REGISTERED NUMBER: |
REPORT OF THE MEMBERS AND |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 JUNE 2024 |
FOR |
ORTHOPAEDIC SPECIALIST PARTNERSHIP LLP |
REGISTERED NUMBER: |
REPORT OF THE MEMBERS AND |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 JUNE 2024 |
FOR |
ORTHOPAEDIC SPECIALIST PARTNERSHIP LLP |
ORTHOPAEDIC SPECIALIST PARTNERSHIP LLP (REGISTERED NUMBER: OC423111) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 JUNE 2024 |
Page |
General Information | 1 |
Report of the Members | 2 |
Report of the Accountants | 3 |
Income Statement | 4 |
Statement of Financial Position | 5 |
Notes to the Financial Statements | 7 |
ORTHOPAEDIC SPECIALIST PARTNERSHIP LLP |
GENERAL INFORMATION |
FOR THE YEAR ENDED 30 JUNE 2024 |
DESIGNATED MEMBERS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Unit 2.02 High Weald House |
Glovers End |
Bexhill |
East Sussex |
TN39 5ES |
ORTHOPAEDIC SPECIALIST PARTNERSHIP LLP (REGISTERED NUMBER: OC423111) |
REPORT OF THE MEMBERS |
FOR THE YEAR ENDED 30 JUNE 2024 |
The members present their report with the financial statements of the LLP for the year ended 30 June 2024. |
PRINCIPAL ACTIVITY |
The principal activity of the LLP in the year under review was that of Orthopaedic specialist. |
DESIGNATED MEMBERS |
Prof. Adrian J Wilson (Resigned on 16th Aug 2024) |
Mr A M Noorani |
Mr N Heidari-Khabbaz |
Mr R S Khakha |
Mr L Cascarini |
FCAA Limited |
RESULTS FOR THE YEAR AND ALLOCATION TO MEMBERS |
The profit for the year before members' remuneration and profit shares was £38,959 (2023 - £318,771 profit). |
MEMBERS' INTERESTS |
The members take drawings in accordance with the partnership agreement and memorandum of understanding.The profits of the business are attributed firstly to meet the expenses and liabilities of the partnership, secondly to provide a contingency for future trading, thirdly to apply remuneration for those members engaged in the business and finally to allocation of profit between the partners as decided from time to time. |
This report has been prepared in accordance with the special provisions of Part 15 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 small LLPs. |
ON BEHALF OF THE MEMBERS: |
ORTHOPAEDIC SPECIALIST PARTNERSHIP LLP |
REPORT OF THE ACCOUNTANTS TO THE MEMBERS OF |
ORTHOPAEDIC SPECIALIST PARTNERSHIP LLP |
In accordance with our terms of engagement and in order to assist you to fulfil your duties under the Companies Act 2006, we have compiled the financial statements of the Limited Liability Partnership for the period ended 30 June 2024 from the accounting records and information and explanations you have given to us. |
This report is made to the Partners, as a body, in accordance with the terms of our engagement. Our work has been undertaken so that we might compile the financial statements that we have been engaged to compile, report to the partners that we have done so, and state those matters that we have agreed to state to them in this report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Limited Liability Partnership and the Partners, as a body, for our work or for this report. |
We have carried out this engagement in accordance with technical guidance issued by the Institute of Chartered Accountants in England and Wales and abide by the ethical guidance laid down by the Institute relating to the compilation of financial statements. |
You have acknowledged on the Balance Sheet as at 30 June 2024 your duty to ensure that the Limited Liability Partnership has kept proper accounting records and to prepare financial statements that give a true and fair view under the Companies Act 2006. You consider that the Limited Liability Partnership is exempt from the statutory requirement for an audit for the year. |
We have not been instructed to carry out an audit of the financial statements. 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 financial statements. |
Unit 2.02 High Weald House |
Glovers End |
Bexhill |
East Sussex |
TN39 5ES |
ORTHOPAEDIC SPECIALIST PARTNERSHIP LLP (REGISTERED NUMBER: OC423111) |
INCOME STATEMENT |
FOR THE YEAR ENDED 30 JUNE 2024 |
30.6.24 | 30.6.23 |
Notes | £ | £ |
TURNOVER |
Cost of sales |
GROSS PROFIT |
Administrative expenses |
38,949 | 319,849 |
