Company No:
Contents
| Note | 2024 | 2023 | ||
| £ | £ | |||
| Fixed assets | ||||
| Intangible assets | 4 |
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| Tangible assets | 5 |
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| 560,070 | 588,270 | |||
| Current assets | ||||
| Stocks | 6 |
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| Debtors | 7 |
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| Cash at bank and in hand | 8 |
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| 174,385 | 152,455 | |||
| Creditors: amounts falling due within one year | 9 | (
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| Net current (liabilities)/assets | (19,632) | 5,217 | ||
| Total assets less current liabilities | 540,438 | 593,487 | ||
| Creditors: amounts falling due after more than one year | 10 | (
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| Provision for liabilities | (
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| Net assets |
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| Capital and reserves | ||||
| Called-up share capital | 11 |
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| Profit and loss account |
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| Total shareholders' funds |
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Directors' responsibilities:
The financial statements of Fiacail Limited (registered number:
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Jane Clyne
Director |
Dr Eleanor Ferguson
Director |
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.
Fiacail 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 Broughty Ferry Dental Care 361 Brook Street, Broughty Ferry, Dundee, DD5 2DS, Scotland, United Kingdom.
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 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 £.
The directors have assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The directors have 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.
Short term benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
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.
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.
| Goodwill |
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| Land and buildings | not depreciated |
| Plant and machinery |
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| Vehicles |
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| Fixtures and fittings |
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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.
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.
| 2024 | 2023 | ||
| Number | Number | ||
| Monthly average number of persons employed by the Company during the year, including directors |
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| Goodwill | Total | ||
| £ | £ | ||
| Cost | |||
| At 01 September 2023 |
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| At 31 August 2024 |
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| Accumulated amortisation | |||
| At 01 September 2023 |
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| Charge for the financial year |
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| At 31 August 2024 |
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| Net book value | |||
| At 31 August 2024 |
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| At 31 August 2023 |
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| Land and buildings | Plant and machinery | Vehicles | Fixtures and fittings | Total | |||||
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| Cost | |||||||||
| At 01 September 2023 |
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| Additions |
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| At 31 August 2024 |
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| Accumulated depreciation | |||||||||
| At 01 September 2023 |
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| Charge for the financial year |
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| At 31 August 2024 |
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| Net book value | |||||||||
| At 31 August 2024 |
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| At 31 August 2023 |
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| 2024 | 2023 | ||
| £ | £ | ||
| Stocks |
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| Work in progress |
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| 2024 | 2023 | ||
| £ | £ | ||
| Trade debtors |
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| Prepayments |
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| 2024 | 2023 | ||
| £ | £ | ||
| Cash at bank and in hand |
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| 2024 | 2023 | ||
| £ | £ | ||
| Bank loans |
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| Trade creditors |
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| Amounts owed to directors |
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| Accruals |
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| Taxation and social security |
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| Other creditors |
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| 2024 | 2023 | ||
| £ | £ | ||
| Bank loans (secured) |
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| 2024 | 2023 | ||
| £ | £ | ||
| Allotted, called-up and fully-paid | |||
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| Nil
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| Nil
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| 200 | 200 |
Transactions with the entity's directors
| 2024 | 2023 | ||
| £ | £ | ||
| Amounts owed to the directors | 283 | 221 |
The loan is unsecured, interest free and repayable on demand.