Registration number: OC422397
Outwood Dental Practice LLP
Filleted Annual Report and Unaudited Financial Statements
for the Year Ended 31 May 2022
Outwood Dental Practice LLP
Contents
Limited liability partnership information |
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Statement of Members' Responsibilities |
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Financial Statements |
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Balance Sheet |
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Notes to the Financial Statements |
Outwood Dental Practice LLP
Limited liability partnership information
Registered office |
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Outwood Dental Practice LLP
Statement of Members' Responsibilities for the Year Ended 31 May 2022
The members are responsible for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.
The Limited Liability Partnerships (Accounts & Audit) (Application of Companies Act 2006) Regulations 2008 require the members to prepare financial statements for each financial year. Under that law the members have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under Company law as applied to LLPs the members must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the limited liability partnership and of the profit or loss of the limited liability partnership for that year. In preparing these financial statements, the members are required to:
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select suitable accounting policies and then apply them consistently; |
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make judgements and accounting estimates that are reasonable and prudent; |
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state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and |
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prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Partnership will continue in business. |
The members are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any time the financial position of the limited liability partnership and enable them to ensure that the financial statements comply with the Companies Act 2006, as applied to limited liability partnerships by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008, and in accordance with the requirements of the Statement of Recommended Practice Accounting by Limited Liability Partnerships (issued January 2017). They are also responsible for safeguarding the assets of the limited liability partnership and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
These responsibilities are exercised by the Board on behalf of the members.
Outwood Dental Practice LLP
(Registration number: OC422397)
Balance Sheet as at 31 May 2022
Note |
2022 |
2021 |
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Fixed assets |
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Intangible assets |
483,333 |
555,833 |
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Tangible assets |
96,153 |
80,578 |
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579,486 |
636,411 |
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Current assets |
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Stocks |
12,779 |
12,779 |
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Debtors |
36,768 |
39,899 |
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Cash and short-term deposits |
68,073 |
83,198 |
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117,620 |
135,876 |
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Creditors: Amounts falling due within one year |
(44,250) |
(37,348) |
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Net current assets |
73,370 |
98,528 |
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Total assets less current liabilities |
652,856 |
734,939 |
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Creditors: Amounts falling due after more than one year |
- |
(8,932) |
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Net assets attributable to members |
652,856 |
726,007 |
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Represented by: |
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Loans and other debts due to members |
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Members' capital classified as a liability |
141,000 |
141,651 |
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Equity: Members' other interests |
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Members' capital classified as equity |
511,856 |
584,356 |
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652,856 |
726,007 |
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Total members' interests |
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Loans and other debts due to members |
141,000 |
141,651 |
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Equity |
511,856 |
584,356 |
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652,856 |
726,007 |
For the year ending 31 May 2022 the limited liability partnership was entitled to exemption from audit under section 477 of the Companies Act 2006, as applied to limited liability partnerships, relating to small entities.
This report has been prepared and delivered in accordance with the special provisions within Part 15 of the Companies Act 2006 as applied to small Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008 as modified by the Limited Liability Partnerships, Partnerships and Groups (Accounts and Audit) Regulations 2016.
Outwood Dental Practice LLP
(Registration number: OC422397)
Balance Sheet as at 31 May 2022 (continued)
These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime, as applied to limited liability partnerships, and the option not to file the Profit and Loss Account has been taken.
The designated members acknowledge their responsibilities for complying with the requirements of the Companies Act 2006, as applied to limited liability partnerships by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008 with respect to accounting records and the preparation of accounts.
The financial statements of Outwood Dental Practice LLP (registered number OC422397) were approved by the
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Outwood Dental Practice LLP
Notes to the Financial Statements for the Year Ended 31 May 2022
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 - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.
General information and basis of accounting
The limited liability partnership is incorporated in England and Wales under the Limited Liability Partnership Act 2000. The address of the registered office is given on the limited liability partnership information page. The nature of the limited liability partnership’s operations and its principal activities are given in the members’ report.
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
The functional currency of Outwood Dental Practice LLP is considered to be pounds sterling because that is the currency of the primary economic environment in which the limited liability partnership operates.
These financial statements are presented in Sterling (£).
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Division of profits
Profits are treated as being available for discretionary division only if the LLP has an unconditional right to refuse payment of the profits of a particular year unless and until the members agree to divide them. Profits are otherwise automatically divided and included under Members’ remuneration charged as an expense in the profit and loss account.
