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REGISTERED NUMBER: SC607433 (Scotland)














Unaudited Financial Statements

for the Year Ended 31 March 2024

for

Devine Dental Ltd

Devine Dental Ltd (Registered number: SC607433)






Contents of the Financial Statements
for the Year Ended 31 March 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Devine Dental Ltd

Company Information
for the Year Ended 31 March 2024







DIRECTORS: Dr P Devine
Mrs C Devine





REGISTERED OFFICE: 24 High Street
Linlithgow
EH49 7AE





REGISTERED NUMBER: SC607433 (Scotland)





ACCOUNTANTS: Dental Accountants Scotland Ltd
Specialist Dental Accountants & Advisors
Cornerstone House
Station Road
Selkirk
Borders
TD7 5DJ

Devine Dental Ltd (Registered number: SC607433)

Balance Sheet
31 March 2024

31.3.24 31.3.23
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 706,500 750,250
Tangible assets 5 614,734 660,842
1,321,234 1,411,092

CURRENT ASSETS
Stocks 37,197 35,426
Debtors 6 112,668 134,122
Cash at bank 359,980 217,197
509,845 386,745
CREDITORS
Amounts falling due within one year 7 304,981 268,654
NET CURRENT ASSETS 204,864 118,091
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,526,098

1,529,183

CREDITORS
Amounts falling due after more than one
year

8

(951,415

)

(1,017,645

)

PROVISIONS FOR LIABILITIES 10 (78,683 ) (68,560 )
NET ASSETS 496,000 442,978

CAPITAL AND RESERVES
Called up share capital 11 100 100
Retained earnings 495,900 442,878
SHAREHOLDERS' FUNDS 496,000 442,978

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

Devine Dental Ltd (Registered number: SC607433)

Balance Sheet - continued
31 March 2024


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

In accordance with Section 444 of the Companies Act 2006, the Statement of Comprehensive Income has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 8 August 2024 and were signed on its behalf by:





Dr P Devine - Director


Devine Dental Ltd (Registered number: SC607433)

Notes to the Financial Statements
for the Year Ended 31 March 2024

1. STATUTORY INFORMATION

Devine Dental Ltd is a private company, limited by shares , registered in Scotland. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2019, is being amortised evenly over its estimated useful life of twenty years.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Freehold property - Straight line over 4 - 5 years
Plant and machinery - 15% on reducing balance and Straight Line over 3 years
Fixtures and fittings - 15% on reducing balance
Computer equipment - 33% on reducing balance

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Devine Dental Ltd (Registered number: SC607433)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

2. ACCOUNTING POLICIES - continued

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 18 (2023 - 15 ) .

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 April 2023
and 31 March 2024 875,000
AMORTISATION
At 1 April 2023 124,750
Amortisation for year 43,750
At 31 March 2024 168,500
NET BOOK VALUE
At 31 March 2024 706,500
At 31 March 2023 750,250

Devine Dental Ltd (Registered number: SC607433)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

5. TANGIBLE FIXED ASSETS
Fixtures
Freehold Plant and and
property machinery fittings
£    £    £   
COST
At 1 April 2023 300,000 337,061 11,868
Additions - 1,265 16,838
At 31 March 2024 300,000 338,326 28,706
DEPRECIATION
At 1 April 2023 - 68,769 2,847
Charge for year - 40,402 3,315
At 31 March 2024 - 109,171 6,162
NET BOOK VALUE
At 31 March 2024 300,000 229,155 22,544
At 31 March 2023 300,000 268,292 9,021

Motor Computer
vehicles equipment Totals
£    £    £   
COST
At 1 April 2023 79,066 22,761 750,756
Additions - 1,887 19,990
At 31 March 2024 79,066 24,648 770,746
DEPRECIATION
At 1 April 2023 11,530 6,768 89,914
Charge for year 16,884 5,497 66,098
At 31 March 2024 28,414 12,265 156,012
NET BOOK VALUE
At 31 March 2024 50,652 12,383 614,734
At 31 March 2023 67,536 15,993 660,842

Devine Dental Ltd (Registered number: SC607433)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

5. TANGIBLE FIXED ASSETS - continued

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Plant and Motor
machinery vehicles Totals
£    £    £   
COST
At 1 April 2023
and 31 March 2024 18,000 79,066 97,066
DEPRECIATION
At 1 April 2023 7,648 11,530 19,178
Charge for year 1,553 16,884 18,437
At 31 March 2024 9,201 28,414 37,615
NET BOOK VALUE
At 31 March 2024 8,799 50,652 59,451
At 31 March 2023 10,352 67,536 77,888

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.24 31.3.23
£    £   
Trade debtors 70,039 58,823
Directors' current accounts 42,001 73,841
Prepayments 628 1,458
112,668 134,122

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.24 31.3.23
£    £   
Bank loans and overdrafts (see note 9) 71,068 71,068
Hire purchase contracts 30,469 20,511
Trade creditors 42,131 39,274
Tax 108,787 19,878
Social security and other taxes 4,643 5,439
Net wages - 1,410
Pensions 1,268 2,026
Credit card 42,408 105,041
Accrued expenses 4,207 4,007
304,981 268,654

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31.3.24 31.3.23
£    £   
Bank loans (see note 9) 870,564 941,631
Hire purchase contracts 80,851 76,014
951,415 1,017,645

Devine Dental Ltd (Registered number: SC607433)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

9. LOANS

An analysis of the maturity of loans is given below:

31.3.24 31.3.23
£    £   
Amounts falling due within one year or on demand:
Bank loans 71,068 71,068

Amounts falling due between two and five years:
Bank loans - 2-5 years 870,564 941,631

10. PROVISIONS FOR LIABILITIES
31.3.24 31.3.23
£    £   
Deferred tax 78,683 68,560

Deferred
tax
£   
Balance at 1 April 2023 68,560
Provided during year 10,123
Balance at 31 March 2024 78,683

11. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31.3.24 31.3.23
value: £    £   
51 Ordinary A £1 51 51
49 Ordinary B £1 49 49
100 100

12. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 31 March 2024 and 31 March 2023:

31.3.24 31.3.23
£    £   
Dr P Devine and Mrs C Devine
Balance outstanding at start of year 73,841 88,435
Amounts advanced 259,753 214,044
Amounts repaid (291,593 ) (228,638 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 42,001 73,841

Interest has been charged at an average rate of 2.25% per annum. The loan was repaid shortly after the year end.