Company No:
Contents
Note | 2024 | 2023 | ||
£ | £ | |||
Fixed assets | ||||
Tangible assets | 4 |
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Investments | 5 |
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323,569 | 324,603 | |||
Current assets | ||||
Debtors | 6 |
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Cash at bank and in hand |
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24,158 | 61,162 | |||
Creditors: amounts falling due within one year | 7 | (
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Net current (liabilities)/assets | (6,268) | 32,037 | ||
Total assets less current liabilities | 317,301 | 356,640 | ||
Creditors: amounts falling due after more than one year | 8 | (
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Provision for liabilities | (
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Net assets |
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Capital and reserves | ||||
Called-up share capital |
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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 Colin McGuirk Limited (registered number:
Mr C McGuirk
Director |
Dr H L Bailey
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.
Colin McGuirk Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales.
The address of the Company's registered office is:
Lowin House
Tregolls Road
Truro
TR1 2NA
United Kingdom
The financial statements have been prepared under the historical cost convention, modified to include 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.
The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.
Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
The current corporation tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.
Deferred tax
Deferred tax is recognised on all timing differences at the balance sheet date unless indicated below. Timing differences are differences between taxable profits and the results as stated in the profit and loss account and other comprehensive income. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.
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.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Depreciation
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:
Tools and equipment |
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Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss.
Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.
Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.
Classification:
The company holds the following financial instruments:
Short term trade and other debtors and creditors;
Cash and bank balances;
Long term bank loans
All financial instruments are classified as basic.
Recognition and measurement:
The company has chosen to apply the recognition and measurement principles in FRS102.
Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument and derecognised when in the case of assets, the contractual rights to cash flows from the assets expire or substantially all the risks and rewards of ownership are transferred to another party, or in the case of liabilities, when the company’s obligations are discharged, expire or are cancelled.
Except for bank loans, such instruments are initially measured at transaction price, including transaction costs, and are subsequently carried at the undiscounted amount of the cash or other consideration expected to be paid or received, after taking account of impairment adjustments.
Bank loans are initially measured at transaction price, including transaction costs, and are
subsequently carried at amortised cost using the effective interest method.
2024 | 2023 | ||
Number | Number | ||
Monthly average number of persons employed by the Company during the year, including directors |
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2024 | 2023 | ||
£ | £ | ||
Amounts recognised as distributions to equity holders in the financial year: | |||
Interim dividend | 164,854 | 93,000 | |
Tools and equipment | Total | ||
£ | £ | ||
Cost | |||
At 01 October 2023 |
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Additions |
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At 30 September 2024 |
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Accumulated depreciation | |||
At 01 October 2023 |
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Charge for the financial year |
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At 30 September 2024 |
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Net book value | |||
At 30 September 2024 |
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At 30 September 2023 |
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Investments in subsidiaries
2024 | |
£ | |
Cost | |
At 01 October 2023 |
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At 30 September 2024 |
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Carrying value at 30 September 2024 |
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Carrying value at 30 September 2023 |
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Investments in shares
Name of entity | Registered office | Principal activity | Class of shares |
Ownership 30.09.2024 |
Ownership 30.09.2023 |
Circus Dental Limited | Lowin House, Tregolls Road, Truro, TR1 2NA, England & Wales | Dental practice activities | Ordinary | 20.00% | 20.00% |
2024 | 2023 | ||
£ | £ | ||
Amounts owed by directors |
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Prepayments |
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Corporation tax |
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Other debtors |
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2024 | 2023 | ||
£ | £ | ||
Bank loans (secured) |
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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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Transactions with the entity's directors
2024 | 2023 | ||
£ | £ | ||
Amounts owed to/(from) the company | 14,002 | 17,354 |