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COMPANY REGISTRATION NUMBER: 08309551
Ipswich Road Surgery Limited
Unaudited financial statements
31 March 2023
Ipswich Road Surgery Limited
Statement of financial position
31 March 2023
2023
2022
Note
£
£
£
£
Fixed assets
Intangible assets
5
217,500
240,000
Tangible assets
6
210,705
138,392
---------
---------
428,205
378,392
Current assets
Stocks
3,500
1,000
Debtors
7
2,724,396
2,134,156
Cash at bank and in hand
73,374
124,603
-----------
-----------
2,801,270
2,259,759
Creditors: Amounts falling due within one year
8
( 642,496)
( 611,564)
-----------
-----------
Net current assets
2,158,774
1,648,195
-----------
-----------
Total assets less current liabilities
2,586,979
2,026,587
Creditors: Amounts falling due after more than one year
9
( 94,840)
Provisions
Taxation including deferred tax
( 20,958)
-----------
-----------
Net assets
2,471,181
2,026,587
-----------
-----------
Capital and reserves
Called up share capital
1
1
Profit and loss account
2,471,180
2,026,586
-----------
-----------
Shareholders funds
2,471,181
2,026,587
-----------
-----------
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 statement of income and retained earnings 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.
Director's 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 director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Ipswich Road Surgery Limited
Statement of financial position (continued)
31 March 2023
These financial statements were approved by the board of directors and authorised for issue on 14 March 2024 , and are signed on behalf of the board by:
Dr L Khangura
Director
Company registration number: 08309551
Ipswich Road Surgery Limited
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 Sixty Six, North Quay, Great Yarmouth, NR30 1HE.
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.
Judgements and key sources of estimation uncertainty
No significant judgements, estimations and uncertainties have arisen in the preparation of the financial statements.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered.
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.
Intangible assets
Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Goodwill
-
5% straight line
Patient list
-
20% straight line
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.
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:
Long leasehold property
-
2% straight line
Fixtures and fittings
-
20% reducing balance
Motor vehicles
-
25% straight line
Computer equipment
-
33% reducing balance
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
4. Employee numbers
The average number of employees during the year was 8 (2022: 7 ).
5. Intangible assets
Goodwill
Patient list
Total
£
£
£
Cost
At 1 April 2022 and 31 March 2023
450,000
17,672
467,672
---------
-------
---------
Amortisation
At 1 April 2022
210,000
17,672
227,672
Charge for the year
22,500
22,500
---------
-------
---------
At 31 March 2023
232,500
17,672
250,172
---------
-------
---------
Carrying amount
At 31 March 2023
217,500
217,500
---------
-------
---------
At 31 March 2022
240,000
240,000
---------
-------
---------
6. Tangible assets
Long leasehold property
Fixtures and fittings
Motor vehicles
Computer equipment
Total
£
£
£
£
£
Cost
At 1 April 2022
33,812
199,260
22,647
255,719
Additions
24,275
93,004
7,980
125,259
-------
---------
-------
-------
---------
At 31 March 2023
33,812
223,535
93,004
30,627
380,978
-------
---------
-------
-------
---------
Depreciation
At 1 April 2022
99,542
17,785
117,327
Charge for the year
677
24,786
23,251
4,232
52,946
-------
---------
-------
-------
---------
At 31 March 2023
677
124,328
23,251
22,017
170,273
-------
---------
-------
-------
---------
Carrying amount
At 31 March 2023
33,135
99,207
69,753
8,610
210,705
-------
---------
-------
-------
---------
At 31 March 2022
33,812
99,718
4,862
138,392
-------
---------
-------
-------
---------
7. Debtors
2023
2022
£
£
Trade debtors
4,736
2,000
Other debtors
2,719,660
2,132,156
-----------
-----------
2,724,396
2,134,156
-----------
-----------
8. Creditors: Amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
23,355
57,762
Trade creditors
5,970
2,493
Social security and other taxes
554,510
506,028
HSBC Credit Card
2,074
2,496
NatWest Credit Card
5,603
1,365
Other creditors
50,984
41,420
---------
---------
642,496
611,564
---------
---------
The bank loan and overdraft is personally guaranteed by the directors.
9. Creditors: Amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
22,655
Other creditors
72,185
-------
----
94,840
-------
----
The bank loan and overdraft is personally guaranteed by the directors.
10. Director's advances, credits and guarantees
During the year, the company operated a loan account with the director. At the year end the director owed the company £2,040,896 (2022 £1,601,688). The loan account is charged interest at HM Revenue & Customs approved rate.