Limited Liability Partnership Registration No. OC335747 (England and Wales)
HARPENDEN ORTHODONTICS LLP
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 13 MARCH 2023
PAGES FOR FILING WITH REGISTRAR
HARPENDEN ORTHODONTICS LLP
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 5
HARPENDEN ORTHODONTICS LLP
BALANCE SHEET
AS AT 13 MARCH 2023
13 March 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Intangible assets
3
354,323
418,217
Tangible assets
4
34,883
21,752
Current assets
Stocks
72,251
57,689
Debtors
87,813
174,091
Cash at bank and in hand
1,427,684
2,423,114
1,587,748
2,654,894
Creditors: amounts falling due within one year
(187,582)
(411,149)
Net current assets
1,400,166
2,243,745
Total assets less current liabilities
1,789,372
2,683,714
Represented by:
Loans and other debts due to members within one year
Amounts due in respect of profits
718,596
1,612,938
Members' other interests
Members' capital classified as equity
1,070,776
1,070,776
1,789,372
2,683,714
Total members' interests
Loans and other debts due to members
718,596
1,612,938
Members' other interests
1,070,776
1,070,776
1,789,372
2,683,714
HARPENDEN ORTHODONTICS LLP
BALANCE SHEET (CONTINUED)
AS AT 13 MARCH 2023
13 March 2023
- 2 -

In accordance with section 444 of the Companies Act 2006 (as applied by The Limited Liability Partnerships (Accounts and Audit) (Application of the Companies Act 2006) Regulations 2008) all of the members of the limited liability partnership have consented to the abridgement of the financial statements pursuant to paragraph 1A of Schedule 1 to the Small Limited Liability Partnerships (Accounts) Regulations (S.I. 2008/1912)(a).

The members of the limited liability partnership have elected not to include a copy of the profit and loss account within the financial statements.

For the financial year ended 13 March 2023 the limited liability partnership was entitled to exemption from audit under section 477 of the Companies Act 2006 (as applied by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008) relating to small limited liability partnerships.

The members acknowledge their responsibilities for complying with the requirements of the Act (as applied to limited liability partnerships) with respect to accounting records and the preparation of accounts.

These financial statements have been prepared and delivered in accordance with the provisions applicable to limited liability partnerships subject to the small limited liability partnerships regime.

The financial statements were approved by the members and authorised for issue on the date shown below and are signed on their behalf by:
Dentex Assets Limited
Designated member
Limited Liability Partnership Registration No. OC335747
HARPENDEN ORTHODONTICS LLP
NOTES TO THE  FINANCIAL STATEMENTS
FOR THE YEAR ENDED 13 MARCH 2023
- 3 -
1
Accounting policies
Limited liability partnership information

Harpenden Orthodontics LLP is a limited liability partnership incorporated in England and Wales limited liability partnership no. OC335747 (England and Wales). The registered office is Nicholas House, River Front, Enfield, EN1 3FG.

 

The limited liability partnerships's principal activities are disclosed in the Members' Report.

1.1
Accounting convention

These financial statements have been prepared in accordance with the Statement of Recommended Practice "Accounting by Limited Liability Partnerships" issued in January 2017, together with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the limited liability partnership. Monetary amounts in these financial statements are rounded to the nearest £.

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 financial instruments at fair value. The principal accounting policies adopted are set out below.

1.2
Turnover

Income from healthcare treatment is recognised as treatment is delivered, unless covered by an annual healthcare plan when it is recognised on a straight line basis over the period of the plan. Income from sale of dental sundries is recognised when delivered to patients.

1.3
Members' participating interests

Members' participation rights are the rights of a member against the LLP that arise under the members' agreement.

 

All amounts due to members that are classified as liabilities are presented within 'Loans and other debts due to members' and, where such an amount relates to current year profits, they are recognised within ‘Members' remuneration charged as an expense’ in arriving at the relevant year’s result. Undivided amounts that are classified as equity are shown within ‘Members' other interests’. Amounts recoverable from members are presented as debtors and shown as amounts due from members within members’ interests.

 

Where there exists an asset and liability component in respect of an individual member’s participation rights, they are presented on a gross basis unless the LLP has both a legally enforceable right to set off the recognised amounts, and it intends either to settle on a net basis or to settle and realise these amounts simultaneously, in which case they are presented net.

1.4
Intangible fixed assets - goodwill

Goodwill represents the excess of the cost of acquisition of unincorporated businesses over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is 20 years.

1.5
Tangible fixed assets

Tangible fixed assets are initially measured at cost.

HARPENDEN ORTHODONTICS LLP
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 13 MARCH 2023
1
Accounting policies
(Continued)
- 4 -

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Freehold land and buildings
No depreciation charge provided
Fixtures, fittings and equipment
20% Straight line method
1.6
Impairment of fixed assets

At each reporting period end date, the limited liability partnership reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. 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). Where it is not possible to estimate the recoverable amount of an individual asset, the limited liability partnership estimates the recoverable amount of the cash-generating unit to which the asset belongs.

1.7
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

1.8
Cash and cash equivalents

Cash at bank and in hand are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.9
Financial instruments

The limited liability partnership has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the limited liability partnership's statement of financial position when the limited liability partnership becomes party to the contractual provisions of the instrument.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method.

1.10
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense,

 

Termination benefits are recognised immediately as an expense when the limited liability partnership is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.11
Retirement benefits and post retirement payments to members

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.12
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to income on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the lease asset are consumed.

 

2
Employees

The average number of persons (excluding members) employed by the partnership during the year was 32 (2022 - 32).

HARPENDEN ORTHODONTICS LLP
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 13 MARCH 2023
- 5 -
3
Intangible fixed assets
Total
£
Cost
At 1 April 2022 and 13 March 2023
1,394,047
Amortisation and impairment
At 1 April 2022
975,830
Amortisation charged for the year
63,894
At 13 March 2023
1,039,724
Carrying amount
At 13 March 2023
354,323
At 31 March 2022
418,217
4
Tangible fixed assets
Total
£
Cost
At 1 April 2022
469,615
Additions
24,877
At 13 March 2023
494,492
Depreciation and impairment
At 1 April 2022
447,863
Depreciation charged in the year
11,746
At 13 March 2023
459,609
Carrying amount
At 13 March 2023
34,883
At 31 March 2022
21,752
5
Total lease commitments

At the reporting end date the limited liability partnership had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:

2023
2022
£
£
571,896
634,646
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