Company registration number 13833469 (England and Wales)
YORKSHIRE ORTHODONTICS PROPERTIES LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2024
PAGES FOR FILING WITH REGISTRAR
YORKSHIRE ORTHODONTICS PROPERTIES LTD
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 5
YORKSHIRE ORTHODONTICS PROPERTIES LTD
BALANCE SHEET
AS AT 31 MARCH 2024
31 March 2024
- 1 -
31 March 2024
31 January 2023
Notes
£
£
£
£
Fixed assets
Investment property
3
943,434
970,598
Current assets
Cash at bank and in hand
10,767
4,560
Creditors: amounts falling due within one year
4
(2,251)
(7,063)
Net current assets/(liabilities)
8,516
(2,503)
Total assets less current liabilities
951,950
968,095
Creditors: amounts falling due after more than one year
5
(916,002)
(966,002)
Provisions for liabilities
(9,050)
(564)
Net assets
26,898
1,529
Capital and reserves
Called up share capital
6
100
100
Profit and loss reserves
26,798
1,429
Total equity
26,898
1,529
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial period ended 31 March 2024 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 period 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.
The financial statements were approved by the board of directors and authorised for issue on
11 November 2024
11 November 2024
and are signed on its behalf by:
Dr P Scott
Director
Company registration number 13833469 (England and Wales)
YORKSHIRE ORTHODONTICS PROPERTIES LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2024
- 2 -
1
Accounting policies
Company information
Yorkshire Orthodontics Properties Ltd is a private company limited by shares incorporated in England and Wales. The registered office is C/o RMT Accountants & Business Advisors Ltd, Gosforth Park Avenue, Newcastle upon Tyne, NE12 8EG.
1.1
Reporting period
The accounts have been prepared based on a 60 week period to 31 March 2024 compared to a 52 week period prepared to 31 January 2023.
1.2
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 investment properties at faire value. The principal accounting policies adopted are set out below.
1.3
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for rental services provided in the normal course of business.
1.4
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.
1.5
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks.
1.6
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 balance sheet when the company becomes party to the contractual provisions of the instrument.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs.
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.
YORKSHIRE ORTHODONTICS PROPERTIES LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 3 -
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.
1.7
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.
1.8
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 profit and loss account 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.
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.
1.9
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense.
2
Employees
The average monthly number of persons (including directors) employed by the company during the period was:
2024
2023
Total
4
4
YORKSHIRE ORTHODONTICS PROPERTIES LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2024
- 4 -
3
Investment property
2024
£
Fair value
At 1 February 2023
970,598
Disposals
(27,164)
At 31 March 2024
943,434
In the opinion of the directors, valuation of the investment property is fair and unlikely to represent a material difference to true valuation.
4
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
5,263
Accruals and deferred income
2,251
1,800
2,251
7,063
5
Creditors: amounts falling due after more than one year
2024
2023
£
£
Other borrowings
500,000
500,000
Other creditors
416,002
466,002
916,002
966,002
YORKSHIRE ORTHODONTICS PROPERTIES LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2024
- 5 -
6
Called up share capital
2024
2023
Ordinary share capital
£
£
Issued and fully paid
100 ordinary shares of £1 each
100
100
7
Related party transactions
Transactions with related parties
During the period the company entered into the following transactions with related parties:
2024
2023
£
£
Other related parties
916,002
966,002
Included within the amount owed to Scott & Twigg Health Ltd is a £500,000 interest only loan, agreed at 1% over the bank of England base rate which is repayable in full within 10 years.