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Registration number: 10647225

Prepared for the registrar
Bracey Dental Limited
Annual Report and Unaudited Financial Statements
for the Year Ended 31 July 2025

Bracey Dental Limited

Contents

Company Information | 1
Balance Sheet | 2
Notes to the Unaudited Financial Statements | 3 to 9

Bracey Dental Limited

Company Information

Director | L E Harrhy

Company secretary | L E Harrhy

Registered office | 4 Mervyn Terrace Osborne Road Pontypool NP4 6NW

Accountants | Hazlewoods LLP Windsor House Bayshill Road Cheltenham GL50 3AT

Bracey Dental Limited

(Registration number: 10647225)
Balance Sheet as at 31 July 2025

| Note | 2025 £ | 2024 £
Fixed assets |  |  |
Investment property | 4 | 110,000 | 110,000
Investments | 5 | 166,082 | 166,082
|  | 276,082 | 276,082
Current assets |  |  |
Debtors | 6 | 44,763 | 55,729
Creditors: Amounts falling due within one year | 7 | (17,242) | (16,940)
Net current assets |  | 27,521 | 38,789
Total assets less current liabilities |  | 303,603 | 314,871
Creditors: Amounts falling due after more than one year | 7 | (303,859) | (314,783)
Deferred tax (liabilities)/assets | 9 | 413 | 413
Net assets |  | 157 | 501
Capital and reserves |  |  |
Called up share capital |  | 100 | 100
Retained earnings |  | 57 | 401
Shareholders' funds |  | 157 | 501

For the financial year ending 31 July 2025 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

• | The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and
• | The director acknowledges their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 24 March 2026

L E Harrhy
Director

Bracey Dental Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2025

| 1 | General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
4 Mervyn Terrace
Osborne Road
Pontypool
NP4 6NW

| 2 | Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except for, where disclosed in these accounting policies, certain items that are shown at fair value.

The presentational currency of the financial statements is Pounds Sterling, being the functional currency of the primary economic environment in which the company operates. Monetary amounts in these financial statements are rounded to the nearest Pound.

Going concern

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, estimates and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.

Judgements

No significant judgements have been made by management in preparing these financial statements.

Key sources of estimation uncertainty

No key sources of estimation uncertainty have been identified by management in preparing these financial statements other than those detailed in these accounting policies.

Revenue recognition

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 and after eliminating sales within the company.
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

The tax expense for the period comprises current and deferred tax. Tax is recognised in the profit and loss account, except that a charge attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

Bracey Dental Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2025

Deferred income tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the company. Deferred income 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.

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by external valuers. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

Business combinations

Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.

Investments

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.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. All trade debtors are repayable within one year and hence are included at the undiscounted cost of cash expected to be received. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the debtors.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price and all are repayable within one year and hence are included at the undiscounted amount of cash expected to be paid.

Bracey Dental Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2025

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar expenses.
Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Bracey Dental Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2025

Financial instruments

Classification
Financial instruments are classified and accounted for according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Where shares are issued, any component that creates a financial liability of the company is presented as a liability on the balance sheet. The corresponding dividends relating to the liability component are charged as interest expenses in the profit and loss account.
Recognition and measurement
All financial assets and liabilities are initially measured at transaction price (including transaction costs), except for those financial assets classified as at fair value through profit or loss, which are initially measured at fair value (which is normally the transaction price excluding transaction costs), unless the arrangement constitutes a financing transaction. If an arrangement constitutes a financing transaction, the financial asset or financial liability is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
Impairment
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 profit or loss as described below.
A non financial asset is impaired where there is objective evidence that, as a result of one or more events that occurred after initial recognition, the estimated recoverable value of the asset has been reduced. The recoverable amount of an asset is the higher of its fair value less costs to sell and its value in use.
The recoverable amount of goodwill is derived from measurement of the present value of the future cash flows of the cash-generating units ('CGUs') of which the goodwill is a part. Any impairment loss in respect of a CGU is allocated first to the goodwill attached to that CGU, and then to other assets within that CGU on a pro-rata basis.
Where indicators exist for a decrease in impairment loss, the prior impairment loss is tested to determine reversal. An impairment loss is reversed on an individual impaired asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had no impairment been recognised. Where a reversal of impairment occurs in respect of a CGU, the reversal is applied first to the assets (other than goodwill) of the CGU on a pro-rata basis and then to any goodwill allocated to that CGU.
For financial assets carried at amortised cost, the amount of an impairment is the difference between the asset’s carrying amount and the present value of estimated future cash flows, discounted at the financial asset’s original effective interest rate.
For financial assets carried at cost less impairment, the impairment loss is the difference between the asset’s carrying amount and the best estimate of the amount that would be received for the asset if it were to be sold at the reporting date.
Where indicators exist for a decrease in impairment loss, and the decrease can be related objectively to an event occurring after the impairment was recognised, the prior impairment loss is tested to determine reversal. An impairment loss is reversed on an individual impaired financial asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had no impairment been recognised.

