The London Orthopaedic Clinic LLP - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: OC334420 (England and Wales)

Unaudited Financial Statements for the Year Ended 31 January 2021

for

The London Orthopaedic Clinic LLP

Page

General Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DESIGNATED MEMBERS:

R Lloyd Williams Limited

Specialist Medicolegal Associates Ltd

REGISTERED OFFICE:

1st Floor

Healthaid House

Marlborough Hill

Harrow

Middlesex

HA1 1UD

REGISTERED NUMBER:

OC334420 (England and Wales)

ACCOUNTANTS:

Grant Harrod Lerman Davis LLP

Chartered Accountants

1st Floor

Healthaid House

Marlborough Hill

Harrow

Middlesex

HA1 1UD

FIXED ASSETS

Intangible assets

4

8,157

28,991

Tangible assets

5

977

6,406

9,134

35,397

CURRENT ASSETS

Debtors

6

54,008

125,361

Cash at bank and in hand

119,432

174,435

173,440

299,796

CREDITORS

Amounts falling due within one year

7

51,579

169,437

NET CURRENT ASSETS

121,861

130,359

TOTAL ASSETS LESS CURRENT LIABILITIES

130,995

165,756

CREDITORS

Amounts falling due after more than one year

8

20,000

-

NET ASSETS ATTRIBUTABLE TO MEMBERS

110,995

165,756

LOANS AND OTHER DEBTS DUE TO MEMBERS

9

101,968

156,729

MEMBERS' OTHER INTERESTS

Capital accounts

9,027

9,027

110,995

165,756

TOTAL MEMBERS' INTERESTS

Loans and other debts due to members

9

101,968

156,729

Members' other interests

9,027

9,027

110,995

165,756

The LLP is entitled to exemption from audit under Section 477 of the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008 for the year ended 31 January 2021.

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 have been prepared and delivered in accordance with the provisions applicable to LLPs subject to the small LLPs regime.

In accordance with Section 444 of the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008, the Income Statement has not been delivered.

The financial statements were approved by the members of the LLP and authorised for issue on 1 April 2021 and were signed by:

Specialist Medicolegal Associates Ltd - Designated member

1.	STATUTORY INFORMATION

The London Orthopaedic Clinic LLP is registered in England and Wales. The LLP's registered number and registered office address can be found on the General Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the requirements of the Statement of Recommended Practice, Accounting by Limited Liability Partnerships. The financial statements have been prepared under the historical cost convention.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Goodwill

Goodwill represents the difference between amounts paid on the cost of a business combination and

the acquirer’s interest in the fair value of its identifiable assets and liabilities of the acquiree at the

date of acquisition. Subsequent to initial recognition, goodwill is measured at cost less accumulated

amortisation and accumulated impairment losses. Goodwill is amortised on a straight line basis to the

Profit and loss account over its useful economic life.

Intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible

assets are measured at cost less any accumulated amortisation and any accumulated impairment

losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life

cannot be made, the useful life shall not exceed ten years.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Plant and machinery

-

Straight line over 5 years

Fixtures and fittings

-

Straight line over 5 years

Computer equipment

-

Straight line over 3 years

Tangible fixed assets under the cost model are stated at historical cost less accumulated

depreciation and any accumulated impairment losses. Historical cost includes expenditure that is

directly attributable to bringing the asset to the location and condition necessary for it to be capable of

operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their

estimated useful lives, using the straight-line method.

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted

prospectively if appropriate, or if there is an indication of a significant change since the last reporting

date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount

and are recognised in the Profit and loss account.

Financial instruments

The LLP has elected to apply Sections 11 and 12 of FRS 102 in respect of financial instruments.

Financial assets and financial liabilities are recognised when the LLP becomes 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 LLP after deducting all of its liabilities.

The LLP’s policies for its major classes of financial assets and financial liabilities are set out below.

Financial assets

Basic financial assets, including trade and other debtors, cash and bank balances, intercompany

working capital balances, and intercompany financing are initially recognised at transaction price,

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 for a similar debt

instrument. Financing transactions are those in which payment is deferred beyond normal business

terms or is financed at a rate of interest that is not a market rate.

