Company Registration Number 06981505 (England and Wales)
MAXDENT LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
PAGES FOR FILING WITH REGISTRAR
MAXDENT LIMITED
CONTENTS
Page
Balance sheet
1
Statement of changes in equity
2
Notes to the financial statements
3 - 7
MAXDENT LIMITED
BALANCE SHEET
AS AT 31 MARCH 2024
31 March 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
6
128,885
126,128
Current assets
Stocks
5,004
2,215
Debtors
7
94,803
113,726
Cash at bank and in hand
641,766
792,344
741,573
908,285
Creditors: amounts falling due within one year
8
(247,244)
(286,842)
Net current assets
494,329
621,443
Total assets less current liabilities
623,214
747,571
Provisions for liabilities
(32,221)
(31,532)
Net assets
590,993
716,039
Capital and reserves
Called up share capital
10,000
10,000
Profit and loss reserves
580,993
706,039
Total equity
590,993
716,039
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 17 March 2025 and are signed on its behalf by:
Mr Nayeem Tarak Ali
Mrs Reena Ali
Director
Director
Company Registration No. 06981505
MAXDENT LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2024
- 2 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 1 April 2022
10,000
528,280
538,280
Year ended 31 March 2023:
Profit and total comprehensive income for the year
-
481,759
481,759
Dividends
-
(304,000)
(304,000)
Balance at 31 March 2023
10,000
706,039
716,039
Year ended 31 March 2024:
Profit and total comprehensive income for the year
-
110,954
110,954
Dividends
-
(236,000)
(236,000)
Balance at 31 March 2024
10,000
580,993
590,993
MAXDENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
- 3 -
1
Company information
Maxdent Limited is a private company limited by shares incorporated in England and Wales with registration number 06981505. The registered office is Ramillies House, 2 Ramillies Street, London, W1F 7LN.
2
Compliance with accounting standard
These financial statements have been prepared in accordance with the provisions of FRS 102 section 1A for small entities. There were no material departures from the standard.
3
Accounting policies
3.1
Accounting convention
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
3.2
Turnover
Revenue represents income from dental and surgical services.
Revenue is recognised when it can be measured reliably and it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
3.3
Intangible fixed assets - goodwill
Goodwill represents the excess of the cost of acquisition of unincorporated businesses over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life of 7 years.
Goodwill has been fully amortized.
3.4
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Plant and equipment
25% per annum on reducing balance basis
Fixtures and fittings
25% per annum on reducing balance basis
Motor vehicles
25% per annum on reducing balance basis
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.
MAXDENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
3
Accounting policies
(Continued)
- 4 -
3.5
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
3.6
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.
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.
3.7
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 current liabilities.
3.8
Financial instruments
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Trade debtors, loans and other receivables that have fixed or determinable payments that are not quoted in an active market are classified as 'loans and receivables'. Loans and receivables are measured at amortised cost using the effective interest method, less any impairment.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, 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.
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.
3.9
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
MAXDENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
3
Accounting policies
(Continued)
- 5 -
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes 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 reporting end date.
Deferred tax
Deferred taxation is provided on the liability method to take account of timing differences between the treatment of certain items for accounts purposes and their treatment for tax purposes.
Tax deferred or accelerated is accounted for in respect of all material timing difference.
During the year, there was a provision for deferred tax of £32,221.15 (2023: £31,532 ).
3.10
Retirement benefits
For defined contribution schemes, the amount charged to profit or loss is the contributions payable in the year. Differences between contributions payable in the year and contributions actually paid are shown as either accruals or prepayments.
4
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
14
20
5
Directors' remuneration and dividends
2024
2023
£
£
Remuneration paid to directors
79,000
9,000
Dividends paid to directors
166,000
242,000
The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 1 (2023 - 1).
MAXDENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 6 -
6
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 April 2023
556,418
Additions
45,718
At 31 March 2024
602,136
Depreciation and impairment
At 1 April 2023
430,290
Depreciation charged in the year
42,961
At 31 March 2024
473,251
Carrying amount
At 31 March 2024
128,885
At 31 March 2023
126,128
7
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
22,855
93,414
Other debtors
71,948
20,312
94,803
113,726
8
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans
1,429
Trade creditors
98,097
138,638
Corporation tax
38,119
118,951
Other taxation and social security
14,970
7,248
Other creditors
96,058
20,576
247,244
286,842
MAXDENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 7 -
9
Loans and overdrafts
2024
2023
£
£
Bank loans
1,429
Payable within one year
1,429
The company has access to two financing arrangement with Lloyds TSB Bank PLC.
A mortgage arrangement secured by fixed charges over L/H property k/a 61G Odhams Walk Covent Garden London together with all buildings and fixtures (including trade fixtures). Fixed plant & machinery by way of fixed charge, all present & future book & other debts, floating charge over all moveable plant and machinery, implements, utensils, furniture & equipment by way of assignment. The goodwill of the business and full benefit of all licenses & guarantees.
A debenture arrangement secured by a fixed and floating charge over the undertaking and all property and assets present and future, including goodwill, book debts, uncalled capital, buildings, fixtures, fixed plant & machinery. At the beginning of the year the associated liabilities from balances drawn down were £1,429 which was repaid during the year and debenture settled on 06 October 2023.
10
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
75,378
5,134
The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.
Contributions totalling £1,080.31 (2023: £6,401) were payable to the scheme at the end of the year and is included in creditors. The above contribution of amount £75,378 (2023: £5,134) also includes the pension contribution of one of the directors, Dr R. Ali, of amount £70,000 (2023: £NIL).
11
Control
The directors do not consider there to be an ultimate controlling party.