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Registered number: 09088003
Chrysanth Limited
Unaudited Financial Statements
For The Year Ended 31 March 2024
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: 09088003
2024 2023
Notes £ £ £ £
FIXED ASSETS
Intangible Assets 4 240,280 280,180
Tangible Assets 5 244,260 314,370
484,540 594,550
CURRENT ASSETS
Cash at bank and in hand 50,031 82,573
50,031 82,573
Creditors: Amounts Falling Due Within One Year 6 (157,930 ) (115,063 )
NET CURRENT ASSETS (LIABILITIES) (107,899 ) (32,490 )
TOTAL ASSETS LESS CURRENT LIABILITIES 376,641 562,060
Creditors: Amounts Falling Due After More Than One Year 7 (370,467 ) (549,017 )
PROVISIONS FOR LIABILITIES
Provisions For Charges (136 ) (12,495 )
NET ASSETS 6,038 548
CAPITAL AND RESERVES
Called up share capital 9 100 100
Profit and Loss Account 5,938 448
SHAREHOLDERS' FUNDS 6,038 548
Page 1
Page 2
For the 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.
The member has not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Dr David O'Milegan
Director
20/12/2024
The notes on pages 3 to 5 form part of these financial statements.
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Page 3
Notes to the Financial Statements
1. General Information
Chrysanth Limited is a private company, limited by shares, incorporated in England & Wales, registered number 09088003 . The registered office is 493 Cambridge Heath Road, London, E2 9BU.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Turnover
Turnover comprises the invoiced value of dental care services and dental hygiene products supplied by the company to Private patients.
2.3. Intangible Fixed Assets and Amortisation - Goodwill
Goodwill is the difference between amounts paid on the acquisition of a business and the fair value of the separable net assets. It is amortised to profit and loss account over its estimated economic life of 20 years.
2.4. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Leasehold 20%
Plant & Machinery 25%
Fixtures & Fittings 15%
Computer Equipment 33%
2.5. Leasing and Hire Purchase Contracts
Assets obtained under hire purchase contracts and finance leases are capitalised as tangible fixed assets. Assets acquired under finance leases are depreciated over the shorter of the lease term and their useful lives. Assets acquired under hire purchase contracts are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in the creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to profit and loss account as incurred.
2.6. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other year and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and asset reflects the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
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2.7. Government Assistance
Accounting for government grants including the Job Retention Scheme.
Accounting treatment of government grants
Government grants are recognised when there is reasonable assurance that the entity will comply with the conditions attaching to the grant and the grant will be received.
The following disclosures are further made in relation to the government assistance enjoyed by the company in prior years the ramification of that emjoyment is still being felt in this reporting period.
a) the company benefitted at the end of the pandemic to the tune of £50,000 from the UK Government backed, Bounce Back Loan Scheme, the loan is being paid down and currently have an outstanding balance of £14,167.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 12 (2023: 13)
12 13
4. Intangible Assets
Goodwill
£
Cost
As at 1 April 2023 399,880
As at 31 March 2024 399,880
Amortisation
As at 1 April 2023 119,700
Provided during the period 39,900
As at 31 March 2024 159,600
Net Book Value
As at 31 March 2024 240,280
As at 1 April 2023 280,180
5. Tangible Assets
Land & Property
Leasehold Plant & Machinery Fixtures & Fittings Computer Equipment Total
£ £ £ £ £
Cost
As at 1 April 2023 237,254 321,115 37,150 11,873 607,392
As at 31 March 2024 237,254 321,115 37,150 11,873 607,392
Depreciation
As at 1 April 2023 103,471 162,851 17,220 9,480 293,022
Provided during the period 26,756 39,566 2,990 798 70,110
As at 31 March 2024 130,227 202,417 20,210 10,278 363,132
Net Book Value
As at 31 March 2024 107,027 118,698 16,940 1,595 244,260
As at 1 April 2023 133,783 158,264 19,930 2,393 314,370
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6. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 16,406 22,647
Bank loans and overdrafts 2,954 -
Corporation tax 69,128 47,640
Other taxes and social security 50,558 22,554
Accruals and deferred income 18,884 18,390
Director's loan account - 3,832
157,930 115,063
7. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Net obligations under finance lease and hire purchase contracts 51,603 52,239
Bank loans 65,152 126,898
Directors loan account 253,712 369,880
370,467 549,017
8. Obligations Under Finance Leases and Hire Purchase
2024 2023
£ £
The future minimum finance lease payments are as follows:
Later than one year and not later than five years 43,337 43,872
Later than five years - -
43,337 43,872
Less: Finance charges allocated to future periods (8,266 ) (8,367 )
51,603 52,239
9. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 100 100
10.
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