Registered number
07509385
Levy Heart Health Ltd
Unaudited Filleted Accounts
1 April 2023
Levy Heart Health Ltd
Registered number: 07509385
Balance Sheet
As at 1 April 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 630 -
Current assets
Debtors 4 3,380 14,074
Investments held as current assets 5 113,218 159,841
Cash at bank and in hand 20,644 12,493
137,242 186,408
Creditors: amounts falling due within one year 6 (6,202) (14,521)
Net current assets 131,040 171,887
Total assets less current liabilities 131,670 171,887
Provisions for liabilities (120) -
Net assets 131,550 171,887
Capital and reserves
Called up share capital 10 10
Profit and loss account 131,540 171,877
Shareholders' funds 131,550 171,887
The director is 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 director acknowledges his 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 and delivered 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.
Dr Richard Levy
Director
Approved by the board on 6 October 2023
Levy Heart Health Ltd
Notes to the Accounts
for the year ended 1 April 2023
1 Accounting policies
Basis of preparation
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 (as applied to small entities by section 1A of the standard).
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.
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:
Office equipment over 3 years
Motor vehicles over 3 years
Investments
Listed investments are measured at fair value. Changes in fair value are included in the profit and loss account.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice 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 (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.
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.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 1 1
3 Tangible fixed assets
Office equipment Motor vehicles Total
£ £ £
Cost
At 2 April 2022 2,981 83,669 86,650
Additions 941 - 941
At 1 April 2023 3,922 83,669 87,591
Depreciation
At 2 April 2022 2,981 83,669 86,650
Charge for the year 311 - 311
At 1 April 2023 3,292 83,669 86,961
Net book value
At 1 April 2023 630 - 630
At 1 April 2022 - - -
4 Debtors 2023 2022
£ £
Trade debtors 3,380 14,074
5 Investments held as current assets 2023 2022
£ £
Fair value
Listed investments 113,218 159,841
Increase/(decrease) in fair value included in the profit and loss account for the financial year
Listed investments (13,798) (8,394)
6 Creditors: amounts falling due within one year 2023 2022
£ £
Taxation and social security costs 2,139 6,907
Other creditors 4,063 7,614
6,202 14,521
7 Related party transactions
Include within other creditors is an amount of £750 (2022 - £2,800) owed to Dr Richard Levy, director and shareholder. This loan is interest-free and repayable on demand.
8 Controlling party
The company is controlled by Dr Richard Levy.
9 Other information
Levy Heart Health Ltd is a private company limited by shares and incorporated in England. Its registered office is:
Ellerslie House
Chelford Road
Alderley Edge
Cheshire
SK9 7TL
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