Manningtree Practice Limited Filleted accounts for Companies House (small and micro)

MANNINGTREE PRACTICE LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 07399382

Manningtree Practice Limited

Filleted Unaudited Financial Statements

31 March 2021

Manningtree Practice Limited

Statement of Financial Position

31 March 2021

	2021		2020
Note	£	£	£

Fixed assets

Intangible assets	5	280,333	309,333
Tangible assets	6	46,696	41,896
		---------	---------
		327,029	351,229

Current assets

Stocks		33,000	33,000
Debtors	7	25,067	48,826
Cash at bank and in hand		153,510	93,014
		---------	---------
		211,577	174,840

Creditors: amounts falling due within one year	8	190,528		135,357
		---------		---------
Net current assets			21,049	39,483
			---------	---------
Total assets less current liabilities			348,078	390,712

Creditors: amounts falling due after more than one year	9		2,195	10,642

Provisions

Taxation including deferred tax	7,448	6,223
	---------	---------
Net assets	338,435	373,847
	---------	---------

Capital and reserves

Called up share capital	100	100
Profit and loss account	338,335	373,747
	---------	---------
Shareholders funds	338,435	373,847
	---------	---------

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.

For the year ending 31 March 2021 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;

- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .

Manningtree Practice Limited

Statement of Financial Position (continued)

31 March 2021

These financial statements were approved by the board of directors and authorised for issue on 31 August 2021 , and are signed on behalf of the board by:

Mr C Clamp	Mr A Maqbool
Director	Director

Company registration number: 07399382

Manningtree Practice Limited

Notes to the Financial Statements

Year ended 31 March 2021

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 17A High Street, Manningtree, Essex, CO11 1AG.

2. Statement of compliance

These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Revenue recognition

The turnover shown in the profit and loss account represents the amount of goods and services provided during the period.

Income tax

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.

Amortisation

Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:

	Goodwill	-	5% straight line

If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

Fixtures and fittings	-	15% straight line
Equipment	-	15% straight line

Impairment of fixed assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly .

Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.

Finance leases and hire purchase contracts

Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.

Provisions

Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.

Defined contribution plans

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 13 (2020: 14 ).

5. Intangible assets

	Goodwill
	£
Cost
At 1 April 2020 and 31 March 2021	580,000
	---------
Amortisation
At 1 April 2020	270,667
Charge for the year	29,000
	---------
At 31 March 2021	299,667
	---------
Carrying amount
At 31 March 2021	280,333
	---------
At 31 March 2020	309,333
	---------

6. Tangible assets

	Fixtures and fittings	Equipment	Total
	£	£	£
Cost
At 1 April 2020	74,476	122,015	196,491
Additions	–	17,279	17,279
	--------	---------	---------
At 31 March 2021	74,476	139,294	213,770
	--------	---------	---------
Depreciation
At 1 April 2020	64,089	90,506	154,595
Charge for the year	811	11,668	12,479
	--------	---------	---------
At 31 March 2021	64,900	102,174	167,074
	--------	---------	---------
Carrying amount
At 31 March 2021	9,576	37,120	46,696
	--------	---------	---------
At 31 March 2020	10,387	31,509	41,896
	--------	---------	---------

Finance leases and hire purchase contracts

Included within the carrying value of tangible assets are the following amounts relating to assets held under finance leases or hire purchase agreements:

	Equipment
	£
At 31 March 2021	17,087
	--------
At 31 March 2020	22,725
	--------

7. Debtors

	2021	2020
	£	£
Trade debtors	13,201	43,496
Other debtors	11,866	5,330
	--------	--------
	25,067	48,826
	--------	--------

8. Creditors: amounts falling due within one year

	2021	2020
	£	£
Trade creditors	23,980	24,001
Corporation tax	129,132	89,463
Social security and other taxes	3,709	2,525
Other creditors	33,707	19,368
	---------	---------
	190,528	135,357
	---------	---------

Other creditors include £8,447 (2020 - £7,915) in respect of HP and finance lease agreements which are secured on the assets concerned.

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

	2021	2020
	£	£
Other creditors	2,195	10,642
	-------	--------

Other creditors include £2,195(2020 - £10,642) in respect of HP and finance lease agreements which are secured on the assets concerned.

10. Operating leases

The total future minimum lease payments under non-cancellable operating leases are as follows:

	2021	2020
	£	£
Later than 1 year and not later than 5 years	16,000	16,000
	--------	--------