Company registration number 05680004 (England and Wales)
ACUPUNCTURE ASSOCIATION OF CHARTERED PHYSIOTHERAPISTS LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
PAGES FOR FILING WITH REGISTRAR
ACUPUNCTURE ASSOCIATION OF CHARTERED PHYSIOTHERAPISTS LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 11
ACUPUNCTURE ASSOCIATION OF CHARTERED PHYSIOTHERAPISTS LIMITED
BALANCE SHEET
AS AT 31 DECEMBER 2023
31 December 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
6
158,834
165,667
Investment properties
7
167,893
167,893
Investments
8
380,634
357,845
707,361
691,405
Current assets
Debtors
10
26,262
24,565
Cash at bank and in hand
180,229
131,408
206,491
155,973
Creditors: amounts falling due within one year
11
(216,186)
(209,333)
Net current liabilities
(9,695)
(53,360)
Total assets less current liabilities
697,666
638,045
Reserves
Investment revaluation reserve
12
53,735
27,298
Research reserve
13
65,800
68,400
Members' reserves
15
578,131
542,347
Members' funds
697,666
638,045

The directors of the company have elected not to include a copy of the income and expenditure account within the financial statements.true

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 2 April 2024 and are signed on its behalf by:
Mr J Hobbs
Mrs L Pattenden
Director
Director
Company Registration No. 05680004
ACUPUNCTURE ASSOCIATION OF CHARTERED PHYSIOTHERAPISTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 2 -
1
Accounting policies
Company information

Acupuncture Association of Chartered Physiotherapists Limited is a private company limited by guarantee incorporated in England and Wales. The registered office is Sefton House, Adam Court, Newark Road, Peterborough, United Kingdom, PE1 5PP.

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.

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 certain financial instruments at fair value. The principal accounting policies adopted are set out below.

The company has taken advantage of the exemption under section 399 of the Companies Act 2006 not to prepare consolidated accounts, on the basis that the group of which this is the parent qualifies as a small group. The financial statements present information about the company as an individual entity and not about its group.

1.2
Going concern

Atruet the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3
Turnover
Income represents amounts receivable for membership subscriptions and goods and services provided to members.
1.4
Intangible fixed assets other than goodwill

Intangible assets acquired separately are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

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:

Database
20% p.a. on a straight line basis
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:

Buildings
2% p.a. on a straight line basis
Computer equipment
33% p.a. on a straight line basis
Fixtures, fittings & equipment
25% p.a. on a reducing balance or straight line basis, or 10% on a straight line basis
ACUPUNCTURE ASSOCIATION OF CHARTERED PHYSIOTHERAPISTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 3 -

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 surplus or deficit.

1.6
Investment property

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. The surplus or deficit on revaluation is recognised in the profit and loss account.

 

Where fair value cannot be achieved without undue cost or effort, investment property is accounted for as tangible fixed assets.

1.7
Fixed asset investments

Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in surplus or deficit.

A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The company considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.

Entities in which the company has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.

1.8
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible 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.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

 

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in surplus or deficit, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in surplus or deficit, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

ACUPUNCTURE ASSOCIATION OF CHARTERED PHYSIOTHERAPISTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 4 -
1.9
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.

1.10
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.

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.

1.11
Derivatives

Derivatives are initially recognised at fair value at the date a derivative contract is entered into and are subsequently remeasured to fair value at each reporting end date. The resulting gain or loss is recognised in surplus or deficit immediately unless the derivative is designated and effective as a hedging instrument, in which event the timing of the recognition in surplus or deficit depends on the nature of the hedge relationship.

 

A derivative with a positive fair value is recognised as a financial asset, whereas a derivative with a negative fair value is recognised as a financial liability.

1.12
Taxation

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

ACUPUNCTURE ASSOCIATION OF CHARTERED PHYSIOTHERAPISTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 5 -
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.

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.

1.13
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.

1.14
Retirement benefits

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

1.15
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.

Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.

