Registration number:
In-Health (Chiropractic) Ltd
Filleted
for the Year Ended 31 January 2017
Severn House
Hazell Drive
Newport
South Wales
NP10 8FY
In-Health (Chiropractic) Ltd
Contents
Company Information |
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Accountants' Report |
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Balance Sheet |
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Statement of Changes in Equity |
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Notes to the Financial Statements |
In-Health (Chiropractic) Ltd
Company Information
Directors |
Mr S Harris Mrs G L Harris |
Company secretary |
Ms L Harris |
Registered office |
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Accountants |
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Page 1 |
Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
In-Health (Chiropractic) Ltd
for the Year Ended 31 January 2017
As described on the balance sheet you are responsible for the compilation of the accounts for the year ended 31 January 2017, as set out on pages 3 to 13, and you consider that the company is exempt from an audit. In accordance with your instructions we have compiled the unaudited accounts from the accounting records and from information and explanations supplied to us.
Hazell Drive
Newport
South Wales
NP10 8FY
Page 2 |
In-Health (Chiropractic) Ltd
(Registration number: 06060931)
Balance Sheet as at 31 January 2017
Note |
2017 |
(As restated) |
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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 liabilities |
( |
( |
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Total assets less current liabilities |
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Creditors: Amounts falling due after more than one year |
( |
( |
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Net assets |
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Capital and reserves |
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Called up share capital |
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Profit and loss account |
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Total equity |
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For the financial year ending 31 January 2017 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.
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 Profit and Loss Account has been taken.
Page 3 |
In-Health (Chiropractic) Ltd
(Registration number: 06060931)
Balance Sheet as at 31 January 2017
Approved and authorised by the
.........................................
Mr S Harris
Director
Page 4 |
In-Health (Chiropractic) Ltd
Statement of Changes in Equity for the Year Ended 31 January 2017
Share capital |
Profit and loss account |
Total |
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At 1 February 2016 |
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Profit for the year |
- |
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Total comprehensive income |
- |
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Dividends |
- |
( |
( |
At 31 January 2017 |
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Share capital |
Profit and loss account |
Total |
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At 1 February 2015 |
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Profit for the year |
- |
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Total comprehensive income |
- |
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Dividends |
- |
( |
( |
At 31 January 2016 |
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Page 5 |
In-Health (Chiropractic) Ltd
Notes to the Financial Statements for the Year Ended 31 January 2017
General information |
The company registration number is: 06060931
The company is a private company limited by share capital incorporated in United Kingdom.
The address of its registered office is:
These financial statements were authorised for issue by the
Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
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 that as disclosed in the accounting policies certain items are shown at fair value.
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 |
Land and buildings |
2% straight line |
Plant and machinery |
20% straight line |
Fixtures, fittings and equipment |
20% straight line |
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.
Page 6 |
In-Health (Chiropractic) Ltd
Notes to the Financial Statements for the Year Ended 31 January 2017
Trade debtors
Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.
Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.
Borrowings
Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and Loss Account over the period of the relevant borrowing.
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.
Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.
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.
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
Page 7 |
In-Health (Chiropractic) Ltd
Notes to the Financial Statements for the Year Ended 31 January 2017
Tangible assets |
Freehold land and buildings |
Fixtures, fittings and equipment |
Plant and machinery |
Total |
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Cost or valuation |
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At 1 February 2016 |
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Additions |
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At 31 January 2017 |
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Depreciation |
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At 1 February 2016 |
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Charge for the year |
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At 31 January 2017 |
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Carrying amount |
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At 31 January 2017 |
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At 31 January 2016 |
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- |
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Debtors |
2017 |
2016 |
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Trade debtors |
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Other debtors |
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Creditors |
Note |
2017 |
(As restated) |
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Due within one year |
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Bank loans and overdrafts |
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Trade creditors |
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Taxation and social security |
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Other creditors |
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Due after one year |
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Loans and borrowings |
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Page 8 |
In-Health (Chiropractic) Ltd
Notes to the Financial Statements for the Year Ended 31 January 2017
Loans and borrowings |
2017 |
(As restated) |
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Non-current loans and borrowings |
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Bank borrowings |
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2017 |
2016 |
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Current loans and borrowings |
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Bank borrowings |
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Other borrowings |
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Bank borrowings
The bank loan is secured against the business premises and the final repayment will be made in December 2019. |
Other borrowings
Directors' loans with a carrying amount of £2,107 (2016 - £4,114).
The directors' loans are unsecured, interest free and repayable on demand.
