7 false false false false false false false false false true false false false false false false No description of principal activity 2022-04-01 Sage Accounts Production Advanced 2021 - FRS102_2021 xbrli:pure xbrli:shares iso4217:GBP SC588888 2022-04-01 2023-08-28 SC588888 2023-08-28 SC588888 2022-03-31 SC588888 2021-04-01 2022-03-31 SC588888 2022-03-31 SC588888 core:LandBuildings core:ShortLeaseholdAssets 2022-04-01 2023-08-28 SC588888 core:FurnitureFittings 2022-04-01 2023-08-28 SC588888 core:MotorVehicles 2022-04-01 2023-08-28 SC588888 bus:OrdinaryShareClass1 2022-04-01 2023-08-28 SC588888 bus:Director3 2022-04-01 2023-08-28 SC588888 core:LandBuildings core:ShortLeaseholdAssets 2022-03-31 SC588888 core:FurnitureFittings 2022-03-31 SC588888 core:MotorVehicles 2022-03-31 SC588888 core:LandBuildings core:ShortLeaseholdAssets 2023-08-28 SC588888 core:FurnitureFittings 2023-08-28 SC588888 core:MotorVehicles 2023-08-28 SC588888 core:WithinOneYear 2023-08-28 SC588888 core:WithinOneYear 2022-03-31 SC588888 core:AfterOneYear 2023-08-28 SC588888 core:AfterOneYear 2022-03-31 SC588888 core:RestatedAmount 2022-03-31 SC588888 core:ShareCapital 2023-08-28 SC588888 core:ShareCapital 2022-03-31 SC588888 core:RetainedEarningsAccumulatedLosses 2023-08-28 SC588888 core:RestatedAmount core:RetainedEarningsAccumulatedLosses 2022-03-31 SC588888 core:AcceleratedTaxDepreciationDeferredTax 2023-08-28 SC588888 core:AcceleratedTaxDepreciationDeferredTax 2022-03-31 SC588888 core:LandBuildings core:ShortLeaseholdAssets 2022-03-31 SC588888 core:FurnitureFittings 2022-03-31 SC588888 core:MotorVehicles 2022-03-31 SC588888 bus:SmallEntities 2022-04-01 2023-08-28 SC588888 bus:AuditExemptWithAccountantsReport 2022-04-01 2023-08-28 SC588888 bus:FullAccounts 2022-04-01 2023-08-28 SC588888 bus:SmallCompaniesRegimeForAccounts 2022-04-01 2023-08-28 SC588888 bus:PrivateLimitedCompanyLtd 2022-04-01 2023-08-28 SC588888 bus:OrdinaryShareClass1 2023-08-28 SC588888 bus:OrdinaryShareClass1 2022-03-31 SC588888 core:ToolsEquipment 2022-04-01 2023-08-28 SC588888 core:ToolsEquipment 2022-03-31 SC588888 core:ToolsEquipment 2023-08-28
COMPANY REGISTRATION NUMBER: SC588888
Hearing & Wellbeing Limited
Filleted Unaudited Financial Statements
For the period ended
28 August 2023
Hearing & Wellbeing Limited
Statement of Financial Position
28 August 2023
28 Aug 23
31 Mar 22
(restated)
Note
£
£
Fixed assets
Tangible assets
5
101,080
89,238
Current assets
Stocks
20,681
Debtors
6
273,558
54,274
Cash at bank and in hand
165,978
354,654
---------
---------
439,536
429,609
Creditors: amounts falling due within one year
7
226,558
179,827
---------
---------
Net current assets
212,978
249,782
---------
---------
Total assets less current liabilities
314,058
339,020
Creditors: amounts falling due after more than one year
8
44,360
77,543
Provisions
19,760
14,292
---------
---------
Net assets
249,938
247,185
---------
---------
Capital and reserves
Called up share capital
10
100
100
Profit and loss account
249,838
247,085
---------
---------
Shareholders funds
249,938
247,185
---------
---------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the period ending 28 August 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the period in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Hearing & Wellbeing Limited
Statement of Financial Position (continued)
28 August 2023
These financial statements were approved by the board of directors and authorised for issue on 29 March 2024 , and are signed on behalf of the board by:
Paul John Brearley
Director
Company registration number: SC588888
Hearing & Wellbeing Limited
Notes to the Financial Statements
Period from 1 April 2022 to 28 August 2023
1. General information
The company is a private company limited by shares, registered in Scotland. The address of the registered office is 50 Melville Street, Edinburgh, EH3 7HF.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Restatement
