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REGISTERED NUMBER: OC343884 (England and Wales)















Unaudited Financial Statements for the Year Ended 31 March 2024

for

Knee Specialists LLP

Knee Specialists LLP (Registered number: OC343884)

Contents of the Financial Statements
for the Year Ended 31 March 2024










Page

General Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Knee Specialists LLP

General Information
for the Year Ended 31 March 2024







DESIGNATED MEMBERS: EOS Medical Limited
J R Robinson
J R D Murray
A J Porteous
Prospect Orthopaedics Limited
N R Howells
D Clark





REGISTERED OFFICE: Spire Bristol Hospital
Redland Hill
Durdham Down
Bristol
BS6 6UT





REGISTERED NUMBER: OC343884 (England and Wales)





ACCOUNTANTS: Northcott Accountancy Limited
Chartered Accountants
134 Johnson Road
Bristol
BS16 7JP

Knee Specialists LLP (Registered number: OC343884)

Balance Sheet
31 March 2024

2024 2023
Notes £    £   
FIXED ASSETS
Tangible assets 4 4,228 8,331

CURRENT ASSETS
Debtors 5 275,202 184,808
Cash at bank 493,336 336,709
768,538 521,517
CREDITORS
Amounts falling due within one year 6 (91,766 ) (83,430 )
NET CURRENT ASSETS 676,772 438,087
TOTAL ASSETS LESS CURRENT LIABILITIES
and
NET ASSETS ATTRIBUTABLE TO
MEMBERS

681,000

446,418

LOANS AND OTHER DEBTS DUE TO
MEMBERS

7

681,000

446,418

TOTAL MEMBERS' INTERESTS
Loans and other debts due to members 7 681,000 446,418

The LLP is entitled to exemption from audit under Section 477 of the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008 for the year ended 31 March 2024.

The members acknowledge their responsibilities for:
(a)ensuring that the LLP keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the LLP 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 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008 relating to financial statements, so far as applicable to the LLP.

Knee Specialists LLP (Registered number: OC343884)

Balance Sheet - continued
31 March 2024


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

In accordance with Section 444 of the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008, the Profit and Loss Account has not been delivered.

The financial statements were approved by the members of the LLP and authorised for issue on 3 December 2024 and were signed by:





EOS Medical Limited - Designated member

Knee Specialists LLP (Registered number: OC343884)

Notes to the Financial Statements
for the Year Ended 31 March 2024


1. STATUTORY INFORMATION

Knee Specialists LLP is registered in England and Wales. The LLP's registered number and registered office address can be found on the General 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 requirements of the Statement of Recommended Practice, Accounting by Limited Liability Partnerships.

The financial statements are prepared in sterling, which is the functional currency of the LLP. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared on the historical cost convention. The principle accounting policies adopted are set out below.

Going concern
At the time of approving the financial statements, the members have a reasonable expectation that the LLP has adequate resources to continue in operational existence for the foreseeable future. Thus the members continue to adopt the going concern basis of accounting in preparing the financial statements.

Turnover
Turnover represents the amounts invoiced during the year in relation to the principle activity, excluding value added tax. Invoices are raised at each appointment date, which is the point at which services are supplied and when the LLP is entitled to the income.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Knee Specialists LLP (Registered number: OC343884)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024


2. ACCOUNTING POLICIES - continued

Cash and cash equivalents
Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

Financial instruments
The LLP 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 when the LLP becomes party to the contractual provisions of the instrument. Financial assets and liabilities are offset, with the net amounts presented in the financial statements when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets, which include trade and other debtors, amounts due from group undertakings and cash and bank balances are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost. Financial assets are dereognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the LLP transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the assets has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Basic financial liabilities, including trade and other creditor and amounts due to group undertakings 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. Debt instruments are subsequently carried at amortised cost, using the effective interest rate method. Financial liabilities are derecognised when and only when the LLP's contractual obligations are discharged, cancelled or they expire.

Members participation rights
As set out in the LLP deed, members are entitled to 80% of the non-pooled revenue. In addition, the net profit of the LLP is divided and allocated between the members in the proportions detailed in the LLP deed.

Taxation
Taxation on the profits of the LLP is solely the liability of the individual members. Therefore, neither income tax nor deferred tax arising in respect of the LLP's profit is included in these financial statements.

3. EMPLOYEE INFORMATION

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

Knee Specialists LLP (Registered number: OC343884)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024


4. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 April 2023
and 31 March 2024 12,434
DEPRECIATION
At 1 April 2023 4,103
Charge for year 4,103
At 31 March 2024 8,206
NET BOOK VALUE
At 31 March 2024 4,228
At 31 March 2023 8,331

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 275,202 184,808

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Accrued expenses 91,766 83,430

Knee Specialists LLP (Registered number: OC343884)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024


7. LOANS AND OTHER DEBTS DUE TO MEMBERS
2024 2023
£    £   
Amounts owed to members in respect of profits 173,330 71,302
Other 507,670 375,116
681,000 446,418

Falling due within one year 681,000 446,418

Amounts in 'Loans and other debts due to members' (other than members' capital classified as debt) are subordinate to other creditors who are unsecured in the event of a winding up. No restrictions or limitations exist on the ability of the members to reduce the amount of 'Members' other interest'.