The Exeter Practice Limited - Period Ending 2021-12-31
The Exeter Practice Limited - Period Ending 2021-12-31
Registration number:
The Exeter Practice Limited
for the Year Ended 31 December 2021
The Exeter Practice Limited
(Registration number: 05662391)
Contents
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Company Information |
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Strategic Report |
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Directors' Report |
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Statement of Directors' Responsibilities |
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Independent Auditor's Report |
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Profit and Loss Account |
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Statement of Comprehensive Income |
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Balance Sheet |
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Statement of Changes in Equity |
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Statement of Cash Flows |
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Notes to the Financial Statements |
The Exeter Practice Limited
(Registration number: 05662391)
Company Information
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Directors |
Mrs M E Boulter Mrs R A Granados Mr J Bowen |
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Company secretary |
Mrs M E Boulter |
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Registered office |
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Auditors |
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The Exeter Practice Limited
(Registration number: 05662391)
Strategic Report for the Year Ended 31 December 2021
The directors present their strategic report for the year ended 31 December 2021.
Principal activity
The principal activity of the company is the bringing together, with a view to the provision of specified financial services:
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• |
persons who are or may be seeking to receive specified financial services, and |
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• |
persons who provide specified financial services. |
Specifically this includes:
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• |
gathering information about clients (fact find) |
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• |
carrying out research to find suitable investment options |
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• |
providing clients with reports, financial health checks and forecasts |
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• |
recommending specific investment products to the client, including an indication of the prices at which these can be arranged |
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• |
with the agreement of the client, contacting product providers on their behalf and act between the provider and the client with a view to arranging the sale of the Retail Investment Products |
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• |
and, where the client agrees to an ongoing review service, monitor the clients ongoing position on a periodic basis to ensure that the products continue to meet the requirements of the client. |
Fair review of the business
The results for the year and the financial position at the year end were considered satisfactory by the directors who expect steady continued growth in the forseeable future.
The company's key financial and other performance indicators during the year were as follows:
|
Financial KPIs |
Unit |
2021 |
2020 |
|
Turnover |
£ |
2,157,717 |
1,947,454 |
|
Turnover growth |
% |
11 |
1 |
|
Profit before tax |
£ |
944,677 |
874,368 |
|
Recurrent fee income to total income |
% |
93 |
92 |
The directors believe that it is essential to develop long term relationships with clients and delight them with the service provided.
The independent assessment of success in these areas was the positive feedback received from clients when asked "Looking back over everything we have discussed and achieved, what has been of most value, and looking forward is there anything we could do differently or improve?" and the continued referral of new clients from existing clients.
The Exeter Practice Limited
(Registration number: 05662391)
Strategic Report for the Year Ended 31 December 2021
Principal risks and uncertainties
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Insufficient new client take on |
Marketing plan focused on new client acquisition via referral from existing clients |
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Failure to deliver quality service and value for money |
'Value discussion' questions asked in all client meetings to determine client satisfaction and opportunities for improvement |
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Market volatility |
Financial Conduct Authority capital adequacy requirements adhered to |
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FCA compliance breach |
Annual independent compliance audit |
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Economic downturn |
Over 90% of income is recurrent, not transaction dependent |
Approved and authorised by the
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......................................... |
The Exeter Practice Limited
(Registration number: 05662391)
Directors' Report for the Year Ended 31 December 2021
The directors present their report and the financial statements for the year ended 31 December 2021.
Director of the company
The directors who held office during the year were as follows:
Financial instruments
Objectives and policies
The company's principal financial instruments comprise bank balances, trade debtors and trade creditors. The main purpose of these instruments is to finance the company's operations.
Price risk, credit risk, liquidity risk and cash flow risk
Due to the nature of the financial instruments used by the company there is no exposure to price risk. The company's approach to managing other risks applicable to the financial instruments concerned is shown below.
In respect of bank balances, cash balances are held in such a way that achieves a competitive rate of interest.
