Silverfin false false 31/12/2023 01/01/2023 31/12/2023 S E Lusty 23/04/2024 01/05/2012 S C Lusty 09/12/2010 22 September 2024 The principal activity of the Company during the financial year was the provision of dental restorations. 07464750 2023-12-31 07464750 bus:Director1 2023-12-31 07464750 bus:Director2 2023-12-31 07464750 2022-12-31 07464750 core:CurrentFinancialInstruments 2023-12-31 07464750 core:CurrentFinancialInstruments 2022-12-31 07464750 core:Non-currentFinancialInstruments 2023-12-31 07464750 core:Non-currentFinancialInstruments 2022-12-31 07464750 core:ShareCapital 2023-12-31 07464750 core:ShareCapital 2022-12-31 07464750 core:RetainedEarningsAccumulatedLosses 2023-12-31 07464750 core:RetainedEarningsAccumulatedLosses 2022-12-31 07464750 core:LandBuildings 2022-12-31 07464750 core:PlantMachinery 2022-12-31 07464750 core:LandBuildings 2023-12-31 07464750 core:PlantMachinery 2023-12-31 07464750 core:CurrentFinancialInstruments core:Secured 2023-12-31 07464750 2021-12-31 07464750 bus:OrdinaryShareClass1 2023-12-31 07464750 2023-01-01 2023-12-31 07464750 bus:FilletedAccounts 2023-01-01 2023-12-31 07464750 bus:SmallEntities 2023-01-01 2023-12-31 07464750 bus:AuditExemptWithAccountantsReport 2023-01-01 2023-12-31 07464750 bus:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 07464750 bus:Director1 2023-01-01 2023-12-31 07464750 bus:Director2 2023-01-01 2023-12-31 07464750 core:LandBuildings 2023-01-01 2023-12-31 07464750 core:PlantMachinery 2023-01-01 2023-12-31 07464750 2022-01-01 2022-12-31 07464750 core:CurrentFinancialInstruments 2023-01-01 2023-12-31 07464750 core:Non-currentFinancialInstruments 2023-01-01 2023-12-31 07464750 bus:OrdinaryShareClass1 2023-01-01 2023-12-31 07464750 bus:OrdinaryShareClass1 2022-01-01 2022-12-31 iso4217:GBP xbrli:pure xbrli:shares

Company No: 07464750 (England and Wales)

STEPHEN LUSTY DENTAL LABORATORY LTD

Unaudited Financial Statements
For the financial year ended 31 December 2023
Pages for filing with the registrar

STEPHEN LUSTY DENTAL LABORATORY LTD

Unaudited Financial Statements

For the financial year ended 31 December 2023

Contents

STEPHEN LUSTY DENTAL LABORATORY LTD

COMPANY INFORMATION

For the financial year ended 31 December 2023
STEPHEN LUSTY DENTAL LABORATORY LTD

COMPANY INFORMATION (continued)

For the financial year ended 31 December 2023
DIRECTOR S E Lusty (Resigned 23 April 2024)
S C Lusty
REGISTERED OFFICE Unit 4e Goonhavern Trade Park
Goonhavern
TR4 9QL
United Kingdom
COMPANY NUMBER 07464750 (England and Wales)
CHARTERED ACCOUNTANTS Francis Clark LLP
Lowin House
Tregolls Road
Truro
Cornwall TR1 2NA
STEPHEN LUSTY DENTAL LABORATORY LTD

BALANCE SHEET

As at 31 December 2023
STEPHEN LUSTY DENTAL LABORATORY LTD

BALANCE SHEET (continued)

As at 31 December 2023
Note 2023 2022
£ £
Fixed assets
Tangible assets 4 44,570 49,906
44,570 49,906
Current assets
Stocks 8,000 5,000
Debtors 5 197,483 256,780
Cash at bank and in hand 60 46,785
205,543 308,565
Creditors: amounts falling due within one year 6 ( 84,767) ( 77,164)
Net current assets 120,776 231,401
Total assets less current liabilities 165,346 281,307
Creditors: amounts falling due after more than one year 7 ( 17,000) ( 29,000)
Provision for liabilities 8, 9 ( 11,142) ( 11,290)
Net assets 137,204 241,017
Capital and reserves
Called-up share capital 10 100 100
Profit and loss account 137,104 240,917
Total shareholders' funds 137,204 241,017

