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Registered number: 14789914










NORTH NORFOLK 1 PCN LIMITED








UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE PERIOD ENDED 31 MARCH 2024

 
NORTH NORFOLK 1 PCN LIMITED
REGISTERED NUMBER: 14789914

BALANCE SHEET
AS AT 31 MARCH 2024

2024
Note
£

  

Current assets
  

Debtors: amounts falling due within one year
 4 
196,944

Cash at bank and in hand
 5 
69,848

  
266,792

Creditors: amounts falling due within one year
  
(266,788)

Net current assets
  
 
 
4

Total assets less current liabilities
  
4

  

Net assets
  
4


Capital and reserves
  

Called up share capital 
  
4

  
4


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 period 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 comprehensive income 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 by: 




................................................
Dr S Cook
................................................
Dr I C Smith
Director
Director


Date: 1 October 2024

The notes on pages 3 to 5 form part of these financial statements.
Page 1

 
NORTH NORFOLK 1 PCN LIMITED
REGISTERED NUMBER: 14789914
    
BALANCE SHEET (CONTINUED)
AS AT 31 MARCH 2024


Page 2

 
NORTH NORFOLK 1 PCN LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2024

1.


General information

The prinicpal activity of the Company is the operation of the Primary Care Network for North Norfolk 1. 

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 following principal accounting policies have been applied:

 
2.2

Going concern

The Directors have considered the Company’s position at the time of signing the financial statements. They have considered future trading expectations, the current financial position of the Company and other factors such as mitigating ongoing costs.
Based on this, the Directors have concluded that the company will have adequate resources to continue in operational existence for at least twelve months from the date of signing these financial statements and will therefore adopt the going concern basis of accounting in preparing these financial statements. 

 
2.3

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue 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 revenue is recognised:

Rendering of services

Revenue 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 revenue 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.

 
2.4

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

Page 3

 
NORTH NORFOLK 1 PCN LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.5

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.6

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.


3.


Employees




The average monthly number of employees, including directors, during the period was 3.


4.


Debtors

2024
£


Trade debtors
196,413

Called up share capital not paid
4

Prepayments and accrued income
527

196,944



5.


Cash and cash equivalents

2024
£

Cash at bank and in hand
69,848

69,848


Page 4

 
NORTH NORFOLK 1 PCN LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2024

6.


Creditors

2024
£

Other creditors
263,788

Accruals and deferred income
3,000

266,788



7.


Share capital

2024
£
Allotted


1 A ordinary share of £1.00
1
3 B ordinary shares of £1.00 each
3

4


The Company was incorporated on 10 April 2023. 

 
Page 5