Trade debtors are managed in respect of credit and cash flow risk by policies concerning the credit offered to customers and the regular monitoring of amounts outstanding for both time and credit limits. The amounts presented in the balance sheet are net of allowances for doubtful debtors.
Trade creditors' liquidity risk is managed by ensuring sufficient funds are available to meet amounts due.
Disclosure of information to the auditors
Each director has taken steps that they ought to have taken as a director in order to make themselves aware of any relevant audit information and to establish that the company's auditors are aware of that information. The directors confirm that there is no relevant information that they know of and of which they know the auditors are unaware.
Approved and authorised by the
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......................................... |
The Exeter Practice Limited
(Registration number: 05662391)
Statement of Directors' Responsibilities
The directors acknowledge their responsibilities for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:
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• |
select suitable accounting policies and apply them consistently; |
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make judgements and accounting estimates that are reasonable and prudent; |
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state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and |
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prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. |
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006 and in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The Exeter Practice Limited
(Registration number: 05662391)
Independent Auditor's Report to the Members of The Exeter Practice Limited
Opinion
We have audited the financial statements of The Exeter Practice Limited (the 'company') for the year ended 31 December 2021, which comprise the Profit and Loss Account, Statement of Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Statement of Cash Flows, and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements:
• | give a true and fair view of the state of the company's affairs as at 31 December 2021 and of its profit for the year then ended; |
• | have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and |
• | have been prepared in accordance with the requirements of the Companies Act 2006. |
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the auditor responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the director's use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the original financial statements were authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
Other information
The directors are responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.
The Exeter Practice Limited
(Registration number: 05662391)
Independent Auditor's Report to the Members of The Exeter Practice Limited
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
Opinion on other matter prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
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• |
the information given in the Strategic Report and Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
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• |
the Strategic Report and Directors' Report have been prepared in accordance with applicable legal requirements. |
Matters on which we are required to report by exception
In the light of our knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report and the Directors' Report.
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
• | adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or |
• | the financial statements are not in agreement with the accounting records and returns; or |
• | certain disclosures of directors’ remuneration specified by law are not made; or |
• | we have not received all the information and explanations we require for our audit. |
Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities [set out on page 5], the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.
Auditor Responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
The Exeter Practice Limited
(Registration number: 05662391)
Independent Auditor's Report to the Members of The Exeter Practice Limited
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:
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• |
the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations; |
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we identified the laws and regulations applicable to the company through discussions with directors and other management, and from our commercial knowledge and experience of the financial services sector; |
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• |
we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, including the Companies Act 2006, taxation legislation and data protection, FCA legislation, anti-bribery, employment, environmental and health and safety legislation; |
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• |
we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management, reviewing correspondence with the FCA, and inspecting legal correspondence; and |
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• |
identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit. |
We assessed the susceptibility of the company’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:
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• |
making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and |
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• |
considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations. |
To address the risk of fraud through management bias and override of controls, we:
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performed analytical procedures to identify any unusual or unexpected relationships; |
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tested journal entries to identify unusual transactions; |
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assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias; and |
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investigated the rationale behind significant or unusual transactions. |
In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:
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• |
agreeing financial statement disclosures to underlying supporting documentation; |
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• |
reading the minutes of meetings of those charged with governance; |
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• |
enquiring of management as to actual and potential litigation and claims; and |
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• |
reviewing correspondence with HMRC, relevant regulators including the FCA, and the company’s legal advisors. |
The Exeter Practice Limited
(Registration number: 05662391)
Independent Auditor's Report to the Members of The Exeter Practice Limited
There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.
Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.
A further description of our responsibilities is available on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.
Use of our report
This report is made solely to the company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company’s members those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company’s members as a body, for our audit work, for this report, or for the opinions we have formed.
......................................
