Litfield House Medical Centre Ltd - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 00976461 (England and Wales)

Unaudited Financial Statements

for the Year Ended 31 December 2021

for

LITFIELD HOUSE MEDICAL CENTRE LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

Dr P Aylard

Mr K J James

Mr M D Rocker

Dr J R C Z Cruz Zafra

Dr M H G Beard

Mr S Coles

SECRETARY:

Mrs P Tanner

REGISTERED OFFICE:

Litfield House

1 Litfield Place

Clifton

Bristol

BS8 3LS

REGISTERED NUMBER:

00976461 (England and Wales)

ACCOUNTANTS:

Haines Watts

Chartered Accountants

6-8 Bath Street

Bristol

BS1 6HL

FIXED ASSETS

Tangible assets

4

1,839,087

1,830,292

CURRENT ASSETS

Debtors

5

46,866

41,017

Cash at bank and in hand

33,373

25,341

80,239

66,358

CREDITORS

Amounts falling due within one year

6

(134,115

)

(124,830

)

NET CURRENT LIABILITIES

(53,876

)

(58,472

)

TOTAL ASSETS LESS CURRENT LIABILITIES

1,785,211

1,771,820

CREDITORS

Amounts falling due after more than one year

7

(252,527

)

(282,899

)

PROVISIONS FOR LIABILITIES

9

(186,576

)

(144,729

)

NET ASSETS

1,346,108

1,344,192

CAPITAL AND RESERVES

Called up share capital

10

490

490

Fair value reserve

992,062

1,034,033

Profit and loss account

353,556

309,669

SHAREHOLDERS' FUNDS

1,346,108

1,344,192

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2021.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2021 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company 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 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Profit and loss account has not been delivered.

The financial statements were approved and authorised for issue by the Board of Directors and authorised for issue on 18 May 2022 and were signed on its behalf by:

Dr J R C Z Cruz Zafra - Director

Mr K J James - Director

1.	COMPANY INFORMATION

Litfield House Medical Centre Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).

The company's principal activities and nature of its operations are disclosed in the Directors' Report.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" ("FRS 102") and the requirements of the Companies Act 2006.

The financial statements have been prepared on the historical cost convention. The principal accounting policies adopted are set out below.

GOING CONCERN ASSESSMENT

The company had net current liabilities of £53,876 as at 31 December 2021. The company's bankers will provide the company with financial support for at least the next 12 months to enable it to continue to trade and meet its liabilities as they fall due. Accordingly, the directors consider it appropriate for the financial statements to be prepared on a going concern basis.

The financial statements have been prepared on a going concern basis. The directors have a reasonable expectation that despite the adverse effects COVID-19 is having on the economy as a whole, the company has adequate resources to continue in operational existence for the foreseeable future. The directors have reviewed relevant information and has considered possible measures that could be undertaken to mitigate the current adverse conditions. Based on this assessment and the current resources available, the directors have concluded that they can continue to adopt the going concern basis in preparing the financial statements.

Turnover

Turnover represents invoiced sales of services. Income from rents and recharged services are recognised in the financial statements over the period to which they relate.

Tangible fixed assets

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

Computer equipment

- 33% on cost

Fixtures and fittings

- 15% on reducing balance

Plant and machinery

- 15% on reducing balance

Office equipment

- 15% on reducing balance

Freehold property

- not provided for

The residual value of freehold property is expected to be higher than it's deemed cost and therefore no depreciation has been provided for.

Tangible fixed assets are stated at cost (or deemed cost in the case of freehold property) less accumulated depreciation and accumulated impairment losses. Cost includes those directly attributable to making the asset capable of operating as intended.

Cash and cash equivalents

Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

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 recognised 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 recognised 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, which include trade and other debtors, amounts due from group undertakings and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost. Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Basic financial liabilities, including trade and other creditors and amounts due to group undertakings 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. Debt instruments are subsequently carried at amortised cost, using the effective interest rate method. Financial liabilities are derecognised when, and only when, the company's contractual obligations are discharged, cancelled, or they expire.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and loss account, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 17 (2020 - 16 ) .

4.	TANGIBLE FIXED ASSETS

Fixtures

Freehold

Computer

and

property

equipment

fittings

£

£

£

COST

At 1 January 2021

1,754,470

20,260

115,145

Additions

22,113

-

-

Reclassification/transfer

-

(2,183

)

-

At 31 December 2021

1,776,583

18,077

115,145

DEPRECIATION

At 1 January 2021

-

15,160

79,923

Charge for year

-

2,708

5,283

Reclassification/transfer

-

(2,183

)

-

At 31 December 2021

-

15,685

85,206

NET BOOK VALUE

At 31 December 2021

1,776,583

2,392

29,939

At 31 December 2020

1,754,470

5,100

35,222

Plant and

Office

machinery

equipment

Totals

£

£

£

COST

At 1 January 2021

78,166

94,097

2,062,138

Additions

-

-

22,113

Reclassification/transfer

-

2,183

-

At 31 December 2021

78,166

96,280

2,084,251

DEPRECIATION

At 1 January 2021

49,140

87,623

231,846

Charge for year

4,354

973

13,318

Reclassification/transfer

-

2,183

-

At 31 December 2021

53,494

90,779

245,164

NET BOOK VALUE

At 31 December 2021

24,672

5,501

1,839,087

At 31 December 2020

29,026

6,474

1,830,292

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2021

2020

£

£

Trade debtors

26,114

18,655

Other debtors

4,621

4,209

Directors' current accounts

6,965

5,411

Prepayments and accrued income

9,166

12,742

46,866

41,017

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2021

2020

£

£

Bank loans and overdrafts

30,676

37,323

Trade creditors

47,751

17,001

Social security and other taxes

4,823

2,375

Other creditors

11,481

23,254

Directors' current accounts

2,600

-

Accruals and deferred income

36,784

44,877

134,115

124,830

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2021

2020

£

£

Bank loans

252,527

282,899

Bank loans include aggregate amounts of £112,541 (2020: £151,166), which fall due after five years and which are repayable by instalments.

8.	SECURED DEBTS

The following secured debts are included within creditors:

2021

2020

£

£

Bank loans

283,203

320,222

9.	PROVISIONS FOR LIABILITIES

The provision for liabilities relates to the anticipated tax charge that would arise were the company to sell its freehold property at the value recorded in the financial statements.

10.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2021

2020

value:

£

£

380

Ordinary shares

£1.00

380

380

110

Founder shares

£1.00

110

110

490

490

11.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 31 December 2021 and 31 December 2020:

2021

2020

£

£

Dr P Aylard

Balance outstanding at start of year

3

298

Amounts advanced

-

912

Amounts repaid

(3

)

(1,207

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

-

3

Dr J N Hembry

Balance outstanding at start of year

-

2,627

Amounts advanced

-

868

Amounts repaid

-

(3,495

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

-

-

Dr J R C Z Cruz Zafra

Balance outstanding at start of year

4,468

2,482

Amounts advanced

3,407

4,468

Amounts repaid

(910

)

(2,482

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

6,965

4,468

Dr M H G Beard

Balance outstanding at start of year

940

-

Amounts advanced

7,028

3,302

Amounts repaid

(7,968

)

(2,362

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

-

940