Priory Practice Limited - Limited company - abbreviated - 11.0.0

PRIORY PRACTICE LIMITED

Abbreviated Unaudited Accounts

for the Year Ended 31st March 2014

Page

Company Information

1

Abbreviated Balance Sheet

2

Notes to the Abbreviated Accounts

4

DIRECTORS:

M R O'Donnell FCA

A Morse ACA

M D Sergi FCA

S Penny ACA

SECRETARY:

M R O'Donnell FCA

REGISTERED OFFICE:

1 Abbots Quay

Monks Ferry

Birkenhead

Wirral

CH41 5LH

REGISTERED NUMBER:

03275171 (England and Wales)

FIXED ASSETS

Intangible assets

2

1,191,810

1,191,810

Tangible assets

3

56,152

34,841

1,247,962

1,226,651

CURRENT ASSETS

Stocks

250,238

241,142

Debtors

529,700

661,596

Cash at bank and in hand

13,288

44

793,226

902,782

CREDITORS

Amounts falling due within one year

4

452,349

681,689

NET CURRENT ASSETS

340,877

221,093

TOTAL ASSETS LESS CURRENT LIABILITIES

1,588,839

1,447,744

CREDITORS

Amounts falling due after more than one year

4

(79,208

)

(31,992

)

PROVISIONS FOR LIABILITIES

(1,050

)

(1,050

)

NET ASSETS

1,508,581

1,414,702

CAPITAL AND RESERVES

Called up share capital

5

444,662

444,662

Profit and loss account

1,063,919

970,040

SHAREHOLDERS' FUNDS

1,508,581

1,414,702

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31st March 2014.

The members have not required the company to obtain an audit of its financial statements for the year ended 31st March 2014 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 abbreviated accounts have been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies.

The financial statements were approved by the Board of Directors on 12th December 2014 and were signed on its behalf by:

M D Sergi FCA - Director

1.	ACCOUNTING POLICIES

Accounting convention

The financial statements have been prepared under the historical cost convention and in accordance with the

Financial Reporting Standard for Smaller Entities (effective April 2008).

Turnover

Turnover represents net invoiced sales of goods, excluding value added tax.

Goodwill

The directors consider that with the continuing growth of the business the company's acquired goodwill has an

indefinite economic life and accordingly no amortisation is provided. The directors carry out an annual

impairment review on the acquired goodwill to consider its carrying value in the financial statements.

Tangible fixed assets

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

Fixtures and fittings

-

25% on reducing balance

Motor vehicles

-

25% on reducing balance

Stocks

Work in progress is valued at the lower of cost and net realisable value.

Cost includes all direct expenditure and an appropriate proportion of fixed and variable overheads.

Deferred tax

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

balance sheet date.

Hire purchase and leasing commitments

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those

held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance

leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to the profit and loss account over the relevant period. The

capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to the profit and loss account on a straight line basis over the

period of the lease.

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 the profit and loss account in the period to which they relate.

2.	INTANGIBLE FIXED ASSETS

Total

£

COST

At 1st April 2013

and 31st March 2014

1,191,810

NET BOOK VALUE

At 31st March 2014

1,191,810

At 31st March 2013

1,191,810

3.	TANGIBLE FIXED ASSETS

Total

£

COST

At 1st April 2013

242,203

Additions

38,684

At 31st March 2014

280,887

DEPRECIATION

At 1st April 2013

207,362

Charge for year

17,373

At 31st March 2014

224,735

NET BOOK VALUE

At 31st March 2014

56,152

At 31st March 2013

34,841

4.

CREDITORS

Creditors include an amount of £ 114,093 (2013 - £ 89,034 ) for which security has been given.

5.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2014

2013

value:

£

£

4

Ordinary

£1

4

4

1

'A' Ordinary

£1

1

1

1

'B' Ordinary

£1

1

1

1

'C' Ordinary

£1

1

1

1

'D' Ordinary

£1

1

1

1

'E' Ordinary

£1

1

1

1

'F' Ordinary

£1

1

1

1

'G' Ordinary

£1

1

1

444,651

Preference

£1

444,651

444,651

444,662

444,662