Registered number |
08718355 |
NORTH WEST LONDON PHYSIO & TREATMENT CENTRE LTD |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 OCTOBER 2017 |
NORTH WEST LONDON PHYSIO & TREATMENT CENTRE LTD | |||
CONTENTS | |||
Page | |||
Balance sheet | 1 | ||
Notes to the financial statements | 2 - 6 | ||
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Balance Sheet | |||||||
as at |
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Company Registration No. | 08718355 | ||||||
Notes | 2017 | 2016 | |||||
£ | £ | ||||||
Fixed assets | |||||||
Intangible assets | 2 |
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Tangible assets | 3 |
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Current assets | |||||||
Debtors | 4 |
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Cash at bank and in hand |
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Creditors: amounts falling due within one year | 5 | ( |
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Net current liabilities | ( |
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Net assets |
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Capital and reserves | |||||||
Called up share capital |
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Profit and loss account | 6 |
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Shareholders' funds |
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………………………………….. | |||||||
Ruth Liebling | |||||||
Director | |||||||
Approved by the board on |
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NOTES TO THE FINANCIAL STATEMENTS | ||||||||
FOR THE YEAR ENDED 31 OCTOBER 2017 | ||||||||
1 | Accounting policies | |||||||
Basis of preparation | ||||||||
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £. The financial statements have been prepared under the historical convention. The principal accounting policies adopted are set out below. |
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Turnover | ||||||||
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Intangible fixed assets | ||||||||
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Tangible fixed assets | ||||||||
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Fixtures, fittings and equipment | 20% straight line | |||||||
Financial instruments | ||||||||
The company only enters into basic financial statements transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares. Financial instruments are recognised in the company's balance sheet date when the company becomes party to the contractual provisions of the instruments. Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective of impairments found, an impairment loss is recognised in profit and loss accounts. Financial assets and liabilities are offset and the net amount reported in the Balance Sheet when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously. |
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Cash and cash equivalents | ||||||||
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with financial institutions, and other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities. | ||||||||
Basic financial liabilities | ||||||||
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Taxation | ||||||||
The tax expense represents the sum of the tax currently payable and deferred tax. | ||||||||
Current tax | ||||||||
The current tax payable is based on taxable profit for the year. Taxable profit differs from net profit reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date. | ||||||||
Deferred tax | ||||||||
Deferred tax liabilities are generally recognised for all timing differences and 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 profits. Such assets and liabilities are not recognised if the timing differences arises from goodwill or from the initial recognition of the assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit. The carrying amount of deferred tax assets is reviewed at each reporting end date. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the assets is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities relate to taxes levied by the same tax authority. |
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2 | Intangible fixed assets | £ | ||||||
Goodwill: | ||||||||
Cost | ||||||||
At 1 November 2016 |
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At 31 October 2017 |
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Amortisation | ||||||||
At 1 November 2016 |
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Provided during the year |
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At 31 October 2017 |
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Net book value | ||||||||
At 31 October 2017 |
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At 31 October 2016 |
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Goodwill is being written off in equal annual instalments over its estimated economic life of 5 years. | ||||||||
3 | Tangible fixed assets | |||||||
Fixtures, fittings and equipment | ||||||||
£ | ||||||||
Cost | ||||||||
At 1 November 2016 |
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At 31 October 2017 |
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Depreciation | ||||||||
At 1 November 2016 |
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Charge for the year |
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At 31 October 2017 |
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Net book value | ||||||||
At 31 October 2017 |
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At 31 October 2016 |
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4 | Debtors | 2017 | 2016 | |||||
£ | £ | |||||||
Directors' current account | 12,538 | - | ||||||
Other debtors |
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5 | Creditors: amounts falling due within one year | 2017 | 2016 | |||||
£ | £ | |||||||
Creditors less than 1yr - Bank loans | 8,580 | - | ||||||
Corporation tax |
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Other taxes and social security costs |
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Directors' current account | - | 237 | ||||||
Other creditors |
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6 | Profit and loss account | |||||||
Profit and loss account represents movement of profit and loss during the year and dividends paid. | ||||||||
7 | Other information | |||||||
North West London Physio & Treatment Centre Ltd is a private company limited by shares and incorporated in England and Wales. The registered office is: 37 Warren Street, London, W1T 6AD. | ||||||||
8 | Transition to FRS 102 | |||||||
This is the first year that the company has presented its results under FRS 102. The last financial statements under UK GAAP were for the year ended 31 October 2016. The date of transition to FRS 102 was 1 November 2015. There are no transitional adjustments arising from the first time adoption of FRS 102. |