Company No:
Contents
Note | 31.03.2023 | |
£ | ||
Fixed assets | ||
Tangible assets | 3 |
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276,339 | ||
Current assets | ||
Debtors | 4 |
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Cash at bank and in hand |
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243,461 | ||
Creditors: amounts falling due within one year | 5 | (
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Net current assets | 116,786 | |
Total assets less current liabilities | 393,125 | |
Net assets attributable to members |
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Represented by | ||
Loans and other debts due to members within one year | ||
Members' capital classified as a liability | (52,691) | |
Other amounts | 170,816 | |
118,125 | ||
Members' other interests | ||
Members' capital classified as equity | 275,000 | |
275,000 | ||
393,125 | ||
Total members' interests | ||
Loans and other debts due to members | 118,125 | |
Members' other interests | 275,000 | |
393,125 |
Members' responsibilities:
The financial statements of Danestone Medical Practice LLP (registered number:
Dr D M McGrory
Designated member |
Dr R C McKeown
Designated member |
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Dr K R Cormack
Designated member |
Dr J Cooper
Designated member |
The principal accounting policies are summarised below. They have all been applied consistently throughout the financial period, unless otherwise stated.
Danestone Medical Practice LLP is a limited liability partnership, incorporated in the United Kingdom under the Limited Liability Partnerships Act 2000 and is registered in Scotland. The address of the LLP's registered office is Fairview Street, Danestone, Aberdeen, AB22 8ZP, United Kingdom.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and 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 Limited Liability Partnerships Act 2000 as applicable to companies subject to the small companies regime and the requirements of the Statement of Recommended Practice Accounting by Limited Liability Partnerships issued in December 2018 (SORP 2018).
The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.
If, at the Balance Sheet date, completion of contractual obligations is dependent on external factors (and thus outside the control of the Limited Liability Partnership), then revenue is recognised only when the event occurs. In such cases, costs incurred up to the Balance Sheet date are carried forward as work in progress.
Short term benefits
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.
Defined contribution schemes
The LLP operates a defined contribution scheme. The amount charged to the Profit and Loss Account in respect of pension costs and other post-retirement benefits is the contributions payable in the financial period. Differences between contributions payable in the financial period and contributions actually paid are included as either accruals or prepayments in the Balance Sheet.
Land and buildings | not depreciated |
Fixtures and fittings |
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Tools and equipment |
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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.
Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Profit and Loss Account as described below.
Non-financial assets
If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). The recoverable amount of an asset is the higher of its fair value less costs to sell and its value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.
Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are measured at transaction price including transaction costs.
Basic financial liabilities
Basic financial liabilities including creditors are recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities.
Equity instruments
Equity instruments issued by the LLP are recorded at the fair value of cash or other resources received or receivable, net of direct issue costs. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
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.
Period from 28.10.2021 to 31.03.2023 |
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Number | |
Monthly average number of persons employed by the LLP during the period |
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Land and buildings | Fixtures and fittings | Tools and equipment | Total | ||||
£ | £ | £ | £ | ||||
Cost | |||||||
At 28 October 2021 |
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Additions |
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Revaluations | (
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At 31 March 2023 |
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Accumulated depreciation | |||||||
At 28 October 2021 |
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Charge for the financial period |
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At 31 March 2023 |
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Net book value | |||||||
At 31 March 2023 |
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31.03.2023 | |
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Trade debtors |
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Other debtors |
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31.03.2023 | |
£ | |
Trade creditors |
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