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Company No: SC689512 (Scotland)

L B BRANTON LTD

UNAUDITED FINANCIAL STATEMENTS
FOR THE FINANCIAL YEAR ENDED 29 FEBRUARY 2024
PAGES FOR FILING WITH THE REGISTRAR

L B BRANTON LTD

UNAUDITED FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 29 FEBRUARY 2024

Contents

L B BRANTON LTD

BALANCE SHEET

AS AT 29 FEBRUARY 2024
L B BRANTON LTD

BALANCE SHEET (continued)

AS AT 29 FEBRUARY 2024
Note 2024 2023
£ £
Fixed assets
Intangible assets 4 610,600 696,600
Tangible assets 5 237,019 200,921
847,619 897,521
Current assets
Stocks 6 7,820 8,500
Debtors 7 76,479 68,688
Cash at bank and in hand 8 56,938 72,587
141,237 149,775
Creditors: amounts falling due within one year 9 ( 326,515) ( 507,513)
Net current liabilities (185,278) (357,738)
Total assets less current liabilities 662,341 539,783
Creditors: amounts falling due after more than one year 10 ( 67,504) ( 52,138)
Provision for liabilities 11 ( 39,620) ( 31,444)
Net assets 555,217 456,201
Capital and reserves
Called-up share capital 12 100 100
Profit and loss account 555,117 456,101
Total shareholder's funds 555,217 456,201

For the financial year ending 29 February 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 L B Branton Ltd (registered number: SC689512) were approved and authorised for issue by the Director on 28 November 2024. They were signed on its behalf by:

Dr Leanne Branton
Director
L B BRANTON LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 29 FEBRUARY 2024
L B BRANTON LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 29 FEBRUARY 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

L B Branton 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 125 Mayfield Road, Edinburgh, EH9 3AJ, Scotland, 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

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 is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

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 [number] 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:

Leasehold improvements not depreciated
Plant and machinery 15 % reducing balance
Vehicles 20 % reducing balance
Fixtures and fittings 15 % reducing balance
Computer equipment 33 % 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.

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, 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 Profit and Loss Account 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 includes materials, direct labour and an attributable proportion of manufacturing overheads based on normal levels of activity. Cost is calculated using the FIFO (first-in, first-out) method. 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, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

Ordinary share capital

The ordinary share capital of the Company is presented as equity.

2. Critical accounting judgements and key sources of estimation uncertainty

In the application of the Company’s accounting policies, the director is required to make judgements that have a significant impact on the amounts recognised. The following are the critical judgements that the director has made in the process of applying the Company’s accounting policies and that have the most significant effect on the amounts recognised in the financial statements.

3. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including the director 22 22

4. Intangible assets

Goodwill Total
£ £
Cost
At 01 March 2023 860,000 860,000
At 29 February 2024 860,000 860,000
Accumulated amortisation
At 01 March 2023 163,400 163,400
Charge for the financial year 86,000 86,000
At 29 February 2024 249,400 249,400
Net book value
At 29 February 2024 610,600 610,600
At 28 February 2023 696,600 696,600

5. Tangible assets

Leasehold improve-
ments
Plant and machinery Vehicles Fixtures and fittings Computer equipment Total
£ £ £ £ £ £
Cost
At 01 March 2023 6,619 167,507 74,349 16,342 1,280 266,097
Additions 2,166 53,210 0 8,427 11,795 75,598
At 29 February 2024 8,785 220,717 74,349 24,769 13,075 341,695
Accumulated depreciation
At 01 March 2023 0 46,483 14,870 3,118 705 65,176
Charge for the financial year 0 23,212 11,896 2,905 1,487 39,500
At 29 February 2024 0 69,695 26,766 6,023 2,192 104,676
Net book value
At 29 February 2024 8,785 151,022 47,583 18,746 10,883 237,019
At 28 February 2023 6,619 121,024 59,479 13,224 575 200,921

6. Stocks

2024 2023
£ £
Stocks 7,820 8,500

7. Debtors

2024 2023
£ £
Trade debtors 70,555 60,343
Prepayments 5,924 6,574
Other debtors 0 1,771
76,479 68,688

8. Cash and cash equivalents

2024 2023
£ £
Cash at bank and in hand 56,938 72,587

9. Creditors: amounts falling due within one year

2024 2023
£ £
Amounts owed to director 89,089 362,596
Other loans 23,996 0
Accruals 114,507 58,774
Taxation and social security 79,838 73,750
Obligations under finance leases and hire purchase contracts 11,218 9,532
Other creditors 7,867 2,861
326,515 507,513

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

2024 2023
£ £
Other loans 15,319 0
Obligations under finance leases and hire purchase contracts (secured) 52,185 52,138
67,504 52,138

Clydesdale Bank PLC holds a floating charge over all the property and undertakings of the company. The charge contains a negative pledge.

11. Deferred tax

2024 2023
£ £
At the beginning of financial year ( 31,444) 0
Charged to the Profit and Loss Account ( 8,176) ( 31,444)
At the end of financial year ( 39,620) ( 31,444)

12. Called-up share capital

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

13. Related party transactions

Transactions with the entity's director

2024 2023
£ £
Amounts owed to director 89,089 362,596

The loan to the director is unsecured, interest free and repayable on demand.