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(1) General Information
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| The GREEN LANES MEDICAL LLP is a limited liability partnership and is registered in England and Wales. Its legal form is that of a limited liability partnership. The address of the registered office is Ramsay Brown LLP, The Brentano Suite, 915 High Road, North Finchley, N12 8QJ. |
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(2) Statement of compliance
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| These individual financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” Section 1A and Companies Act 2006, as applicable to LLPs subject to the small entities regime. |
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These financial statements for the year 5 April 2025 are the second financial statements that comply with FRS 102. The date of transition is 6 April 2023.
The transition to FRS 102 has resulted in a small number of changes in accounting policies to those previously used. |
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(3) Significant Accounting Policies
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Basis of preparation
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The financial statements have been prepared on the historical cost basis and in accordance with the Companies Act 2006.
The presentation and functional currency of the partnership is pounds sterling. The financial statements are presented in pound units (£) unless stated otherwise. |
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Revenue recognition
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Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax.
The partnership recognises revenue when the amount of revenue can be measured reliably, when it is probable that future economic benefits will flow to the entity and when specific criteria have been met as described below. |
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Rendering of services
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Revenue from provision of services rendered in the reporting period is recognised when the outcome of a transaction for the rendering of services can be estimated reliably in terms of revenue, costs and its stage of completion of the specific transaction at the end of the reporting period. The stage of completion is determined on the basis of the actual completion of a proportion of the total services to be rendered.
When the outcome of a service contract cannot be estimated reliably the partnership only recognises revenue to the extent of the recoverable expenses recognised. |
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Rental income
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Rental income from operating leases are recognised on a straight-line basis over the term of the relevant lease.Rental Income is included within other income from fixed assets.
As we are following accrual basis of accounting, the rental income to the tune of £33,763 has been received now and accounted for years 2019-20, 2020-21, 2022-23 and 2023-24. |
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Interest income
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| Interest income is recognised using the effective interest method. |
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Property, plant and equipment
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Property, plant and equipment is stated at cost less accumulated depreciation and impairment losses. Part of an item of property, plant and equipment having different useful lives are accounted for as separate items.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives, using the straight-line method. The estimated useful lives, residual values and depreciation method are reviewed at the end of each reporting period, with the effect of any changes in estimate accounted for on a prospective basis.
Depreciation is provided to write off the cost less estimated residual value, of each asset over its expected useful life as follows:
| | Asset class and depreciation rate | | Land and Buildings | | | Plant and Machinery | | | Short Leasehold Properties | | | Investment Properties | | | Long Leasehold Properties | | | Commercial Vehicles | | | Fixtures and Fittings | 15% reducing balance | | Equipment | | | Motor Cars | |
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Investment property
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| Investment properties are included in the balance sheet at their open market value in accordance with the Financial Reporting Standard (FRS 102) and are not depreciated. This treatment is contrary to the Companies Act 2006 which states that fixed assets should be depreciated but is, in the opinion of the directors, necessary in order to give a true and fair view of the financial position of the company. |
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Revaluation of investment properties
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Prior to adoption of FRS 102, property revaluation gains/ losses were reflected in the revaluation reserve. Under s 1Ac.22, Investment Properties, property gains/losses are reflected in the profit and loss account.
Revaluation surplus or deficit is transferred to profit and loss account in accordance with the Financial Reporting Standard FRS 102. |
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(4) Employees
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| During the year, the average number of employees including member was 0 (2024 : 0). |
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(5) Debtors
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Amounts falling due within one year
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| | | 2025 | | 2024 | | £ | | £ | | | Trade debtors | 33,763 | | 197,034 | | Other debtors | 50,137 | | 73,036 | | Prepayments and accrued income | 923 | | 2,953 | | 84,823 | | 273,022 |
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(6) Cash and cash equivalents
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| | | 2025 | | 2024 | | £ | | £ | | | Bank balance | 186,299 | | 349,893 | | | | | | 186,299 | | 349,893 |
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(7) Creditors: Amounts falling due within one year
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| | | 2025 | | 2024 | | £ | | £ | | | Trade creditors | 336,394 | | 142,148 | | | | | | | | | | | | | | | | | | Accruals and deferred income | 2,838 | | 2,684 | | 339,232 | | 144,832 |
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(8) Creditors: Amounts falling due after more than one year
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| | | 2025 | | 2024 | | £ | | £ | | | Bank loans and overdrafts | 3,047,250 | | 2,374,000 | | | | | | | | | | | | | | 3,047,250 | | 2,374,000 |
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(9) Related party transactions
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Green Lanes Medical LLP is related to Patco Consultancy Limited and New River Health Limited by virtue of certain members of the LLP also being directors and shareholders of both limited companies and therefore having control or significant influence over both entities.
During the year, Patco Consultancy Limited advanced an additional loan of £557,000 (2024: £2,208,000) to the LLP. No repayments were made during the year (2024: £275,000). At the year end, the balance outstanding was £2,490,000 (2024: £1,933,000).
During the year, New River Health Limited advanced a loan of £Nil (2024: £700,000) to the LLP. Repayments of £125,000 were made during the year (2024: £575,000). At the year end, the balance outstanding was £Nil (2024: £125,000). |
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(10) Fixed assets
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| Tangible
£ | Investments
Property
£ | Totals
£ | | Cost | | | | | As at 06 April 2024 | 180,906 | 6,345,000 | 6,525,906 | | Additions | 1,211 | 1,532,641 | 1,533,852 | | Revaluation | - | (1,315,994) | (1,315,994) | | As at 05 April 2025 | 182,117 | 6,561,647 | 6,743,764 | | Depreciation/Amortisation | | | | | As at 06 April 2024 | 166,776 | - | 166,776 | | For the year | 2,186 | - | 2,186 | | As at 05 April 2025 | 168,962 | - | 168,962 | | Net book value | | | | | As at 05 April 2025 | 13,155 | 6,561,647 | 6,574,802 | | As at 05 April 2024 | 14,130 | 6,345,000 | 6,359,130 |
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