The Knee Clinic Ltd - Period Ending 2021-06-30
The Knee Clinic Ltd - Period Ending 2021-06-30
Registration number:
The Knee Clinic Ltd
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The Knee Clinic Ltd
Statement of Financial Position as at 30 June 2021
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2021 |
2020 |
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Fixed assets |
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Tangible assets |
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Current assets |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
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Net current assets |
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Net assets |
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Capital and reserves |
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Called up share capital |
190 |
190 |
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Profit and loss account |
164,553 |
235,164 |
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Shareholders' funds |
164,743 |
235,354 |
For the financial year ending 30 June 2021 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
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The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006 and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Statement of Income and Retained Earnings has been taken.
Approved and authorised by the
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Mr P A Gibb
Director
Company registration number: 08117220
The Knee Clinic Ltd
Notes to the Unaudited Financial Statements for the Year Ended 30 June 2021
General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
The principal activity of the company is that of orthopaedic consultancy services.
Accounting policies |
Statement of compliance
These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.
Basis of preparation
These financial statements have been prepared using the historical cost convention except any items disclosed in the accounting policies as being shown at fair value and are presented in sterling, which is the functional currency of the entity.
Going concern
The company made a profit for the year ended 30 June 2021 and had net assets at that date amounting to £164,743 including cash at bank of £193,704.
The directors have considered the effect of the Covid-19 pandemic and the directors' view is that the impact remains manageable. The company's cash flow forecasts showing utilisation of the Governments' CJRS grant scheme where staff are unable to work indicate that the company has sufficient working capital to continue to operate until the cessation of this scheme. The directors are confident that the medical services that they offer will remain in demand now that the restrictions have been lifted.
On the basis of the above, and after making enquiries, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Accordingly, the directors continue to adopt the going concern basis in preparing the financial statements.
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for provision of services in the ordinary course of the company's activities. Turnover is shown net of rebates and discounts.
The company recognises revenue on the date that consultations take place. Non-refundable deposits are recognised on the date of receipt.
Government grants
Grants relating to revenue are recognised in profit and loss on a systematic basis over the periods in which the entity recognises the related costs for which the grant is intended to compensate.
The Knee Clinic Ltd
Notes to the Unaudited Financial Statements for the Year Ended 30 June 2021
Tax
The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a charge attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
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.
Tangible assets
Tangible assets are stated in the statement of financial position 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 |
Furniture, fittings and equipment |
Over 5 years |
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.
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.
Staff numbers |
The average number of persons employed by the company during the year was
The Knee Clinic Ltd
Notes to the Unaudited Financial Statements for the Year Ended 30 June 2021
Tangible assets |
Furniture, fittings and equipment |
Total |
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Cost or valuation |
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At 1 July 2020 |
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Additions |
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At 30 June 2021 |
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Depreciation |
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At 1 July 2020 |
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Charge for the year |
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At 30 June 2021 |
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Carrying amount |
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At 30 June 2021 |
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At 30 June 2020 |
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Debtors |
2021 |
2020 |
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Trade debtors |
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Other debtors |
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The Knee Clinic Ltd
Notes to the Unaudited Financial Statements for the Year Ended 30 June 2021
Creditors |
Creditors: amounts falling due within one year
2021 |
2020 |
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Taxation and social security |
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Other creditors |
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DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES |
At 30 June 2021 an amount of £NIL (2020: £163,124) was due from a director. During the year there were advances of £96,332 and repayments of £259,456. Interest of £3,477 (2020: £7,344) has been charged at 2.5% pa and there were no fixed terms.
Non adjusting subsequent events |
Subsequent to 30 June 2021 further dividends amounting to £190,000 have been declared.