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Company No: 07464750 (England and Wales)

# STEPHEN LUSTY DENTAL LABORATORY LTD

### Unaudited Financial Statements
For the financial year ended 31 December 2024
Pages for filing with the registrar

STEPHEN LUSTY DENTAL LABORATORY LTD

## Unaudited Financial Statements

For the financial year ended 31 December 2024

Contents

STEPHEN LUSTY DENTAL LABORATORY LTD

## BALANCE SHEET

As at 31 December 2024
STEPHEN LUSTY DENTAL LABORATORY LTD

## BALANCE SHEET (continued)

As at 31 December 2024

| Note | 2024 |  | 2023
|  | £ |  | £
Fixed assets |  |  |  |
Tangible assets | 4 | 35,591 |  | 44,570
|  | 35,591 |  | 44,570
Current assets |  |  |  |
Stocks |  | 8,000 |  | 8,000
Debtors | 5 | 178,332 |  | 197,483
Cash at bank and in hand |  | 17,997 |  | 60
|  | 204,329 |  | 205,543
Creditors: amounts falling due within one year | 6 | ( 68,481) |  | ( 84,767)
Net current assets |  | 135,848 |  | 120,776
Total assets less current liabilities |  | 171,439 |  | 165,346
Creditors: amounts falling due after more than one year | 7 | ( 67,994) |  | ( 17,000)
Provision for liabilities | 8, 9 | ( 8,898) |  | ( 11,142)
Net assets |  | 94,547 |  | 137,204
Capital and reserves |  |  |  |
Called-up share capital | 10 | 100 |  | 100
Profit and loss account |  | 94,447 |  | 137,104
Total shareholder's funds |  | 94,547 |  | 137,204

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

Director's responsibilities:

- The member has not required the Company to obtain an audit of its financial statements for the financial year in accordance with section 476;
- The director acknowledges their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements; and
- These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime and a copy of the Statement of Income and Retained Earnings has not been delivered.

The financial statements of Stephen Lusty Dental Laboratory Ltd (registered number: 07464750) were approved and authorised for issue by the Director on 16 September 2025. They were signed on its behalf by:

S C Lusty Director |

STEPHEN LUSTY DENTAL LABORATORY LTD

## NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 December 2024
STEPHEN LUSTY DENTAL LABORATORY LTD

## NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 December 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

Stephen Lusty Dental Laboratory Ltd (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 Unit 4e Goonhavern Trade Park, Goonhavern, TR4 9QL, 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 director has assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The director has 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 comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of returns, rebates and discounts.

##### Employee benefits

Defined contribution schemes
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

##### 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 tax rates and laws substantively enacted at the balance sheet date. Deferred tax assets and liabilities are not discounted.

##### Tangible fixed assets

Tangible fixed assets are stated at cost , net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a reducing balance basis over its expected useful life, as follows:

Land and buildings | 25 % reducing balance
Plant and machinery etc. | 25 % reducing balance

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.

##### 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 Statement of Income and Retained Earnings 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.

##### Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Statement of Income and Retained Earnings as described below.

##### Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

##### Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.
Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

##### Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.
The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Balance Sheet date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).
When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

#### 2. Employees

| 2024 |  | 2023
| Number |  | Number
Monthly average number of persons employed by the Company during the year, including the director | 2 |  | 4

#### 3. Dividends on equity shares

| 2024 |  | 2023
| £ |  | £
Amounts recognised as distributions to equity holders in the financial year: |  |  |
Interim dividend for the financial year ended 31 December 2024 of £1,279.38 (2023: £1,890.00) per ordinary share | 127,938 |  | 189,000

#### 4. Tangible assets

| Land and buildings |  | Plant and machinery etc. |  | Total
| £ |  | £ |  | £
Cost |  |  |  |  |
At 01 January 2024 | 24,223 |  | 159,744 |  | 183,967
Additions | 1,500 |  | 0 |  | 1,500
Disposals | ( 15,000) |  | 0 |  | ( 15,000)
At 31 December 2024 | 10,723 |  | 159,744 |  | 170,467
Accumulated depreciation |  |  |  |  |
At 01 January 2024 | 15,422 |  | 123,975 |  | 139,397
Charge for the financial year | 1,537 |  | 8,942 |  | 10,479
Impairment losses | ( 3,560) |  | 0 |  | ( 3,560)
Disposals | ( 11,440) |  | 0 |  | ( 11,440)
At 31 December 2024 | 1,959 |  | 132,917 |  | 134,876
Net book value |  |  |  |  |
At 31 December 2024 | 8,764 |  | 26,827 |  | 35,591
At 31 December 2023 | 8,801 |  | 35,769 |  | 44,570

#### 5. Debtors

| 2024 |  | 2023
| £ |  | £
Trade debtors | 72,296 |  | 75,468
Other debtors | 106,036 |  | 122,015
| 178,332 |  | 197,483

#### 6. Creditors: amounts falling due within one year

| 2024 |  | 2023
| £ |  | £
Bank loans and overdrafts | 26,516 |  | 14,457
Trade creditors | 7,144 |  | 21,786
Accruals | 5,073 |  | 8,094
Taxation and social security | 29,407 |  | 39,096
Other creditors | 341 |  | 1,334
| 68,481 |  | 84,767

The bank loans are secured by the government as part of the COVID support provided during the pandemic.

#### 7. Creditors: amounts falling due after more than one year

| 2024 |  | 2023
| £ |  | £
Bank loans | 67,994 |  | 17,000

The bank loans are secured by the government as part of the COVID support provided during the pandemic.

#### 8. Provision for liabilities

| 2024 |  | 2023
| £ |  | £
Deferred tax | 8,898 |  | 11,142

#### 9. Deferred tax

| 2024 |  | 2023
| £ |  | £
At the beginning of financial year | ( 11,142) |  | ( 11,290)
Credited to the Statement of Income and Retained Earnings | 2,244 |  | 148
At the end of financial year | ( 8,898) |  | ( 11,142)

#### 10. Called-up share capital

| 2024 |  | 2023
| £ |  | £
Allotted, called-up and fully-paid |  |  |
100 Ordinary shares of £ 1.00 each | 100 |  | 100

#### 11. Financial commitments

Other financial commitments

| 2024 |  | 2023
| £ |  | £
Total financial commitments | 73,584 |  | 52,950

#### 12. Related party transactions

Transactions with the entity's director

| 2024 |  | 2023
| £ |  | £
As at 01 January | 118,715 |  | 188,976
Advances to director | 148,799 |  | 138,600
Repayments by director | (165,742) |  | (208,861)
As at 31 December | 101,772 |  | 118,715

Key management compensation

| 2024 |  | 2023
| £ |  | £
Key management compensation | 52,973 |  | 22,671

Key management compensation includes contributions paid to money purchase schemes of £6,000 (2023: £6,000)