N & J Murphy Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 09484720 (England and Wales)

N & J MURPHY LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2021

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

Dr N J W Murphy

Dr J R Murphy

REGISTERED OFFICE:

Billingshurst Dental Practice

114 High Street

Billingshurst

West Sussex

RH14 9QS

REGISTERED NUMBER:

09484720 (England and Wales)

ACCOUNTANTS:

Morris Crocker

Chartered Accountants

Station House

North Street

Havant

Hampshire

PO9 1QU

FIXED ASSETS

Intangible assets

4

232,500

248,000

Tangible assets

5

76,537

79,221

309,037

327,221

CURRENT ASSETS

Debtors

6

35,880

18,491

Cash at bank and in hand

60,550

14,432

96,430

32,923

CREDITORS

Amounts falling due within one year

7

82,099

70,383

NET CURRENT ASSETS/(LIABILITIES)

14,331

(37,460

)

TOTAL ASSETS LESS CURRENT LIABILITIES

323,368

289,761

CREDITORS

Amounts falling due after more than one year

8

(202,367

)

(171,560

)

PROVISIONS FOR LIABILITIES

9

(13,508

)

(13,792

)

NET ASSETS

107,493

104,409

CAPITAL AND RESERVES

Called up share capital

10

100

100

Retained earnings

107,393

104,309

SHAREHOLDERS' FUNDS

107,493

104,409

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 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 31 March 2022 and were signed on its behalf by:

Dr N J W Murphy - Director

1.	STATUTORY INFORMATION

N & J Murphy 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 the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2016, is being amortised evenly over its estimated useful life of twenty years.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Improvements to property

-

2% on cost

Plant and machinery

-

25% on cost

Fixtures and fittings

-

20% on cost

Computer equipment

-

33% on cost

Financial instruments

Debtors and cash at bank: Trade and other debtors are recognised at the settlement amount due after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due. Cash at bank and in hand includes cash on deposit or in a current account.

Creditors and provisions: Creditors and provisions are recognised where there is a present obligation resulting from a past event that will probably result in the transfer of economic benefits to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due.

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 at the balance sheet date, except as otherwise required in the paragraphs below.

Unrelieved 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.

Deferred tax shall not be recognised on permanent differences, other than a business combination where assets (other than goodwill) give rise to an deferred tax asset or liability.

Hire purchase and leasing commitments

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2020 - 2 ) .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 April 2020

and 31 March 2021

310,000

AMORTISATION

At 1 April 2020

62,000

Amortisation for year

15,500

At 31 March 2021

77,500

NET BOOK VALUE

At 31 March 2021

232,500

At 31 March 2020

248,000

5.	TANGIBLE FIXED ASSETS

Improvements

Fixtures

to

Plant and

and

Computer

property

machinery

fittings

equipment

Totals

£

£

£

£

£

COST

At 1 April 2020

69,475

55,229

16,521

5,761

146,986

Additions

-

4,377

4,862

-

9,239

At 31 March 2021

69,475

59,606

21,383

5,761

156,225

DEPRECIATION

At 1 April 2020

5,490

46,169

13,017

3,089

67,765

Charge for year

1,389

4,846

4,276

1,412

11,923

At 31 March 2021

6,879

51,015

17,293

4,501

79,688

NET BOOK VALUE

At 31 March 2021

62,596

8,591

4,090

1,260

76,537

At 31 March 2020

63,985

9,060

3,504

2,672

79,221

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Plant and

machinery

£

COST

At 1 April 2020

and 31 March 2021

33,858

DEPRECIATION

At 1 April 2020

and 31 March 2021

33,858

NET BOOK VALUE

At 31 March 2021

-

At 31 March 2020

-

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2021

2020

£

£

Trade debtors

29,369

14,741

Other debtors

6,511

3,750

35,880

18,491

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2021

2020

£

£

Bank loans and overdrafts

19,374

11,575

Hire purchase contracts

5,284

7,510

Trade creditors

4,964

2,446

Taxation and social security

12,304

24,955

Other creditors

40,173

23,897

82,099

70,383

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2021

2020

£

£

Bank loans

199,398

163,900

Hire purchase contracts

-

3,944

Other creditors

2,969

3,716

202,367

171,560

Amounts falling due in more than five years:

Repayable by instalments

Bank loan

105,873

112,231

9.	PROVISIONS FOR LIABILITIES

2021

2020

£

£

Deferred tax

13,508

13,792

Deferred

tax

£

Balance at 1 April 2020

13,792

Accelerated capital allowances

(284

)

Balance at 31 March 2021

13,508

10.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2021

2020

value:

£

£

50

Ordinary A

£1

50

50

50

Ordinary B

£1

50

50

100

100

11.	ULTIMATE CONTROLLING PARTY

The company is controlled equally by its directors.