REGISTERED NUMBER: NI671436 (Northern Ireland)

CASSIDY & MCCREESH ORTHODONTIC PRACTICE

LIMITED

Unaudited Financial Statements for the Year Ended 31 August 2024

Page

Company Information

1

Chartered Accountants' Report

2

Statement of Financial Position

3

Notes to the Financial Statements

5

DIRECTORS:

Mark McCreesh

Orlagh McCreesh

REGISTERED OFFICE:

47a Irvinestown Road

Enniskillen

Co. Fermanagh

BT74 6DN

REGISTERED NUMBER:

NI671436 (Northern Ireland)

ACCOUNTANTS:

CavanaghKelly

Chartered Accountants

36-38 Northland Row

Dungannon

Co. Tyrone

BT71 6AP

The following reproduces the text of the report prepared for the directors in respect of the Company's annual unaudited financial statements. In accordance with the Companies Act 2006, the Company is only required to file a Statement of Financial Position. Readers are cautioned that the Income Statement and certain other primary statements and the Directors' Report are not required to be filed with the Registrar of Companies.

In accordance with our terms of engagement and in order to assist you to fulfil your duties under the Companies Act 2006, we have compiled the financial statements of the Company for the year ended 31 August 2024 which comprise the Income Statement, Statement of Financial Position, Statement of Changes in Equity and the related notes from the accounting records and information and explanations you have given to us.

This report is made to the company's Board of Directors, as a body, in accordance with the terms of our engagement. Our work has been undertaken so that we might compile the financial statements that we have been engaged to compile, report to the company's Board of Directors that we have done so, and state those matters that we have agreed to state to them in this report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's Board of Directors, as a body, for our work or for this report.

We have carried out this engagement in accordance with guidance issued by the Institute of Chartered Accountants in Ireland and have complied with the ethical guidance laid down by the Institute relating to members undertaking the compilation of financial statements.

You have acknowledged on the Statement of Financial Position as at 31 August 2024 your duty to ensure that the Company has kept proper accounting records and to prepare financial statements that give a true and fair view under the Companies Act 2006. You consider that the Company is exempt from the statutory requirement for an audit for the year.

We have not been instructed to carry out an audit of the financial statements. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the financial statements.

CavanaghKelly

Chartered Accountants

36-38 Northland Row

Dungannon

Co. Tyrone

BT71 6AP

30 January 2025

NON-CURRENT ASSETS

Intangible assets

5

2,640,000

2,805,000

Tangible assets

6

895,909

773,159

3,535,909

3,578,159

CURRENT ASSETS

Inventories

48,548

40,860

Receivables: amounts falling due within one year

7

30,536

32,265

Cash at bank and in hand

687,552

744,209

766,636

817,334

PAYABLES

Amounts falling due within one year

8

(2,628,272

)

(3,058,240

)

NET CURRENT LIABILITIES

(1,861,636

)

(2,240,906

)

TOTAL ASSETS LESS CURRENT LIABILITIES

1,674,273

1,337,253

PAYABLES

Amounts falling due after more than one year

9

-

(4,395

)

NET ASSETS

1,674,273

1,332,858

CAPITAL AND RESERVES

Called up share capital

10

100

100

Revaluation reserve

11

45,546

45,546

Retained earnings

1,628,627

1,287,212

SHAREHOLDERS' FUNDS

1,674,273

1,332,858

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

The members have not required the Company to obtain an audit of its financial statements for the year ended 31 August 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.

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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 30 January 2025 and were signed on its behalf by:

Mark McCreesh - Director

1.	STATUTORY INFORMATION

Cassidy & McCreesh Orthodontic Practice Limited is a private company, limited by shares , registered in Northern Ireland. The company's registered number and registered office address can be found on the Company Information page.

2.	STATEMENT OF COMPLIANCE

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.

3.	ACCOUNTING POLICIES

Basis of preparing the financial statements

The accounts are prepared under the historical cost convention modified when necessary to include the revaluation of certain fixed assets.

Revenue

Revenue 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 2020, is being amortised evenly over its estimated useful life of 20 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.

Property, plant and equipment

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life

Freehold property - Nil

Fixtures and fittings - 20% reducing balance

Motor Vehicles- 25% reducing balance

Plant and machinery - 25% reducing balance

Inventories

Inventories are valued at the lower of cost and net realisable value. Cost comprises expenditure incurred in the normal course of business in bringing stocks to their present location and condition. Full provision is made for obsolete and slow moving items. Net realisable value comprises actual or estimated selling price (net of trade discounts) less all further costs to completion or to be incurred in marketing and selling.

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 tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date.

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the statement of financial position date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Hire purchase and leasing commitments

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.

Cash flow statement

The company has availed of the exemption in FRS 102 Section 1A from the requirement to prepare a Statement of Cash Flows because it is classified as a small company.

Cash and cash equivalents

Cash and cash equivalents includes cash in hand and deposits held at call with banks.

Share capital

Ordinary Shares are classified as equity. Incremental costs directly attributable to the issue of new ordinary shares or options are shown in equity as a deduction, net of tax, from the proceeds.

4.	EMPLOYEES AND DIRECTORS

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

5.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 September 2023

and 31 August 2024

3,300,000

AMORTISATION

At 1 September 2023

495,000

Amortisation for year

165,000

At 31 August 2024

660,000

NET BOOK VALUE

At 31 August 2024

2,640,000

At 31 August 2023

2,805,000

6.	PROPERTY, PLANT AND EQUIPMENT

Fixtures

Freehold

Plant and

and

Computer

property

machinery

fittings

equipment

Totals

£

£

£

£

£

COST OR VALUATION

At 1 September 2023

720,824

30,520

45,546

-

796,890

Additions

82,213

7,110

17,568

32,036

138,927

At 31 August 2024

803,037

37,630

63,114

32,036

935,817

DEPRECIATION

At 1 September 2023

-

1,505

22,226

-

23,731

Charge for year

-

7,726

5,161

3,290

16,177

At 31 August 2024

-

9,231

27,387

3,290

39,908

NET BOOK VALUE

At 31 August 2024

803,037

28,399

35,727

28,746

895,909

At 31 August 2023

720,824

29,015

23,320

-

773,159

Cost or valuation at 31 August 2024 is represented by:

Fixtures

Freehold

Plant and

and

Computer

property

machinery

fittings

equipment

Totals

£

£

£

£

£

Valuation in 2021

710,015

-

45,546

-

755,561

Valuation in 2023

10,809

30,520

-

-

41,329

Valuation in 2024

82,213

7,110

17,568

32,036

138,927

803,037

37,630

63,114

32,036

935,817

7.

RECEIVABLES: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

£

Trade receivables

5,840

7,569

Other receivables

24,696

24,696

30,536

32,265

8.

PAYABLES: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

£

Bank loans and overdrafts

4,725

12,000

Payments on account

25,246

25,696

Trade payables

15,896

-

Taxation and social security

161,522

123,979

Other payables including Direc

tors Current Account

2,420,883

2,896,565

2,628,272

3,058,240

9.

PAYABLES: AMOUNTS FALLING DUE AFTER ONE YEAR

2024

2023

£

£

Bank loans

-

4,395

10.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2024

2023

value:

£

£

60

Ordinary A

1

60

60

40

Ordinary B

1

40

40

100

100

11.

RESERVES

Revaluation

reserve

£

At 1 September 2023

and 31 August 2024

45,546

12.	RELATED PARTY DISCLOSURES

At year end, a balance of £2,405,278 was owed to the directors.