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UNAUDITED FINANCIAL STATEMENTS |
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FOR THE YEAR ENDED 31 MAY 2020 |
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OUTWOOD DENTAL PRACTICE LLP |
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REGISTERED NUMBER:
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UNAUDITED FINANCIAL STATEMENTS |
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FOR THE YEAR ENDED 31 MAY 2020 |
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OUTWOOD DENTAL PRACTICE LLP |
OUTWOOD DENTAL PRACTICE LLP (REGISTERED NUMBER: OC422397) |
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CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MAY 2020 |
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General Information | 1 |
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Statement of Financial Position | 2 |
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Notes to the Financial Statements | 4 |
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Members' Responsibilities Statement | 10 |
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Independent Chartered Accountants' Review Report | 11 |
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OUTWOOD DENTAL PRACTICE LLP |
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GENERAL INFORMATION |
FOR THE YEAR ENDED 31 MAY 2020 |
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DESIGNATED MEMBERS: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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ACCOUNTANTS: |
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Chartered Accountants |
14 London Street |
Andover |
Hampshire |
SP10 2PA |
OUTWOOD DENTAL PRACTICE LLP (REGISTERED NUMBER: OC422397) |
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STATEMENT OF FINANCIAL POSITION |
31 MAY 2020 |
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2020 | 2019 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 5 |
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Tangible assets | 6 |
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CURRENT ASSETS |
Stocks |
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Debtors | 7 |
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Cash at bank and in hand |
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CREDITORS |
Amounts falling due within one year | 8 |
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NET CURRENT ASSETS |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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CREDITORS |
Amounts falling due after more than one
year |
9 |
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NET ASSETS ATTRIBUTABLE TO
MEMBERS |
723,161 |
802,408 |
OUTWOOD DENTAL PRACTICE LLP (REGISTERED NUMBER: OC422397) |
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STATEMENT OF FINANCIAL POSITION - continued |
31 MAY 2020 |
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2020 | 2019 |
Notes | £ | £ | £ | £ |
LOANS AND OTHER DEBTS DUE
TO MEMBERS |
11 |
66,305 |
73,052 |
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MEMBERS' OTHER INTERESTS |
Capital accounts | 656,856 | 729,356 |
723,161 | 802,408 |
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TOTAL MEMBERS' INTERESTS |
Loans and other debts due to members | 11 | 66,305 | 73,052 |
Members' other interests | 656,856 | 729,356 |
723,161 | 802,408 |
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The members acknowledge their responsibilities for: |
(a) | ensuring that the LLP keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the LLP 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 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008 relating to financial statements, so far as applicable to the LLP. |
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In accordance with Section 444 of the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008, the Income Statement has not been delivered. |
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The financial statements were approved by the members of the LLP and authorised for issue on
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OUTWOOD DENTAL PRACTICE LLP (REGISTERED NUMBER: OC422397) |
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NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MAY 2020 |
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1. | STATUTORY INFORMATION |
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Outwood Dental Practice LLP is registered in England and Wales. The LLP's registered number and registered office address can be found on the General Information page. |
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The presentation currency of the financial statements is the Pound Sterling (£). |
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2. | STATEMENT OF COMPLIANCE |
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3. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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Going concern |
After reviewing the financial statements and forecasts, the members have a reasonable expectation that the LLP has adequate resources to continue in operational existence for the foreseeable future. The LLP therefore continues to adopt the going concern basis in preparing its financial statements. |
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Significant judgements and estimates |
Preparation of financial statements requires management to make judgements and estimates. There have been no significant judgements or estimates, apart from those made in the process of applying the accounting policies, made in the preparation of these financial statements which require separate disclosure. |
OUTWOOD DENTAL PRACTICE LLP (REGISTERED NUMBER: OC422397) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MAY 2020 |
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3. | ACCOUNTING POLICIES - continued |
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Turnover |
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. |
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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. |
