Absolute Therapy Limited |
Notes to the Accounts |
for the year ended 31 January 2022 |
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1 |
Accounting policies |
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Basis of preparation |
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The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland. |
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Turnover |
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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 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. |
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Tangible fixed assets |
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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: |
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Plant and machinery |
25% straight line |
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Creditors |
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Short term creditors are measured at transaction price (which is usually the invoice 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. |
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Taxation |
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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. |
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2 |
Employees |
2022 |
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2021 |
Number |
Number |
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Average number of persons employed by the company |
2 |
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2 |
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3 |
Tangible fixed assets |
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Plant and machinery etc |
£ |
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Cost |
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At 1 February 2021 |
399 |
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At 31 January 2022 |
399 |
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Depreciation |
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At 1 February 2021 |
399 |
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At 31 January 2022 |
399 |
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Net book value |
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At 31 January 2022 |
- |
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4 |
Debtors |
2022 |
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2021 |
£ |
£ |
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Other debtors |
69 |
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1,745 |
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5 |
Creditors: amounts falling due within one year |
2022 |
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2021 |
£ |
£ |
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Taxation and social security |
922 |
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4,353 |
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Other creditors |
1,453 |
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1,440 |
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2,375 |
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5,793 |
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6 |
Covid-19 |
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During 2020, the Covid-19 pandemic caused a closedown of all establishments where the company's business took place and has affected the company's income, by the cancellation of of much of its trading. The Directors have considered the impact of these events on the company and its sustainability. The directors believe that once the lockdown has been removed, the business will recover and return to normal profitability. The financial statements have therefore been prepared on a going concern basis, which the directors consider appropriate. Not withstanding this, the company has taken advantage of certain of the Government support measures. |
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7 |
Controlling party |
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The company is owned by the directors who own the entire share capital equally. |
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8 |
Other information |
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Absolute Therapy Limited is a private company limited by shares and incorporated in England. Its registered office is: |
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Devonshire House |
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582 Honeypot Lane |
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Stanmore |
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Middlesex |
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HA7 1JS |