Company registration number 06951239 (England and Wales)
EDGWORTH MEDICAL PRACTICE LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
PAGES FOR FILING WITH REGISTRAR
EDGWORTH MEDICAL PRACTICE LTD
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 6
EDGWORTH MEDICAL PRACTICE LTD
BALANCE SHEET
AS AT
31 MARCH 2024
31 March 2024
- 1 -
2024
2023
as restated
Notes
£
£
£
£
Fixed assets
Tangible assets
3
11,337
9,745
Current assets
Debtors
4
507,898
272,529
Cash at bank and in hand
122,296
153,775
630,194
426,304
Creditors: amounts falling due within one year
6
(553,778)
(344,860)
Net current assets
76,416
81,444
Net assets
87,753
91,189
Capital and reserves
Called up share capital
6
6
Profit and loss reserves
87,747
91,183
Total equity
87,753
91,189
For the financial year ended 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
The financial statements were approved by the board of directors and authorised for issue on 14 February 2025 and are signed on its behalf by:
J Leach
Director
Company registration number 06951239 (England and Wales)
EDGWORTH MEDICAL PRACTICE LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
- 2 -
1
Accounting policies
Company information
Edgworth Medical Practice Ltd is a private company, limited by shares and incorporated in England and Wales. The company's ordinary place of business is Edgworth Medical Centre, 354 Bolton Road, Bolton, BL7 0DU. The company's registered number is 06951239.
The principal activity of the company during the year continued to be that of a medical practice.
1.1
Accounting convention
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 amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Turnover
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.
Revenue derived from the provision of medical services is recognised in the period in which the services are actually performed. Any revenue derived from providing services delivered over and above the costs incurred in providing those services is deferred if the surplus doesn't carry a claw-back provision.
1.3
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Plant and equipment
25% Reducing balance
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.
1.4
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
1.5
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and 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.
EDGWORTH MEDICAL PRACTICE LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 3 -
1.6
Financial instruments
The company 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 in the company's balance sheet when the company 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
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, 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. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
1.7
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.8
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
EDGWORTH MEDICAL PRACTICE LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 4 -
1.9
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
1.10
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
29
29
3
Tangible fixed assets
Plant and equipment
£
Cost
At 1 April 2023
17,238
Additions
4,620
At 31 March 2024
21,858
Depreciation and impairment
At 1 April 2023
7,493
Depreciation charged in the year
3,028
At 31 March 2024
10,521
Carrying amount
At 31 March 2024
11,337
At 31 March 2023
9,745
4
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
506,862
271,493
Corporation tax recoverable
254
254
Other debtors
782
782
507,898
272,529
EDGWORTH MEDICAL PRACTICE LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 5 -
5
Directors' benefits: advances, credit and guarantees
At the year end, the company is owed £782 (2023 - £782) by a director. All individual amounts advanced have been made informally, interest-free and are repayable on demand.
6
Creditors: amounts falling due within one year
2024
2023
as restated
£
£
Trade creditors
60,728
49,567
Corporation tax
19,714
11,911
Other taxation and social security
20,385
33,530
Other creditors
435,738
244,652
Accruals
17,213
5,200
553,778
344,860
7
Prior period adjustment
Reconciliation of changes in equity
31 March
2023
£
Adjustments to prior year
Increase in corporation tax
(2,280)
Total adjustments
(2,280)
Equity as previously reported
93,469
Equity as adjusted
91,189
Analysis of the effect upon equity
Profit and loss reserves
(2,280)
(2,280)
Reconciliation of changes in profit for the previous financial period
2023
£
Adjustments to prior year
Decrease in rent
12,000
Increase in corporation tax
(2,280)
Total adjustments
9,720
Profit as previously reported
43,335
Profit as adjusted
53,055
EDGWORTH MEDICAL PRACTICE LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
7
Prior period adjustment
(Continued)
- 6 -
Notes to reconciliation
During the year, the directors became aware of an accounting error in the previous reporting period. The company had accounted for the payment of dividends as payments of rent. Following the correction of the error and increasing the amount of corporation tax as a result, the company has increased operating profit by £9,720.
The effect on prior reported equity is to reduce by £2,280, the increase in the corporation tax charge for the year as a result of the above.
During the year, the directors have also changed the accounting policy in respect of the classification of directors' remuneration. In the current year directors' remuneration totalling £103,999 has been included in Cost of sales. For comparative purposes, a figure of £95,524 has been restated in the previous accounting period from Administrative expenses to Cost of sales. The change in accounting policy has had no effect on prior period reported profits or equity.