Company No: SO307162 (Scotland)

Contents

• Balance Sheet
• Notes to the Financial Statements

	Note	31.03.2025		31.03.2024
		£		£
Fixed assets
Tangible assets	3	474,674		479,028
		474,674		479,028
Current assets
Debtors	4	5,896		33,626
Cash at bank and in hand	5	22,309		19,904
		28,205		53,530
Creditors: amounts falling due within one year	6	( 65,528)		( 54,997)
Net current liabilities		(37,323)		(1,467)
Total assets less current liabilities		437,351		477,561
Creditors: amounts falling due after more than one year	7	( 419,407)		( 435,183)
Net assets attributable to members		17,944		42,378
Represented by
Loans and other debts due to members within one year
Members' capital classified as a liability		13,975		25,000
Other amounts		(5,990)		14,774
		7,985		39,774
Members' other interests
Members' capital classified as equity		9,959		2,604
		9,959		2,604
		17,944		42,378
Total members' interests
Loans and other debts due to members		7,985		39,774
Members' other interests		9,959		2,604
		17,944		42,378

For the financial year ending 31 March 2025 the LLP was entitled to exemption from audit under section 477 of the Companies Act 2006, as applied by The Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008.

Members' responsibilities:

• The members acknowledge their responsibilities for complying with the requirements of the Companies Act 2006, as applied by The Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008, with respect to accounting records and the preparation of financial statements; and
• These financial statements have been prepared and delivered in accordance with the provisions applicable to LLPs subject to the small LLPs regime and a copy of the Profit and Loss Account has not been delivered.

The financial statements of Howe of Fife Medical Practice LLP (registered number: SO307162) were approved and authorised for issue by the Board of Directors on 08 December 2025. They were signed on its behalf by:

Dr Paul Cunningham Designated member

1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial period, unless otherwise stated.

General information and basis of accounting

Howe of Fife Medical Practice LLP is a limited liability partnership, incorporated in the United Kingdom under the Limited Liability Partnerships Act 2000 and is registered in Scotland. The address of the LLP's registered office is 27 Commercial Road Ladybank, Fife, KY15 7JS, United Kingdom.

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 items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Limited Liability Partnerships Act 2000 as applicable to companies subject to the small companies regime and the requirements of the Statement of Recommended Practice Accounting by Limited Liability Partnerships issued in December 2021 (SORP 2022).

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

The members have assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The members have a reasonable expectation that the LLP has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Reporting period length

The prior period of accounts are a 15 month period, therefore figures are not comparable with the 12 month period to 31 March 2025.

Turnover

Turnover represents amounts earned during the period from medical activities.

If, at the Balance Sheet date, completion of contractual obligations is dependent on external factors (and thus outside the control of the Limited Liability Partnership), then revenue is recognised only when the event occurs. In such cases, costs incurred up to the Balance Sheet date are carried forward as work in progress.

Employee benefits

Short term benefits
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised as an expense when the LLP is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

Defined contribution schemes
The LLP operates a defined contribution scheme. The amount charged to the Profit and Loss Account in respect of pension costs and other post-retirement benefits is the contributions payable in the financial year. Differences between contributions payable in the financial year and contributions actually paid are included as either accruals or prepayments in the Balance Sheet.

Taxation

The taxation payable on the partnership's profits is the personal liability of the members, although payment of such liabilities is administered by the partnership on behalf of its members. Consequently, neither partnership taxation nor related deferred taxation is accounted for in these financial statements. Sums set aside in respect of members' tax obligations are included in the balance sheet within loans and other debts due to members, or are set against amounts due from members as appropriate.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Land and buildings	not depreciated
Fixtures and fittings	15 % reducing balance

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

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.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Profit and Loss Account as described below.

Non-financial assets
At each balance sheet date, the company reviews its tangible 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). The recoverable amount of an asset is the higher of its fair value less costs to sell and its value in use.

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. An impairment loss is recognised immediately in profit or loss.

Financial assets
Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

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.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand and deposits held at call with banks.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

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.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either 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 measured at transaction price including transaction costs.

Basic financial liabilities
Basic financial liabilities, including creditors and bank loans, are 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.

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.

Members' participation rights

Members' participation rights are the rights of a member against the LLP that arise under the members' agreement (for example, in respect of amounts subscribed or otherwise contributed, remuneration and profits).

Members’ participation rights in the earnings or assets of the LLP are analysed between those that are, from the LLP's perspective, either a financial liability or equity, in accordance with section 22 of FRS 102. A member’s participation rights including amounts subscribed or otherwise contributed by members, for example members’ capital, are classed as liabilities unless the LLP has an unconditional right to refuse payment to members, in which case they are classified as equity.

The members hold equity capital from the property and an agreed working capital balance within the LLP.

The profits are automatically divided as they arise or are determined, so that the LLP does not have an unconditional right to refuse payment, the amounts arising that are due to members are in the nature of liabilities. They should therefore be treated as an expense in the profit and loss account in the relevant year and, to the extent they remain unpaid at the year end, they should be shown as liabilities in the balance sheet.

All amounts due to members that are classified as liabilities are presented in the Statement of Financial Position within 'Loans and other debts due to members' and are charged to the Profit and Loss Account within 'Members' remuneration charged as an expense'. Amounts due to members that are classified as equity are shown in the Statement of Financial Position within 'Members' other interests'.

2. Employees

	Year ended 31.03.2025		Period from 01.01.2023 to 31.03.2024
	Number		Number
Monthly average number of persons employed by the LLP during the year	9		11

3. Tangible assets

	Land and buildings		Fixtures and fittings		Total
	£		£		£
Cost
At 01 April 2024	450,000		35,757		485,757
At 31 March 2025	450,000		35,757		485,757
Accumulated depreciation
At 01 April 2024	0		6,729		6,729
Charge for the financial year	0		4,354		4,354
At 31 March 2025	0		11,083		11,083
Net book value
At 31 March 2025	450,000		24,674		474,674
At 31 March 2024	450,000		29,028		479,028

Revaluation of tangible assets

Freehold and leasehold land and buildings were professionally valued by J&E Shepherd, Chartered Surveyors, an independent valuer, to fair value at 29 July 2021. At 31 March 2025, the LLP feel the valuation to still be true.

4. Debtors

	31.03.2025		31.03.2024
	£		£
Trade debtors	5,896		33,626

5. Cash and cash equivalents

	31.03.2025		31.03.2024
	£		£
Cash at bank and in hand	22,309		19,904

6. Creditors: amounts falling due within one year

	31.03.2025		31.03.2024
	£		£
Bank loans (secured)	39,344		35,543
Trade creditors	21,564		14,834
Other creditors	4,620		4,620
	65,528		54,997

Bank loans are secured by a fixed and floating charge over the property and assets of the LLP.

7. Creditors: amounts falling due after more than one year

	31.03.2025		31.03.2024
	£		£
Bank loans (secured)	294,697		305,853
Other creditors	124,710		129,330
	419,407		435,183

Bank loans are secured by a fixed and floating charge over the property and assets of the LLP.