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REGISTERED NUMBER: 07195265 (England and Wales)















PARK HOUSE PRACTICE LIMITED

FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST MARCH 2024






PARK HOUSE PRACTICE LIMITED (REGISTERED NUMBER: 07195265)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31ST MARCH 2024










Page

Company Information 1

Abridged Balance Sheet 2 to 3

Notes to the Financial Statements 4 to 7


PARK HOUSE PRACTICE LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31ST MARCH 2024







DIRECTOR: Dr A J Collins





SECRETARY: Mrs H Collins





REGISTERED OFFICE: c/o TG Associates, 7 Jardine House
Harrovian Business Village
Bessborough Road
Harrow
Middlesex
HA1 3EX





REGISTERED NUMBER: 07195265 (England and Wales)





ACCOUNTANTS: TG Associates Limited
Chartered Accountants
7 Jardine House
Harrovian Business Village
Bessborough Road
Harrow
Middlesex
HA1 3EX

PARK HOUSE PRACTICE LIMITED (REGISTERED NUMBER: 07195265)

ABRIDGED BALANCE SHEET
31ST MARCH 2024

31.3.24 31.3.23
Notes £    £   
FIXED ASSETS
Intangible assets 4 72,005 144,005
Tangible assets 5 194,389 192,091
266,394 336,096

CURRENT ASSETS
Stocks 24,312 24,761
Debtors 115,910 85,190
Cash at bank and in hand 195,470 248,300
335,692 358,251
CREDITORS
Amounts falling due within one year (118,099 ) (106,876 )
NET CURRENT ASSETS 217,593 251,375
TOTAL ASSETS LESS CURRENT
LIABILITIES

483,987

587,471

CREDITORS
Amounts falling due after more than one
year

6

(148,883

)

(162,861

)
NET ASSETS 335,104 424,610

CAPITAL AND RESERVES
Called up share capital 100 100
Share premium 100 100
Retained earnings 334,904 424,410
SHAREHOLDERS' FUNDS 335,104 424,610

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31st March 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31st March 2024 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.

PARK HOUSE PRACTICE LIMITED (REGISTERED NUMBER: 07195265)

ABRIDGED BALANCE SHEET - continued
31ST MARCH 2024


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

All the members have consented to the preparation of an abridged Balance Sheet for the year ended 31st March 2024 in accordance with Section 444(2A) of the Companies Act 2006.

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

The financial statements were approved by the director and authorised for issue on 9th November 2024 and were signed by:





Dr A J Collins - Director


PARK HOUSE PRACTICE LIMITED (REGISTERED NUMBER: 07195265)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31ST MARCH 2024


1. STATUTORY INFORMATION

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

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 represents gross fees receivable from the principle activity of the company.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2010, is being amortised evenly over its estimated useful life of fifteen years.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

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.
Equipment and fixtures - 18% on reducing balance
Motor vehicles - 25% on reducing balance

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

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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.

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.

PARK HOUSE PRACTICE LIMITED (REGISTERED NUMBER: 07195265)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST MARCH 2024


2. ACCOUNTING POLICIES - continued

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.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 12 (2023 - 12 ) .

4. INTANGIBLE FIXED ASSETS
Totals
£   
COST
At 1st April 2023
and 31st March 2024 1,080,000
AMORTISATION
At 1st April 2023 935,995
Amortisation for year 72,000
At 31st March 2024 1,007,995
NET BOOK VALUE

At 31st March 2024 72,005
At 31st March 2023 144,005

PARK HOUSE PRACTICE LIMITED (REGISTERED NUMBER: 07195265)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST MARCH 2024


5. TANGIBLE FIXED ASSETS
Totals
£   
COST
At 1st April 2023 375,057
Additions 86,797
Disposals (72,534 )
At 31st March 2024 389,320
DEPRECIATION
At 1st April 2023 182,966
Charge for year 43,699
Eliminated on disposal (31,734 )
At 31st March 2024 194,931
NET BOOK VALUE
At 31st March 2024 194,389
At 31st March 2023 192,091

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Totals
£   
COST
At 1st April 2023 196,533
Additions 74,797
Disposals (72,534 )
At 31st March 2024 198,796
DEPRECIATION
At 1st April 2023 60,169
Charge for year 18,699
Eliminated on disposal (31,734 )
At 31st March 2024 47,134
NET BOOK VALUE
At 31st March 2024 151,662
At 31st March 2023 136,364

6. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN FIVE
YEARS
31.3.24 31.3.23
£    £   

Repayable by instalments
Bank loans more 5 yr by instal 101,051 110,234

PARK HOUSE PRACTICE LIMITED (REGISTERED NUMBER: 07195265)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST MARCH 2024


7. ULTIMATE CONTROLLING PARTY

The controlling party is Dr A J Collins.