Registered number
04217864
Torbay Chiropractic Health Care Clinics Limited
Filleted Accounts
31 May 2023
Torbay Chiropractic Health Care Clinics Limited
Registered number: 04217864
Balance Sheet
as at 31 May 2023
Notes 2023 2022
£ £
Fixed assets
Investments 3 728,200 665,162
Current assets
Cash at bank and in hand 2 2
Creditors: amounts falling due within one year 4 (50,508) (48,380)
Net current liabilities (50,506) (48,378)
Net assets 677,694 616,784
Capital and reserves
Called up share capital 2 2
Profit and loss account 677,692 616,782
Shareholders' funds 677,694 616,784
The directors are 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 directors acknowledge their 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.
Mr I C Vasey
Director
Approved by the board on 22 January 2024
Torbay Chiropractic Health Care Clinics Limited
Notes to the Accounts
for the year ended 31 May 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 sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. 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.
Investments
Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Listed investments are measured at fair value. Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the profit and loss account.
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.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 2 2
3 Investments
Other
investments
£
Cost
At 1 June 2022 665,162
Additions 63,038
At 31 May 2023 728,200
Name of Undertaking and business Holding
Torbay Chiropractic Healthcare Clinic Partnership 5%
The group undertaking is established and trades within the UK.
4 Creditors: amounts falling due within one year 2023 2022
£ £
Taxation and social security costs 4,949 3,835
Other creditors 45,559 44,545
50,508 48,380
4 Related party transactions
During the year the company was controlled by its directors.
The company received a profit share of £77,000 from the partnership in which it is a corporate partner.
The directors have jointly provided working capital to the company throughout the year by way of their loan account. The balance at the beginning and end of the year was as follows:-
2023 2022
£ £
Mr I C Vasey and Mrs R J Cook-Vasey 31,558 31,545
5 Other information
Torbay Chiropractic Health Care Clinics Limited is a private company limited by shares and incorporated in England. Its registered office is:
Bay Tree Cottage
5 Woodway Close
Teignmouth
Devon
TQ14 8QG
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