For and on behalf of
1 Colleton Crescent
Devon
EX2 4DG
The Exeter Practice Limited
(Registration number: 05662391)
Profit and Loss Account for the Year Ended 31 December 2021
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Note |
2021 |
2020 |
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|
Turnover |
|
|
|
|
Cost of sales |
( |
( |
|
|
Gross profit |
|
|
|
|
Administrative expenses |
( |
( |
|
|
Other operating income |
|
|
|
|
Operating profit |
|
|
|
|
Other interest receivable and similar income |
|
|
|
|
Interest payable and similar expenses |
( |
( |
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|
Profit before tax |
|
|
|
|
Taxation |
( |
( |
|
|
Profit for the financial year |
|
|
The above results were derived from continuing operations.
The company has no recognised gains or losses for the year other than the results above.
Statement of Comprehensive Income for Year Ended 31 December 2021
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2021 |
2020 |
|
|
Profit for the year |
|
|
|
Total comprehensive income for the year |
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|
The Exeter Practice Limited
(Registration number: 05662391)
Balance Sheet as at 31 December 2021
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Note |
2021 |
2020 |
|
|
Fixed assets |
|||
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Tangible assets |
|
|
|
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Current assets |
|||
|
Debtors |
|
|
|
|
Cash at bank and in hand |
|
|
|
|
|
|
||
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Creditors: Amounts falling due within one year |
( |
( |
|
|
Net current assets |
|
|
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Total assets less current liabilities |
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Provisions for liabilities |
|
|
|
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Net assets |
|
|
|
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Capital and reserves |
|||
|
Called up share capital |
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|
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Profit and loss account |
|
|
|
|
Total equity |
|
|
Approved and authorised by the
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The Exeter Practice Limited
(Registration number: 05662391)
Statement of Changes in Equity for the Year Ended 31 December 2021
|
Share capital |
Profit and loss account |
Total |
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|
At 1 January 2021 |
|
|
|
|
Profit for the year |
- |
|
|
|
Total comprehensive income |
- |
|
|
|
Dividends |
- |
( |
( |
|
At 31 December 2021 |
|
|
|
|
Share capital |
Profit and loss account |
Total |
|
|
At 1 January 2020 |
|
|
|
|
Profit for the year |
- |
|
|
|
Total comprehensive income |
- |
|
|
|
Dividends |
- |
( |
( |
|
At 31 December 2020 |
|
|
|
The Exeter Practice Limited
(Registration number: 05662391)
Statement of Cash Flows for the Year Ended 31 December 2021
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Note |
2021 |
2020 |
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Cash flows from operating activities |
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Profit for the year |
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Adjustments to cash flows from non-cash items |
|||
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Depreciation and amortisation |
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Finance income |
( |
( |
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Finance costs |
|
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Income tax expense |
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|
|
|
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||
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Working capital adjustments |
|||
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Increase in trade debtors |
( |
( |
|
|
Increase in trade creditors |
|
|
|
|
Cash generated from operations |
|
|
|
|
Income taxes paid |
( |
( |
|
|
Net cash flow from operating activities |
|
|
|
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Cash flows from investing activities |
|||
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Interest received |
|
|
|
|
Acquisitions of tangible assets |
( |
- |
|
|
Net cash flows from investing activities |
( |
|
|
|
Cash flows from financing activities |
|||
|
Interest paid |
( |
( |
|
|
Dividends paid |
( |
( |
|
|
Net cash flows from financing activities |
( |
( |
|
|
Net increase in cash and cash equivalents |
|
|
|
|
Cash and cash equivalents at 1 January |
|
|
|
|
Cash and cash equivalents at 31 December |
898,806 |
353,226 |
|
The Exeter Practice Limited
(Registration number: 05662391)
Notes to the Financial Statements for the Year Ended 31 December 2021
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General information |
The company is a private company limited by share capital, incorporated in England & Wales.
The address of its registered office is:
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Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements were prepared in accordance with Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
Basis of preparation
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
The financial statements are prepared in sterling, which is the functional currency of the company.
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.
The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.
Commissions earned are recognised on a contract date basis. Advisory fees are recognised over the period to which the fee relates.
Government grants
Government grants are recognised once there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. The company has chosen to recognise government grants using the accruals model.
