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REGISTRAR OF COMPANIES

Registration number: 06877844

Sheffield Practice Limited

Unaudited Financial Statements

31 March 2023

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Sheffield Practice Limited

Contents

Accountants' Report

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

4

 

Chartered Accountants' Report to the Director on the Preparation of the Unaudited Statutory Accounts of
Sheffield Practice Limited
for the Year Ended 31 March 2023

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Sheffield Practice Limited for the year ended 31 March 2023 as set out on pages 2 to 11 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at http://www.icaew.com/regulation.

This report is made solely to the Board of Directors of Sheffield Practice Limited, as a body, in accordance with the terms of our engagement letter dated 29 June 2020. Our work has been undertaken solely to prepare for your approval the accounts of Sheffield Practice Limited and state those matters that we have agreed to state to the Board of Directors of Sheffield Practice Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Sheffield Practice Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Sheffield Practice Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Sheffield Practice Limited. You consider that Sheffield Practice Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of Sheffield Practice Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.



Dodd & Co Limited
Chartered Accountants
Clint Mill
Cornmarket
PENRITH
CA11 7HW

17 October 2023

 

Sheffield Practice Limited

(Registration number: 06877844)
Balance Sheet as at 31 March 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

69,549

62,417

Current assets

 

Stocks

2,500

2,500

Debtors

5

150,965

1,719

Investments

6

69,649

70,679

Cash at bank and in hand

 

44,203

136,249

 

267,317

211,147

Creditors: Amounts falling due within one year

7

(70,031)

(54,650)

Net current assets

 

197,286

156,497

Total assets less current liabilities

 

266,835

218,914

Creditors: Amounts falling due after more than one year

7

(82,708)

(88,718)

Provisions for liabilities

(15,944)

(14,530)

Net assets

 

168,183

115,666

Capital and reserves

 

Allotted, called up and fully paid share capital

100

100

Profit and loss account

168,083

115,566

Total equity

 

168,183

115,666

 

Sheffield Practice Limited

(Registration number: 06877844)
Balance Sheet as at 31 March 2023 (continued)

For the financial year ending 31 March 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The director acknowledges her responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 17 October 2023
 

.........................................

C S McKeown

Director

 

Sheffield Practice Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The principal place of business is:
833A Ecclesall Road
SHEFFIELD
S11 8TH

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when the amount of revenue can be reliably measured; it is probable that future economic benefits will flow to the entity; and specific criteria have been met for each of the company's activities.


Government grants
Grants relating to revenue are recognised in the profit and loss account on a systematic basis over the periods in which the related costs are recognised for which the grant is intended to compensate.

Grants for the purpose of giving immediate financial support with no future related costs to be incurred are recognised in the profit and loss account when the grant proceeds become receivable.

 

Sheffield Practice Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023 (continued)

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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 and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Improvements to landlord's premises

Straight line over 10 years basis

Furniture, fittings and office equipment

Straight line over 5 and 4 years basis

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for the sale of goods or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

 

Sheffield Practice Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023 (continued)

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method where due after more than one year.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

 

Sheffield Practice Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023 (continued)

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 7 (2022 - 7).

 

Sheffield Practice Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023 (continued)

4

Tangible assets

Improvements to landlord's premises
£

Furniture, fittings and office equipment
 £

Total
£

Cost or valuation

At 1 April 2022

166,724

149,981

316,705

Additions

11,238

21,887

33,125

At 31 March 2023

177,962

171,868

349,830

Depreciation

At 1 April 2022

166,724

87,564

254,288

Charge for the year

-

25,993

25,993

At 31 March 2023

166,724

113,557

280,281

Carrying amount

At 31 March 2023

11,238

58,311

69,549

At 31 March 2022

-

62,417

62,417

 

Sheffield Practice Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023 (continued)

5

Debtors

2023
£

2022
£

Trade debtors

1,223

-

Other debtors

149,742

1,719

150,965

1,719

6

Current asset investments

2023
£

2022
£

Other investments

69,649

70,679

7

Creditors

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

8

6,270

15,208

Trade creditors

 

35,123

8,864

Taxation and social security

 

-

432

Corporation tax liability

 

25,186

26,603

Other creditors

 

3,452

3,543

 

70,031

54,650

Due after one year

 

Loans and borrowings

8

82,708

88,718

2023
£

2022
£

After more than five years by instalments

32,417

62,706

32,417

62,706

 

Sheffield Practice Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023 (continued)

8

Loans and borrowings

2023
£

2022
£

Current loans and borrowings

Bank borrowings

6,270

5,958

Other borrowings

-

9,250

6,270

15,208

Current loans and borrowings includes the following liabilities, on which security has been given by the company:

2023
£

2022
£

Bank borrowings

6,270

5,958

Bank borrowings are secured by a mortgage containing fixed and floating charges over the company's assets.
 

2023
£

2022
£

Non-current loans and borrowings

Bank borrowings

82,708

88,718

Non-current loans and borrowings includes the following liabilities, on which security has been given by the company:

2023
£

2022
£

Bank borrowings

82,708

88,718

Bank borrowings are secured by a mortgage containing fixed and floating charges over the company's assets.

 

Sheffield Practice Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023 (continued)

9

Related party transactions

Transactions with the director

2023

At 1 April 2022
£

Advances
£

Repayments
£

Other payments
£

Dividends credited
£

Interest
£

At 31 March 2023
£

C S McKeown

Director loan

-

161,778

(16,209)

-

-

2,252

147,821

               
         

 

2022

At 1 April 2021
£

Advances
£

Repayments
£

Other payments
£

Dividends credited
£

Interest
£

At 31 March 2022
£

C S McKeown

Director loan

43,073

-

(426)

-

(43,075)

428

-

               
         

 

Directors' advances are repayable on demand.

Interest has been charged at a rate of 2% on advances to directors.