Caseware UK (AP4) 2023.0.135 2023.0.135 true2023-04-01false1715trueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 13249400 2023-04-01 2024-03-31 13249400 2022-03-01 2023-03-31 13249400 2024-03-31 13249400 2023-03-31 13249400 c:Director1 2023-04-01 2024-03-31 13249400 d:Buildings 2023-04-01 2024-03-31 13249400 d:Buildings 2024-03-31 13249400 d:Buildings 2023-03-31 13249400 d:Buildings d:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 13249400 d:Buildings d:ShortLeaseholdAssets 2023-04-01 2024-03-31 13249400 d:Buildings d:ShortLeaseholdAssets 2024-03-31 13249400 d:Buildings d:ShortLeaseholdAssets 2023-03-31 13249400 d:PlantMachinery 2023-04-01 2024-03-31 13249400 d:PlantMachinery 2024-03-31 13249400 d:PlantMachinery 2023-03-31 13249400 d:PlantMachinery d:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 13249400 d:MotorVehicles 2023-04-01 2024-03-31 13249400 d:MotorVehicles 2024-03-31 13249400 d:MotorVehicles 2023-03-31 13249400 d:MotorVehicles d:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 13249400 d:FurnitureFittings 2023-04-01 2024-03-31 13249400 d:FurnitureFittings 2024-03-31 13249400 d:FurnitureFittings 2023-03-31 13249400 d:FurnitureFittings d:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 13249400 d:OfficeEquipment 2023-04-01 2024-03-31 13249400 d:OfficeEquipment 2024-03-31 13249400 d:OfficeEquipment 2023-03-31 13249400 d:OfficeEquipment d:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 13249400 d:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 13249400 d:Goodwill 2023-04-01 2024-03-31 13249400 d:Goodwill 2024-03-31 13249400 d:Goodwill 2023-03-31 13249400 d:CurrentFinancialInstruments 2024-03-31 13249400 d:CurrentFinancialInstruments 2023-03-31 13249400 d:Non-currentFinancialInstruments 2024-03-31 13249400 d:Non-currentFinancialInstruments 2023-03-31 13249400 d:CurrentFinancialInstruments d:WithinOneYear 2024-03-31 13249400 d:CurrentFinancialInstruments d:WithinOneYear 2023-03-31 13249400 d:Non-currentFinancialInstruments d:AfterOneYear 2024-03-31 13249400 d:Non-currentFinancialInstruments d:AfterOneYear 2023-03-31 13249400 d:ShareCapital 2024-03-31 13249400 d:ShareCapital 2023-03-31 13249400 d:RetainedEarningsAccumulatedLosses 2024-03-31 13249400 d:RetainedEarningsAccumulatedLosses 2023-03-31 13249400 c:FRS102 2023-04-01 2024-03-31 13249400 c:AuditExempt-NoAccountantsReport 2023-04-01 2024-03-31 13249400 c:FullAccounts 2023-04-01 2024-03-31 13249400 c:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 13249400 d:Goodwill d:OwnedIntangibleAssets 2023-04-01 2024-03-31 13249400 e:PoundSterling 2023-04-01 2024-03-31 iso4217:GBP xbrli:pure
Registered number: 13249400













MSG Dental Care Limited

Financial statements
Information for filing with the registrar

31 March 2024




 
MSG Dental Care Limited


Balance sheet
At 31 March 2024

2024
2023
Note
£
£

Fixed assets
  

Intangible assets
 4 
312,419
351,883

Tangible assets
 5 
599,743
417,988

  
912,162
769,871

Current assets
  

Stocks
  
19,855
12,887

Debtors
 6 
76,282
30,667

Cash at bank and in hand
  
59,894
219,366

  
156,031
262,920

Creditors: amounts falling due within one year
 7 
(226,241)
(206,834)

Net current (liabilities)/assets
  
 
 
(70,210)
 
 
56,086

Total assets less current liabilities
  
841,952
825,957

Creditors: amounts falling due after more than one year
 8 
(695,928)
(697,616)

Provisions for liabilities
  

Deferred tax
  
(39,653)
(13,880)

Net assets
  
106,371
114,461


Capital and reserves
  

Called up share capital 
  
100
100

Profit and loss account
  
106,271
114,361

Shareholders' funds
  
106,371
114,461


1

 
MSG Dental Care Limited

    
Balance sheet (continued)
At 31 March 2024

The director considers that the company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared 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 financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 2 September 2024.




C T Burton
Director

Company registered number: 13249400
The notes on pages 3 to 10 form part of these financial statements. 

2

 
MSG Dental Care Limited
 
 

Notes to the financial statements
Year ended 31 March 2024

1.


