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Company No: 05747116 (England and Wales)

THE FINBOROUGH PRACTICE LIMITED

Unaudited Financial Statements
For the financial year ended 31 March 2024
Pages for filing with the registrar

THE FINBOROUGH PRACTICE LIMITED

Unaudited Financial Statements

For the financial year ended 31 March 2024

Contents

THE FINBOROUGH PRACTICE LIMITED

COMPANY INFORMATION

For the financial year ended 31 March 2024
THE FINBOROUGH PRACTICE LIMITED

COMPANY INFORMATION (continued)

For the financial year ended 31 March 2024
DIRECTORS Sally Theresa Gooch
Jane Ann Nunn (Appointed 01 September 2023)
Norman Vendittelli
SECRETARY Norman Vendittelli
REGISTERED OFFICE Nightingale House
The Green
Great Finborough
IP14 3AB
United Kingdom
COMPANY NUMBER 05747116 (England and Wales)
CHARTERED ACCOUNTANTS Gascoynes
Gascoyne House
Moseleys Farm Business Centre
Fornham All Saints
Bury St Edmunds
Suffolk
IP28 6JY
THE FINBOROUGH PRACTICE LIMITED

BALANCE SHEET

As at 31 March 2024
THE FINBOROUGH PRACTICE LIMITED

BALANCE SHEET (continued)

As at 31 March 2024
Note 2024 2023
£ £
Fixed assets
Tangible assets 3 366,843 398,552
366,843 398,552
Current assets
Debtors 4 123,196 102,077
Cash at bank and in hand 261,482 280,096
384,678 382,173
Creditors: amounts falling due within one year 5 ( 78,341) ( 45,242)
Net current assets 306,337 336,931
Total assets less current liabilities 673,180 735,483
Net assets 673,180 735,483
Capital and reserves
Called-up share capital 6 100 100
Revaluation reserve 39,476 69,984
Profit and loss account 633,604 665,399
Total shareholders' funds 673,180 735,483

For the financial year ending 31 March 2024 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The financial statements of The Finborough Practice Limited (registered number: 05747116) were approved and authorised for issue by the Board of Directors on 26 November 2024. They were signed on its behalf by:

Sally Theresa Gooch
Director
THE FINBOROUGH PRACTICE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 2024
THE FINBOROUGH PRACTICE LIMITED

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 year, unless otherwise stated.

General information and basis of accounting

The Finborough Practice Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Nightingale House, The Green, Great Finborough, IP14 3AB, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain items 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 Companies Act 2006 as applicable to companies subject to the small companies regime.

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

Going concern

The directors have assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Turnover

Turnover is stated net of VAT and trade discounts and is recognised when the significant risks and rewards are considered to have been transferred to the buyer. Turnover from the supply of services represents the value of services provided under contracts to the extent that there is a right to consideration and is recorded at the fair value of the consideration received or receivable. Where a contract has only been partially completed at the Balance Sheet date turnover represents the fair value of the service provided to date based on the stage of completion of the contract activity at the Balance Sheet date. Where payments are received from customers in advance of services provided, the amounts are recorded as deferred income and included as part of creditors due within one year.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

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, other than investment property 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 25 % reducing balance
Plant and machinery etc. 25 % 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.

Leases


The Company as lessor
Amounts due from lessees under finance leases are recognised as receivables at the amount of the company’s net investment in the leases. Finance lease income is allocated to accounting periods so as to reflect a constant periodic rate of return on the company’s net investment outstanding in respect of leases.

Rental income from operating leases is recognised on a straight-line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight-line basis over the lease term.

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 Statement of Income and Retained Earnings as described below.

Investment property

Investment property is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at each reporting date with changes in fair value recognised in profit or loss. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including directors 7 8

3. Tangible assets

Land and buildings Plant and machinery etc. Total
£ £ £
Cost
At 01 April 2023 16,834 413,294 430,128
Revaluations 0 ( 30,508) ( 30,508)
At 31 March 2024 16,834 382,786 399,620
Accumulated depreciation
At 01 April 2023 9,679 21,897 31,576
Charge for the financial year 781 420 1,201
At 31 March 2024 10,460 22,317 32,777
Net book value
At 31 March 2024 6,374 360,469 366,843
At 31 March 2023 7,155 391,397 398,552

4. Debtors

2024 2023
£ £
Trade debtors 96,201 75,336
Corporation tax 726 0
Other debtors 26,269 26,741
123,196 102,077

5. Creditors: amounts falling due within one year

2024 2023
£ £
Taxation and social security 39,915 28,758
Other creditors 38,426 16,484
78,341 45,242

6. Called-up share capital

2024 2023
£ £
Allotted, called-up and fully-paid
100 Ordinary shares of £ 1.00 each 100 100