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ESM Therapies Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 August 2021

 

ESM Therapies Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 8

 

ESM Therapies Limited

Company Information

Director

Mrs J Wise

Company secretary

Mr MA Wise

Registered office

15 Approach Road
London
SW20 8BA

 

ESM Therapies Limited

(Registration number: 07726535)
Balance Sheet as at 31 August 2021

Note

2021

2020

   

£

£

£

£

Fixed assets

   

 

Tangible assets

4

 

131

 

175

Current assets

   

 

Cash at bank and in hand

 

762

 

628

 

Creditors: Amounts falling due within one year

5

(57,129)

 

(46,209)

 

Net current liabilities

   

(56,367)

 

(45,581)

Total assets less current liabilities

   

(56,236)

 

(45,406)

Creditors: Amounts falling due after more than one year

5

 

(6,906)

 

(14,000)

Net liabilities

   

(63,142)

 

(59,406)

Capital and reserves

   

 

Called up share capital

10

 

10

 

Profit and loss account

(63,152)

 

(59,416)

 

Total equity

   

(63,142)

 

(59,406)

For the financial year ending 31 August 2021 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The director acknowledges her responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 15 March 2024
 

 

ESM Therapies Limited

(Registration number: 07726535)
Balance Sheet as at 31 August 2021

.........................................

Mrs J Wise

Director

 

ESM Therapies Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2021

1

General information

The company is a private company limited by shares incorporated in England and Wales.

The address of its registered office and principal place of business is:
15 Approach Road
London
SW20 8BA
England

These financial statements were authorised for issue by the director on 15 March 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

 

ESM Therapies Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2021

Judgements

The company may be required to make estimates and assumptions concerning the future. These estimates and judgements are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

The resulting accounting estimates will, by definition, seldom equal the related actual results. The principal areas where judgement was exercised are as follows:

i) Tangible fixed assets: the directors annually assess both the residual value of these assets and the expected useful life of such assets based on experience.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Furniture fittings and equipment

25% on reducing balance

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

 

ESM Therapies Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2021

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 3 (2020 - 3).

 

ESM Therapies Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2021

4

Tangible assets

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 September 2020

1,777

1,777

At 31 August 2021

1,777

1,777

Depreciation

At 1 September 2020

1,602

1,602

Charge for the year

44

44

At 31 August 2021

1,646

1,646

Carrying amount

At 31 August 2021

131

131

At 31 August 2020

175

175

 

ESM Therapies Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2021

5

Creditors

Creditors: amounts falling due within one year

Note

2021
£

2020
£

Due within one year

 

Bank loans and overdrafts

6

44,125

39,832

Taxation and social security

 

4,229

4,160

Other creditors

 

8,775

2,217

 

57,129

46,209

Due after one year

 

Loans and borrowings

6

6,906

14,000

Creditors: amounts falling due after more than one year

Note

2021
£

2020
£

Due after one year

 

Loans and borrowings

6

6,906

14,000

6

Loans and borrowings

2021
£

2020
£

Non-current loans and borrowings

Bank borrowings

6,906

14,000

2021
£

2020
£

Current loans and borrowings

Bank borrowings

1,000

1,000

Other borrowings

43,125

38,832

44,125

39,832