PJ Hehir Chiropractic Ltd
Registered number: 10204805
Statement of Financial Position
as at 31 May 2018
Notes 2018 2017
£ £
Fixed assets
Intangible assets 3 85,312 8,000
Tangible assets 4 578 771
85,890 8,771
Current assets
Debtors 5 3,329 1,115
Cash at bank and in hand 50,119 33,309
53,448 34,424
Creditors: amounts falling due within one year 6 (73,277) (18,658)
Net current (liabilities)/assets (19,829) 15,766
Total assets less current liabilities 66,061 24,537
Creditors: amounts falling due after more than one year 7 (7,000) -
Net assets 59,061 24,537
Capital and reserves
Called up share capital 100 100
Profit and loss account 58,961 24,437
Shareholders' funds 59,061 24,537
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
PJ Hehir
Director
Approved by the board on 13 November 2018
PJ Hehir Chiropractic Ltd
Notes to the Accounts
for the year ended 31 May 2018
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102 Section 1a small entities, the financial reporting standard applicable in the UK and the Republic of Ireland.
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the rendering of services. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Plant and machinery 25% reducing balance
Debtors
Short term debtors are measured at transaction price, less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price. Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only 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 and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
2 Employees 2018 2017
Number Number
Average number of persons employed by the company 9 2
3 Intangible fixed assets £
Goodwill:
Cost
At 1 June 2017 10,000
Additions 99,140
At 31 May 2018 109,140
Amortisation
At 1 June 2017 2,000
Provided during the year 21,828
At 31 May 2018 23,828
Net book value
At 31 May 2018 85,312
At 31 May 2017 8,000
Goodwill is being written off in equal annual instalments over its estimated economic life of 5 years.
4 Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 June 2017 1,028
At 31 May 2018 1,028
Depreciation
At 1 June 2017 257
Charge for the year 193
At 31 May 2018 450
Net book value
At 31 May 2018 578
At 31 May 2017 771
5 Debtors 2018 2017
£ £
Prepayments 1,322 914
Other debtors 2,007 201
3,329 1,115
6 Creditors: amounts falling due within one year 2018 2017
£ £
Bank loans and overdrafts 17,361 -
Trade creditors 168 -
Accruals 1,116 1,092
Corporation tax 23,710 7,598
Other creditors 30,922 9,968
73,277 18,658
7 Creditors: amounts falling due after one year 2018 2017
£ £
Bank loans and overdrafts 7,000 -
8 Other information
PJ Hehir Chiropractic Ltd is a private company limited by shares and incorporated in England. Its registered office is:
269 Farnborough Road
Farnborough
Hampshire
GU14 7LY
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