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COMPANY REGISTRATION NUMBER: 06059636
Norwich Practices Ltd.
Unaudited financial statements
31 March 2023
Norwich Practices Ltd.
Statement of financial position
31 March 2023
2023
2022
Note
£
£
£
£
Fixed assets
Tangible assets
5
16,562
13,518
Current assets
Stocks
8,005
8,005
Debtors
6
1,552,017
1,688,261
Cash at bank and in hand
2,064,864
3,317,672
-----------
-----------
3,624,886
5,013,938
Creditors: Amounts falling due within one year
7
( 3,058,709)
( 2,503,443)
-----------
-----------
Net current assets
566,177
2,510,495
---------
-----------
Total assets less current liabilities
582,739
2,524,013
---------
-----------
Net assets
582,739
2,524,013
---------
-----------
Capital and reserves
Called up share capital
8
89,080
89,080
Profit and loss account
493,659
2,434,933
---------
-----------
Shareholders funds
582,739
2,524,013
---------
-----------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' 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, the income statement has not been delivered.
For the 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.
Directors' responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
These financial statements were approved by the board of directors and authorised for issue on 21 November 2023 , and are signed on behalf of the board by:
Mrs S. Ambrose
Director
Company registration number: 06059636
Norwich Practices Ltd.
Notes to the financial statements
Year ended 31 March 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Rouen House, Rouen Road, Norwich, Norfolk, NR1 1RB.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The 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.
Going concern
The financial statements have been prepared on a basis other than as a going concern as the directors consider there is enough doubt on the Company's ability to continue as a going concern. The directors consider this appropriate as the financial struggles as presented in the financial statements for the year ended 31 March 2023 have continued since the reporting date and therefore this has created uncertainty on the future of the Company. Reclassification from non-current assets & liabilities to current has been considered as follows. There are no non-current liabilities held by the company, thus no consideration needed. The non-current assets of the Company constitute fixtures and fittings and other small items of equipment with a low carrying value and therefore no adjustment is considered necessary.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership 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.
Income tax
Provision is made, under the liability method, to take account of timing differences between the treatment of certain items for accounts purposes and their treatment for tax purposes. Tax deferred or accelerated is accounted for in respect of all material timing differences. Deferred tax assets are recognised only to the extent that the directors consider that it is more likely than not there will be suitable taxable profits from which the future reversal of the underlying timing differences can be deducted.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
Tangible assets
Fixed asset additions are shown at their cost to the company. Certain items are funded by the Primary Care Organisations and / or donations received from patients. Where funding has been obtained these amounts are shown separately within the fixed assets note to the financial statements.
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:
Fixtures and fittings
-
25% straight line
Office and kitchen equipment
-
25% straight line
Impairment of fixed assets
A 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 largely independent of the cash inflows from other assets or groups of assets.
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.
Defined contribution plans
The company makes contributions to a personal defined contribution scheme on behalf of two directors. The company also makes contributions to a defined benefit pension scheme for its employees and directors. The assets of the scheme are held separately from those of the company and are administered by the National Health Service. The annual contributions payable are charged to the profit and loss account.
4. Employee numbers
The average number of employees during the year was 242 (2022: 148 ).
5. Tangible assets
Fixtures and fittings
Equipment
Total
£
£
£
Cost
At 1 April 2022
41,198
28,519
69,717
Additions
5,227
6,757
11,984
-------
-------
-------
At 31 March 2023
46,425
35,276
81,701
-------
-------
-------
Depreciation
At 1 April 2022
32,596
23,603
56,199
Charge for the year
4,161
4,779
8,940
-------
-------
-------
At 31 March 2023
36,757
28,382
65,139
-------
-------
-------
Carrying amount
At 31 March 2023
9,668
6,894
16,562
-------
-------
-------
At 31 March 2022
8,602
4,916
13,518
-------
-------
-------
6. Debtors
2023
2022
£
£
Trade debtors
1,001,177
1,422,553
Other debtors
550,840
265,708
-----------
-----------
1,552,017
1,688,261
-----------
-----------
7. Creditors: Amounts falling due within one year
2023
2022
£
£
Trade creditors
1,980,590
799,088
Social security and other taxes
128,940
485,067
Other creditors
949,179
1,219,288
-----------
-----------
3,058,709
2,503,443
-----------
-----------
8. Called up share capital
Issued, called up and fully paid
2023
2022
No.
£
No.
£
Ordinary A shares of £ 0.45 each
113,385
51,023
113,385
51,023
Ordinary B shares of £ 0.45 each
9
4
9
4
Ordinary C shares of £ 0.45 each
84,561
38,052
84,561
38,052
---------
-------
---------
-------
197,955
89,080
197,955
89,080
---------
-------
---------
-------
9. Operating leases
The total future minimum lease payments under non-cancellable operating leases are as follows:
2023
2022
£
£
Not later than 1 year
237,285
237,285
Later than 1 year and not later than 5 years
237,185
474,570
---------
---------
474,470
711,855
---------
---------
The company entered a tri-partite lease agreement with NWES and NHS England for the lease of Rouen House. The lease of the premises expires on 4 May 2025, although it is agreed in the lease that if the company's NHS contract ceases then the cost of the lease will transfer to NHS England.