Company registration number 10574564 (England and Wales)
CLINIC 77 LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023
PAGES FOR FILING WITH REGISTRAR
CLINIC 77 LIMITED
BALANCE SHEET
AS AT 28 FEBRUARY 2023
28 February 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
8,940
10,994
Current assets
Debtors
4
415,981
410,356
Cash at bank and in hand
17,596
7,453
433,577
417,809
Creditors: amounts falling due within one year
5
(219,704)
(145,875)
Net current assets
213,873
271,934
Total assets less current liabilities
222,813
282,928
Provisions for liabilities
Deferred tax liability
2,235
2,749
(2,235)
(2,749)
Net assets
220,578
280,179
Capital and reserves
Called up share capital
1
1
Profit and loss reserves
220,577
280,178
Total equity
220,578
280,179
CLINIC 77 LIMITED
BALANCE SHEET (CONTINUED)
AS AT 28 FEBRUARY 2023
28 February 2023
- 2 -

The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 28 February 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The member has 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 by the board of directors and authorised for issue on 18 January 2024 and are signed on its behalf by:
Mr D Cumming
Director
Company Registration No. 10574564
CLINIC 77 LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023
- 3 -
1
Accounting policies
Company information

Clinic 77 Limited is a private company limited by shares incorporated in England and Wales. The registered office is Prama House, 267 Banbury Road, Summertown, Oxford, OX2 7HT.

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. The principal accounting policies adopted are set out below.

1.2
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for services provided in the normal course of business and is shown net of VAT.

Revenue from the provision of medical services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.

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:

Plant and equipment
5 years straight line
Fixtures and fittings
5 years straight line
IT equipment
5 years straight line

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.4
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

1.5
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand and at bank.

CLINIC 77 LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2023
1
Accounting policies
(Continued)
- 4 -
1.6
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include amounts due from connected companies and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

1.7
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.8
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

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.

CLINIC 77 LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2023
1
Accounting policies
(Continued)
- 5 -
Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.9
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

1.10
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2023
2022
Number
Number
Total
3
3
CLINIC 77 LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2023
- 6 -
3
Tangible fixed assets
Plant and equipment
Fixtures and fittings
IT equipment
Total
£
£
£
£
Cost
At 1 March 2022
6,512
33
6,305
12,850
Additions
279
250
-
0
529
At 28 February 2023
6,791
283
6,305
13,379
Depreciation and impairment
At 1 March 2022
684
3
1,169
1,856
Depreciation charged in the year
1,307
15
1,261
2,583
At 28 February 2023
1,991
18
2,430
4,439
Carrying amount
At 28 February 2023
4,800
265
3,875
8,940
At 28 February 2022
5,828
30
5,136
10,994
4
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
99,471
30,450
Other debtors
29,757
132,244
Amounts due from connected parties
286,753
247,662
415,981
410,356
5
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
19,651
2,984
Taxation and social security
190,799
140,313
Other creditors
9,254
2,578
219,704
145,875
6
Related party transactions
CLINIC 77 LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2023
6
Related party transactions
(Continued)
- 7 -

During the year, the company paid for expenses on behalf of Oxford AI Limited, Aegis Research Limited and Virtual Things Limited, which are all companies controlled by Mr D Cumming (director). At the reporting date, the amounts still outstanding from these connected parties were: £187,143 (2022: £170,543) owed by Oxford AI Limited, £98,862 (2022: £76,784) owed by Aegis Research Limited and £748 (2022: £335) owed by Virtual Things Limited. There is no formal loan agreement between the companies and therefore the loans are treated as receivable on demand and are classified as repayable within one year. No interest is being charged on these loans.

7
Directors' transactions

Advances or credits have been granted by the company to its directors as follows:

Description
% Rate
Opening balance
Amounts advanced
Interest charged
Amounts repaid
Closing balance
£
£
£
£
£
Director's loan account
2.00
90,345
171,708
3,759
(265,812)
-
90,345
171,708
3,759
(265,812)
-
2023-02-282022-03-01false29 January 2024CCH SoftwareCCH Accounts Production 2023.300No description of principal activityMr D CummingMs R Goldiefalse2024-01-18105745642022-03-012023-02-28105745642023-02-28105745642022-02-2810574564core:PlantMachinery2023-02-2810574564core:FurnitureFittings2023-02-2810574564core:ComputerEquipment2023-02-2810574564core:PlantMachinery2022-02-2810574564core:FurnitureFittings2022-02-2810574564core:ComputerEquipment2022-02-2810574564core:CurrentFinancialInstrumentscore:WithinOneYear2023-02-2810574564core:CurrentFinancialInstrumentscore:WithinOneYear2022-02-2810574564core:CurrentFinancialInstruments2023-02-2810574564core:CurrentFinancialInstruments2022-02-2810574564core:ShareCapital2023-02-2810574564core:ShareCapital2022-02-2810574564core:RetainedEarningsAccumulatedLosses2023-02-2810574564core:RetainedEarningsAccumulatedLosses2022-02-2810574564bus:Director12022-03-012023-02-2810574564core:PlantMachinery2022-03-012023-02-2810574564core:FurnitureFittings2022-03-012023-02-2810574564core:ComputerEquipment2022-03-012023-02-28105745642021-03-012022-02-2810574564core:PlantMachinery2022-02-2810574564core:FurnitureFittings2022-02-2810574564core:ComputerEquipment2022-02-28105745642022-02-2810574564bus:PrivateLimitedCompanyLtd2022-03-012023-02-2810574564bus:SmallCompaniesRegimeForAccounts2022-03-012023-02-2810574564bus:FRS1022022-03-012023-02-2810574564bus:AuditExemptWithAccountantsReport2022-03-012023-02-2810574564bus:Director22022-03-012023-02-2810574564bus:FullAccounts2022-03-012023-02-28xbrli:purexbrli:sharesiso4217:GBP