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 2023

Company Registration Number 03018406

Grantham Chiropractic Clinic Limited

Financial statements

year ended 31 March 2023

Contents	Pages

Balance sheet	1 to 2

Notes to the financial statements	3 to 6

Grantham Chiropractic Clinic Limited

Balance sheet

31 March 2023

			2022
Note	£	£	£	£

Fixed assets

Tangible assets	4		22,017		16,098

Current assets

Stocks		6,780	6,200
Debtors	5	4,225	22,797
Cash at bank and in hand		25,212	7,612
		--------	--------
		36,217	36,609

Creditors: amounts falling due within one year	6	( 27,497)		( 17,058)
		--------		--------
Net current assets			8,720		19,551
			--------		--------
Total assets less current liabilities			30,737		35,649

Creditors: amounts falling due after more than one year	7	( 37,920)	( 43,289)
		--------	--------
Net liabilities		( 7,183)	( 7,640)
		--------	--------

Capital and reserves

Called up share capital	2,100	2,100
Profit and loss account	( 9,283)	( 9,740)
	-------	-------
Shareholders funds	( 7,183)	( 7,640)
	-------	-------

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 director's report have not been delivered.

For the year ending 31 March 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's 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 director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .

Grantham Chiropractic Clinic Limited

Balance sheet (continued)

31 March 2023

These financial statements were approved by the board of directors and authorised for issue on 15 December 2023 , and are signed on behalf of the board by:

Mr M Groves
Director

Company registration number: 03018406

Grantham Chiropractic Clinic Limited

Notes to the financial statements

year ended 31 March 2023

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.

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.

Government grants

Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accrual model and the performance model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable. Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income and not deducted from the carrying amount of the asset. Under the performance model, where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a liability.

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 12 (2022: 13 ).

4. Tangible assets

	Plant and machinery	Equipment	Total

Cost
At 1 April 2022	54,201	36,168	90,369
Additions	9,703	2,363	12,066
Disposals	( 4,046)	( 2,236)	( 6,282)
	--------	--------	--------
At 31 March 2023	59,858	36,295	96,153
	--------	--------	--------
Depreciation
At 1 April 2022	41,761	32,510	74,271
Charge for the year	3,027	858	3,885
Disposals	( 2,084)	( 1,936)	( 4,020)
	--------	--------	--------
At 31 March 2023	42,704	31,432	74,136
	--------	--------	--------
Carrying amount
At 31 March 2023	17,154	4,863	22,017
	--------	--------	--------
At 31 March 2022	12,440	3,658	16,098
	--------	--------	--------

5. Debtors

	2023	2022
	£	£

Trade debtors	2,394	2,913
Other debtors	1,831	19,884
	-------	--------
	4,225	22,797
	-------	--------

6. Creditors: amounts falling due within one year

	2023	2022
	£	£

Bank loans and overdrafts	5,459	5,549
Trade creditors	1,681	684
Social security and other taxes	1,317	4,973
Other creditors	19,040	5,852
	--------	--------
	27,497	17,058
	--------	--------

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

	2023	2022
	£	£

Bank loans and overdrafts	37,920	43,289
	--------	--------

8. Director's advances, credits and guarantees

During the year the director entered into the following advances and credits with the company:

2023
Balance brought forward	Advances/ (credits) to the director	Amounts repaid	Balance outstanding
£	£	£	£

Mr Neil Good	6,397	–	–	6,397
Mr M Groves	–	7,540	( 22,000)	( 14,460)
	-------	-------	--------	--------
	6,397	7,540	( 22,000)	( 8,063)
	-------	-------	--------	--------

2022
Balance brought forward	Advances/ (credits) to the director	Amounts repaid	Balance outstanding
£	£	£	£

Mr Neil Good	–	–	–	–
Mr M Groves	( 2,136)	46,533	( 38,000)	6,397
	-------	--------	--------	-------
	( 2,136)	46,533	( 38,000)	6,397
	-------	--------	--------	-------

9. Related party transactions

The company was under the control of the directors Mr Groves 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.

10. 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.