Outwood Dental Practice LLP
Notes to the Financial Statements for the Year Ended 31 May 2022 (continued)
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Accounting policies (continued) |
Loans and other debts due to members
In the event of a winding up, members other reserves rank after unsecured creditors. Loans and other debts due to members rank pari passu with unsecured creditors in the event of a winding up. There is no formal restriction on the ability of the LLP to reduce the amount of members' other interests.
Taxation
The taxation payable on the partnership's profits is the personal liability of the members, although payment of such liabilities is administered by the partnership on behalf of its members. Consequently, neither partnership taxation nor related deferred taxation is accounted for in these financial statements. Sums set aside in respect of members' tax obligations are included in the balance sheet within loans and other debts due to members, or are set against amounts due from members as appropriate.
Goodwill
Positive goodwill is capitalised, classified as an asset on the balance sheet and amortised on a straight line basis over its useful economic life. It is reviewed for impairment at the end of the first full financial year following the acquisition and in other periods if events or changes in circumstances indicate that the carrying value may not be recoverable.
Intangible assets
Intangible assets are stated in the balance sheet at cost less accumulated amortisation and impairment. They are amortised on a straight line basis over their estimated useful lives.
Amortisation
Amortisation is provided on intangible fixed assets so as to write off the cost, less any estimated residual value, over their expected useful economic life as follows:
Asset class |
Amortisation method and rate |
Goodwill |
Straight Line depreciation at 10% per year |
Outwood Dental Practice LLP
Notes to the Financial Statements for the Year Ended 31 May 2022 (continued)
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Accounting policies (continued) |
Tangible fixed assets
Individual fixed assets costing or more are initially recorded at cost.
Depreciation
Tangible fixed assets are stated at cost less accumulated depreciation and impairment losses.
Depreciation is provided on tangible fixed assets so as to write off the cost or valuation, less any estimated residual value, over their expected useful economic life as follows:
Asset class |
Depreciation method and rate |
Plant and Machinery |
Straight line depreciation at 20% |
Fixtures and Fittings |
Straight line depreciation at 20% |
Computer Equipment |
Straight line depreciation at 33% |
Leasehold improvements |
Straight line depreciation at 20% |
Stock
Stock is valued at the lower of cost and net realisable value, after due regard for obsolete and slow moving stocks. Net realisable value is based on selling price less anticipated costs to completion and selling costs.
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Hire purchase and leasing
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. Operating lease payments are recognised on a straight line basis over the lease term.
Pensions and other post retirement obligations
The partnership operates a defined contribution pension scheme. Contributions are recognised in the profit and loss account in the period in which they become payable in accordance with the rules of the scheme.
Particulars of employees |
The average number of persons employed by the limited liability partnership during the year was
Outwood Dental Practice LLP
Notes to the Financial Statements for the Year Ended 31 May 2022 (continued)
Intangible fixed assets |
Goodwill |
Total |
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Cost |
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At 1 June 2021 |
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At 31 May 2022 |
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Amortisation |
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At 1 June 2021 |
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Charge for the year |
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At 31 May 2022 |
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Net book value |
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At 31 May 2022 |
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At 31 May 2021 |
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Outwood Dental Practice LLP
Notes to the Financial Statements for the Year Ended 31 May 2022 (continued)
Tangible fixed assets |
Leasehold improvements |
Plant and machinery |
Fixtures and fittings |
Office equipment |
Total |
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Cost |
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At 1 June 2021 |
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- |
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Additions |
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- |
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At 31 May 2022 |
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Depreciation |
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At 1 June 2021 |
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- |
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Charge for the year |
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At 31 May 2022 |
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Net book value |
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At 31 May 2022 |
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At 31 May 2021 |
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- |
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Outwood Dental Practice LLP
Notes to the Financial Statements for the Year Ended 31 May 2022 (continued)
Stocks |
2022 |
2021 |
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Stocks |
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Debtors |
2022 |
2021 |
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Other debtors |
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- |
Prepayments and accrued income |
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Total current trade and other debtors |
36,768 |
39,899 |
Creditors: Amounts falling due within one year |
2022 |
2021 |
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Other creditors |
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Accruals and deferred income |
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Taxation and social security |
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Creditors: Amounts falling due after more than one year |
2022 |
2021 |
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Hire purchase |
- |
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Obligations under leases and hire purchase contracts |
Operating leases
2022 |
2021 |
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Not later than one year |
9,700 |
9,700 |
Later than one year and not later than five years |
6,467 |
16,167 |
16,167 |
25,867 |