Tax
The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
The Exeter Practice Limited
(Registration number: 05662391)
Notes to the Financial Statements for the Year Ended 31 December 2021
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.
Deferred income tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the company. Deferred income tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.
The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.
Tangible assets
Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Depreciation
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:
|
Asset class |
Depreciation method and rate |
|
Leasehold land and buildings |
25% per annum straight line |
|
Fixtures, fittings and equpment |
25% per annum straight line |
|
Computer equipment |
25% and 50% per annum straight line |
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.
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.
The Exeter Practice Limited
(Registration number: 05662391)
Notes to the Financial Statements for the Year Ended 31 December 2021
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 creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.
Leases
Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
Dividends
Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.
Defined contribution pension obligation
A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.
|
Revenue |
The analysis of the company's revenue for the year from continuing operations is as follows:
|
2021 |
2020 |
|
|
Rendering of services |
|
|
The Exeter Practice Limited
(Registration number: 05662391)
Notes to the Financial Statements for the Year Ended 31 December 2021
|
Other operating income |
The analysis of the company's other operating income for the year is as follows:
|
2021 |
2020 |
|
|
Government grants |
|
|
|
Miscellaneous other operating income |
|
- |
|
|
|
|
Operating profit |
Arrived at after charging/(crediting)
|
2021 |
2020 |
|
|
Depreciation expense |
|
|
|
Operating lease expense - plant and machinery |
|
|
|
Government grants |
The amount of grants recognised in the financial statements was £
|
Other interest receivable and similar income |
|
2021 |
2020 |
|
|
Interest income on bank deposits |
|
|
|
Other finance income |
|
|
|
|
|
|
Interest payable and similar expenses |
|
2021 |
2020 |
|
|
Interest expense on other finance liabilities |
|
|
The Exeter Practice Limited
(Registration number: 05662391)
Notes to the Financial Statements for the Year Ended 31 December 2021
|
Staff costs |
The aggregate payroll costs (including directors' remuneration) were as follows:
|
2021 |
2020 |
|
|
Wages and salaries |
|
|
|
Social security costs |
|
|
|
Pension costs, defined contribution scheme |
|
|
|
Other employee expense |
|
|
|
|
|
The average number of persons employed by the company (including directors) during the year, analysed by category was as follows:
|
2021 |
2020 |
|
|
Administration and support |
|
|
|
Other departments |
|
|
|
|
|
|
Directors' remuneration |
The directors' remuneration for the year was as follows:
|
2021 |
2020 |
|
|
Remuneration |
|
|
|
Contributions paid to money purchase schemes |
|
|
|
111,755 |
64,082 |
During the year the number of directors who were receiving benefits and share incentives was as follows:
|
2021 |
2020 |
|
|
Accruing benefits under money purchase pension scheme |
|
|
|
Auditors' remuneration |
|
2021 |
2020 |
|
|
Audit of the financial statements |
|
|
The Exeter Practice Limited
(Registration number: 05662391)
Notes to the Financial Statements for the Year Ended 31 December 2021
|
Taxation |
Tax charged/(credited) in the income statement
|
2021 |
2020 |
|
|
Current taxation |
||
|
UK corporation tax |
|
|
|
Deferred taxation |
||
|
Arising from origination and reversal of timing differences |
( |
( |
|
Tax expense in the income statement |
|
|
The tax on profit before tax for the year is higher than the standard rate of corporation tax in the UK (2020 - higher than the standard rate of corporation tax in the UK) of
The differences are reconciled below:
|
2021 |
2020 |
|
|
Profit before tax |
|
|
|
Corporation tax at standard rate |
|
|
|
Effect of expense not deductible in determining taxable profit (tax loss) |
|
|
|
Tax increase from effect of capital allowances and depreciation |
|
|
|
Tax decrease from other short-term timing differences |
( |
( |
|
Total tax charge |
|
|
Deferred tax
Deferred tax assets and liabilities
|
2021 |
Asset |
|
|
|
|
2020 |
Asset |
|
|
|
The Exeter Practice Limited
(Registration number: 05662391)
Notes to the Financial Statements for the Year Ended 31 December 2021
|
Tangible assets |
|
Land and buildings |
Other tangible assets |
Total |
|
|
Cost or valuation |
|||
|
At 1 January 2021 |
|
|
|
|
Additions |
- |
|
|
|
Disposals |
- |
( |
( |
|
At 31 December 2021 |
|
|
|
|
Depreciation |
|||
|
At 1 January 2021 |
|
|
|
|
Charge for the year |
|
|
|
|
Eliminated on disposal |
- |
( |
( |
|
At 31 December 2021 |
|
|
|
|
Carrying amount |
|||
|
At 31 December 2021 |
- |
|
|
|
At 31 December 2020 |
|
|
|
Included within the net book value of land and buildings above is £Nil (2020 - £1,216) in respect of short leasehold land and buildings.