Share capital |
Allotted, called up and fully paid shares
2017 |
2016 |
|||
No. |
£ |
No. |
£ |
|
|
|
100 |
|
100 |
Dividends |
Interim dividends paid
2017 |
2016 |
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Interim dividend of £251 (2016 - £160) per each |
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Page 9 |
In-Health (Chiropractic) Ltd
Notes to the Financial Statements for the Year Ended 31 January 2017
Financial commitments, guarantees and contingencies |
The total amount of financial commitments not included in the balance sheet is £
Related party transactions |
Transactions with directors |
2017 |
Advances to directors |
Repayments by directors |
At 31 January 2017 |
Mr S Harris |
|||
Loans to directors |
|
( |
- |
Other transactions with directors |
During the year the company paid dividends totalling £25,100 (2016 - £16,000) to the directors. Also during the year the company, made unsecured, interest-free, repayable on demand loans to the directors through the provision of a facility which could be drawn against. At the balance sheet date the amount due to the directors was £2,107 (2016 - £4,113).
Summary of transactions with other related parties
Transition to FRS 102 |
The transition to FRS 102 Section 1A small entities has resulted in no changes to the accounting policies to those used previously.The company has altered the method used to calculate the amortised costs of loans to the effective interest method as required by Financial Reporting Standard 102 Section 1A. The impact on opening equity and profits for the current and comparative periods are explained below.
Page 10 |
In-Health (Chiropractic) Ltd
Notes to the Financial Statements for the Year Ended 31 January 2017
Balance Sheet at 1 February 2015
Note |
As originally reported |
Reclassification |
Remeasurement |
As restated |
|
Fixed assets |
|||||
Tangible assets |
80,398 |
- |
- |
80,398 |
|
Current assets |
|||||
Debtors |
902 |
- |
- |
902 |
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Cash at bank and in hand |
9,745 |
- |
- |
9,745 |
|
10,647 |
- |
- |
10,647 |
||
Creditors: Amounts falling due within one year |
(21,730) |
- |
584 |
(21,146) |
|
Net current (liabilities)/assets |
(11,083) |
- |
584 |
(10,499) |
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Total assets less current liabilities |
69,315 |
- |
584 |
69,899 |
|
Creditors: Amounts falling due after more than one year |
(19,600) |
- |
(645) |
(20,245) |
|
Net assets/(liabilities) |
49,715 |
- |
(61) |
49,654 |
|
Capital and reserves |
|||||
Capital redemption reserve |
100 |
- |
- |
100 |
|
Profit and loss account |
49,615 |
- |
(61) |
49,554 |
|
Total equity |
49,715 |
- |
(61) |
49,654 |
Page 11 |
In-Health (Chiropractic) Ltd
Notes to the Financial Statements for the Year Ended 31 January 2017
Balance Sheet at 31 January 2016
Note |
As originally reported |
Reclassification |
Remeasurement |
As restated |
|
Fixed assets |
|||||
Tangible assets |
112,226 |
- |
- |
112,226 |
|
Current assets |
|||||
Debtors |
987 |
- |
- |
987 |
|
Cash at bank and in hand |
1,694 |
- |
- |
1,694 |
|
2,681 |
- |
- |
2,681 |
||
Creditors: Amounts falling due within one year |
(31,660) |
- |
296 |
(31,364) |
|
Net current (liabilities)/assets |
(28,979) |
- |
296 |
(28,683) |
|
Total assets less current liabilities |
83,247 |
- |
296 |
83,543 |
|
Creditors: Amounts falling due after more than one year |
(14,624) |
- |
(936) |
(15,560) |
|
Net assets/(liabilities) |
68,623 |
- |
(640) |
67,983 |
|
Capital and reserves |
|||||
Share premium reserve |
100 |
- |
- |
100 |
|
Profit and loss account |
68,523 |
- |
(640) |
67,883 |
|
Total equity |
68,623 |
- |
(640) |
67,983 |
Page 12 |
In-Health (Chiropractic) Ltd
Notes to the Financial Statements for the Year Ended 31 January 2017
Profit and Loss Account for the year ended 31 January 2016
Note |
As originally reported |
Reclassification |
Remeasurement |
As restated |
|
Turnover |
100,991 |
- |
- |
100,991 |
|
Cost of sales |
(26,435) |
- |
- |
(26,435) |
|
Gross profit |
74,556 |
- |
- |
74,556 |
|
Administrative expenses |
(33,453) |
- |
- |
(33,453) |
|
Operating profit |
41,103 |
- |
- |
41,103 |
|
Other interest receivable and similar income |
1 |
- |
- |
1 |
|
Interest payable and similar expenses |
(840) |
- |
(579) |
(1,419) |
|
Profit/(loss) before tax |
40,264 |
- |
(579) |
39,685 |
|
Taxation |
(5,356) |
- |
- |
(5,356) |
|
Profit/(loss) for the financial year |
34,908 |
- |
(579) |
34,329 |
Page 13 |