Registered number
09443937
James Street Practice Limited
Micro entity Accounts
30 April 2024
James Street Practice Limited
Registered number: 09443937
Balance Sheet
as at 30 April 2024
Notes 2024 2023
£ £
Fixed assets
Intangible assets 3 1,106,758 295,164
Tangible assets 4 27,585 31,661
1,134,343 326,825
Current assets
Debtors 5 5,430 67,130
Cash at bank and in hand 354,922 362,283
360,352 429,413
Creditors: amounts falling due within one year 6 (333,958) (83,676)
Net current assets 26,394 345,737
Total assets less current liabilities 1,160,737 672,562
Creditors: amounts falling due after more than one year 7 (640,851) (174,158)
Net assets 519,886 498,404
Capital and reserves
Called up share capital 150 150
Profit and loss account 519,736 498,254
Shareholders' funds 519,886 498,404
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Dr Adam Wong She
Director
Approved by the board on 08.01.2025
James Street Practice Limited
Notes to the Accounts
for the year ended 30 April 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Leasehold land and buildings over the lease term
Plant and machinery over 5 years
Fixtures, fittings, tools and equipment over 5 years
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. 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, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 9 1
3 Intangible fixed assets £
Goodwill:
Cost
At 1 May 2023 632,500
Additions 914,744
At 30 April 2024 1,547,244
Amortisation
At 1 May 2023 337,336
Provided during the year 103,150
At 30 April 2024 440,486
Net book value
At 30 April 2024 1,106,758
At 30 April 2023 295,164
Goodwill is being written off in equal annual instalments over its estimated economic life of 15 years.
4 Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 May 2023 107,614
Additions 1,266
At 30 April 2024 108,880
Depreciation
At 1 May 2023 75,953
Charge for the year 5,342
At 30 April 2024 81,295
Net book value
At 30 April 2024 27,585
At 30 April 2023 31,661
5 Debtors 2024 2023
£ £
Trade debtors - 67,130
Other debtors 5,430 -
5,430 67,130
6 Creditors: amounts falling due within one year 2024 2023
£ £
Bank loans and overdrafts 185,219 35,193
Taxation and social security costs 68,354 44,612
Other creditors 80,385 3,871
333,958 83,676
7 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans 640,851 174,158
8 Other information
James Street Practice Limited is a private company limited by shares and incorporated in England. Its registered office is:
5Margaret Road
Romford
Essex RM2 5SH
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