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Company No: SC374922 (Scotland)

ANDREW JEFFREY & ASSOCIATES LIMITED

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

ANDREW JEFFREY & ASSOCIATES LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 MARCH 2024

Contents

ANDREW JEFFREY & ASSOCIATES LIMITED

BALANCE SHEET

AS AT 31 MARCH 2024
ANDREW JEFFREY & ASSOCIATES LIMITED

BALANCE SHEET (continued)

AS AT 31 MARCH 2024
Note 2024 2023
£ £
Fixed assets
Intangible assets 3 41,284 82,564
Tangible assets 4 207,673 164,182
248,957 246,746
Current assets
Stocks 18,490 5,125
Debtors 5 91,376 48,144
Cash at bank and in hand 206,678 288,828
316,544 342,097
Creditors: amounts falling due within one year 6 ( 156,638) ( 125,738)
Net current assets 159,906 216,359
Total assets less current liabilities 408,863 463,105
Creditors: amounts falling due after more than one year 7 ( 344,298) ( 366,210)
Provision for liabilities 8 ( 33,812) ( 35,521)
Net assets 30,753 61,374
Capital and reserves
Called-up share capital 9 1,000 1,000
Profit and loss account 29,753 60,374
Total shareholders' funds 30,753 61,374

For the financial year ending 31 March 2024 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The financial statements of Andrew Jeffrey & Associates Limited (registered number: SC374922) were approved and authorised for issue by the Board of Directors on 18 November 2024. They were signed on its behalf by:

A Jeffrey
Director
ANDREW JEFFREY & ASSOCIATES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 MARCH 2024
ANDREW JEFFREY & ASSOCIATES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 MARCH 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

Andrew Jeffrey & Associates Limited (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 5 Hope Park Terrace, Edinburgh, EH8 9LZ, United Kingdom.

The financial statements have been prepared under the historical cost convention 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 £.

Turnover

Turnover represents amounts receivable for dentistry services. Turnover is recognised when the company has entitlement to the income in exchange for the provision of dental services.

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.

Termination benefits are recognised as an expense when the Company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

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.

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 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:

Leasehold improvements 10 years straight line
Plant and machinery 25 % reducing balance
Vehicles 25 % reducing balance
Fixtures and fittings 15 % reducing balance
Office equipment 3 years straight line

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.

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 Profit and Loss Account 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 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 Profit and Loss Account.

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.

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.

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.

Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are measured at transaction price including transaction costs. Financial assets classified as receivable within one year are not amortised.

Basic financial liabilities
Basic financial liabilities, including creditors and bank loans, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

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.

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

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.

Government grants

Government grants are recognised based on the accrual model and are measured at the fair value of the asset received or receivable. Grants are classified as relating either to revenue or to assets. Grants relating to revenue are recognised in income over the period in which the related costs are recognised. Grants relating to assets are recognised over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income.

2. Employees

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

3. Intangible assets

Goodwill Total
£ £
Cost
At 01 April 2023 517,899 517,899
At 31 March 2024 517,899 517,899
Accumulated amortisation
At 01 April 2023 435,335 435,335
Charge for the financial year 41,280 41,280
At 31 March 2024 476,615 476,615
Net book value
At 31 March 2024 41,284 41,284
At 31 March 2023 82,564 82,564

4. Tangible assets

Leasehold improve-
ments
Plant and machinery Vehicles Fixtures and fittings Office equipment Total
£ £ £ £ £ £
Cost
At 01 April 2023 20,294 202,356 85,244 112,505 16,298 436,697
Additions 0 21,362 62,940 704 4,454 89,460
Disposals 0 0 ( 33,954) 0 0 ( 33,954)
At 31 March 2024 20,294 223,718 114,230 113,209 20,752 492,203
Accumulated depreciation
At 01 April 2023 20,294 109,035 46,631 87,865 8,690 272,515
Charge for the financial year 0 28,337 8,340 3,713 3,401 43,791
Disposals 0 0 ( 31,776) 0 0 ( 31,776)
At 31 March 2024 20,294 137,372 23,195 91,578 12,091 284,530
Net book value
At 31 March 2024 0 86,346 91,035 21,631 8,661 207,673
At 31 March 2023 0 93,321 38,613 24,640 7,608 164,182

5. Debtors

2024 2023
£ £
Trade debtors 8,141 9,549
Other debtors 83,235 38,595
91,376 48,144

6. Creditors: amounts falling due within one year

2024 2023
£ £
Bank loans 25,508 27,951
Trade creditors 18,949 31,746
Taxation and social security 74,995 41,981
Other creditors 37,186 24,060
156,638 125,738

National Westminster Bank PLC hold a bond and floating charge over the whole assets of the company.

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

2024 2023
£ £
Bank loans (secured) 344,298 366,210

National Westminster Bank PLC hold a bond and floating charge over the whole assets of the company.

8. Provision for liabilities

2024 2023
£ £
Deferred tax 33,812 35,521

9. Called-up share capital

2024 2023
£ £
Allotted, called-up and fully-paid
1,000 Ordinary shares of £ 1.00 each 1,000 1,000

10. Related party transactions

Transactions with the entity's directors

2024 2023
£ £
Key Management Personnel 59,233 33,099

Balance due to the company from it's directors. Interest is being charged and the balance is repayable on demand.