Company registration number SC654071 (Scotland)
STEP AND STONE HEALTH LTD
(FORMERLY KNOWN AS ABDN SPORTS MASSAGE LTD)
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
PAGES FOR FILING WITH REGISTRAR
STEP AND STONE HEALTH LTD
(FORMERLY KNOWN AS ABDN SPORTS MASSAGE LTD)
CONTENTS
Page
Balance sheet
1 - 2
Statement of changes in equity
3
Notes to the financial statements
4 - 8
STEP AND STONE HEALTH LTD
(FORMERLY KNOWN AS ABDN SPORTS MASSAGE LTD)
BALANCE SHEET
AS AT
31 MARCH 2023
31 March 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Intangible assets
3
10,000
17,438
Tangible assets
4
47,559
24,570
57,559
42,008
Current assets
Debtors
5
18,990
33,232
Cash at bank and in hand
3,218
15,467
22,208
48,699
Creditors: amounts falling due within one year
6
(129,715)
(88,210)
Net current liabilities
(107,507)
(39,511)
Total assets less current liabilities
(49,948)
2,497
Creditors: amounts falling due after more than one year
7
(16,734)
(16,333)
Net liabilities
(66,682)
(13,836)
Capital and reserves
Called up share capital
1
1
Profit and loss reserves
(66,683)
(13,837)
Total equity
(66,682)
(13,836)
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 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 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.
STEP AND STONE HEALTH LTD
(FORMERLY KNOWN AS ABDN SPORTS MASSAGE LTD)
BALANCE SHEET (CONTINUED)
AS AT
31 MARCH 2023
31 March 2023
- 2 -
The financial statements were approved and signed by the director and authorised for issue on 29 March 2024
Ms Amy Maclean
Director
Company Registration No. SC654071
STEP AND STONE HEALTH LTD
(FORMERLY KNOWN AS ABDN SPORTS MASSAGE LTD)
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2023
- 3 -
Share capital
Profit and loss reserves
Total
£
£
£
Balance at 1 April 2021
1
(731)
(730)
Year ended 31 March 2022:
Loss and total comprehensive income for the year
-
(13,106)
(13,106)
Balance at 31 March 2022
1
(13,837)
(13,836)
Year ended 31 March 2023:
Loss and total comprehensive income for the year
-
(52,846)
(52,846)
Balance at 31 March 2023
1
(66,683)
(66,682)
STEP AND STONE HEALTH LTD
(FORMERLY KNOWN AS ABDN SPORTS MASSAGE LTD)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
- 4 -
1
Accounting policies
Company information
Step and Stone Health Ltd (SC654071) is a private company limited by shares incorporated in Scotland. The registered office is Unit 16, Westhill Shopping Centre, Westhill, Scotland, AB32 6RL.
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 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.
When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.
Revenue for the provision of services is recognised by reference to the date on which the services were rendered.
1.3
Intangible fixed assets - goodwill
Goodwill represents the excess of the cost of acquisition of unincorporated businesses over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is 4 years.
For the purposes of impairment testing, goodwill is allocated to the cash-generating units expected to benefit from the acquisition. Cash-generating units to which goodwill has been allocated are tested for impairment at least annually, or more frequently when there is an indication that the unit may be impaired. If the recoverable amount of the cash-generating unit is less than the carrying amount of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit.
1.4
Intangible fixed assets other than goodwill
Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.
Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.
STEP AND STONE HEALTH LTD
(FORMERLY KNOWN AS ABDN SPORTS MASSAGE LTD)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
1
Accounting policies
(Continued)
- 5 -
Amortisation 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:
Software
1 & 2 years straight line
1.5
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:
Leasehold improvements
10 years straight line
Plant and equipment
2 & 4 years straight line
Fixtures and fittings
1 & 2 years straight line
Computers
1 & 2 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.
1.6
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.7
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 debtors 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.
STEP AND STONE HEALTH LTD
(FORMERLY KNOWN AS ABDN SPORTS MASSAGE LTD)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
1
Accounting policies
(Continued)
- 6 -
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, 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.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
1.8
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.
1.9
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.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.10
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.11
Leases
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
3
1
STEP AND STONE HEALTH LTD
(FORMERLY KNOWN AS ABDN SPORTS MASSAGE LTD)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 7 -
3
Intangible fixed assets
Goodwill
Other
Total
£
£
£
Cost
At 1 April 2022 and 31 March 2023
20,000
2,438
22,438
Amortisation and impairment
At 1 April 2022
5,000
5,000
Amortisation charged for the year
5,000
2,438
7,438
At 31 March 2023
10,000
2,438
12,438
Carrying amount
At 31 March 2023
10,000
10,000
At 31 March 2022
15,000
2,438
17,438
4
Tangible fixed assets
Leasehold improvements
Plant and machinery etc
Total
£
£
£
Cost
At 1 April 2022
22,358
2,408
24,766
Additions
28,109
899
29,008
At 31 March 2023
50,467
3,307
53,774
Depreciation and impairment
At 1 April 2022
196
196
Depreciation charged in the year
4,667
1,352
6,019
At 31 March 2023
4,863
1,352
6,215
Carrying amount
At 31 March 2023
45,604
1,955
47,559
At 31 March 2022
22,162
2,408
24,570
5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
2,397
520
Other debtors
7,000
7,000
Prepayments and accrued income
9,593
25,712
18,990
33,232
STEP AND STONE HEALTH LTD
(FORMERLY KNOWN AS ABDN SPORTS MASSAGE LTD)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 8 -
6
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans
30,567
2,000
Trade creditors
18,355
24,396
Taxation and social security
1,159
Other creditors
72,808
59,616
Accruals and deferred income
6,826
2,198
129,715
88,210
7
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
4,334
6,333
Other creditors
12,400
10,000
16,734
16,333
8
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2023
2022
£
£
168,000
175,000
9
Events after the reporting date
As of 04 October 2023 Abdn Sports Masage Ltd changed their name to Step and Stone Health Ltd.
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