Metrodent Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 00320774 (England and Wales)

Financial Statements

for the Year Ended 31 December 2021

for

METRODENT LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

G B Needham

M J Toon

M B Mitchell

SECRETARY:

M J Toon

REGISTERED OFFICE:

Lowergate Works

Lowergate

Paddock

Huddersfield

HD3 4EP

REGISTERED NUMBER:

00320774 (England and Wales)

ACCOUNTANTS:

Rawse, Varley & Co

Chartered Accountants

Lloyds Bank Chambers

Hustlergate

Bradford

BD1 1UQ

FIXED ASSETS

Tangible assets

4

57,694

67,103

CURRENT ASSETS

Stock

1,262,541

1,555,349

Debtors

5

580,835

529,705

Cash at bank

98,436

56,286

1,941,812

2,141,340

CREDITORS

Amounts falling due within one year

6

1,153,160

1,069,161

NET CURRENT ASSETS

788,652

1,072,179

TOTAL ASSETS LESS CURRENT LIABILITIES

846,346

1,139,282

CREDITORS

Amounts falling due after more than one year

7

34,841

44,483

NET ASSETS

811,505

1,094,799

CAPITAL AND RESERVES

Called up share capital

10

50,000

50,000

Retained earnings

761,505

1,044,799

SHAREHOLDERS' FUNDS

811,505

1,094,799

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2021.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2021 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 29 September 2022 and were signed on its behalf by:

G B Needham - Director

1.	STATUTORY INFORMATION

Metrodent Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover

Turnover represents amounts invoiced in respect of sales and work done less returns and allowances, excluding value added tax

Tangible fixed assets and depreciation

Tangible fixed assets are stated at cost less depreciation.

Depreciation in calculated to write off the assets over their expected useful lives at the following annual rates:

Plant, machinery and fixtures

-

10% and 20% of cost

Computer equipment

-

25% of cost

Motor vehicles

-

25% of cost

Stock and work in progress

Stock and work in progress are stated at the lower of cost and net realisable value. In the case of manufactured goods, cost includes attributable manufacturing overheads.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Operating leases

Rentals payable under operating leases are charged to profit and loss account on a straight line basis.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 36 (2020 - 38 ) .

4.	TANGIBLE FIXED ASSETS

Furniture

and

equipment

£

COST

At 1 January 2021

1,199,326

Additions

7,806

At 31 December 2021

1,207,132

DEPRECIATION

At 1 January 2021

1,132,223

Charge for year

17,215

At 31 December 2021

1,149,438

NET BOOK VALUE

At 31 December 2021

57,694

At 31 December 2020

67,103

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2021

2020

£

£

Trade debtors

535,319

476,284

Prepayments and accrued income

45,516

53,421

580,835

529,705

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2021

2020

£

£

Bank loans and overdrafts

9,646

285,517

Trade creditors

620,035

334,431

Social security and other taxes

89,491

222,832

Other creditors

270,368

49,021

Directors' loan accounts

140,907

144,269

Accruals and deferred income

22,713

33,091

1,153,160

1,069,161

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2021

2020

£

£

Bank loans - 2-5 years

34,841

40,074

Bank loans more than 5 years

-

4,409

34,841

44,483

Amounts falling due in more than five years:

Repayable by instalments

Bank loans more than 5 years

-

4,409

8.	LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:

2021

2020

£

£

Within one year

65,491

70,454

Between one and five years

179,383

189,052

In more than five years

17,500

52,500

262,374

312,006

9.	SECURED DEBTS

Certain bank borrowings are secured by fixed and floating charges over the company's assets. There were no such bank borrowings at 31 December 2021 (2020 - £280,000).

Other creditors include amounts totalling £285,129 (2020 - £35,504) relating to sales invoice finance advances. Debentures including fixed and floating charges over the assets of the company are held as security for this arrangement.

10.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2021

2020

value:

£

£

50,000

Ordinary

£1

50,000

50,000

11.	RELATED PARTIES

Mr G B Needham received the benefit of dividends of £43,610 during the year.