1.16
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

ACUPUNCTURE ASSOCIATION OF CHARTERED PHYSIOTHERAPISTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 6 -
2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

3
Directors' remuneration
2023
2022
£
£
Remuneration for qualifying services
98,676
93,099
4
Employees

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

2023
2022
Number
Number
Total employees
6
5

Their aggregate remuneration comprised:

2023
2022
£
£
Wages and salaries
192,980
161,956
Social security costs
10,714
7,403
Pension costs
5,006
4,078
208,700
173,437
ACUPUNCTURE ASSOCIATION OF CHARTERED PHYSIOTHERAPISTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 7 -
5
Intangible fixed assets
Database
£
Cost
At 1 January 2023 and 31 December 2023
55,394
Amortisation and impairment
At 1 January 2023 and 31 December 2023
55,394
Carrying amount
At 31 December 2023
-
0
At 31 December 2022
-
0
6
Tangible fixed assets
Land and buildings
Computer equipment
Fixtures, fittings & equipment
Total
£
£
£
£
Cost
At 1 January 2023
194,475
56,386
35,815
286,676
Additions
-
0
990
-
0
990
At 31 December 2023
194,475
57,376
35,815
287,666
Depreciation and impairment
At 1 January 2023
37,017
52,658
31,334
121,009
Depreciation charged in the year
3,890
2,998
935
7,823
At 31 December 2023
40,907
55,656
32,269
128,832
Carrying amount
At 31 December 2023
153,568
1,720
3,546
158,834
At 31 December 2022
157,458
3,728
4,481
165,667
7
Investment property
2023
£
Fair value
At 1 January 2023 and 31 December 2023
167,893

Investment property comprises part of Sefton House, Peterborough. The property is stated at cost as this is considered to be the fair value.

ACUPUNCTURE ASSOCIATION OF CHARTERED PHYSIOTHERAPISTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 8 -
8
Fixed asset investments
2023
2022
Notes
£
£
Investments in subsidiaries
9
1
1
Listed investments
380,633
357,844
380,634
357,845
Movements in fixed asset investments
Shares in subsidiaries
Other investments
Total
£
£
£
Cost or valuation
At 1 January 2023
1
357,844
357,845
Additions
-
44,136
44,136
Valuation changes
-
35,629
35,629
Disposals
-
(56,976)
(56,976)
At 31 December 2023
1
380,633
380,634
Carrying amount
At 31 December 2023
1
380,633
380,634
At 31 December 2022
1
357,844
357,845
9
Subsidiaries

Details of the company's subsidiaries at 31 December 2023 are as follows:

Name of undertaking
Registered office
Nature of business
Class of shares held
% Held Direct
AACP Ltd
England and Wales
Dormant
Ordinary
100
The aggregate capital and reserves and the result for the year of the subsidiaries noted above was as follows:
Name of undertaking
Capital and Reserves
Profit/(Loss)
£
£
AACP Ltd
1
-
0
ACUPUNCTURE ASSOCIATION OF CHARTERED PHYSIOTHERAPISTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 9 -
10
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
11,339
15,947
Prepayments and accrued income
14,923
8,618
26,262
24,565
11
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
6,343
3,672
Amounts owed to group undertakings
1
1
Corporation tax
1,783
2,892
Other taxation and social security
4,689
4,526
Other creditors
6,463
6,340
Accruals and deferred income
196,907
191,902
216,186
209,333
12
Investment revaluation reserve
2023
2022
£
£
At the beginning of the year
27,298
63,690
Revaluation surplus / (deficit) arising in the year
26,437
(36,392)
At the end of the year
53,735
27,298
ACUPUNCTURE ASSOCIATION OF CHARTERED PHYSIOTHERAPISTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 10 -
13
Other reserves
£
At 1 January 2022
71,900
Transfer to members' reserves
(3,500)
At 31 December 2022
68,400
Transfer to members' reserves
(2,600)
At 31 December 2023
65,800

The AACP have allocated £65,800 (2022 - £68,400) into a dedicated reserve fund for acupuncture research purposes.

14
Audit report information

As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:

The auditor's report was unqualified.

Senior Statutory Auditor:
Tracey Richardson BSc (Hons) FCA
Statutory Auditor:
Azets Audit Services
15
Members' reserves
2023
2022
£
£
At the beginning of the year
542,347
463,835
Surplus for the year
33,184
75,012
Transfer from research reserve
2,600
3,500
At the end of the year
578,131
542,347
16
Operating lease commitments
Lessor

At the reporting end date the company had contracted with tenants for the following minimum lease payments:

2023
2022
£
£
Within one year
7,460
14,920
ACUPUNCTURE ASSOCIATION OF CHARTERED PHYSIOTHERAPISTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 11 -
17
Related party transactions
Remuneration of key management personnel

The remuneration of key management personnel, is as follows.

2023
2022
£
£
Aggregate compensation
98,676
93,099

Transactions with directors

During the year £605 (2022 - £766) was reimbursed to directors for travel expenses incurred in respect of attendance of meetings.

 

During the year the company undertook the following related party transactions:

 

P Battersby, course tutor fees £9,900 (2022 - £7,200)

J Hobbs, course tutor fees £10,300 (2022 - £Nil)

Acupuncture Training Providers Ltd, a company controlled by Mr J Hobbs, a director, course tutor fees £4,400 (2022 - £31,780).

