Silverfin false 31/03/2023 01/04/2022 31/03/2023 Dr L Archambault 02/08/2013 01 November 2023 The principal activity of the Company during the financial year was chiropractic services. 08593091 2023-03-31 08593091 bus:Director1 2023-03-31 08593091 2022-03-31 08593091 core:CurrentFinancialInstruments 2023-03-31 08593091 core:CurrentFinancialInstruments 2022-03-31 08593091 core:Non-currentFinancialInstruments 2023-03-31 08593091 core:Non-currentFinancialInstruments 2022-03-31 08593091 core:ShareCapital 2023-03-31 08593091 core:ShareCapital 2022-03-31 08593091 core:RetainedEarningsAccumulatedLosses 2023-03-31 08593091 core:RetainedEarningsAccumulatedLosses 2022-03-31 08593091 core:Goodwill 2022-03-31 08593091 core:Goodwill 2023-03-31 08593091 core:LeaseholdImprovements 2022-03-31 08593091 core:PlantMachinery 2022-03-31 08593091 core:Vehicles 2022-03-31 08593091 core:OfficeEquipment 2022-03-31 08593091 core:ComputerEquipment 2022-03-31 08593091 core:LeaseholdImprovements 2023-03-31 08593091 core:PlantMachinery 2023-03-31 08593091 core:Vehicles 2023-03-31 08593091 core:OfficeEquipment 2023-03-31 08593091 core:ComputerEquipment 2023-03-31 08593091 bus:OrdinaryShareClass1 2023-03-31 08593091 2022-04-01 2023-03-31 08593091 bus:FullAccounts 2022-04-01 2023-03-31 08593091 bus:SmallEntities 2022-04-01 2023-03-31 08593091 bus:AuditExemptWithAccountantsReport 2022-04-01 2023-03-31 08593091 bus:PrivateLimitedCompanyLtd 2022-04-01 2023-03-31 08593091 bus:Director1 2022-04-01 2023-03-31 08593091 core:Goodwill core:TopRangeValue 2022-04-01 2023-03-31 08593091 core:Goodwill 2022-04-01 2023-03-31 08593091 core:LeaseholdImprovements core:TopRangeValue 2022-04-01 2023-03-31 08593091 core:PlantMachinery 2022-04-01 2023-03-31 08593091 core:Vehicles 2022-04-01 2023-03-31 08593091 core:OfficeEquipment 2022-04-01 2023-03-31 08593091 core:ComputerEquipment 2022-04-01 2023-03-31 08593091 2021-04-01 2022-03-31 08593091 core:LeaseholdImprovements 2022-04-01 2023-03-31 08593091 core:Non-currentFinancialInstruments 2022-04-01 2023-03-31 08593091 bus:OrdinaryShareClass1 2022-04-01 2023-03-31 08593091 bus:OrdinaryShareClass1 2021-04-01 2022-03-31 iso4217:GBP xbrli:pure xbrli:shares

Company No: 08593091 (England and Wales)

SPINEWORKS CHIROPRACTIC LTD

Unaudited Financial Statements
For the financial year ended 31 March 2023
Pages for filing with the registrar

SPINEWORKS CHIROPRACTIC LTD

Unaudited Financial Statements

For the financial year ended 31 March 2023

Contents

SPINEWORKS CHIROPRACTIC LTD

STATEMENT OF FINANCIAL POSITION

As at 31 March 2023
SPINEWORKS CHIROPRACTIC LTD

STATEMENT OF FINANCIAL POSITION (continued)

As at 31 March 2023
Note 2023 2022
£ £
Fixed assets
Intangible assets 3 0 1,167
Tangible assets 4 88,581 98,533
88,581 99,700
Current assets
Stocks 5 9,566 6,664
Debtors 6 319,509 20,793
Cash at bank and in hand 99,561 319,461
428,636 346,918
Creditors: amounts falling due within one year 7 ( 183,620) ( 163,306)
Net current assets 245,016 183,612
Total assets less current liabilities 333,597 283,312
Creditors: amounts falling due after more than one year 8 ( 24,496) ( 38,095)
Provision for liabilities ( 20,462) ( 20,423)
Net assets 288,639 224,794
Capital and reserves
Called-up share capital 9 100 100
Profit and loss account 288,539 224,694
Total shareholder's funds 288,639 224,794

For the financial year ending 31 March 2023 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The financial statements of Spineworks Chiropractic Ltd (registered number: 08593091) were approved and authorised for issue by the Director on 01 November 2023. They were signed on its behalf by:

Dr L Archambault
Director
SPINEWORKS CHIROPRACTIC LTD

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 2023
SPINEWORKS CHIROPRACTIC LTD

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 2023
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Spineworks Chiropractic Ltd (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is 236 Kennington Park Road, London, SE11 4DA, England, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

The director has assessed the Statement of Financial Position and likely future cash flows at the date of approving these financial statements. The director has a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Foreign currency

Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the Statement of Financial Position date are reported at the rates of exchange prevailing at that date.