Such assets are subsequently carried at amortised cost using the effective interest method, less any

impairment.

Financial liabilities

Basic financial liabilities, including trade and other 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 for a

similar debt instrument. Financing transactions are those in which payment is deferred beyond

normal business terms or is financed at a rate of interest that is not a market rate.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Impairment of financial assets

Financial assets measured at cost and amortised cost are assessed at the end of each reporting

period for objective evidence of impairment. If objective evidence of impairment is found, an

impairment loss is recognised in the profit and loss account.

For financial assets measured at cost less impairment, the impairment loss is measured as the

difference between the asset's carrying amount and the best estimate of the amount the company

would receive for the asset if it were to be sold at the reporting date.

For financial assets measured at amortised cost, the impairment loss is measured as the difference

between the asset's carrying amount and the present value of estimated cash flows discounted at the

asset's original effective interest rate. If the financial asset has a variable interest rate, the discount

rate for measuring any impairment loss is the current effective interest rate determined under the

contract.

If there is a decrease in the impairment loss arising from an event occurring after the impairment was

recognised, the impairment is reversed. The reversal is such that the current carrying amount does

not exceed what the carrying amount would have been had the impairment not previously been

recognised. The impairment reversal is recognised in profit or loss.

Derecognition of financial assets and financial liabilities

Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset

expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are

transferred to another party or (c) despite having retained some significant risks and rewards of

ownership, control of the asset has been transferred to another party who has the practical ability to

unilaterally sell the asset to an unrelated third party without imposing additional restrictions.

Financial liabilities are derecognised when the liability is extinguished, that is when the contractual

obligation is discharged, cancelled or expires.

Offsetting of financial assets and financial liabilities

Financial assets and liabilities are offset and the net amount reported in the balance sheet when

there is an 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.

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.

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty

on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no

more than three months from the date of acquisition and that are readily convertible to known

amounts of cash with insignificant risk of change in value.

Going concern

After making enquiries, the members have a reasonable expectation that the company has adequate

resources to continue in operational existence and meet its liabilities as they fall due for the

foreseeable future, being a period of at least twelve months from the date these financial statements

were approved. Accordingly, they continue to adopt the going concern basis in preparing the financial

statements.

3.	EMPLOYEE INFORMATION

The average number of employees during the year was 4 (2020 - 7 ) .

4.	INTANGIBLE FIXED ASSETS

Computer

Goodwill

software

Totals

£

£

£

COST

At 1 February 2020

and 31 January 2021

91,797

7,500

99,297

AMORTISATION

At 1 February 2020

68,848

1,458

70,306

Amortisation for year

18,359

2,475

20,834

At 31 January 2021

87,207

3,933

91,140

NET BOOK VALUE

At 31 January 2021

4,590

3,567

8,157

At 31 January 2020

22,949

6,042

28,991

5.	TANGIBLE FIXED ASSETS

Fixtures

Plant and

and

Computer

machinery

fittings

equipment

Totals

£

£

£

£

COST

At 1 February 2020

and 31 January 2021

61,405

2,315

12,782

76,502

DEPRECIATION

At 1 February 2020

57,805

761

11,530

70,096

Charge for year

3,599

579

1,251

5,429

At 31 January 2021

61,404

1,340

12,781

75,525

NET BOOK VALUE

At 31 January 2021

1

975

1

977

At 31 January 2020

3,600

1,554

1,252

6,406

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2021

2020

£

£

Trade debtors

51,677

88,716

Other debtors

-

383

Prepayments and accrued income

2,331

36,262

54,008

125,361

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2021

2020

£

£

Trade creditors

13,172

111,114

Social security and other taxes

5,494

8,997

VAT

-

9,467

Other creditors

17,023

17,624

Accrued expenses

15,890

22,235

51,579

169,437

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2021

2020

£

£

Other creditors

20,000

-

9.

LOANS AND OTHER DEBTS DUE TO MEMBERS

2021

2020

£

£

Loans from members

75,000

75,000

Amounts owed to members in respect of profits

26,968

81,729

101,968

156,729

Falling due within one year

101,968

156,729

Loans and other debts due to members rank equally with debts due to ordinary creditors in the event of a winding up.