Grantham Chiropractic Clinic Limited Filleted accounts for Companies House (small and micro)

GRANTHAM CHIROPRACTIC CLINIC LIMITED - Company Information

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Grantham Chiropractic Clinic Limited

Unaudited financial statements

31 March 2019

Company Registration Number 03018406

Grantham Chiropractic Clinic Limited

Financial statements

year ended 31 March 2019

Contents	Pages

Balance sheet 1 to 2

Notes to the financial statements 3 to 6

Grantham Chiropractic Clinic Limited

Balance sheet

31 March 2019

		2018
Note	£	£

Fixed assets

Tangible assets	4		9,699	7,288

Current assets

Stocks		2,844	3,175
Debtors	5	2,668	1,063
Cash at bank and in hand		25,758	22,859
		--------	--------
		31,270	27,097

Creditors: amounts falling due within one year	6	( 25,051)		( 22,993)
		--------		--------
Net current assets			6,219	4,104
			--------	--------
Total assets less current liabilities			15,918	11,392
			--------	--------
Net assets			15,918	11,392
			--------	--------

Grantham Chiropractic Clinic Limited

Balance sheet (continued)

31 March 2019

		2018
Note	£	£

Capital and reserves

Called up share capital	2,100	2,100
Profit and loss account	13,818	9,292
	--------	--------
Shareholders funds	15,918	11,392
	--------	--------

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 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 profit and loss account and directors' report have not been delivered.

For the year ending 31 March 2019 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 .

These financial statements were approved by the board of directors and authorised for issue on 28 May 2019 , and are signed on behalf of the board by:

Mrs Sandra Good

Director

Company registration number: 03018406

Grantham Chiropractic Clinic Limited

Notes to the financial statements

year ended 31 March 2019

1. Statement of compliance

These financial statements have been prepared in compliance with FRS 102 Section 1A, The Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

2. 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

Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

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.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.

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:

Plant and equipment	-	15% reducing balance
Fixtures and fittings	-	15% reducing balance

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. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.

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.

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.

3. Employee numbers

The average number of persons employed by the company during the year amounted to 13 (2018: 14 ).

4. Tangible assets

	Plant and machinery	Equipment	Total

Cost
At 1 April 2018	45,587	36,117	81,704
Additions	579	4,052	4,631
Disposals	( 2,942)	( 4,566)	( 7,508)
	--------	--------	--------
At 31 March 2019	43,224	35,603	78,827
	--------	--------	--------
Depreciation
At 1 April 2018	40,743	33,673	74,416
Charge for the year	724	919	1,643
Disposals	( 2,733)	( 4,198)	( 6,931)
	--------	--------	--------
At 31 March 2019	38,734	30,394	69,128
	--------	--------	--------
Carrying amount
At 31 March 2019	4,490	5,209	9,699
	--------	--------	--------
At 31 March 2018	4,844	2,444	7,288
	--------	--------	--------

5. Debtors

		2018
	£	£

Trade debtors	1,208	1,063
Other debtors	1,460	–
	-------	-------
	2,668	1,063
	-------	-------

6. Creditors: amounts falling due within one year

		2018
	£	£

Corporation tax	5,187	7,295
Social security and other taxes	4,108	4,522
Other creditors	15,756	11,176
	--------	--------
	25,051	22,993
	--------	--------

7. Related party transactions

The company was under the control of the directors Mr & Mrs Good by virtue of their ownership of 100% of the issued share capital of the Company. No transactions with related parties were undertaken such as are required to be disclosed under the FRSSE.

8. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 2 - 6 North Parade, Grantham, Lincolnshire, NG31 8AN.