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Company No: SC614100 (Scotland)

MARK PALMER & ASSOCIATES LTD

UNAUDITED FINANCIAL STATEMENTS
FOR THE FINANCIAL YEAR ENDED 31 JANUARY 2024
PAGES FOR FILING WITH THE REGISTRAR

MARK PALMER & ASSOCIATES LTD

UNAUDITED FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 JANUARY 2024

Contents

MARK PALMER & ASSOCIATES LTD

BALANCE SHEET

AS AT 31 JANUARY 2024
MARK PALMER & ASSOCIATES LTD

BALANCE SHEET (continued)

AS AT 31 JANUARY 2024
Note 2024 2023
£ £
Fixed assets
Intangible assets 3 170,499 208,388
Tangible assets 4 30,002 48,003
200,501 256,391
Current assets
Stocks 5,000 11,750
Debtors 5 18,932 19,889
Cash at bank and in hand 70,566 102,407
94,498 134,046
Creditors: amounts falling due within one year 6 ( 266,410) ( 339,703)
Net current liabilities (171,912) (205,657)
Total assets less current liabilities 28,589 50,734
Provision for liabilities 7, 8 ( 6,849) ( 11,428)
Net assets 21,740 39,306
Capital and reserves
Called-up share capital 9 100 100
Profit and loss account 21,640 39,206
Total shareholder's funds 21,740 39,306

For the financial year ending 31 January 2024 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 Mark Palmer & Associates Ltd (registered number: SC614100) were approved and authorised for issue by the Director on 28 October 2024. They were signed on its behalf by:

Mark Palmer
Director
MARK PALMER & ASSOCIATES LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 JANUARY 2024
MARK PALMER & ASSOCIATES LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 JANUARY 2024
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

Mark Palmer & Associates Ltd (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in Scotland. The address of the Company's registered office is 19b Rubislaw Terrace, Aberdeen, AB10 1XE, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include 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

Although the financial statements have net current liabilities of £171,913, they have been prepared on the going concern basis as the directors consider it appropriate to do so. In coming to this conclusion the director has agreed to financially support the company to ensure that all liabilities are met as they fall due.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Revenue from dental plans are recognised in the month incurred.

Employee benefits

Short term benefits
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Defined contribution schemes
The Company operates a defined contribution scheme. The amount charged to the Statement of Income and Retained Earnings in respect of pension costs and other post-retirement benefits is the contributions payable in the financial year. Differences between contributions payable in the financial year and contributions actually paid are included as either accruals or prepayments in the Balance Sheet.

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 current tax rates and laws. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Intangible assets

Intangible assets are stated at cost or valuation, net of amortisation and any provision for impairment. Amortisation is provided on all intangible assets at rates to write off the cost or valuation of each asset over its expected useful life as follows:

Goodwill 10 years straight line
Goodwill

Goodwill arises on business combination and represents any excess of consideration given over the fair value of the identifiable assets and liabilities acquired. Goodwill is initially recognised as an intangible asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight line basis over its useful economic life, which is 10 years.

Tangible fixed assets

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

Plant and machinery 5 years straight line
Computer equipment 3 years straight line

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.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

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 includes materials, direct labour and an attributable proportion of manufacturing overheads based on normal levels of activity. Provision is made for obsolete, slow-moving or defective items where appropriate.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand and deposits held at call with banks.

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.

Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are measured at transaction price including transaction costs.

Basic financial liabilities
Basic financial liabilities, including creditors are recognised at transaction price.

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

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Equity instruments
Equity instruments issued by the Company are recorded at the fair value of cash or other resources received or receivable, net of direct issue costs. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the Company.

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

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including the director 8 8

3. Intangible assets

Goodwill Total
£ £
Cost
At 01 February 2023 378,887 378,887
At 31 January 2024 378,887 378,887
Accumulated amortisation
At 01 February 2023 170,499 170,499
Charge for the financial year 37,889 37,889
At 31 January 2024 208,388 208,388
Net book value
At 31 January 2024 170,499 170,499
At 31 January 2023 208,388 208,388

4. Tangible assets

Plant and machinery Computer equipment Total
£ £ £
Cost
At 01 February 2023 102,243 1,340 103,583
Additions 3,200 0 3,200
At 31 January 2024 105,443 1,340 106,783
Accumulated depreciation
At 01 February 2023 55,189 391 55,580
Charge for the financial year 20,754 447 21,201
At 31 January 2024 75,943 838 76,781
Net book value
At 31 January 2024 29,500 502 30,002
At 31 January 2023 47,054 949 48,003

5. Debtors

2024 2023
£ £
Other debtors 18,932 19,889

6. Creditors: amounts falling due within one year

2024 2023
£ £
Trade creditors 4,597 1,888
Taxation and social security 20,885 19,655
Other creditors 240,928 318,160
266,410 339,703

7. Provision for liabilities

2024 2023
£ £
Deferred tax 6,849 11,428

8. Deferred tax

2024 2023
£ £
At the beginning of financial year ( 11,428) ( 10,015)
Credited/(charged) to the Statement of Income and Retained Earnings 4,579 ( 1,413)
At the end of financial year ( 6,849) ( 11,428)

9. Called-up share capital

2024 2023
£ £
Allotted, called-up and fully-paid
100 Ordinary shares of £ 1.00 each 100 100