Company No: SC486012 (Scotland)

Contents

• Balance Sheet
• Notes to the Financial Statements

	Note	2023		2022
		£		£
Fixed assets
Intangible assets	3	16,200		20,250
Tangible assets	4	26,243		34,991
		42,443		55,241
Current assets
Stocks	5	4,500		4,200
Debtors	6	43,440		60,435
Cash at bank and in hand	7	145,948		160,780
		193,888		225,415
Creditors: amounts falling due within one year	8	( 109,993)		( 112,864)
Net current assets		83,895		112,551
Total assets less current liabilities		126,338		167,792
Creditors: amounts falling due after more than one year	9	( 18,333)		( 28,332)
Net assets		108,005		139,460
Capital and reserves
Called-up share capital		100		100
Profit and loss account		107,905		139,360
Total shareholders' funds		108,005		139,460

For the financial year ending 31 July 2023 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

• The members have not required the Company to obtain an audit of its financial statements for the financial year in accordance with section 476;
• The directors acknowledge 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 McManus & Scott Holytown Limited (registered number: SC486012) were approved and authorised for issue by the Board of Directors on 05 March 2024. They were signed on its behalf by:

Dr Lee-Anne Scott Director

Dr James Mcmanus Director

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

McManus & Scott Holytown Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in Scotland. The address of the Company's registered office is Mcmanus And Scott Dental Surgeries 5 Main Street, Holytown, Motherwell, ML1 4TA, Scotland, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include 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 directors have assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The directors have 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 is recognised at the fair value of the consideration received or receivable for dental work and services provided in the normal course of business.

Employee benefits

Short term benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

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.

Intangible assets

Intangible assets are stated at cost or valuation, net of amortisation and any provision for impairment. Amortisation is provided on all intangible assets at rates to write off the cost or valuation of each asset over its expected useful life as follows:

Goodwill

10 years straight line

Goodwill

Goodwill arises on business combination and represents any excess of consideration given over the fair value of the identifiable assets and liabilities acquired. Goodwill is initially recognised as an intangible asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight line basis over its useful economic life, which is 10 years.

Tangible fixed assets

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

Plant and machinery

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.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Leases

The Company as lessee
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.

Stocks

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

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

Government grants

Government grants are recognised based on the performance model and are measured at the fair value of the asset received or receivable when there is reasonable assurance that the company will comply with conditions attaching to them and the grants will be received.

A grant that specifies performance conditions is recognised in income only when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the grant proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.

2. Employees

	2023		2022
	Number		Number
Monthly average number of persons employed by the Company during the year, including directors	10		9

3. Intangible assets

	Goodwill		Total
	£		£
Cost
At 01 August 2022	40,500		40,500
At 31 July 2023	40,500		40,500
Accumulated amortisation
At 01 August 2022	20,250		20,250
Charge for the financial year	4,050		4,050
At 31 July 2023	24,300		24,300
Net book value
At 31 July 2023	16,200		16,200
At 31 July 2022	20,250		20,250

4. Tangible assets

	Plant and machinery		Total
	£		£
Cost
At 01 August 2022	297,972		297,972
At 31 July 2023	297,972		297,972
Accumulated depreciation
At 01 August 2022	262,981		262,981
Charge for the financial year	8,748		8,748
At 31 July 2023	271,729		271,729
Net book value
At 31 July 2023	26,243		26,243
At 31 July 2022	34,991		34,991

5. Stocks

	2023		2022
	£		£
Stocks	4,500		4,200

6. Debtors

	2023		2022
	£		£
Trade debtors	42,382		42,541
Other debtors	1,058		17,894
	43,440		60,435

7. Cash and cash equivalents

	2023		2022
	£		£
Cash at bank and in hand	145,948		160,780

8. Creditors: amounts falling due within one year

	2023		2022
	£		£
Bank loans	10,000		10,000
Taxation and social security	64,736		69,217
Obligations under finance leases and hire purchase contracts	0		1,677
Other creditors	35,257		31,970
	109,993		112,864

9. Creditors: amounts falling due after more than one year

	2023		2022
	£		£
Bank loans	18,333		28,332

There are no amounts included above in respect of which any security has been given by the small entity.

10. Related party transactions

At the balance sheet date, the company owed Ms L Scott £6 (2021 - £6,078 owed to the company).

At the balance sheet date, the company owed Mr J McManus £12 (2021 - £6,346 owed to the company).

The loans were unsecured, interest free and repayable on demand.