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COMPANY REGISTRATION NUMBER: 09300273
Tonic Weight Loss Surgery Limited
Filleted Unaudited Financial Statements
31 March 2022
Tonic Weight Loss Surgery Limited
Statement of Financial Position
31 March 2022
2022
2021
Note
£
£
Fixed assets
Tangible assets
5
25,372
14,610
Current assets
Stocks
7,113
Debtors
6
96,981
167,191
Cash at bank and in hand
2,507,034
1,196,698
------------
------------
2,611,128
1,363,889
Creditors: amounts falling due within one year
7
1,612,200
1,108,153
------------
------------
Net current assets
998,928
255,736
------------
---------
Total assets less current liabilities
1,024,300
270,346
Creditors: amounts falling due after more than one year
8
87,454
117,740
Provisions
4,821
2,776
------------
---------
Net assets
932,025
149,830
------------
---------
Capital and reserves
Called up share capital
100
100
Profit and loss account
931,925
149,730
---------
---------
Shareholders funds
932,025
149,830
---------
---------
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 Section 1A of 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 statement of income and retained earnings has not been delivered.
For the year ending 31 March 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' 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 directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Tonic Weight Loss Surgery Limited
Statement of Financial Position (continued)
31 March 2022
These financial statements were approved by the board of directors and authorised for issue on 1 September 2022 , and are signed on behalf of the board by:
Mrs Franklin
Director
Company registration number: 09300273
Tonic Weight Loss Surgery Limited
Notes to the Financial Statements
Year ended 31 March 2022
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is The Old Mill, 9 Soar Lane, Leicester, LE3 5DE, England.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. 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.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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 taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
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.
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:
Fixtures and fittings
-
25% straight line
Equipment
-
25% straight line
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.
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.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
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.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 13 (2021: 9 ).
5. Tangible assets
Fixtures and fittings
Equipment
Total
£
£
£
Cost
At 1 April 2021
14,774
35,366
50,140
Additions
7,401
15,812
23,213
Disposals
( 13,104)
( 27,237)
( 40,341)
--------
--------
--------
At 31 March 2022
9,071
23,941
33,012
--------
--------
--------
Depreciation
At 1 April 2021
13,408
22,122
35,530
Charge for the year
845
5,504
6,349
Disposals
( 13,373)
( 20,866)
( 34,239)
--------
--------
--------
At 31 March 2022
880
6,760
7,640
--------
--------
--------
Carrying amount
At 31 March 2022
8,191
17,181
25,372
--------
--------
--------
At 31 March 2021
1,366
13,244
14,610
--------
--------
--------
6. Debtors
2022
2021
£
£
Other debtors
96,981
167,191
--------
---------
7. Creditors: amounts falling due within one year
2022
2021
£
£
Bank loans and overdrafts
28,364
26,796
Trade creditors
95,743
71,828
Corporation tax
475,167
129,668
Social security and other taxes
13,600
4,771
Other creditors
999,326
875,090
------------
------------
1,612,200
1,108,153
------------
------------
8. Creditors: amounts falling due after more than one year
2022
2021
£
£
Bank loans and overdrafts
87,454
117,740
--------
---------
Included within creditors: amounts falling due after more than one year is an amount of £Nil (2021: £15,488) in respect of liabilities payable or repayable by instalments which fall due for payment after more than five years from the reporting date.
9. Operating leases
The total future minimum lease payments under non-cancellable operating leases are as follows:
2022
2021
£
£
Not later than 1 year
36,500
44,774
Later than 1 year and not later than 5 years
80,208
106,464
---------
---------
116,708
151,238
---------
---------
10. Directors' advances, credits and guarantees
During the year the directors entered into the following advances and credits with the company:
2022
Balance brought forward
Advances/ (credits) to the directors
Amounts repaid
Balance outstanding
£
£
£
£
Meesrs Franklin, Franklin & Chadwick
90,274
1,059,925
( 1,291,221)
( 141,022)
--------
------------
------------
---------
2021
Balance brought forward
Advances/ (credits) to the directors
Amounts repaid
Balance outstanding
£
£
£
£
Meesrs Franklin, Franklin & Chadwick
( 2,340)
399,333
( 306,719)
90,274
-------
---------
---------
--------
11. Related party transactions
In the year, the Company provided interest free loans to connected companies in way of common director and shareholder amounting to £49,304 (2020: £54,128). During the year the company wrote off loans due to them from connected companies totalling £35,574 (2021: £nil).