REGISTERED NUMBER: |
Unaudited Financial Statements |
for the Period 23rd June 2023 to 30th June 2024 |
for |
Crosby Practice Limited |
REGISTERED NUMBER: |
Unaudited Financial Statements |
for the Period 23rd June 2023 to 30th June 2024 |
for |
Crosby Practice Limited |
Crosby Practice Limited (Registered number: 14957370) |
Contents of the Financial Statements |
for the Period 23rd June 2023 to 30th June 2024 |
Page |
Balance Sheet | 1 |
Notes to the Financial Statements | 2 |
Crosby Practice Limited (Registered number: 14957370) |
Balance Sheet |
30th June 2024 |
Notes | £ | £ |
FIXED ASSETS |
Intangible assets | 4 |
Tangible assets | 5 |
CURRENT ASSETS |
Stocks | 6 |
Debtors | 7 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 8 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CAPITAL AND RESERVES |
Called up share capital | 9 |
Share premium |
Retained earnings |
SHAREHOLDERS' FUNDS |
The directors acknowledge their responsibilities for: |
(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the company 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 relating to financial statements, so far as applicable to the company. |
The financial statements were approved by the Board of Directors and authorised for issue on |
Crosby Practice Limited (Registered number: 14957370) |
Notes to the Financial Statements |
for the Period 23rd June 2023 to 30th June 2024 |
1. | COMPANY INFORMATION |
Crosby Practice Limited is a |
Registered number: |
Registered office: |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. |
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 financial statements are prepared in sterling , which is the functional currency of the company. |
Monetary a mounts in these financial statements are rounded to the nearest £. |
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 financial instruments at fair value. The principal accounting policies adopted are set out below. |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business , and is shown net of VAT and other sales related taxes . The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates. |
When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income. |
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods) , the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably. |
Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. |
The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered . |
Crosby Practice Limited (Registered number: 14957370) |
Notes to the Financial Statements - continued |
for the Period 23rd June 2023 to 30th June 2024 |
2. | ACCOUNTING POLICIES - continued |
Intangible assets |
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses. |
Tangible fixed assets |
Tangible fixed assets are included at cost less depreciation and impairment. Depreciation has been computed to write off the cost of tangible fixed assets over their expected useful life. |
Plant and machinery - 25% reducing balance |
Motor vehicles - 25% reducing balance |
Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
Taxation |
Taxation for the period comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the period end and that are expected to apply to the reversal of the timing difference. |
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. |
Hire purchase and leasing commitments |
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
Pension costs and other post-retirement benefits |
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the period was |
Crosby Practice Limited (Registered number: 14957370) |
Notes to the Financial Statements - continued |
for the Period 23rd June 2023 to 30th June 2024 |
4. | INTANGIBLE FIXED ASSETS |
Development |
costs |
£ |
COST |
Additions |
At 30th June 2024 |
AMORTISATION |
Amortisation for period |
At 30th June 2024 |
NET BOOK VALUE |
At 30th June 2024 |
On 23 June 2023, the company purchased the trade and assets of a sole trader known as Crosby Dental. The goodwill arising on acquisition is being amortised over its estimated useful economic life of 15 years. |
5. | TANGIBLE FIXED ASSETS |
Improvements | Fixtures |
Freehold | to | Plant and | and |
property | property | machinery | fittings | Totals |
£ | £ | £ | £ | £ |
COST |
Additions |
Transfer to ownership | 120,110 | 29,896 | 6,744 | 1,157 | 157,907 |
At 30th June 2024 |
DEPRECIATION |
Charge for period |
At 30th June 2024 |
NET BOOK VALUE |
At 30th June 2024 |
6. | STOCKS |
£ |
Stocks |
7. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
£ |
Directors' current accounts | 219,108 |
Prepayments |
Crosby Practice Limited (Registered number: 14957370) |
Notes to the Financial Statements - continued |
for the Period 23rd June 2023 to 30th June 2024 |
8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
£ |
Trade creditors |
Tax |
Social security and other taxes |
Pensions payable | 572 |
Other creditors | ( |
) |
Deferred income |
Accrued expenses |
9. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal |
value: | £ |
Ordinary A | 1 | 100 |
Ordinary B | 1 | 100 |
200 |
The following shares were allotted and fully paid for cash at par during the period: |
100 Ordinary A shares of 1 each |
100 Ordinary B shares of 1 each |
The shares rank pari passu in respect of voting, dividend and capital distribution rights. |
10. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
The following advances and credits to a director subsisted during the period ended 30th June 2024: |
£ |
Balance outstanding at start of period |
Amounts advanced |
Amounts repaid | ( |
) |
Amounts written off | - |
Amounts waived | - |
Balance outstanding at end of period |
11. | RELATED PARTY DISCLOSURES |
During the period, total dividends of £334,410 were paid to the directors . |
12. | ULTIMATE CONTROLLING PARTY |
The controlling party is P A Doyle. |