Exchange differences are recognised in the Statement of Income and Retained Earnings in the period in which they arise except for exchange differences arising on gains or losses on non-monetary items which are recognised in the Statement of Comprehensive Income.

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.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Statement of Financial Position date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Intangible assets

Intangible assets are stated at cost or valuation, net of amortisation and any provision for impairment. Amortisation is provided on all intangible assets at rates to write off the cost or valuation of each asset over its expected useful life as follows:

Goodwill 10 years straight line
Goodwill

Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer’s interest in the fair value of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight line basis over its useful economic life of 10 years.

Tangible fixed assets

Tangible fixed assets are stated at cost (or deemed cost) or valuation less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended. Depreciation is provided on all tangible fixed assets, other than investment properties and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line/reducing balance basis over its expected useful life, as follows:

Leasehold improvements 8 years straight line
Plant and machinery 15 % reducing balance
Vehicles 15 % reducing balance
Office equipment 15 % reducing balance
Computer equipment 25 % reducing balance

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

Leases

The Company as lessee
Assets held under finance leases, hire purchase contracts and other similar arrangements, which confer rights and obligations similar to those attached to owned assets, are capitalised as tangible fixed assets at the fair value of the leased asset (or, if lower, the present value of the minimum lease payments as determined at the inception of the lease) and are depreciated over the shorter of the lease terms and their useful lives. The capital elements of future lease obligations are recorded as liabilities, while the interest elements are charged to the Statement of Income and Retained Earnings over the period of the leases to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Statement of Financial Position date. If there is objective evidence of impairment, an impairment loss is recognised in the Statement of Income and Retained Earnings as described below.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost includes materials, direct labour and an attributable proportion of manufacturing overheads based on normal levels of activity. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Statement of Financial Position date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

2. Employees

2023 2022
Number Number
Monthly average number of persons employed by the Company during the year, including the director 6 5

3. Intangible assets

Goodwill Total
£ £
Cost
At 01 April 2022 10,000 10,000
At 31 March 2023 10,000 10,000
Accumulated amortisation
At 01 April 2022 8,833 8,833
Charge for the financial year 1,167 1,167
At 31 March 2023 10,000 10,000
Net book value
At 31 March 2023 0 0
At 31 March 2022 1,167 1,167

4. Tangible assets

Leasehold improve-
ments
Plant and machinery Vehicles Office equipment Computer equipment Total
£ £ £ £ £ £
Cost
At 01 April 2022 52,229 106,713 3,849 27,218 1,979 191,988
Additions 4,893 1,068 0 1,205 399 7,565
At 31 March 2023 57,122 107,781 3,849 28,423 2,378 199,553
Accumulated depreciation
At 01 April 2022 24,521 53,470 529 14,642 293 93,455
Charge for the financial year 6,522 8,120 498 1,947 430 17,517
At 31 March 2023 31,043 61,590 1,027 16,589 723 110,972
Net book value
At 31 March 2023 26,079 46,191 2,822 11,834 1,655 88,581
At 31 March 2022 27,708 53,243 3,320 12,576 1,686 98,533

5. Stocks

2023 2022
£ £
Stocks 9,566 6,664

6. Debtors

2023 2022
£ £
Amounts owed by director 287,969 0
Prepayments 29,081 18,334
Other debtors 2,459 2,459
319,509 20,793

7. Creditors: amounts falling due within one year

2023 2022
£ £
Trade creditors 36,728 3,278
Amounts owed to director 0 12,203
Other loans 9,938 9,687
Accruals and deferred income 89,570 83,044
Taxation and social security 42,597 40,032
Obligations under finance leases and hire purchase contracts 3,667 7,968
Other creditors 1,120 7,094
183,620 163,306

8. Creditors: amounts falling due after more than one year

2023 2022
£ £
Other loans 23,274 33,206
Obligations under finance leases and hire purchase contracts 1,222 4,889
24,496 38,095

There are no amounts included above in respect of which any security has been given by the small entity.

9. Called-up share capital

2023 2022
£ £
Allotted, called-up and fully-paid
100 Ordinary shares of £ 1.00 each 100 100

10. Financial commitments

Other financial commitments

2023 2022
£ £
Within one year 20,000 20,000
Within one year 20,000 40,000
40,000 60,000

At 31 March 2023 the company had future minimum lease payments under non-cancellable operating leases as above.

Pensions

The Company operates a defined contribution pension scheme for the director and employees. The assets of the scheme are held separately from those of the Company in an independently administered fund.

2023 2022
£ £
Unpaid contributions due to the fund (inc. in other creditors) 668 532

11. Related party transactions

At the end of the year, there was a balance of £287,969 owed by the Director (2022: £12,203 owed to the Director). This amount is included within debtors.

During the year, the director received dividends totalling £90,000 (2022: £89,400).