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Company No: SO307407 (Scotland)

DANESTONE MEDICAL PRACTICE LLP

UNAUDITED FINANCIAL STATEMENTS
FOR THE FINANCIAL YEAR ENDED 31 MARCH 2024
PAGES FOR FILING WITH THE REGISTRAR

DANESTONE MEDICAL PRACTICE LLP

UNAUDITED FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 MARCH 2024

Contents

DANESTONE MEDICAL PRACTICE LLP

BALANCE SHEET

AS AT 31 MARCH 2024
DANESTONE MEDICAL PRACTICE LLP

BALANCE SHEET (continued)

AS AT 31 MARCH 2024
Note 31.03.2024 31.03.2023
£ £
Fixed assets
Tangible assets 3 276,045 276,339
276,045 276,339
Current assets
Debtors 4 14,499 9,612
Cash at bank and in hand 190,765 233,849
205,264 243,461
Creditors: amounts falling due within one year 5 ( 73,562) ( 126,675)
Net current assets 131,702 116,786
Total assets less current liabilities 407,747 393,125
Creditors: amounts falling due after more than one year 6 ( 46,274) 0
Net assets attributable to members 361,473 393,125
Represented by
Loans and other debts due to members within one year
Members' capital classified as a liability 64,506 (52,691)
Other amounts 86,473 170,816
150,979 118,125
Members' other interests
Members' capital classified as equity 210,494 275,000
210,494 275,000
361,473 393,125
Total members' interests
Loans and other debts due to members 150,979 118,125
Members' other interests 210,494 275,000
361,473 393,125

For the financial year ending 31 March 2024 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.

Members' responsibilities:

The financial statements of Danestone Medical Practice LLP (registered number: SO307407) were approved and authorised for issue by the Board of Directors on 30 July 2024. They were signed on its behalf by:

Dr Damian Martin Mcgrory
Designated member
Dr Rhona Catherine Mckeown
Designated member
Dr Kevin Robert Cormack
Designated member
Dr Juliet Kim Cooper
Designated member
DANESTONE MEDICAL PRACTICE LLP

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 MARCH 2024
DANESTONE MEDICAL PRACTICE LLP

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 MARCH 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial period, unless otherwise stated.

General information and basis of accounting

Danestone Medical Practice LLP is a limited liability partnership, incorporated in the United Kingdom under the Limited Liability Partnerships Act 2000 and is registered in Scotland. The address of the LLP's registered office is Fairview Street, Danestone, Aberdeen, AB22 8ZP, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold property at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Limited Liability Partnerships Act 2000 as applicable to companies subject to the small companies regime and the requirements of the Statement of Recommended Practice Accounting by Limited Liability Partnerships issued in December 2021 (SORP 2022).

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Turnover

Turnover represents amounts earned during the period from medical activities.

If, at the Balance Sheet date, completion of contractual obligations is dependent on external factors (and thus outside the control of the Limited Liability Partnership), then revenue is recognised only when the event occurs. In such cases, costs incurred up to the Balance Sheet date are carried forward as work in progress.

Employee benefits

Short term benefits
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised as an expense when the LLP is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

Defined contribution schemes
The LLP operates a defined contribution scheme. The amount charged to the Profit and Loss Account in respect of pension costs and other post-retirement benefits is the contributions payable in the financial year. Differences between contributions payable in the financial year and contributions actually paid are included as either accruals or prepayments in the Balance Sheet.

Taxation

The taxation payable on the partnership's profits is the personal liability of the members, although payment of such liabilities is administered by the partnership on behalf of its members. Consequently, neither partnership taxation nor related deferred taxation is accounted for in these financial statements. Sums set aside in respect of members' tax obligations are included in the balance sheet within loans and other debts due to members, or are set against amounts due from members as appropriate.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Land and buildings not depreciated
Fixtures and fittings 15 % reducing balance
Tools and equipment 33 % reducing balance

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

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.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Profit and Loss Account as described below.

Non-financial assets
At each balance sheet date, the company reviews its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss.

If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). The recoverable amount of an asset is the higher of its fair value less costs to sell and its value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand and deposits held at call with banks

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

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.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either 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 measured at transaction price including transaction costs.

Basic financial liabilities
Basic financial liabilities including creditors are 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.

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.

2. Employees

Year ended
31.03.2024
Period from
28.10.2021 to
31.03.2023
Number Number
Monthly average number of persons employed by the LLP during the year 20 21

3. Tangible assets

Land and buildings Fixtures and fittings Tools and equipment Total
£ £ £ £
Cost
At 01 April 2023 275,000 1,012 724 276,736
At 31 March 2024 275,000 1,012 724 276,736
Accumulated depreciation
At 01 April 2023 0 158 239 397
Charge for the financial year 0 134 160 294
At 31 March 2024 0 292 399 691
Net book value
At 31 March 2024 275,000 720 325 276,045
At 31 March 2023 275,000 854 485 276,339

4. Debtors

31.03.2024 31.03.2023
£ £
Trade debtors 14,325 6,776
Other debtors 174 2,836
14,499 9,612

5. Creditors: amounts falling due within one year

31.03.2024 31.03.2023
£ £
Bank loans 18,232 0
Trade creditors 55,330 126,675
73,562 126,675

6. Creditors: amounts falling due after more than one year

31.03.2024 31.03.2023
£ £
Bank loans 46,274 0

There are no amounts included above in respect of which any security has been given .