Company registration number 12420593 (England and Wales)
Westwood Health Limited
Unaudited financial statements
For the year ended 31 March 2022
Westwood Health Limited
Contents
Page
Statement of financial position
1
Notes to the financial statements
2 - 5
Westwood Health Limited
Statement of financial position
as at 31 March 2022
31 March 2022
- 1 -
2022
2021
Notes
£
£
£
£
Fixed assets
Intangible assets
3
50,525
66,480
Tangible assets
4
10,817
5,146
61,342
71,626
Current assets
Debtors
5
2,831
5,033
Cash at bank and in hand
19,181
29,263
22,012
34,296
Creditors: amounts falling due within one year
6
(72,956)
(77,018)
Net current liabilities
(50,944)
(42,722)
Net assets
10,398
28,904
Capital and reserves
Called up share capital
10
10
Profit and loss reserves
10,388
28,894
Total equity
10,398
28,904

The director of the company has elected not to include a copy of the income statement within the financial statements.true

For the financial year ended 31 March 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The director acknowledges her responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved and signed by the director and authorised for issue on 12 September 2022
Mrs E Kane
Director
Company Registration No. 12420593
Westwood Health Limited
Notes to the financial statements
For the year ended 31 March 2022
- 2 -
1
Accounting policies
Company information

Westwood Health Limited is a private company limited by shares incorporated in England and Wales. The registered office is 15 Greenhurst Road, West Norwood, London, SE27 0LH.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

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 cost convention. The principal accounting policies adopted are set out below.

1.2
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.

1.3
Intangible fixed assets - goodwill

Goodwill represents the excess of the cost of acquisition of unincorporated businesses over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is 5 years.

 

For the purposes of impairment testing, goodwill is allocated to the cash-generating units expected to benefit from the acquisition. Cash-generating units to which goodwill has been allocated are tested for impairment at least annually, or more frequently when there is an indication that the unit may be impaired. If the recoverable amount of the cash-generating unit is less than the carrying amount of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit.

1.4
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Westwood Health Limited
Notes to the financial statements (continued)
For the year ended 31 March 2022
1
Accounting policies
(Continued)
- 3 -

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Fixtures and fittings
25% on reducing balance
Computers
33% on straight line

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.5
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, 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.

1.6
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally 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.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

1.7
Taxation

The tax expense represents the sum of the tax currently payable.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement 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.

1.8
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.9
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

Westwood Health Limited
Notes to the financial statements (continued)
For the year ended 31 March 2022
- 4 -
2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2022
2021
Number
Number
Total
1
-
0
3
Intangible fixed assets
Goodwill
£
Cost
At 1 April 2021 and 31 March 2022
79,776
Amortisation and impairment
At 1 April 2021
13,296
Amortisation charged for the year
15,955
At 31 March 2022
29,251
Carrying amount
At 31 March 2022
50,525
At 31 March 2021
66,480
Westwood Health Limited
Notes to the financial statements (continued)
For the year ended 31 March 2022
- 5 -
4
Tangible fixed assets
Fixtures and fittings
Computers
Total
£
£
£
Cost
At 1 April 2021
7,196
-
0
7,196
Additions
8,728
1,248
9,976
Disposals
(768)
-
0
(768)
At 31 March 2022
15,156
1,248
16,404
Depreciation and impairment
At 1 April 2021
2,050
-
0
2,050
Depreciation charged in the year
3,336
420
3,756
Eliminated in respect of disposals
(219)
-
0
(219)
At 31 March 2022
5,167
420
5,587
Carrying amount
At 31 March 2022
9,989
828
10,817
At 31 March 2021
5,146
-
0
5,146
5
Debtors
2022
2021
Amounts falling due within one year:
£
£
Trade debtors
2,353
4,411
Other debtors
478
622
2,831
5,033
6
Creditors: amounts falling due within one year
2022
2021
£
£
Trade creditors
125
247
Corporation tax
5,813
10,032
Other creditors
67,018
66,739
72,956
77,018
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