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Taxation |
Taxation is not provided for in the accounts as taxation is the personal liability of the members. Any amounts held by the LLP on behalf of members in respect of their tax liabilities are treated as debts due to members. |
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Goodwill |
Goodwill is measured at cost less accumulated amortisation and any accumulated impairment losses. Goodwill is amortised on a straight-line basis over its estimated economic life of 10 years. |
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Tangible fixed assets |
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Plant and machinery | - |
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Office and computer equipment | - |
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OUTWOOD DENTAL PRACTICE LLP (REGISTERED NUMBER: OC422397) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MAY 2020 |
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3. | ACCOUNTING POLICIES - continued |
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Stocks |
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised. |
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Debtors |
Short term debtors are measured at transaction price, less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts. |
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Creditors |
Short term creditors are measured at transaction price. Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method. |
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Provisions |
Provisions are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably. |
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Hire purchase and leasing commitments |
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. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the LLP's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term. |
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Pension costs and other post-retirement benefits |
The LLP operates a defined contribution pension scheme. Contributions payable to the LLP's pension scheme are charged to profit or loss in the period to which they relate. |
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Members' capital |
Members' capital is classified as debt and not equity if there is a contractual obligation for the LLP to repay the capital to members, even if that obligation is conditional. |
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4. | EMPLOYEE INFORMATION |
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The average number of employees during the year was
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OUTWOOD DENTAL PRACTICE LLP (REGISTERED NUMBER: OC422397) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MAY 2020 |
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5. | INTANGIBLE FIXED ASSETS |
Goodwill |
£ |
COST |
At 1 June 2019 |
and 31 May 2020 |
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AMORTISATION |
At 1 June 2019 |
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Charge for year |
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At 31 May 2020 |
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NET BOOK VALUE |
At 31 May 2020 |
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At 31 May 2019 |
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6. | TANGIBLE FIXED ASSETS |
Office |
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Plant and | computer |
machinery | equipment | Totals |
£ | £ | £ |
COST |
At 1 June 2019 |
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Additions |
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At 31 May 2020 |
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DEPRECIATION |
At 1 June 2019 |
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Charge for year |
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At 31 May 2020 |
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NET BOOK VALUE |
At 31 May 2020 |
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At 31 May 2019 |
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OUTWOOD DENTAL PRACTICE LLP (REGISTERED NUMBER: OC422397) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MAY 2020 |
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6. | TANGIBLE FIXED ASSETS - continued |
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Fixed assets, included in the above, which are held under hire purchase contracts are as follows: |
Plant and |
machinery |
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COST |
At 1 June 2019 |
and 31 May 2020 |
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DEPRECIATION |
At 1 June 2019 |
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Charge for year |
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At 31 May 2020 |
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NET BOOK VALUE |
At 31 May 2020 |
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At 31 May 2019 |
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7. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2020 | 2019 |
£ | £ |
Other debtors |
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8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2020 | 2019 |
£ | £ |
Hire purchase contracts |
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Trade creditors |
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Taxation and social security |
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Other creditors |
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9. |
CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN
ONE YEAR |
2020 | 2019 |
£ | £ |
Hire purchase contracts |
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OUTWOOD DENTAL PRACTICE LLP (REGISTERED NUMBER: OC422397) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MAY 2020 |
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10. | SECURED DEBTS |
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The following secured debts are included within creditors: |
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2020 | 2019 |
