
Not later than one year
20,102
20,634
Later than one year and not later than five years
48,688
75,172
11
Average number of employees
During the year the average number of employees was 14 (2023: 14).