For the financial year ending 31 December 2023 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The financial statements of Stephen Lusty Dental Laboratory Ltd (registered number: 07464750) were approved and authorised for issue by the Director on 22 September 2024. They were signed on its behalf by:

S C Lusty
Director
STEPHEN LUSTY DENTAL LABORATORY LTD

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 December 2023
STEPHEN LUSTY DENTAL LABORATORY LTD

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 December 2023
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Stephen Lusty Dental Laboratory Ltd (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Unit 4e Goonhavern Trade Park, Goonhavern, TR4 9QL, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

The director has assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The director has a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Turnover

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of returns, rebates and discounts.

Employee benefits

Defined contribution schemes
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on tax rates and laws substantively enacted at the balance sheet date. Deferred tax assets and liabilities are not discounted.

Tangible fixed assets

Tangible fixed assets are stated at cost , net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a reducing balance basis over its expected useful life, as follows:

Land and buildings 25 % reducing balance
Plant and machinery 25 % reducing balance

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

Leases

The Company as lessee
Assets held under finance leases, hire purchase contracts and other similar arrangements, which confer rights and obligations similar to those attached to owned assets, are capitalised as tangible fixed assets at the fair value of the leased asset (or, if lower, the present value of the minimum lease payments as determined at the inception of the lease) and are depreciated over the shorter of the lease terms and their useful lives. The capital elements of future lease obligations are recorded as liabilities, while the interest elements are charged to the Statement of Income and Retained Earnings over the period of the leases to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Statement of Income and Retained Earnings as described below.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

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

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Balance Sheet date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

2. Employees

2023 2022
Number Number
Monthly average number of persons employed by the Company during the year, including the director 4 4

3. Dividends on equity shares

2023 2022
£ £
Amounts recognised as distributions to equity holders in the financial year:
Interim dividend for the financial year ended 31 December 2023 of £1,890.00 (2022: £570.00) per ordinary share 189,000 57,000

4. Tangible assets

Land and buildings Plant and machinery Total
£ £ £
Cost
At 01 January 2023 15,000 157,845 172,845
Additions 9,223 1,899 11,122
At 31 December 2023 24,223 159,744 183,967
Accumulated depreciation
At 01 January 2023 10,254 112,685 122,939
Charge for the financial year 1,608 11,290 12,898
Impairment losses 3,560 0 3,560
At 31 December 2023 15,422 123,975 139,397
Net book value
At 31 December 2023 8,801 35,769 44,570
At 31 December 2022 4,746 45,160 49,906

5. Debtors

2023 2022
£ £
Trade debtors 75,468 66,836
Other debtors 122,015 189,944
197,483 256,780

6. Creditors: amounts falling due within one year

2023 2022
£ £
Bank loans and overdrafts (secured £ 12,000) 14,457 12,611
Trade creditors 21,786 15,447
Taxation and social security 39,096 40,936
Obligations under finance leases and hire purchase contracts 0 2,929
Other creditors 9,428 5,241
84,767 77,164

The bank loans are secured by the government as part of the COVID support provided during the pandemic.

7. Creditors: amounts falling due after more than one year

2023 2022
£ £
Bank loans (secured) 17,000 29,000

The bank loans are secured by the government as part of the COVID support provided during the pandemic.

8. Provision for liabilities

2023 2022
£ £
Deferred tax 11,142 11,290

9. Deferred tax

2023 2022
£ £
At the beginning of financial year ( 11,290) ( 10,317)
Credited/(charged) to the Statement of Income and Retained Earnings 148 ( 973)
At the end of financial year ( 11,142) ( 11,290)

10. Called-up share capital

2023 2022
£ £
Allotted, called-up and fully-paid
100 Ordinary shares of £ 1.00 each 100 100

11. Financial commitments

Other financial commitments

2023 2022
£ £
Total financial commitments 52,950 0

12. Related party transactions

Transactions with the entity's director

2023 2022
£ £
As at 01 January 188,976 56,791
Advances to director 138,600 199,858
Repayments by director (208,861) (67,673)
As at 31 December 118,715 188,976

Key management compensation

2023 2022
£ £
Key management compensation 22,671 15,033

Key management compensation includes contributions paid to money purchase schemes of £6,000 (2022: £6,000)