Company registration number 07577291 (England and Wales)
Professor Lesley Regan Ltd
Unaudited Financial Statements
For The Year Ended 31 March 2023
Pages For Filing With Registrar
Pinnick Lewis LLP
Chartered Certified Accountants
Handel House
95 High Street
Edgware
HA8 7DB
Professor Lesley Regan Ltd
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 4
Professor Lesley Regan Ltd
BALANCE SHEET
As At 31 March 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
2,977
1,160
Investments
4
50,000
50,000
52,977
51,160
Current assets
Debtors
5
29,046
Cash at bank and in hand
460,005
344,902
460,005
373,948
Creditors: amounts falling due within one year
6
(59,402)
(60,300)
Net current assets
400,603
313,648
Net assets
453,580
364,808
Capital and reserves
Called up share capital
102
102
Profit and loss reserves
453,478
364,706
Total equity
453,580
364,808
For the financial year ended 31 March 2023 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 members have 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 29 January 2024
Prof L Regan
Director
Company registration number 07577291 (England and Wales)
Professor Lesley Regan Ltd
NOTES TO THE FINANCIAL STATEMENTS
For The Year Ended 31 March 2023
- 2 -
1
Accounting policies
Company information
Professor Lesley Regan Ltd is a private company limited by shares incorporated in England and Wales. The registered office is Handel House, 95 High Street, Edgware, HA8 7DB.
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, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover comprises the invoice value of goods supplied by the company, exclusive of trade discounts and value added tax.
1.3
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.
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
20% Straight line
Computers
20% Straight line
1.4
Financial instruments
Investments
Investments held as fixed assets are stated at cost less provision for any permanent diminution in value. Income from other investments together with any related tax credit is recognised in the profit and loss account in the financial year in which it is receivable.
Trade and other debtors
Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.
Trade and other creditors
Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.
1.5
Taxation
Professor Lesley Regan Ltd
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
For The Year Ended 31 March 2023
1
Accounting policies
(Continued)
- 3 -
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account 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.
1.6
Employee benefits
The company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
4
4
3
Tangible fixed assets
Fixtures and fittings
Computers
Total
£
£
£
Cost
At 1 April 2022
1,450
11,178
12,628
Additions
2,634
2,634
At 31 March 2023
1,450
13,812
15,262
Depreciation and impairment
At 1 April 2022
290
11,178
11,468
Depreciation charged in the year
290
527
817
At 31 March 2023
580
11,705
12,285
Carrying amount
At 31 March 2023
870
2,107
2,977
At 31 March 2022
1,160
1,160
4
Fixed asset investments
2023
2022
£
£
Other investments other than loans
50,000
50,000
Professor Lesley Regan Ltd
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
For The Year Ended 31 March 2023
- 4 -
5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
860
Other debtors
28,186
29,046
6
Creditors: amounts falling due within one year
2023
2022
£
£
Corporation tax
28,861
36,556
Other taxation and social security
4,192
3,610
Other creditors
411
8,226
Accruals and deferred income
25,938
11,908
59,402
60,300