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Registration number: 08385077

The Cherrycroft Practice Limited
 

Annual Report and Unaudited Financial Statements- Companies house filing

for the Year Ended 29 February 2024

 

The Cherrycroft Practice Limited

Company Information

Director

Dr C S Wilson

Registered office

Knoll House
Knoll Road
Camberley
Surrey
GU15 3SY

Accountants

Stewart & Co Accountants LLP
Chartered Accountants
Knoll House
Knoll Road
Camberley
Surrey
GU15 3SY

 

Chartered Accountants' Report to the Director on the Preparation of the Unaudited Statutory Accounts of
The Cherrycroft Practice Limited
for the Year Ended 29 February 2024

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of The Cherrycroft Practice Limited for the year ended 29 February 2024 as set out on pages 3 to 9 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at
http://www.icaew.com/regulation.

This report is made solely to the Board of Directors of The Cherrycroft Practice Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of The Cherrycroft Practice Limited and state those matters that we have agreed to state to the Board of Directors of The Cherrycroft Practice Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than The Cherrycroft Practice Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that The Cherrycroft Practice Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and loss of The Cherrycroft Practice Limited. You consider that The Cherrycroft Practice Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of The Cherrycroft Practice Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.

image-name


Stewart & Co Accountants LLP
Chartered Accountants
Knoll House
Knoll Road
Camberley
Surrey
GU15 3SY

29 November 2024

 

The Cherrycroft Practice Limited

(Registration number: 08385077)
Statement of Financial Position as at 29 February 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

12,217

15,461

Current assets

 

Debtors

5

107,532

173,332

Cash at bank and in hand

 

44,252

18,124

 

151,784

191,456

Creditors: Amounts falling due within one year

6

(164,748)

(178,671)

Net current (liabilities)/assets

 

(12,964)

12,785

Total assets less current liabilities

 

(747)

28,246

Creditors: Amounts falling due after more than one year

6

(16,580)

(26,587)

Provisions for liabilities

(1,341)

(1,511)

Net (liabilities)/assets

 

(18,668)

148

Capital and reserves

 

Called up share capital

1

1

Profit and loss account

(18,669)

147

Shareholders' (deficit)/funds

 

(18,668)

148

For the financial year ending 29 February 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The director acknowledges her responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Income Statement.

Approved and authorised by the director on 29 November 2024
 

 

The Cherrycroft Practice Limited

(Registration number: 08385077)
Statement of Financial Position as at 29 February 2024

.........................................
Dr C S Wilson
Director

 

The Cherrycroft Practice Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is: Knoll House, Knoll Road, Camberley, Surrey, GU15 3SY, United Kingdom.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the provision of services in the ordinary course of the company’s activities. Turnover is shown net of value added tax, returns, rebates and discounts.

The company recognises revenue when the amount of revenue can be reliably measured, it is probable that future economic benefits will flow to the entity and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

 

The Cherrycroft Practice Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Leasehold improvements

20% straight line

Fixtures and fittings

25% reducing balance

Plant and machinery

25% reducing balance

Computer equipment

25% reducing balance

Trade debtors

Short term debtors are measured at transaction price, less any impairment.

Cash and cash equivalents

Cash is represented by cash in hand and bank deposits.

Trade creditors

Short term creditors are measured at the transaction price.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the income statement over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Provisions

Provisions are recognised when the company has an obligation at the reporting date as a result of a past event, it is probable that the company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

 

The Cherrycroft Practice Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

Employee benefits

Short-term employee benefits are recognised as an expense in the period which they are incurred.

Financial instruments

The Company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties and loans to related parties.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 5 (2023 - 5).

4

Tangible assets

Leasehold improvements
£

Fixtures and fittings
£

Plant and machinery
£

Computer equipment
£

Total
£

Cost or valuation

At 1 March 2023

11,770

5,311

4,073

7,863

29,017

Additions

-

514

-

654

1,168

Disposals

-

(583)

-

(348)

(931)

At 29 February 2024

11,770

5,242

4,073

8,169

29,254

Depreciation

At 1 March 2023

2,354

3,586

3,107

4,509

13,556

Charge for the year

2,354

276

242

1,203

4,075

Eliminated on disposal

-

(424)

-

(170)

(594)

At 29 February 2024

4,708

3,438

3,349

5,542

17,037

Carrying amount

At 29 February 2024

7,062

1,804

724

2,627

12,217

At 28 February 2023

9,416

1,725

966

3,354

15,461

 

The Cherrycroft Practice Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

5

Debtors

2024
£

2023
£

Trade debtors

31,555

34,803

Other debtors

12,832

9,581

Prepayments

1,466

-

Accrued income

61,679

128,948

107,532

173,332

6

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Bank loans and overdrafts

7

10,000

10,000

Trade creditors

 

11,382

14,227

Taxation and social security

 

2,388

1,904

Accruals and deferred income

 

19,612

11,615

Other creditors

 

121,366

140,925

 

164,748

178,671

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Loans and borrowings

7

16,580

26,587

7

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

16,580

26,587

Current loans and borrowings

2024
£

2023
£

Bank borrowings

10,000

10,000

 

The Cherrycroft Practice Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

8

Financial commitments, guarantees and contingencies

Amounts not provided for in the statement of financial position

The total amount of financial commitments not included in the statement of financial position is £130,639 (2023 - £165,473).

9

Related party transactions

At the year-end, the company owed the Director £110,019 (2023: £130,026) included within other creditors.

10

Going concern

The financial statements have been prepared on a going concern basis due to the continuing support of the director.