THE GUILD PRACTICE LIMITED

Company Registration Number:
NI604779 (Northern Ireland)

Unaudited abridged accounts for the year ended 31 October 2021

Period of accounts

Start date: 01 November 2020

End date: 31 October 2021

THE GUILD PRACTICE LIMITED

Contents of the Financial Statements

for the Period Ended 31 October 2021

Balance sheet
Notes

THE GUILD PRACTICE LIMITED

Balance sheet

As at 31 October 2021


Notes

2021

2020


£

£
Fixed assets
Tangible assets: 3 62,735 47,577
Total fixed assets: 62,735 47,577
Current assets
Stocks: 23,550 15,000
Debtors:   42,861 173,858
Cash at bank and in hand: 518,068 226,681
Investments: 4 4,556 21,604
Total current assets: 589,035 437,143
Creditors: amounts falling due within one year:   (143,487) (75,233)
Net current assets (liabilities): 445,548 361,910
Total assets less current liabilities: 508,283 409,487
Creditors: amounts falling due after more than one year:     (50,000)
Provision for liabilities: (11,920) (9,040)
Total net assets (liabilities): 496,363 350,447
Capital and reserves
Called up share capital: 2 2
Profit and loss account: 496,361 350,445
Shareholders funds: 496,363 350,447

The notes form part of these financial statements

THE GUILD PRACTICE LIMITED

Balance sheet statements

For the year ending 31 October 2021 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

The members have agreed to the preparation of abridged accounts for this accounting period in accordance with Section 444(2A).

These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The directors have chosen to not file a copy of the company’s profit & loss account.

This report was approved by the board of directors on 24 March 2022
and signed on behalf of the board by:

Name: Bruce Guild
Status: Director

The notes form part of these financial statements

THE GUILD PRACTICE LIMITED

Notes to the Financial Statements

for the Period Ended 31 October 2021

1. Accounting policies

These financial statements have been prepared in accordance with the provisions of Section 1A (Small Entities) of Financial Reporting Standard 102

Turnover policy

Revenue recognitionTurnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax. Revenue from the sale of goods and services is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer, usually on despatch of the goods, the amount of revenue can be measured reliably, it is probable that the associated economic benefits will flow to the entity, and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

Tangible fixed assets and depreciation policy

Tangible assetsTangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.DepreciationDepreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as followsDental equipment twenty percent reducing balanceComputer equipment twenty five percent straight lineFixtures and fittings twenty percent reducing balanceProperty improvements ten percent straight lineImpairment of fixed assetsA review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash generating unit to which the asset belongs. The cash generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.

Intangible fixed assets and amortisation policy

GoodwillGoodwill arises on business acquisitions and represents the excess of the cost of the acquisition over the company's interest in the net amount of the identifiable assets, liabilities and contingent liabilities of the acquired business. Goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. It is amortised on a straight-line basis over its useful life. Where a reliable estimate of the useful life of goodwill or intangible assets cannot be made, the life is presumed not to exceed ten years.AmortisationAmortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as followsGoodwill 10% straight lineIf there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.

Valuation and information policy

StocksStocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.

Other accounting policies

Basis of preparationThe financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss. The financial statements are prepared in sterling, which is the functional currency of the entity.TaxationThe taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date. Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.ProvisionsProvisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.Financial instrumentsA financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship (see hedge accounting policy). Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.Defined contribution plansContributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

THE GUILD PRACTICE LIMITED

Notes to the Financial Statements

for the Period Ended 31 October 2021

2. Employees

2021 2020
Average number of employees during the period 12 12

THE GUILD PRACTICE LIMITED

Notes to the Financial Statements

for the Period Ended 31 October 2021

3. Tangible Assets

Total
Cost £
At 01 November 2020 208,872
Additions 32,804
At 31 October 2021 241,676
Depreciation
At 01 November 2020 161,295
Charge for year 17,646
At 31 October 2021 178,941
Net book value
At 31 October 2021 62,735
At 31 October 2020 47,577

THE GUILD PRACTICE LIMITED

Notes to the Financial Statements

for the Period Ended 31 October 2021

4. Current investments

Other investments represents shares held in listed companies. The original cost of the shares held at 31 October 2021 was £44,946. A fair value adjustment was made through the profit and loss account to reduce the remaining shares to market value of £4,556 as at 31 October 2021 (2020: £21,604).

THE GUILD PRACTICE LIMITED

Notes to the Financial Statements

for the Period Ended 31 October 2021

5. Loans to directors

THE GUILD PRACTICE LIMITED

Notes to the Financial Statements

for the Period Ended 31 October 2021

6. Related party transactions

Name of the related party: The Guild Practice limited
Relationship:
Directors
Description of the Transaction: At 31 October 2020 there was a loan from the company to the directors totalling £140,594. The loan was repaid in full during the year.Dividends totalling £78,000 were paid to the directors during the year.
£
Balance at 01 November 2020 140,594
Balance at 31 October 2021 140,594