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Hearing Therapy Ltd
Registered Number:12098086
For the year ended 31 January 2023
England and Wales
Unaudited Financial Statements
2
For the year ended 31 January 2023
Hearing Therapy Ltd
Contents Page
1
Statement of Financial Position
2 to 6
Notes to the Financial Statements
3
Registered Number :
12098086
As at 31 January 2023
Hearing Therapy Ltd
Statement of Financial Position
£
£
2022
2023
Notes
Fixed assets
Intangible assets
6,181
6,622
2
Property, plant and equipment
13,871
5,034
3
20,052
11,656
Current assets
Inventories
-
16,245
4
Trade and other receivables
2,664
3,135
5
32,002
Cash and cash equivalents
42,606
61,986
34,666
Trade and other payables: amounts falling due within one
year
(28,087)
(27,862)
6
6,579
34,124
Net current assets
Total assets less current liabilities
54,176
18,235
Trade and other payables: amounts falling due after more
than one year
-
(15,000)
7
(1,699)
-
Provisions for liabilities
37,477
Net assets
18,235
Capital and reserves
Called up share capital
1
1
Retained earnings
37,476
18,234
37,477
18,235
Shareholders' funds
For the year ended 31 January 2023 the company was entitled to exemption from audit under Section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit of its financial statements for the year ended 31 January 2023 in accordance with Section 476 of the Companies Act 2006
The director acknowledges his responsibilities for:a) ensuring that the company keeps proper accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
b) preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of
each financial year and of its profit or loss for each financial year in accordance with the requirements of Section
394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial
statements, so far as applicable to the company.
In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.
The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
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4
Registered Number :
12098086
For the year ended 31 January 2023
Hearing Therapy Ltd
Statement of Financial Position Continued
Mr T.G.Husband Director
These financial statements were approved and authorised for issue by the Board on 27 October 2023 and were signed by:
The notes form part of these financial statements
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5
For the year ended 31 January 2023
Hearing Therapy Ltd
Notes to the Financial Statements
Statutory Information
Hearing Therapy Ltd is a private limited company, limited by shares, domiciled in England and Wales, registration
number 12098086.
Registered address:
36 Cawthorne Grove
Sheffield
S8 0ND
The presentation currency is £ sterling.
1. Accounting policies
Basis of preparing the financial statements
These financial statements have been prepared in accordance with the provisions of Section 1A of Financial
Reporting Standard 102 ''The Financial Reporting Standard applicable in the UK and Republic of Ireland'' and the
Companies Act 2006. The financial statements have been prepared under the historical costs convention as
modified by the revaluation of certain assets.
Revenue recognition
Turnover is measured 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.
Intangible assets
Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less amortisation and accumulated impairment losses. Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are atrributable to the asset will flow to the entity and the fair value of the asset can be measured reliably: the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.
Property, plant and equipment
Property, plant and equipment, other than freehold land, are stated at cost or valuation less depreciation and any provision for impairment. Depreciation is provided at rates calculated to write off the cost or valuation of fixed assets, less their estimated residual value, over their expected useful lives on the following basis:
Plant and Machinery
25% Reducing balance
33% Straight line
Computer Equipment
25% Reducing balance
Furniture and Fittings
Inventories
Stocks are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow moving items. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Profit on work in progress contracts is recognised when the outcome of the contracts can be assessed with reasonable certainty, and is that amount which is estimated to fairly reflect the profit arising up to the year end. Profit on work in progress contracts is reflected in the profit and loss account as the difference between the reported turnover and the related costs.
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date.
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6
For the year ended 31 January 2023
Hearing Therapy Ltd
Notes to the Financial Statements Continued
Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate at the date of transaction. Exchange rate differences are taken into account in arriving at the operating result.
Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straightline basis over the period of the lease.
Debtors and Creditors
Debtors and creditors with no stated interest rate, which are due within one year, are stated at the transcation price.
Any losses arising from impairment are recognised in the statement of comprehensive income within administrative
expenses.
Impairment
At each balance sheet date, assets are reviewed to determine whether there is any indication that any of the
individual assets have suffered an impairment. If such indication exists, the recoverable amount of the asset, or the
assest cash generating unit, is estimated and compared to the carrying amount. Where the carrying amount exceeds
its recoverable amount, an impairment loss is recognised in the statement of comprehensive income.
2. Intangible fixed assets
Intangible
Assets
Cost or valuation
£
At 01 February 2022
6,622
At 31 January 2023
6,622
Amortisation
441
Charge for year
At 31 January 2023
441
Net book value
At 31 January 2023
6,181
At 31 January 2022
6,622
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7
For the year ended 31 January 2023
Hearing Therapy Ltd
Notes to the Financial Statements Continued
3. Property, plant and equipment
Total
Computer
Equipment
Furniture and
Fittings
Plant and
Machinery
£
£
£
£
Cost or
valuation
At 01 February 2022
6,186
3,186
128
2,872
11,675
1,254
7,305
3,116
Additions
At 31 January 2023
5,988
7,433
4,440
17,861
Provision for depreciation and impairment
At 01 February 2022
1,152
238
27
887
Charge for year
2,838
1,265
879
694
At 31 January 2023
3,990
1,503
906
1,581
At 31 January 2023
Net book value
4,407
6,527
2,937
13,871
At 31 January 2022
1,985
101
2,948
5,034
4. Inventories
2022
2023
£
£
Stocks
16,245
-
5. Trade and other receivables
2022
2023
£
£
Other debtors
3,135
2,664
6. Trade and other payables: amounts falling due within one year
2022
2023
£
£
Bank loans and overdraft
-
141
Trade creditors
15,435
20,782
Taxation and social security
5,767
4,516
Debentures
5,000
-
Other creditors
1,660
2,648
27,862
28,087
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8
For the year ended 31 January 2023
Hearing Therapy Ltd
Notes to the Financial Statements Continued
7. Trade and other payables: amounts falling due after more than one year
2022
2023
£
£
Debentures
15,000
-
8. Guarantees and other financial commitments
Lease commitments
At 31 January 2023 the company had annual commitments under non-cancellable operating leases as set out
below:
2023
£
Operating leases which expire:
12,750
Within 1 year
42,500
Within 2 to 5 years
55,250
9. Average number of persons employed
During the year the average number of employees was 3 (2022 : 1)
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