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REGISTERED NUMBER: SC306746 (Scotland)















Unaudited Financial Statements for the Year Ended 31 December 2023

for

The Park Practice Ltd

The Park Practice Ltd (Registered number: SC306746)






Contents of the Financial Statements
for the Year Ended 31 December 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


The Park Practice Ltd

Company Information
for the Year Ended 31 December 2023







DIRECTOR: Mr Michael Blackie B.D.S





SECRETARY: Mrs Krystan Blackie





REGISTERED OFFICE: 61 Park Road
Glasgow
G4 9JE





REGISTERED NUMBER: SC306746 (Scotland)





ACCOUNTANTS: Stevenson & Kyles
Chartered Accountants
25 Sandyford Place
Glasgow
G3 7NG

The Park Practice Ltd (Registered number: SC306746)

Balance Sheet
31 December 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 17,664 26,496
Tangible assets 5 55,038 91,506
72,702 118,002

CURRENT ASSETS
Stock 2,750 2,375
Debtors 6 28,281 21,464
Cash at bank 34,443 124,654
65,474 148,493
CREDITORS
Amounts falling due within one year 7 83,046 124,383
NET CURRENT (LIABILITIES)/ASSETS (17,572 ) 24,110
TOTAL ASSETS LESS CURRENT
LIABILITIES

55,130

142,112

CREDITORS
Amounts falling due after more than one
year

8

(26,737

)

(40,110

)

PROVISIONS FOR LIABILITIES 9 (9,914 ) (16,840 )
NET ASSETS 18,479 85,162

The Park Practice Ltd (Registered number: SC306746)

Balance Sheet - continued
31 December 2023

2023 2022
Notes £    £    £    £   
CAPITAL AND RESERVES
Called up share capital 10 102 102
Share premium 4,498 4,498
Retained earnings 13,879 80,562
SHAREHOLDERS' FUNDS 18,479 85,162

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2023 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the director and authorised for issue on 10 April 2024 and were signed by:





Mr Michael Blackie B.D.S - Director


The Park Practice Ltd (Registered number: SC306746)

Notes to the Financial Statements
for the Year Ended 31 December 2023

1. STATUTORY INFORMATION

The Park Practice Ltd is a private company, limited by shares , registered in Scotland. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


The principal activity of the company in the year under review was that of dental surgery.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Goodwill
Goodwill is capitalised and is being amortised over its remaining useful life of 10 years.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Dental equipment - 20% on cost
Fittings and equipment - 10% on cost
Motor vehicle - 20% on cost
Computer equipment - 33.33% on cost

Stocks
Stock are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Financial instruments
Basic financial instruments, including debtors and creditors with no stated interest rate and receivable or payable within one year, are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in administrative expenses.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


The Park Practice Ltd (Registered number: SC306746)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

2. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Pension costs and other post-retirement benefits
Pension contributions are charged to the profit and loss account in the period to which they relate.

Grant income
Where applicable, grants from the government are recognised at their fair value where there is a reasonable assurance that the grant will be received and that the company will comply with all attached conditions. Where the grant income relates to a particular expense item, the grant income is recognised in the profit and loss account over the same period as the expense it is intended to compensate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 7 (2022 - 7 ) .

The Park Practice Ltd (Registered number: SC306746)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 January 2023
and 31 December 2023 138,000
AMORTISATION
At 1 January 2023 111,504
Amortisation for year 8,832
At 31 December 2023 120,336
NET BOOK VALUE
At 31 December 2023 17,664
At 31 December 2022 26,496

5. TANGIBLE FIXED ASSETS
Improvements Fittings
to Dental and
property equipment equipment
£    £    £   
COST
At 1 January 2023 2,857 142,306 92,312
Disposals - - (39,801 )
At 31 December 2023 2,857 142,306 52,511
DEPRECIATION
At 1 January 2023 - 112,726 49,242
Charge for year - 14,069 5,251
Eliminated on disposal - - (31,655 )
At 31 December 2023 - 126,795 22,838
NET BOOK VALUE
At 31 December 2023 2,857 15,511 29,673
At 31 December 2022 2,857 29,580 43,070

The Park Practice Ltd (Registered number: SC306746)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

5. TANGIBLE FIXED ASSETS - continued

Motor Computer
vehicle equipment Totals
£    £    £   
COST
At 1 January 2023 31,500 14,731 283,706
Disposals - (9,609 ) (49,410 )
At 31 December 2023 31,500 5,122 234,296
DEPRECIATION
At 1 January 2023 18,900 11,332 192,200
Charge for year 6,300 1,705 27,325
Eliminated on disposal - (8,612 ) (40,267 )
At 31 December 2023 25,200 4,425 179,258
NET BOOK VALUE
At 31 December 2023 6,300 697 55,038
At 31 December 2022 12,600 3,399 91,506

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Fittings
Dental and
equipment equipment Totals
£    £    £   
COST
At 1 January 2023
and 31 December 2023 28,068 37,480 65,548
DEPRECIATION
At 1 January 2023 22,456 13,822 36,278
Charge for year 540 3,358 3,898
At 31 December 2023 22,996 17,180 40,176
NET BOOK VALUE
At 31 December 2023 5,072 20,300 25,372
At 31 December 2022 5,612 23,658 29,270

The Park Practice Ltd (Registered number: SC306746)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 26,116 21,464
Other debtors 2,165 -
28,281 21,464

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Hire purchase contracts 1,512 10,479
Trade creditors 11,627 16,124
Taxation and social security 42,929 34,563
Other creditors 26,978 63,217
83,046 124,383

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN
ONE YEAR
2023 2022
£    £   
Bank loans 26,737 37,087
Hire purchase contracts - 3,023
26,737 40,110

9. PROVISIONS FOR LIABILITIES
2023 2022
£    £   
Deferred tax 9,914 16,840

Deferred
tax
£   
Balance at 1 January 2023 16,840
Provided during year (6,926 )
Balance at 31 December 2023 9,914

The Park Practice Ltd (Registered number: SC306746)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

10. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
100 A Ordinary £1 100 100
1 B Ordinary £1 1 1
1 C Ordinary £1 1 1
102 102

11. ULTIMATE CONTROLLING PARTY

The company is controlled by the director and his wife, Mr and Mrs M Blackie.