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Registered number: 07406444
Double Tee Practice Limited
Unaudited Financial Statements
For The Year Ended 31 October 2024
Wilkinson Accounting Solutions Limited
Unaudited Financial Statements
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—6
Page 1
Balance Sheet
Registered number: 07406444
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 121,190 147,794
121,190 147,794
CURRENT ASSETS
Debtors 5 1,234,963 1,053,209
Cash at bank and in hand 948 3,328
1,235,911 1,056,537
Creditors: Amounts Falling Due Within One Year 6 (336,739 ) (260,187 )
NET CURRENT ASSETS (LIABILITIES) 899,172 796,350
TOTAL ASSETS LESS CURRENT LIABILITIES 1,020,362 944,144
Creditors: Amounts Falling Due After More Than One Year 7 (171,871 ) (241,927 )
PROVISIONS FOR LIABILITIES
Deferred Taxation (22,602 ) (26,773 )
NET ASSETS 825,889 675,444
CAPITAL AND RESERVES
Called up share capital 9 100 100
Profit and Loss Account 825,789 675,344
SHAREHOLDERS' FUNDS 825,889 675,444
Page 1
Page 2
For the year ending 31 October 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 in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr Taofik Oyedele
Director
29/08/2025
The notes on pages 3 to 6 form part of these financial statements.
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Page 3
Notes to the Financial Statements
1. Accounting Policies
1.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
1.2. Going Concern Disclosure
The directors have not identified any material uncertainties related to events or conditions that may cast significant doubt about the company's ability to continue as a going concern.
1.3. 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 is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
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. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
1.4. Intangible Fixed Assets and Amortisation - Goodwill
Goodwill is the difference between amounts paid on the acquisition of a business and the fair value of the separable net assets. It is amortised to profit and loss account over its estimated economic life of nil years.
1.5. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Plant & Machinery 18% on cost
Motor Vehicles 18% on cost
Fixtures & Fittings 18% on cost
Computer Equipment 18% on cost
1.6. Leasing and Hire Purchase Contracts
Assets obtained under finance leases are capitalised as tangible fixed assets. Assets acquired under finance leases are depreciated over the shorter of the lease term and their useful lives. Assets acquired under hire purchase contracts are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in the creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to the profit and loss account as incurred.
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1.7. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and 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 end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current and deferred tax are recognised in profit or loss for the year, except when they relate to items that are recognised in other comprehensive income or directly in equity, in which case current and deferred tax are recognised in other comprehensive income or directly in equity respectively.
1.8.
Trade Creditors
Trade Creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts Payable are classified as current liabilities if the company does not have an unconditional right at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade Debtors
Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
2. Average Number of Employees
Average number of employees, including directors, during the year was as follows: 7 (2023: 5)
7 5
3. Intangible Assets
Goodwill
£
Cost
As at 1 November 2023 260,000
As at 31 October 2024 260,000
Amortisation
As at 1 November 2023 260,000
As at 31 October 2024 260,000
...CONTINUED
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Net Book Value
As at 31 October 2024 -
As at 1 November 2023 -
4. Tangible Assets
Plant & Machinery Motor Vehicles Fixtures & Fittings Computer Equipment Total
£ £ £ £ £
Cost
As at 1 November 2023 142,001 130,600 1,748 4,775 279,124
As at 31 October 2024 142,001 130,600 1,748 4,775 279,124
Depreciation
As at 1 November 2023 102,984 23,508 1,226 3,612 131,330
Provided during the period 7,023 19,277 94 210 26,604
As at 31 October 2024 110,007 42,785 1,320 3,822 157,934
Net Book Value
As at 31 October 2024 31,994 87,815 428 953 121,190
As at 1 November 2023 39,017 107,092 522 1,163 147,794
5. Debtors
2024 2023
£ £
Due within one year
Trade debtors 15,141 15,141
Other debtors - 544
Inter Company Loan - Nusi 1,219,402 1,037,104
Inter company Loan - Raashi Investements 420 420
1,234,963 1,053,209
6. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Net obligations under finance lease and hire purchase contracts 20,020 -
Trade creditors 5,503 4,260
Corporation tax 211,990 133,305
PAYE creditor 11,653 5,844
Arch Creditor 60 -
NHS Creditor 68,966 94,674
Accruals 18,547 22,104
336,739 260,187
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7. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Net obligations under finance lease and hire purchase contracts 88,892 128,932
Bank loans 62,981 82,995
Other loans 10,006 30,000
Other loan more than 1 year 9,992 -
171,871 241,927
8. Obligations Under Finance Leases and Hire Purchase
2024 2023
£ £
The maturity of these amounts is as follows:
Within one year 20,020 -
Between one and five years 88,892 128,932
108,912 128,932
108,912 128,932
9. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 100 100
10. General Information
Double Tee Practice Limited is a private company, limited by shares, incorporated in England & Wales, registered number 07406444 . The registered office is Stuart House-East Wing, St. Johns Street, Peterborough, PE1 5DD.
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