Brite (Paisley) Limited - Accounts to registrar (filleted) - small 23.2.5

REGISTERED NUMBER: SC440257 (Scotland)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2023

FOR

BRITE (PAISLEY) LIMITED

Page

Company Information

1

Abridged Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

J A M Bisset

L Bisset

M A Johnstone

Brite Holdings (Scotland) Limited

REGISTERED OFFICE:

Berkeley House

5 Newton Terrace

Glasgow

G3 7PJ

REGISTERED NUMBER:

SC440257 (Scotland)

ACCOUNTANTS:

Profit Counts Limited

13 Glasgow Road

Paisley

Renfrewshire

PA1 3QS

FIXED ASSETS

Intangible assets

4

352,750

388,025

Tangible assets

5

60,428

45,608

413,178

433,633

CURRENT ASSETS

Stocks

1,980

1,800

Debtors

135,830

141,635

Cash at bank and in hand

352,027

328,441

489,837

471,876

CREDITORS

Amounts falling due within one year

191,764

177,976

NET CURRENT ASSETS

298,073

293,900

TOTAL ASSETS LESS CURRENT LIABILITIES

711,251

727,533

CREDITORS

Amounts falling due after more than one year

(161,694

)

(201,694

)

PROVISIONS FOR LIABILITIES

7

(11,481

)

(8,666

)

NET ASSETS

538,076

517,173

CAPITAL AND RESERVES

Called up share capital

8

130

130

Share premium

9

34,970

34,970

Retained earnings

9

502,976

482,073

SHAREHOLDERS' FUNDS

538,076

517,173

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2023 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.

All the members have consented to the preparation of an abridged Balance Sheet for the year ended 31 March 2023 in accordance with Section 444(2A) of the Companies Act 2006.

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 December 2023 and were signed on its behalf by:

Brite Holdings (Scotland) Limited - Director

1.	STATUTORY INFORMATION

Brite (Paisley) Limited is a private company, limited by shares , registered in Scotland. 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 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 the business in 2011,is being amortised evenly over its estimated useful life of twenty years. In the opinion of the directors twenty years is considered acceptable due to the life of the patient care associated with dental list numbers.

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.

Plant and machinery - 10 - 25% on cost.

Fixtures and fittings - 15% -25% on cost.

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

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.

Research and development

Expenditure on research and development is written off in the year in which it is incurred.

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 18 (2022 - 15 ) .

4.	INTANGIBLE FIXED ASSETS

Totals

£

COST

At 1 April 2022

and 31 March 2023

705,499

AMORTISATION

At 1 April 2022

317,474

Amortisation for year

35,275

At 31 March 2023

352,749

NET BOOK VALUE

At 31 March 2023

352,750

At 31 March 2022

388,025

5.	TANGIBLE FIXED ASSETS

Totals

£

COST

At 1 April 2022

157,543

Additions

29,682

At 31 March 2023

187,225

DEPRECIATION

At 1 April 2022

111,935

Charge for year

14,862

At 31 March 2023

126,797

NET BOOK VALUE

At 31 March 2023

60,428

At 31 March 2022

45,608

The net book value of tangible fixed assets includes £nil (2022: £4,448) in respect of assets held under hire purchase contracts. The depreciation charge for the year in respect of these assets was £nil (2022: £3,005)

6.	SECURED DEBTS

The following secured debts are included within creditors:

2023

2022

£

£

Hire purchase contracts

-

2,875

The hire purchase liabilities are secured over the assets being financed.

7.	PROVISIONS FOR LIABILITIES

2023

2022

£

£

Deferred tax

11,481

8,666

Deferred

tax

£

Balance at 1 April 2022

8,666

Provided during year

2,815

Balance at 31 March 2023

11,481

8.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2023

2022

value:

£

£

40

Ordinary AA

£1

40

40

40

Ordinary AB

£1

40

40

50

Ordinary B

£1

50

50

130

130

9.

RESERVES

Retained

Share

earnings

premium

Totals

£

£

£

At 1 April 2022

482,073

34,970

517,043

Profit for the year

173,506

173,506

Dividends

(152,603

)

(152,603

)

At 31 March 2023

502,976

34,970

537,946

10.	RELATED PARTY DISCLOSURES

At the year end the loan balance the company had advanced to the directors was £13,185. In 2022 the loan balance advanced by the directors to the company was £15.

During the year the company paid consultancy fees totalling £25,028 (2022: £23,540) to Brite Services (Scotland) Limited and management fees totalling £127,539 (2022: £116,358) to Brite Holdings (Scotland) Limited.

During the year the company made purchases of £11,584 (2022: £nil) from 3DDenta Ltd, a company that Brite Holdings (Scotland) Limited has shares in.

During the year the company made rental payments of £73,000 (2022: £nil) to a company under common control.

No individual director or shareholder has outright control of the company.