Caseware UK (AP4) 2023.0.135 2023.0.135 192023-04-01falsedental practice activities18falsetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 12238302 2023-04-01 2024-03-31 12238302 2024-03-31 12238302 2022-04-01 2023-03-31 12238302 2023-03-31 12238302 c:Director1 2023-04-01 2024-03-31 12238302 d:PlantMachinery 2023-04-01 2024-03-31 12238302 d:PlantMachinery 2024-03-31 12238302 d:PlantMachinery 2023-03-31 12238302 d:PlantMachinery d:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 12238302 d:PatentsTrademarksLicencesConcessionsSimilar 2023-04-01 2024-03-31 12238302 d:Goodwill 2023-04-01 2024-03-31 12238302 d:Goodwill 2024-03-31 12238302 d:Goodwill 2023-03-31 12238302 d:CurrentFinancialInstruments 2024-03-31 12238302 d:CurrentFinancialInstruments 2023-03-31 12238302 d:Non-currentFinancialInstruments 2024-03-31 12238302 d:Non-currentFinancialInstruments 2023-03-31 12238302 d:CurrentFinancialInstruments d:WithinOneYear 2024-03-31 12238302 d:CurrentFinancialInstruments d:WithinOneYear 2023-03-31 12238302 d:Non-currentFinancialInstruments d:AfterOneYear 2024-03-31 12238302 d:Non-currentFinancialInstruments d:AfterOneYear 2023-03-31 12238302 d:ShareCapital 2024-03-31 12238302 d:ShareCapital 2023-03-31 12238302 d:RetainedEarningsAccumulatedLosses 2024-03-31 12238302 d:RetainedEarningsAccumulatedLosses 2023-03-31 12238302 c:FRS102 2023-04-01 2024-03-31 12238302 c:AuditExempt-NoAccountantsReport 2023-04-01 2024-03-31 12238302 c:FullAccounts 2023-04-01 2024-03-31 12238302 c:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 12238302 2 2023-04-01 2024-03-31 12238302 d:Goodwill d:OwnedIntangibleAssets 2023-04-01 2024-03-31 iso4217:GBP xbrli:pure
Registered number: 12238302













MDP21 LTD

Financial statements
Information for filing with the registrar

31 March 2024




 
MDP21 LTD


Statement of financial position
At 31 March 2024

2024
2023
Note
£
£

Fixed assets
  

Intangible assets
 4 
161,251
187,051

Tangible assets
 5 
80,967
56,510

  
242,218
243,561

Current assets
  

Stocks
  
7,480
4,750

Debtors
 6 
261,141
33,677

Cash at bank and in hand
  
405,487
340,115

  
674,108
378,542

Creditors: amounts falling due within one year
 7 
(234,115)
(174,934)

Net current assets
  
 
 
439,993
 
 
203,608

Total assets less current liabilities
  
682,211
447,169

Creditors: amounts falling due after more than one year
 8 
(16,811)
(81,918)

Provisions for liabilities
  

Deferred tax
  
(19,093)
(12,987)

Net assets
  
646,307
352,264


Capital and reserves
  

Called up share capital 
  
2
2

Profit and loss account
  
646,305
352,262

Shareholders' funds
  
646,307
352,264


1

 
MDP21 LTD

    
Statement of financial position (continued)
At 31 March 2024

The directors consider 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 directors acknowledge their 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 4 October 2024.




O Mahmood
Director

Company registered number: 12238302
The notes on pages 3 to 10 form part of these financial statements. 

2

 
MDP21 LTD
 
 

Notes to the financial statements
Year ended 31 March 2024

1.


General information

MDP21 Ltd ('the company') is a private company limited by shares, incorporated and domiciled in the United Kingdom and registered in England. The address of the registered office is given in the company information page of this annual report.

2.Accounting policies

  
2.1

Statement of compliance

The financial statements have been prepared in accordance with Section 1A of Financial Reporting Standard 102 'The Financial Reporting Standard' applicable in the United Kingdom and the Republic of Ireland' (FRS 102) and the Companies act 2006.

 
2.2

Revenue

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

 
2.3

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.4

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.

 
2.5

Borrowing costs

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

 
2.6

Pensions

Defined contribution pension plan

The company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the balance sheet. The assets of the plan are held separately from the company in independently administered funds.