£ | £ |
Hire purchase contracts | 19,612 | 27,038 |
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11. | LOANS AND OTHER DEBTS DUE TO MEMBERS |
2020 | 2019 |
£ | £ |
Amounts owed to members in respect of profits | 66,305 | 73,052 |
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Falling due within one year | 66,305 | 73,052 |
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Loans and other debts due to members rank equally with debts due to ordinary creditors in a winding up. |
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12. | LEASING AGREEMENTS |
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Minimum lease payments under non-cancellable operating leases fall due as follows: |
2020 | 2019 |
£ | £ |
Within one year | 9,700 | 9,700 |
Between one and five years | 25,867 | 35,567 |
35,567 | 45,267 |
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13. | POST BALANCE SHEET EVENTS |
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During 2020 the world is materially impacted by the Coronavirus. Outwood Dental Practice LLP has assessed its impact on the values contained within the financial statements and does not consider there to be any change required to their value. |
MEMBERS' RESPONSIBILITIES STATEMENT |
ON THE UNAUDITED FINANCIAL STATEMENTS OF |
OUTWOOD DENTAL PRACTICE LLP |
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The following reproduces the text of the report prepared for the members in respect of the LLP's annual unaudited financial statements. In accordance with the Companies Act 2006, the LLP is only required to file a Statement of Financial Position. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Members are not required to be filed with the Registrar of Companies. |
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We confirm that as members we have met our duty in accordance with the Companies Act 2006 to: |
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- | ensure that the LLP has kept proper accounting records; |
- | prepare financial statements which give a true and fair view of the state of affairs of the LLP as at 31 May 2020 and of its profit for that period in accordance with United Kingdom Generally Accepted Accounting Practice; and |
- | follow the applicable accounting policies, subject to any material departures disclosed and explained in the notes to the financial statements. |
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ON BEHALF OF THE MEMBERS OF THE LLP: |
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28 May 2021 |
INDEPENDENT CHARTERED ACCOUNTANTS' REVIEW REPORT TO THE MEMBERS OF |
OUTWOOD DENTAL PRACTICE LLP |
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The following reproduces the text of the report prepared for the members in respect of the LLP's annual unaudited financial statements. In accordance with the Companies Act 2006, the LLP is only required to file a Statement of Financial Position. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Members are not required to be filed with the Registrar of Companies. |
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We have reviewed the financial statements of Outwood Dental Practice LLP for the year ended 31 May 2020, which comprise the Income Statement, Statement of Financial Position, Reconciliation of Members' Interests and the related notes 1 to 13. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. |
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This report is made solely to the LLP's members, as a body, in accordance with our terms of engagement. Our review has been undertaken so that we might state to the members those matters that we have agreed with them in our engagement letter and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the LLP and the LLP's members as a body for our work, for this report or the conclusions we have formed. |
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Members' responsibility for the financial statements |
As explained more fully in the Members' Responsibilities Statement set out on page fourteen, the members are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view. |
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Accountants' responsibility |
Our responsibility is to express a conclusion based on our review of the financial statements. We conducted our review in accordance with International Standard on Review Engagements (ISRE) 2400 (Revised), 'Engagements to review historical financial statements' and ICAEW Technical Release TECH 09/13AAF 'Assurance review engagements on historical financial statements'. ISRE 2400 also requires us to comply with the ICAEW Code of Ethics. |
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Scope of the assurance review |
A review of financial statements in accordance with ISRE 2400 (Revised) is a limited assurance engagement. We have performed additional procedures to those required under a compilation engagement. These primarily consist of making enquiries of management and others within the entity, as appropriate, applying analytical procedures and evaluating the evidence obtained. The procedures performed in a review are substantially less than those performed in an audit conducted in accordance with International Standards on Auditing (UK and Ireland). Accordingly, we do not express an audit opinion on these financial statements. |
INDEPENDENT CHARTERED ACCOUNTANTS' REVIEW REPORT TO THE MEMBERS OF |
OUTWOOD DENTAL PRACTICE LLP |
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Conclusion |
Based on our review, nothing has come to our attention that causes us to believe that the financial statements have not been prepared: |
- | so as to give a true and fair view of the state of the LLP's affairs as at 31 May 2020 and of its profit for the year then ended; |
- | in accordance with United Kingdom Generally Accepted Accounting Practice; and |
- | in accordance with the requirements of the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008. |
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Chartered Accountants |
14 London Street |
Andover |
Hampshire |
SP10 2PA |
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