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REGISTERED NUMBER: OC335493
MILNE, SPENCER & HARRIS DENTAL SURGEONS LLP
FILLETED UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 March 2023
MILNE, SPENCER & HARRIS DENTAL SURGEONS LLP
STATEMENT OF FINANCIAL POSITION
31 March 2023
2023
2022
Note
£
£
£
£
FIXED ASSETS
Intangible assets
5
1,671,062
1,671,062
Tangible assets
6
218,709
160,942
-------------
-------------
1,889,771
1,832,004
CURRENT ASSETS
Stocks
16,000
16,000
Debtors
7
79,730
85,011
Cash at bank and in hand
88,971
98,201
----------
----------
184,701
199,212
CREDITORS: Amounts falling due within one year
8
65,155
34,597
----------
----------
NET CURRENT ASSETS
119,546
164,615
-------------
-------------
TOTAL ASSETS LESS CURRENT LIABILITIES
2,009,317
1,996,619
CREDITORS: Amounts falling due after more than one year
9
1,563,701
1,642,937
-------------
-------------
NET ASSETS
445,616
353,682
-------------
-------------
REPRESENTED BY:
LOANS AND OTHER DEBTS DUE TO MEMBERS
Other amounts
10
445,616
353,682
----------
----------
MEMBERS' OTHER INTERESTS
Other reserves
----------
----------
445,616
353,682
----------
----------
TOTAL MEMBERS' INTERESTS
Loans and other debts due to members
10
445,616
353,682
Members' other interests
----------
----------
445,616
353,682
----------
----------
These financial statements have been prepared and delivered in accordance with the provisions applicable to LLPs subject to the small LLPs' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006 (as applied to LLPs), the statement of comprehensive income has not been delivered.
MILNE, SPENCER & HARRIS DENTAL SURGEONS LLP
STATEMENT OF FINANCIAL POSITION (continued)
31 March 2023
For the year ending 31 March 2023 the LLP 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 LLPs.
The members acknowledge their responsibilities for complying with the requirements of the Act (as applied to LLPs) with respect to accounting records and the preparation of financial statements .
These financial statements were approved by the members and authorised for issue on 10 October 2023 , and are signed on their behalf by:
Dr J Sanders
Dr K C Waldon
Designated Member
Designated Member
Dr K E Jones
Designated Member
Registered number: OC335493
MILNE, SPENCER & HARRIS DENTAL SURGEONS LLP
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 31 MARCH 2023
1.
GENERAL INFORMATION
The LLP is registered in England and Wales. The address of the registered office is 105 Station Lane, Featherstone, Pontefract, West Yorkshire, WF7 5BA.
2.
STATEMENT OF COMPLIANCE
These financial statements have been prepared in compliance with FRS 102 Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3.
ACCOUNTING POLICIES
(a) Basis of preparation
The financial statements have been prepared on the historical cost basis. The financial statements are prepared in sterling, which is the functional currency of the entity.
(b) Revenue recognition
The revenue shown in the profit and loss account represents income receivable from dental treatments carried out during the period. Revenue in respect of dental treatment uncompleted at the year end date is recognised by reference to the stage of completion.
(c) Members' participation rights
Members' participation rights are the rights of a member against the LLP that arise under the members' agreement (for example, in respect of amounts subscribed or otherwise contributed, remuneration and profits).
Members' participation rights in the earnings or assets of the LLP are analysed between those that are, from the LLP's perspective, either a financial liability or equity, in accordance with Section 22 of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland', and the requirements of the Statement of Recommended Practice 'Accounting by Limited Liability Partnerships'. A member's participation right results in a liability unless the right to any payment is discretionary on the part of the LLP.
Amounts subscribed or otherwise contributed by members, for example members' capital, are classed as equity if the LLP has an unconditional right to refuse payment to members. If the LLP does not have such an unconditional right, such amounts are classified as liabilities.
Where profits are automatically divided as they arise, so the LLP does not have an unconditional right to refuse payment, the amounts arising that are due to members are in the nature of liabilities. They are therefore treated as an expense in the statement of comprehensive income in the relevant year. To the extent that they remain unpaid at the year end, they are shown as liabilities in the statement of financial position.
Conversely, where profits are divided only after a decision by the LLP or its representative, so that the LLP has an unconditional right to refuse payment, such profits are classed as an appropriation of equity rather than as an expense. They are therefore shown as a residual amount available for discretionary division among members in the statement of comprehensive income and are equity appropriations in the statement of financial position.
Other amounts applied to members, for example remuneration paid under an employment contract and interest on capital balances, are treated in the same way as all other divisions of profits, as described above, according to whether the LLP has, in each case, an unconditional right to refuse payment.
All amounts due to members that are classified as liabilities are presented in the statement of financial position within 'Loans and other debts due to members' and are charged to the statement of comprehensive income within 'Members' remuneration charged as an expense'. Amounts due to members that are classified as equity are shown in the statement of financial position within 'Members' other interests'.
(d) Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.
(e) Depreciation
Depreciation 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 follows:
Dental Equipment
-
20% reducing balance
Fixtures and Fittings
-
20% reducing balance
Computer Equipment
-
25% reducing balance
(f) Stocks
Stocks 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.
(g) Defined contribution plans
Contributions 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.
4.
EMPLOYEE NUMBERS
The average number of persons employed by the LLP during the year, including the members with contracts of employment, amounted to 22 (2022: 18 ).
5.
INTANGIBLE ASSETS
Goodwill
£
Cost
At 1 April 2022 and 31 March 2023
1,671,062
-------------
Amortisation
At 1 April 2022 and 31 March 2023
-------------
Carrying amount
At 31 March 2023
1,671,062
-------------
At 31 March 2022
1,671,062
-------------
6.
TANGIBLE ASSETS
Land and buildings
Dental equipment
Fixtures and fittings
Computer Equipment
Total
£
£
£
£
£
Cost
At 1 April 2022
150,000
44,553
9,715
43,292
247,560
Additions
48,934
20,150
6,705
75,789
----------
--------
--------
--------
----------
At 31 March 2023
150,000
93,487
29,865
49,997
323,349
----------
--------
--------
--------
----------
Depreciation
At 1 April 2022
41,057
9,081
36,480
86,618
Charge for the year
10,486
4,157
3,379
18,022
----------
--------
--------
--------
----------
At 31 March 2023
51,543
13,238
39,859
104,640
----------
--------
--------
--------
----------
Carrying amount
At 31 March 2023
150,000
41,944
16,627
10,138
218,709
----------
--------
--------
--------
----------
At 31 March 2022
150,000
3,496
634
6,812
160,942
----------
--------
--------
--------
----------
7.
DEBTORS
2023
2022
£
£
Trade debtors
79,730
85,011
--------
--------
8. CREDITORS: Amounts falling due within one year
2023
2022
£
£
Trade creditors
57,637
27,242
Accruals and deferred income
4,638
5,452
Social security and other taxes
2,880
1,903
--------
--------
65,155
34,597
--------
--------
9. CREDITORS: Amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
1,563,701
1,642,937
-------------
-------------
10.
LOANS AND OTHER DEBTS DUE TO MEMBERS
2023
2022
£
£
Amounts owed to members in respect of profits
445,616
353,682
----------
----------