3

 
MDP21 LTD
 

 
Notes to the financial statements
Year ended 31 March 2024

2.Accounting policies (continued)

 
2.7

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.

 
2.8

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.

 Amortisation is provided on the following bases:

Patents
-
10%
straight line
Goodwill
-
10%
straight line

4

 
MDP21 LTD
 

 
Notes to the financial statements
Year ended 31 March 2024

2.Accounting policies (continued)

 
2.9

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, on a reducing balance basis.

Depreciation is provided on the following basis:

Plant and machinery
-
25%
reducing balance

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.10

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.

 
2.11

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.
 
Increases in provisions are generally charged as an expense to profit or loss.

 
2.12

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.

The company has elected to apply the recognition and measurement provisions of IFRS 9 Financial Instruments (as adopted by the UK Endorsement Board) with the disclosure requirements of Sections 11 and 12 and the other presentation requirements of FRS 102.

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,
5

 
MDP21 LTD
 

 
Notes to the financial statements
Year ended 31 March 2024

2.Accounting policies (continued)


2.12
Financial instruments (continued)

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.

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.

Other financial assets

Other financial assets, which includes investments in equity instruments which are not classified as subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the recognised transaction price. Such assets are subsequently measured at fair value with the changes in fair value being recognised in the profit or loss. Where other financial assets are not publicly traded, hence their fair value cannot be measured reliably, they are measured at cost less impairment.

Impairment of financial assets

Financial assets are assessed for indicators of impairment at each reporting date. 

Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.

If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.

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.
6

 
MDP21 LTD
 

 
Notes to the financial statements
Year ended 31 March 2024

2.Accounting policies (continued)


2.12
Financial instruments (continued)


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.

Other financial instruments

Derivatives, including forward exchange contracts, futures contracts and interest rate swaps, are not classified as basic financial instruments. These are initially recognised at fair value on the date the derivative contract is entered into, with costs being charged to the profit or loss. They are subsequently measured at fair value with changes in the profit or loss.

Debt instruments that do not meet the conditions as set out in FRS 102 paragraph 11.9 are subsequently measured at fair value through the profit or loss. This recognition and measurement would also apply to financial instruments where the performance is evaluated on a fair value basis as with a documented risk management or investment strategy.

Derecognition of financial instruments

Derecognition of financial assets

Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the company transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the company will continue to recognise the value of the portion of the risks and rewards retained.

Derecognition of financial liabilities

Financial liabilities are derecognised when the company's contractual obligations expire or are discharged or cancelled.

 
2.13

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.


3.


Employees

The average monthly number of employees, including directors, during the year was 19 (2023 - 18).

7

 
MDP21 LTD
 
 

Notes to the financial statements
Year ended 31 March 2024

4.


Intangible assets




Goodwill

£



Cost


At 1 April 2023
258,001



At 31 March 2024

258,001



Amortisation


At 1 April 2023
70,950


Charge for the year
25,800



At 31 March 2024

96,750



Net book value



At 31 March 2024
161,251



At 31 March 2023
187,051



8

 
MDP21 LTD
 
 

Notes to the financial statements
Year ended 31 March 2024

5.


Tangible fixed assets





Plant and machinery

£



Cost or valuation


At 1 April 2023
105,490


Additions
41,546



At 31 March 2024

147,036



Depreciation


At 1 April 2023
48,980


Charge for the year
17,089



At 31 March 2024

66,069



Net book value



At 31 March 2024
80,967



At 31 March 2023
56,510


6.


Debtors

2024
2023
£
£


Trade debtors
559
2,001

Other debtors
256,707
31,676

Prepayments and accrued income
3,875
-

261,141
33,677


9

 
MDP21 LTD
 
 

Notes to the financial statements
Year ended 31 March 2024

7.


Creditors: amounts falling due within one year

2024
2023
£
£

Bank loans
57,344
56,469

Trade creditors
45,162
36,783

Corporation tax
109,064
64,119

Other taxation and social security
6,472
4,309

Obligations under finance lease and hire purchase contracts
6,888
6,888

Other creditors
1,229
846

Accruals and deferred income
7,956
5,520

234,115
174,934



8.


Creditors: amounts falling due after more than one year

2024
2023
£
£

Bank loans
9,349
67,568

Net obligations under finance leases and hire purchase contracts
7,462
14,350

16,811
81,918


 
10