Other operating income |
OPERATING PROFIT | 4 |
Interest receivable and similar income |
40,932 | 319,849 |
Interest payable and similar expenses |
PROFIT FOR THE FINANCIAL YEAR BEFORE MEMBERS' REMUNERATION AND PROFIT SHARES AVAILABLE FOR DISCRETIONARY DIVISION AMONG MEMBERS |
ORTHOPAEDIC SPECIALIST PARTNERSHIP LLP (REGISTERED NUMBER: OC423111) |
STATEMENT OF FINANCIAL POSITION |
30 JUNE 2024 |
30.6.24 | 30.6.23 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 5 |
CURRENT ASSETS |
Debtors | 6 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 7 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
8 |
NET ASSETS ATTRIBUTABLE TO MEMBERS |
343,723 |
545,652 |
LOANS AND OTHER DEBTS DUE TO MEMBERS |
- |
- |
MEMBERS' OTHER INTERESTS |
Capital accounts | 343,723 | 545,652 |
343,723 | 545,652 |
TOTAL MEMBERS' INTERESTS |
Members' other interests | 343,723 | 545,652 |
ORTHOPAEDIC SPECIALIST PARTNERSHIP LLP (REGISTERED NUMBER: OC423111) |
STATEMENT OF FINANCIAL POSITION - continued |
30 JUNE 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. |
The financial statements were approved by the members of the LLP and authorised for issue on |
ORTHOPAEDIC SPECIALIST PARTNERSHIP LLP (REGISTERED NUMBER: OC423111) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 JUNE 2024 |
1. | STATUTORY INFORMATION |
Orthopaedic Specialist Partnership LLP is registered in England and Wales. The LLP's registered number and registered office address can be found on the General Information page. |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | ACCOUNTING POLICIES |
BASIS OF PREPARING THE FINANCIAL STATEMENTS |
SIGNIFICANT JUDGEMENTS AND ESTIMATES |
In preparing the financial statements, the members are required to make estimates and judgments about the carrying amounts of assets and liabilities. The estimates and assumptions are reviewed on an ongoing basis and are based on historical experience and other factors that are considered by the members to be relevant. Revision to accounting estimates are recognised in the period in which the estimate is revised. |
TURNOVER |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
TANGIBLE FIXED ASSETS |
Fixtures and fittings | - |
Computer equipment | - |
ORTHOPAEDIC SPECIALIST PARTNERSHIP LLP (REGISTERED NUMBER: OC423111) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 JUNE 2024 |
2. | ACCOUNTING POLICIES - continued |
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 recognized 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 recognized 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 that are classified as debt, are initially recognized at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payment 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 greater than one year are recognized initially at transaction price and subsequently measured at amortised cost using the effective interest method. |
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 LLP operates a defined contribution pension scheme. Contributions payable to the LLP's pension scheme are charged to profit or loss in the period to which they relate. |
3. | EMPLOYEE INFORMATION |
The average number of employees during the year was |
ORTHOPAEDIC SPECIALIST PARTNERSHIP LLP (REGISTERED NUMBER: OC423111) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 JUNE 2024 |
4. | OPERATING PROFIT |
The operating profit is stated after charging: |
30.6.24 | 30.6.23 |
£ | £ |
Depreciation - owned assets |
5. | TANGIBLE FIXED ASSETS |
Fixtures |
and | Computer |
fittings | equipment | Totals |
£ | £ | £ |
Cost |
At 1 July 2023 |
Additions |
At 30 June 2024 |
Depreciation |
At 1 July 2023 |
Charge for year |
At 30 June 2024 |
Net book value |
At 30 June 2024 |
At 30 June 2023 |
6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
30.6.24 | 30.6.23 |
£ | £ |
Trade debtors |
Other debtors |
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
30.6.24 | 30.6.23 |
£ | £ |
Trade creditors |
Taxation and social security |
Other creditors |
ORTHOPAEDIC SPECIALIST PARTNERSHIP LLP (REGISTERED NUMBER: OC423111) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 JUNE 2024 |
8. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
30.6.24 | 30.6.23 |
£ | £ |
Bank loans |