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REGISTERED NUMBER: 05972923 (England and Wales)



















UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2023

FOR

DERMATOLOGY NETWORK LIMITED

DERMATOLOGY NETWORK LIMITED (REGISTERED NUMBER: 05972923)

CONTENTS OF THE FINANCIAL STATEMENTS
for the year ended 31 March 2023










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


DERMATOLOGY NETWORK LIMITED

COMPANY INFORMATION
for the year ended 31 March 2023







DIRECTORS: Dr. H P Stevens
Mrs D Stevens





SECRETARY: Dr. H P Stevens





REGISTERED OFFICE: Dermatology Network Limited
52 The Chase
Clapham Old Town
SW4 0NH





REGISTERED NUMBER: 05972923 (England and Wales)





ACCOUNTANTS: Sandison Lang Limited
2 St Marys Road
Tonbridge
Kent
TN9 2LB

DERMATOLOGY NETWORK LIMITED (REGISTERED NUMBER: 05972923)

BALANCE SHEET
31 March 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 420,000 480,000
Tangible assets 5 141,254 80,306
Investments 6 745,200 733,200
1,306,454 1,293,506

CURRENT ASSETS
Debtors 7 827,803 648,452
Cash at bank and in hand 31,047 505,169
858,850 1,153,621
CREDITORS
Amounts falling due within one year 8 479,042 529,869
NET CURRENT ASSETS 379,808 623,752
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,686,262

1,917,258

CAPITAL AND RESERVES
Called up share capital 1,000 1,000
Retained earnings 1,685,262 1,916,258
SHAREHOLDERS' FUNDS 1,686,262 1,917,258

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company 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 relating to financial statements, so far as applicable to the company.

DERMATOLOGY NETWORK LIMITED (REGISTERED NUMBER: 05972923)

BALANCE SHEET - continued
31 March 2023


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 13 October 2023 and were signed on its behalf by:





Dr. H P Stevens - Director


DERMATOLOGY NETWORK LIMITED (REGISTERED NUMBER: 05972923)

NOTES TO THE FINANCIAL STATEMENTS
for the year ended 31 March 2023


1. STATUTORY INFORMATION

Dermatology Network Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2010, is being amortised evenly over its estimated useful life of twenty years.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Office equipment - 25% on reducing balance
Furniture & fittings - 25% on reducing balance

Investments in subsidiaries
Investments in subsidiary undertakings are recognised at cost.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


DERMATOLOGY NETWORK LIMITED (REGISTERED NUMBER: 05972923)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 March 2023


2. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 4 (2022 - 5 ) .

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 April 2022
and 31 March 2023 1,200,000
AMORTISATION
At 1 April 2022 720,000
Charge for year 60,000
At 31 March 2023 780,000
NET BOOK VALUE
At 31 March 2023 420,000
At 31 March 2022 480,000

DERMATOLOGY NETWORK LIMITED (REGISTERED NUMBER: 05972923)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 March 2023


5. TANGIBLE FIXED ASSETS
Freehold Office Furniture Motor
property equipment & fittings vehicles Totals
£    £    £    £    £   
COST
At 1 April 2022 52,964 21,988 14,102 36,849 125,903
Additions - 3,045 64,670 44,000 111,715
Disposals - - - (36,849 ) (36,849 )
At 31 March 2023 52,964 25,033 78,772 44,000 200,769
DEPRECIATION
At 1 April 2022 - 17,344 12,131 16,122 45,597
Charge for year - 2,280 16,760 11,000 30,040
Eliminated on disposal - - - (16,122 ) (16,122 )
At 31 March 2023 - 19,624 28,891 11,000 59,515
NET BOOK VALUE
At 31 March 2023 52,964 5,409 49,881 33,000 141,254
At 31 March 2022 52,964 4,644 1,971 20,727 80,306

6. FIXED ASSET INVESTMENTS
Shares in
group
undertakings
£   
COST
At 1 April 2022 733,200
Additions 12,000
At 31 March 2023 745,200
NET BOOK VALUE
At 31 March 2023 745,200
At 31 March 2022 733,200

DERMATOLOGY NETWORK LIMITED (REGISTERED NUMBER: 05972923)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 March 2023


7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 89,893 62,426
Amounts owed by group undertakings 188,996 -
Other debtors 548,914 586,026
827,803 648,452

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade creditors 64,381 28,287
Amounts owed to group undertakings 403,594 440,414
Taxation and social security 1,627 53,398
Other creditors 9,440 7,770
479,042 529,869

9. ULTIMATE CONTROLLING PARTY



Dr H Stevens, who is a director, and his family own the entire share capital of Dermatology Network Ltd.