The figures presented as at, and for the year ended, 31 March 2022 have been restated to bring in a deferred tax provision following the transition from FRS105 to FRS 102 (section 1A). The effect of this change is that the corporation tax charge in the income statement has been increased by £14,292 with a corresponding provision for deferred tax included in the Statement of Financial Position.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax. This includes the sale of hearing aids, hearing tests, and ear wax removal services.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Short leasehold property
-
10% straight line
Fixtures and fittings
-
10% straight line
Motor vehicles
-
20% reducing balance
Equipment
-
25% reducing balance
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
Government grants
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accrual model and the performance model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable. Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income and not deducted from the carrying amount of the asset. Under the performance model, where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a liability.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Financial instruments
The following assets and liabilities are classified as financial instruments - trade debtors, cash at bank, trade creditors, accruals, other creditors, taxes and directors' loans. Trade debtors and trade creditors are measured at the undiscounted amounts receivable from a customer or payable to a supplier, which is normally the invoice amount. Trade debtors are assessed at the end of each reporting period for objective evidence of impairment. If such evidence is found, an impairment loss is recognised in profit and loss. Cash at bank is measured at the undiscounted amount held by a bank. Accruals, other creditors and taxes due at the end of the reporting period are measured at the amount payable. Directors' loans have no fixed terms for repayment and are measured at the undiscounted cash expected to be received.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.
4. Employee numbers
The average number of persons employed by the company during the period amounted to 7 (2022: 5 ).
5. Tangible assets
Short leasehold property
Fixtures and fittings
Motor vehicles
Equipment
Total
£
£
£
£
£
Cost
At 1 April 2022 (as restated)
20,340
22,687
36,995
41,981
122,003
Additions
12,688
4,166
60,328
10,528
87,710
Disposals
( 40,233)
( 15,560)
( 55,793)
--------
--------
--------
--------
---------
At 28 August 2023
33,028
26,853
57,090
36,949
153,920
--------
--------
--------
--------
---------
Depreciation
At 1 April 2022
6,325
3,439
7,399
15,602
32,765
Charge for the period
4,661
3,788
16,110
10,045
34,604
Disposals
( 7,399)
( 7,130)
( 14,529)
--------
--------
--------
--------
---------
At 28 August 2023
10,986
7,227
16,110
18,517
52,840
--------
--------
--------
--------
---------
Carrying amount
At 28 August 2023
22,042
19,626
40,980
18,432
101,080
--------
--------
--------
--------
---------
At 31 March 2022
14,015
19,248
29,596
26,379
89,238
--------
--------
--------
--------
---------
6. Debtors
28 Aug 23
31 Mar 22
(restated)
£
£
Trade debtors
24,255
29,331
Other debtors
249,303
24,943
---------
--------
273,558
54,274
---------
--------
7. Creditors: amounts falling due within one year
28 Aug 23
31 Mar 22
(restated)
£
£
Bank loans and overdrafts
29,053
Trade creditors
31,663
82,008
Social security and other taxes
48,889
62,211
Other creditors
146,006
6,555
---------
---------
226,558
179,827
---------
---------
8. Creditors: amounts falling due after more than one year
28 Aug 23
31 Mar 22
(restated)
£
£
Bank loans and overdrafts
77,543
Other creditors
44,360
--------
--------
44,360
77,543
--------
--------
9. Deferred tax
The deferred tax included in the statement of financial position is as follows:
28 Aug 23
31 Mar 22
(restated)
£
£
Included in provisions
19,760
14,292
--------
--------
The deferred tax account consists of the tax effect of timing differences in respect of:
28 Aug 23
31 Mar 22
(restated)
£
£
Accelerated capital allowances
19,760
14,292
--------
--------
10. Called up share capital
Issued, called up and fully paid
28 Aug 23
31 Mar 22
(restated)
No.
£
No.
£
Ordinary shares of £ 1 each
100
100
100
100
----
----
----
----
11. Other financial commitments
The company has total commitments, guarantees and contingencies at the period end of £99,153 (2022 - £121,163).