|
Debtors |
|
2021 |
2020 |
|
|
Trade debtors |
|
|
|
Other debtors |
|
|
|
Prepayments and accrued income |
|
|
|
Total current trade and other debtors |
|
|
|
Cash and cash equivalents |
|
2021 |
2020 |
|
|
Cash on hand |
|
|
|
Cash at bank |
|
|
|
|
|
The Exeter Practice Limited
(Registration number: 05662391)
Notes to the Financial Statements for the Year Ended 31 December 2021
|
Creditors |
|
2021 |
2020 |
|
|
Due within one year |
||
|
Trade creditors |
|
|
|
Social security and other taxes |
|
|
|
Accruals |
|
|
|
Corporation tax liability |
|
|
|
|
|
|
Provisions for liabilities |
|
Deferred tax |
Total |
|
|
At 1 January 2021 |
( |
( |
|
Increase (decrease) in existing provisions |
( |
( |
|
At 31 December 2021 |
( |
( |
|
|
||
|
Pension and other schemes |
Defined contribution pension scheme
The company operates a defined contribution pension scheme. The pension cost charge for the year represents contributions payable by the company to the scheme and amounted to £
|
Share capital |
Allotted, called up and fully paid shares
|
2021 |
2020 |
|||
|
No. |
£ |
No. |
£ |
|
|
|
|
300 |
|
300 |
The Exeter Practice Limited
(Registration number: 05662391)
Notes to the Financial Statements for the Year Ended 31 December 2021
|
Reserves |
Called up share capital
Called up share capital represents the nominal value of the shares issued.
Profit and loss account
Profit and loss account represents cumulative profits or losses, net of dividends paid and other adjustments.
|
Obligations under leases and hire purchase contracts |
Operating leases
The total of future minimum lease payments is as follows:
|
2021 |
2020 |
|
|
Not later than one year |
|
|
|
Later than one year and not later than five years |
|
|
|
|
|
The amount of non-cancellable operating lease payments recognised as an expense during the year was £
|
Dividends |
|
2021 |
2020 |
|||
|
£ |
£ |
|||
|
Interim dividend of £ |
234,100 |
674,700 |
||
|
Analysis of changes in net debt |
|
At 1 January 2021 |
Cash flows |
At 31 December 2021 |
|
|
Cash and cash equivalents |
|||
|
Cash |
353,226 |
545,580 |
898,806 |
|
|
|
|
|
|
|
|||
The Exeter Practice Limited
(Registration number: 05662391)
Notes to the Financial Statements for the Year Ended 31 December 2021
|
Related party transactions |
|
Transactions with directors |
|
2020 |
At 1 January 2020 |
Advances to directors |
Repayments by director |
At 31 December 2020 |
|
Director loan account 2.25%/2.00% interest |
21,982 |
|
( |
|
|
2021 |
At 1 January 2021 |
Advances to directors |
Repayments by director |
At 31 December 2021 |
|
Director loan account 2.25%/2.00% interest |
45,180 |
|
( |
|
|
Other transactions with directors |
A dividend was voted post year end clearing the above director loan account.
Purchases from directors/individuals with control were £20,000 (2020: £18,333).