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Company No: SC472441 (Scotland)

FIACAIL LIMITED

UNAUDITED FINANCIAL STATEMENTS
FOR THE FINANCIAL YEAR ENDED 31 AUGUST 2024
PAGES FOR FILING WITH THE REGISTRAR

FIACAIL LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 AUGUST 2024

Contents

FIACAIL LIMITED

BALANCE SHEET

AS AT 31 AUGUST 2024
FIACAIL LIMITED

BALANCE SHEET (continued)

AS AT 31 AUGUST 2024
Note 2024 2023
£ £
Fixed assets
Intangible assets 4 123,260 164,360
Tangible assets 5 436,810 423,910
560,070 588,270
Current assets
Stocks 6 8,900 10,410
Debtors 7 42,374 42,007
Cash at bank and in hand 8 123,111 100,038
174,385 152,455
Creditors: amounts falling due within one year 9 ( 194,017) ( 147,238)
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 ( 486,140) ( 548,436)
Provision for liabilities ( 26,441) ( 28,327)
Net assets 27,857 16,724
Capital and reserves
Called-up share capital 11 200 200
Profit and loss account 27,657 16,524
Total shareholders' funds 27,857 16,724

For the financial year ending 31 August 2024 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The financial statements of Fiacail Limited (registered number: SC472441) were approved and authorised for issue by the Board of Directors on 29 May 2025. They were signed on its behalf by:

Jane Clyne
Director
Dr Eleanor Ferguson
Director
FIACAIL LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 AUGUST 2024
FIACAIL LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 AUGUST 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

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 £.

Going concern

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.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for dental work and services provided in the normal course of business.

Employee benefits

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.

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:

Land and buildings not depreciated
Plant and machinery 25 % reducing balance
Vehicles 25 % reducing balance
Fixtures and fittings 10 years straight line

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.

Stocks

Stocks are stated at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

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.

2. Critical accounting judgements and key sources of estimation uncertainty

In the application of the Company’s accounting policies, the directors are required to make judgements that have a significant impact on the amounts recognised. The following are the critical judgements that the directors have 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 directors 13 12

4. Intangible assets

Goodwill Total
£ £
Cost
At 01 September 2023 411,000 411,000
At 31 August 2024 411,000 411,000
Accumulated amortisation
At 01 September 2023 246,640 246,640
Charge for the financial year 41,100 41,100
At 31 August 2024 287,740 287,740
Net book value
At 31 August 2024 123,260 123,260
At 31 August 2023 164,360 164,360

5. Tangible assets

Land and buildings Plant and machinery Vehicles Fixtures and fittings Total
£ £ £ £ £
Cost
At 01 September 2023 310,602 86,514 101,980 74,292 573,388
Additions 20,226 23,550 0 0 43,776
At 31 August 2024 330,828 110,064 101,980 74,292 617,164
Accumulated depreciation
At 01 September 2023 0 46,000 58,957 44,521 149,478
Charge for the financial year 0 12,691 10,756 7,429 30,876
At 31 August 2024 0 58,691 69,713 51,950 180,354
Net book value
At 31 August 2024 330,828 51,373 32,267 22,342 436,810
At 31 August 2023 310,602 40,514 43,023 29,771 423,910

6. Stocks

2024 2023
£ £
Stocks 7,400 6,160
Work in progress 1,500 4,250
8,900 10,410

7. Debtors

2024 2023
£ £
Trade debtors 37,486 38,306
Prepayments 4,888 3,701
42,374 42,007

8. Cash and cash equivalents

2024 2023
£ £
Cash at bank and in hand 123,111 100,038

9. Creditors: amounts falling due within one year

2024 2023
£ £
Bank loans 60,193 58,092
Trade creditors 9,947 2,223
Amounts owed to directors 383 221
Accruals 41,327 19,550
Taxation and social security 81,993 66,457
Other creditors 174 695
194,017 147,238

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

2024 2023
£ £
Bank loans (secured) 486,140 548,436

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

11. Called-up share capital

2024 2023
£ £
Allotted, called-up and fully-paid
100 Ordinary share capital shares of £ 1.00 each (2023: nil shares) 100 0
100 Ordinary A share capital shares of £ 1.00 each (2023: nil shares) 100 0
Nil Ordinary share capital class 1 shares (2023: 100 shares of £ 1.00 each) 0 100
Nil Ordinary A share capital class 2 shares (2023: 100 shares of £ 1.00 each) 0 100
200 200

12. Related party transactions

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.