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Registered number: 06776166










THE NEW WHITEHOUSE SURGERY LIMITED








UNAUDITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2024

 
THE NEW WHITEHOUSE SURGERY LIMITED
REGISTERED NUMBER: 06776166

BALANCE SHEET
AS AT 31 MARCH 2024

2024
2023
Note
£
£

Fixed assets
  

Investment property
 4 
2,100,000
2,100,000

Current assets
  

Cash at bank and in hand
  
37,561
33,223

Creditors: amounts falling due within one year
 5 
(130,103)
(119,628)

Net current liabilities
  
 
 
(92,542)
 
 
(86,405)

Total assets less current liabilities
  
2,007,458
2,013,595

Creditors: amounts falling due after more than one year
 6 
(1,033,858)
(1,104,673)

Provisions for liabilities
  

Deferred tax
 8 
(77,332)
(57,808)

Net assets
  
896,268
851,114


Capital and reserves
  

Called up share capital 
  
91
91

Profit and loss account
 9 
896,177
851,023

  
896,268
851,114


Page 1

 
THE NEW WHITEHOUSE SURGERY LIMITED
REGISTERED NUMBER: 06776166
    
BALANCE SHEET (CONTINUED)
AS AT 31 MARCH 2024

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

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 financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 26 July 2024.



Dr R E Leadbetter
Director

The notes on pages 3 to 6 form part of these financial statements.

Page 2

 
THE NEW WHITEHOUSE SURGERY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

1.


General information

The New Whitehouse Surgery Limited is a private company limited by shares, incorporated in England and Wales (registered number: 06776166).  Its registered office is 1 Fairfax Rise, Sheffield, South Yorkshire, S2 1SL.  The principal activity of the Company throughout the year continued to be the letting of medical premises.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. 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 Company's functional and presentation currency is pounds sterling.

The following principal accounting policies have been applied:

 
2.2

Going concern

The Company has net current liabilities at the end of the year of £92,542 (2023: £86,405).  However, the financial statements have been prepared on a going concern basis on the understanding that the directors and shareholders will continue to financially support the Company during this uncertain period.

 
2.3

Revenue

Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Company and the turnover can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before turnover is recognised:

Rendering of services

Turnover from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of turnover can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

Page 3

 
THE NEW WHITEHOUSE SURGERY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

  
2.4

Current and deferred taxation

Tax is recognised in the Statement of Income and Retained Earnings.
The current tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.
Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the Balance Sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

 
2.5

Investment property

Investment property is carried at fair value determined by external valuers and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in profit or loss.


3.


Employees

The average monthly number of employees, including directors, during the year was 4 (2023 - 3).


4.


Investment property


Freehold investment property

£



Valuation


At 1 April 2023
2,100,000



At 31 March 2024
2,100,000

The 2022 valuations were made by Dacres Commercial, on an open market value for existing use basis.




Page 4

 
THE NEW WHITEHOUSE SURGERY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

5.


Creditors: Amounts falling due within one year

2024
2023
£
£

Bank loans
70,816
66,384

Amounts owed to related parties
36,201
29,326

Corporation tax
16,388
16,494

Accruals
6,698
7,424

130,103
119,628



6.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Bank loans
1,033,858
1,104,673


There are two bank loans which are secured on the freehold investment property, bearing interest at 5.715% and 5.22% which are repayable in instalments up to 2035 and 2039 respectively.


7.


Loans


Analysis of the maturity of loans is given below:


2024
2023
£
£

Amounts falling due within one year

Bank loans
70,816
66,384

Amounts falling due 1-2 years

Bank loans
326,131
308,365


Amounts falling due after more than 5 years

Bank loans
707,727
796,309

1,104,674
1,171,058


Page 5

 
THE NEW WHITEHOUSE SURGERY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

8.


Deferred taxation




2024
2023


£

£






At beginning of year
57,808
56,464


Charged to profit or loss
19,524
1,344



At end of year
77,332
57,808

2024
2023
£
£


Accelerated capital allowances
77,332
57,808


9.


Reserves

Profit and loss account

Included within the profit and loss account reserve are non-distributable amounts totalling £424,871 (2023 - £424,871) in relation to changes in the fair value of investment property.

 
Page 6