General information

MSG Dental Practice Limited ('the company') is a private company limited by shares, incorporated and domiciled in the United Kingdom and registered in England and Wales. The address of the registered office is 3 Middleton Lane, Middleton St. George, Darlington, County Durham, DL2 1BW.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

 
2.2

Revenue

The turnover recognised in the profit and loss account represents private fees and capitation scheme income receivable during the period.

 
2.3

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.4

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

3

 
MSG Dental Care Limited
 

 
Notes to the financial statements
Year ended 31 March 2024

2.Accounting policies (continued)

 
2.5

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

 
2.6

Intangible assets

Goodwill

Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer’s interest in the fair value of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight-line basis to the statement of comprehensive income over its useful economic life.

Other intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

 The estimated useful lives range as follows:

Goodwill
-
10
years

4

 
MSG Dental Care Limited
 

 
Notes to the financial statements
Year ended 31 March 2024

2.Accounting policies (continued)

 
2.7

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives.

Depreciation is provided on the following basis:

Freehold property
-
2% straight line
Property improvements
-
5% straight line
Dental equipment
-
25% reducing balance
Motor vehicles
-
25% reducing balance
Fixtures and fittings
-
10% reducing balance
Office equipment
-
33% reducing balance

 
2.8

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

 
2.9

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Deferred tax liabilities are also presented within provisions but are measured in accordance with the accounting policy on taxation.
 
Increases in provisions are generally charged as an expense to profit or loss.

 
2.10

Financial instruments

The company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

5

 
MSG Dental Care Limited
 

 
Notes to the financial statements
Year ended 31 March 2024

2.Accounting policies (continued)


2.10
Financial instruments (continued)

Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Discounting is omitted where the effect of discounting is immaterial. The company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

Financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instruments any contract that evidences a residual interest in the assets of the company after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.


3.


Employees

The average monthly number of employees, including directors, during the year was 17 (2023 - 15).

6

 
MSG Dental Care Limited
 
 

Notes to the financial statements
Year ended 31 March 2024

4.


Intangible assets




Goodwill

£



Cost


At 1 April 2023
394,635



At 31 March 2024

394,635



Amortisation


At 1 April 2023
42,752


Charge for the year
39,464



At 31 March 2024

82,216



Net book value



At 31 March 2024
312,419



At 31 March 2023
351,883



7

 
MSG Dental Care Limited
 
 

Notes to the financial statements
Year ended 31 March 2024

5.


Tangible fixed assets





Freehold property
Property improvements
Dental equipment
Motor vehicles
Fixtures and fittings

£
£
£
£
£



Cost


At 1 April 2023
350,000
-
68,836
-
12,125


Additions
-
125,416
41,426
50,180
1,604



At 31 March 2024

350,000
125,416
110,262
50,180
13,729



Depreciation


At 1 April 2023
7,583
-
5,732
-
1,251


Charge for the year
7,000
1,568
18,391
10,454
1,141



At 31 March 2024

14,583
1,568
24,123
10,454
2,392



Net book value



At 31 March 2024
335,417
123,848
86,139
39,726
11,337



At 31 March 2023
342,417
-
63,104
-
10,874
8

 
MSG Dental Care Limited
 
 

Notes to the financial statements
Year ended 31 March 2024

           5.Tangible fixed assets (continued)


Office equipment
Total

£
£



Cost


At 1 April 2023
2,259
433,220


Additions
3,041
221,667



At 31 March 2024

5,300
654,887



Depreciation


At 1 April 2023
666
15,232


Charge for the year
1,358
39,912



At 31 March 2024

2,024
55,144



Net book value



At 31 March 2024
3,276
599,743



At 31 March 2023
1,593
417,988


6.


Debtors

2024
2023
£
£


Trade debtors
26,800
10,986

Other debtors
44,642
16,419

Prepayments and accrued income
4,840
3,262

76,282
30,667


9

 
MSG Dental Care Limited
 
 

Notes to the financial statements
Year ended 31 March 2024

7.


Creditors: amounts falling due within one year

2024
2023
£
£

Bank loans
41,383
34,103

Trade creditors
36,849
32,799

Corporation tax
20,155
44,535

Other taxation and social security
6,616
933

Obligations under finance lease and hire purchase contracts
20,199
15,235

Other creditors
23,396
20,269

Accruals and deferred income
77,643
58,960

226,241
206,834



8.


Creditors: amounts falling due after more than one year

2024
2023
£
£

Bank loans
620,423
662,196

Net obligations under finance leases and hire purchase contracts
75,505
35,420

695,928
697,616


 
10