| 3 | Staff numbers

The average number of persons employed by the company (including the director) during the year was as follows:

| 2025 No. | 2024 No.
Average number of employees | 1 | 1

Bracey Dental Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2025

| 4 | Investment properties

| £
At 1 August 2024 and 31 July 2025 | 110,000

The valuation of investment properties were made at the balance sheet by the director, on an open market basis. The historical cost of the investment properties amounts to £111,654 (2024 - £111,654).

| 5 | Investments

| 2025 £ | 2024 £
Investments in subsidiaries | 166,082 | 166,082

Subsidiaries | £
Cost
At 1 August 2024 | 166,082
At 31 July 2025 | 166,082
Carrying amount
At 31 July 2025 | 166,082
At 31 July 2024 | 166,082

Details of undertakings

Details of the investments in which the company holds 20% or more of the nominal value of any class of share capital are as follows:

Undertaking | Country of incorporation | Holding | Proportion of voting rights and shares held
|  |  | 2025 | 2024
Subsidiary undertakings
MJ Dental Services Limited | England and Wales | Ordinary | 100% | 100%

Subsidiary undertakings
MJ Dental Services Limited The principal activity of MJ Dental Services Limited is that of dental practice activities.

| 6 | Debtors

| Note | 2025 £ | 2024 £
Receivables from related parties | 10 | 32,018 | 42,984
Other debtors |  | 12,745 | 12,745
|  | 44,763 | 55,729

Bracey Dental Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2025

| 7 | Creditors

| Note | 2025 £ | 2024 £
Due within one year |  |  |
Loans and borrowings | 8 | 15,334 | 15,128
Accruals and deferred income |  | 1,908 | 1,812
|  | 17,242 | 16,940

| Note | 2025 £ | 2024 £
Due after one year |  |  |
Loans and borrowings | 8 | 303,859 | 314,783

| 8 | Loans and borrowings

Current loans and borrowings

| 2025 £ | 2024 £
Bank borrowings | 15,129 | 15,128
Other borrowings | 205 | -
| 15,334 | 15,128

Non-current loans and borrowings

| 2025 £ | 2024 £
Bank borrowings | 303,859 | 314,783

Bank borrowings are secured by a fixed and floating charge over the company's assets.

Bracey Dental Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2025

| 9 | Deferred tax

Deferred tax assets and liabilities

2025 | Asset £
Deferred tax arising from revaluation of investment properties | 413

2024 | Asset £
Deferred tax arising from revaluation of investment properties | 413

| 10 | Related party transactions

Transactions with the director

2025 | At 1 August 2024 £ | Advances to director £ | Repayments by director £ | At 31 July 2025 £
L E Harrhy
| 5,793 | 38,002 | (44,000) | (205)

2024 | At 1 August 2023 £ | Advances to director £ | Repayments by director £ | At 31 July 2024 £
L E Harrhy
| 107,755 | 1,500 | (103,462) | 5,793

Summary of transactions with subsidiaries

During the year the company received £5,173 from a subsidiary (2024 - loaned £66,184 to a subsidiary). At the balance sheet date the amount due from the subsidiary was £32,018 (2024 - £37,191). The amount is interest free and repayable on demand.