L Pattenden, course tutor fees £9,900 (2022 - £12,800).

M Kinney, course tutor fees £5,500 (2022 - £Nil).

 

During the year £4,039 (2022 - £5,998) was reimbursed to the above directors for travel expenses incurred in respect of course tutoring.

 

Transactions with subsidiary

At the year end there is £1 (2022 - £1) due to AACP Ltd, a subsidiary.

 

18
Control

No one individual has overall control of the company.

2023-12-312023-01-01false03 April 2024CCH SoftwareCCH Accounts Production 2023.300No description of principal activityThis audit opinion is unqualifiedMr P BattersbyMr C Collier MBEMrs D GiuraMr J HobbsMrs S NittaMrs L PattendenMrs W RarityMrs D AikenMrs M Kinneyfalse056800042023-01-012023-12-31056800042023-12-31056800042022-12-3105680004core:LandBuildingscore:LeasedAssetsHeldAsLessee2023-12-3105680004core:PlantMachinery2023-12-3105680004core:FurnitureFittings2023-12-3105680004core:LandBuildingscore:LeasedAssetsHeldAsLessee2022-12-3105680004core:PlantMachinery2022-12-3105680004core:FurnitureFittings2022-12-3105680004core:CurrentFinancialInstrumentscore:WithinOneYear2023-12-3105680004core:CurrentFinancialInstrumentscore:WithinOneYear2022-12-3105680004core:CurrentFinancialInstruments2023-12-3105680004core:CurrentFinancialInstruments2022-12-3105680004core:RevaluationReserve2023-12-3105680004core:RevaluationReserve2022-12-3105680004core:OtherMiscellaneousReserve2023-12-3105680004core:OtherMiscellaneousReserve2022-12-3105680004core:RetainedEarningsAccumulatedLosses2023-12-3105680004core:RetainedEarningsAccumulatedLosses2022-12-3105680004core:RevaluationReserve2022-12-3105680004core:RevaluationReserve2021-12-3105680004bus:Chairman2023-01-012023-12-3105680004bus:Director52023-01-012023-12-3105680004core:IntangibleAssetsOtherThanGoodwill2023-01-012023-12-3105680004core:PatentsTrademarksLicencesConcessionsSimilar2023-01-012023-12-3105680004core:LandBuildingscore:LongLeaseholdAssets2023-01-012023-12-3105680004core:PlantMachinery2023-01-012023-12-3105680004core:FurnitureFittings2023-01-012023-12-31056800042022-01-012022-12-3105680004core:PatentsTrademarksLicencesConcessionsSimilar2022-12-3105680004core:PatentsTrademarksLicencesConcessionsSimilar2023-12-3105680004core:PatentsTrademarksLicencesConcessionsSimilar2022-12-3105680004core:LandBuildingscore:LeasedAssetsHeldAsLessee2022-12-3105680004core:PlantMachinery2022-12-3105680004core:FurnitureFittings2022-12-31056800042022-12-3105680004core:LandBuildingscore:LeasedAssetsHeldAsLessee2023-01-012023-12-3105680004core:Non-currentFinancialInstruments2023-12-3105680004core:Non-currentFinancialInstruments2022-12-3105680004core:Non-currentFinancialInstrumentscore:ListedExchangeTraded2023-12-3105680004core:Non-currentFinancialInstrumentscore:ListedExchangeTraded2022-12-3105680004core:RevaluationReserve2023-01-012023-12-3105680004core:RetainedEarningsAccumulatedLosses2023-01-012023-12-3105680004core:OtherReservesSubtotal2022-01-012022-12-3105680004core:WithinOneYear2023-12-3105680004core:WithinOneYear2022-12-3105680004bus:CompanyLimitedByGuarantee2023-01-012023-12-3105680004bus:SmallCompaniesRegimeForAccounts2023-01-012023-12-3105680004bus:FRS1022023-01-012023-12-3105680004bus:Audited2023-01-012023-12-3105680004bus:Director12023-01-012023-12-3105680004bus:Director22023-01-012023-12-3105680004bus:Director32023-01-012023-12-3105680004bus:Director42023-01-012023-12-3105680004bus:Director62023-01-012023-12-3105680004bus:Director72023-01-012023-12-3105680004bus:Director82023-01-012023-12-3105680004bus:Director92023-01-012023-12-3105680004bus:FullAccounts2023-01-012023-12-31xbrli:purexbrli:sharesiso4217:GBP