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REGISTERED NUMBER: SC239239 (Scotland)




















The Hearing Aid Advice Centre Ltd.

Unaudited Financial Statements

for the Year Ended 31 December 2023






The Hearing Aid Advice Centre Ltd. (Registered number: SC239239)






Contents of the Financial Statements
for the Year Ended 31 December 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


The Hearing Aid Advice Centre Ltd.

Company Information
for the Year Ended 31 December 2023







DIRECTOR: Mr C J Forrest



SECRETARY: Ms L Ryan



REGISTERED OFFICE: Audiology House
13 Oakwood Park
Livingston
West Lothian
EH54 8AW



REGISTERED NUMBER: SC239239 (Scotland)



ACCOUNTANTS: Whitelaw Wells
9 Ainslie Place
Edinburgh
Midlothian
EH3 6AT



BANKERS: The Royal Bank of Scotland
Livingston Branch
4 Almondvale South
Livingston
EH54 6NB

The Hearing Aid Advice Centre Ltd. (Registered number: SC239239)

Balance Sheet
31 December 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 1,402 3,492
Tangible assets 5 41,391 54,011
Investment property 6 400,000 400,000
442,793 457,503

CURRENT ASSETS
Debtors 7 - 24
Cash at bank 93,838 47,404
93,838 47,428
CREDITORS
Amounts falling due within one year 8 32,126 28,252
NET CURRENT ASSETS 61,712 19,176
TOTAL ASSETS LESS CURRENT
LIABILITIES

504,505

476,679

CREDITORS
Amounts falling due after more than
one year

9

-

(15,933

)

PROVISIONS FOR LIABILITIES (14,661 ) (15,721 )
NET ASSETS 489,844 445,025

The Hearing Aid Advice Centre Ltd. (Registered number: SC239239)

Balance Sheet - continued
31 December 2023

2023 2022
Notes £    £    £    £   
CAPITAL AND RESERVES
Called up share capital 100 100
Fair value reserve 11 35,559 36,203
Retained earnings 11 454,185 408,722
SHAREHOLDERS' FUNDS 489,844 445,025

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2023 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 27 March 2024 and were signed by:





Mr C J Forrest - Director


The Hearing Aid Advice Centre Ltd. (Registered number: SC239239)

Notes to the Financial Statements
for the Year Ended 31 December 2023

1. STATUTORY INFORMATION

The Hearing Aid Advice Centre Ltd. is a private company, limited by shares , registered in Scotland. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Turnover and revenue recognition
Turnover represents the invoiced sales of hearing aids, and the receipt of property rental income.

Revenue from hearing aids is recognised as earned, and to the extent that, the company has obtained the rights to the consideration in exchange for these goods. It is measured at the fair value of the right to consideration, which represents amounts chargeable to customers.

Rent is recognised in accordance with the lease agreement. Where there are lease incentives such as rent free periods the rent relating to these incentives is accrued and subsequently released of the full period of the lease agreement. Property sales are recognised with reference to completion date.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Website costs are being amortised evenly over their estimated useful life of five years.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery etc - 33% on cost and 25% on reducing balance

Investment property
Investment properties are shown at their fair value. Any surplus or deficit arising from changes in fair value are recognised in the profit and loss account for the year. A reduction in value due to fluctuation in the property market conditions is not considered to be permanent.

Deferred taxation is provided on any fair value surplus at the rate expected to apply when the property is sold and at the year end is included in the fair value reserve with the relevant change in fair value.

The Hearing Aid Advice Centre Ltd. (Registered number: SC239239)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

2. ACCOUNTING POLICIES - continued

Financial instruments
The company only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value.

All loans with related parties are repayable on demand.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

Provisions
Provisions are recognised where the company has a present obligation as a result of a past event, it is probable the company will be required to settle the obligations, and a reliable estimate can be made of the obligations. The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the end of the reporting period, taking into account the risks and uncertainties surrounding the obligation.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 (2022 - 1 ) .

The Hearing Aid Advice Centre Ltd. (Registered number: SC239239)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

4. INTANGIBLE FIXED ASSETS
Other
intangible
assets
£   
COST
At 1 January 2023
and 31 December 2023 10,448
AMORTISATION
At 1 January 2023 6,956
Charge for year 2,090
At 31 December 2023 9,046
NET BOOK VALUE
At 31 December 2023 1,402
At 31 December 2022 3,492

5. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 January 2023 82,150
Additions 1,999
At 31 December 2023 84,149
DEPRECIATION
At 1 January 2023 28,139
Charge for year 14,619
At 31 December 2023 42,758
NET BOOK VALUE
At 31 December 2023 41,391
At 31 December 2022 54,011

The Hearing Aid Advice Centre Ltd. (Registered number: SC239239)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

6. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 January 2023
and 31 December 2023 400,000
NET BOOK VALUE
At 31 December 2023 400,000
At 31 December 2022 400,000

Fair value at 31 December 2023 is represented by:
£   
Valuation in 2012 6,323
Valuation in 2013 15,000
Valuation in 2015 10,000
Valuation in 2017 17,161
Valuation in 2018 (4,759 )
Valuation in 2020 15,000
Valuation in 2021 32,273
Valuation in 2022 (50,000 )
Cost 359,002
400,000

If the investment properties had not been revalued they would have been included at the following historical cost:

2023 2022
£    £   
Cost 359,002 359,002

The properties are shown at the director's estimated valuation as at 31 December 2023.

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Other debtors - 24

The Hearing Aid Advice Centre Ltd. (Registered number: SC239239)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts - 10,000
Trade creditors 237 538
Taxation and social security 15,828 1,406
Other creditors 16,061 16,308
32,126 28,252

Included in other creditors is the balance due on the director's current account of £14,163 (2022 - £14,629). This balance is interest-free, unsecured, and repayable on demand.

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2023 2022
£    £   
Bank loans - 15,933

10. SECURED DEBTS

The Royal Bank of Scotland plc holds standard securities against the three investment properties, and also holds a floating charge over the assets of the company.

11. RESERVES
Fair
Retained value
earnings reserve Totals
£    £    £   

At 1 January 2023 408,722 36,203 444,925
Profit for the year 45,931 45,931
Dividends (1,112 ) (1,112 )
Movement on reserves 644 (644 ) -
At 31 December 2023 454,185 35,559 489,744

The fair value reserve represents the net revaluation surplus on investment properties that is not readily distributable as realised earnings.