Company registration number 07308251 (England and Wales)
DR PRACTICE LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023
PAGES FOR FILING WITH REGISTRAR
DR PRACTICE LIMITED
CONTENTS
Page
Statement of financial position
1 - 2
Notes to the financial statements
3 - 7
DR PRACTICE LIMITED
STATEMENT OF FINANCIAL POSITION
AS AT 31 JULY 2023
31 July 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
30,234
38,148
Investment property
4
5,387,728
5,519,890
5,417,962
5,558,038
Current assets
Debtors
5
40,460
53,506
Cash at bank and in hand
119,339
502,896
159,799
556,402
Creditors: amounts falling due within one year
6
(3,236,308)
(3,332,029)
Net current liabilities
(3,076,509)
(2,775,627)
Total assets less current liabilities
2,341,453
2,782,411
Creditors: amounts falling due after more than one year
7
(530,820)
(1,228,416)
Net assets
1,810,633
1,553,995
Capital and reserves
Called up share capital
100
100
Profit and loss reserves
1,810,533
1,553,895
Total equity
1,810,633
1,553,995

The directors of the company have elected not to include a copy of the income statement within the financial statements.true

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

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

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.

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

DR PRACTICE LIMITED
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 JULY 2023
31 July 2023
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 18 April 2024 and are signed on its behalf by:
Mr D Reeve
Director
Company Registration No. 07308251
DR PRACTICE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023
- 3 -
1
Accounting policies
Company information

DR Practice Limited is a private company limited by shares incorporated in England and Wales. The registered office is Bulman House, Regent Centre, Gosforth, Newcastle upon Tyne, NE3 3LS.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.

1.2
Going concern

Atruet the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

The company has net current liabilities of £3,076,509. This is a result of the directors loan account balances of £2,952,293. The directors confirm there is no immediate plans to repay these loans.

 

Based on the factors set out above the directors believe that it remains appropriate to prepare the accounts on a going concern basis.

1.3
Turnover

Turnover is recognised at the fair value of the consideration received or receivable services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

1.4
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Computers
25% straight line
Motor vehicles
20% reducing balance

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.5
Investment property

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.

DR PRACTICE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2023
1
Accounting policies
(Continued)
- 4 -
1.6
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.7
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

1.8
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.9
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

DR PRACTICE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2023
1
Accounting policies
(Continued)
- 5 -
Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the income statement, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2023
2022
Number
Number
Total
2
2
3
Tangible fixed assets
Computers
Motor vehicles
Total
£
£
£
Cost
At 1 August 2022 and 31 July 2023
3,997
51,933
55,930
Depreciation and impairment
At 1 August 2022
2,588
15,194
17,782
Depreciation charged in the year
566
7,348
7,914
At 31 July 2023
3,154
22,542
25,696
Carrying amount
At 31 July 2023
843
29,391
30,234
At 31 July 2022
1,409
36,739
38,148
DR PRACTICE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2023
- 6 -
4
Investment property
2023
£
Fair value
At 1 August 2022
5,519,890
Disposals
(132,162)
At 31 July 2023
5,387,728

The freehold investment properties have not been revalued since the date in which they were purchased. In the directors' opinion, there has been no significant change in their market value since this date.

5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
16,344
13,227
Other debtors
17,597
30,564
33,941
43,791
Deferred tax asset (note )
6,519
9,715
40,460
53,506
6
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans
8
174,180
10,000
Trade creditors
426
589
Corporation tax
64,535
74,664
Other taxation and social security
-
0
6,346
Other creditors
2,993,367
3,237,328
Accruals and deferred income
3,800
3,102
3,236,308
3,332,029

Included within other creditors falling due within one year is amounts owed to directors of £2,952,293 (2022 - £3,198,447).

 

7
Creditors: amounts falling due after more than one year
2023
2022
Notes
£
£
Bank loans and overdrafts
8
530,820
1,228,416
DR PRACTICE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2023
7
Creditors: amounts falling due after more than one year
(Continued)
- 7 -

Creditors include bank loans repayable by instalments of £512,487 (2022 - £1,200,082) due after more than five years.

8
Loans and overdrafts
2023
2022
£
£
Bank loans
705,000
1,238,416
Payable within one year
174,180
10,000
Payable after one year
530,820
1,228,416

Bank loans are secured against the assets of the company.

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