Company registration number 14071096 (England and Wales)
THE MHG QUIT CLINIC LIMITED
FINANCIAL STATEMENTS
FOR THE 17 MONTH PERIOD ENDED 30 SEPTEMBER 2023
PAGES FOR FILING WITH REGISTRAR
THE MHG QUIT CLINIC LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 4
THE MHG QUIT CLINIC LIMITED
BALANCE SHEET
AS AT 30 SEPTEMBER 2023
30 September 2023
- 1 -
2023
Notes
£
£
Current assets
-
Creditors: amounts falling due within one year
3
(4,834)
Net current liabilities
(4,834)
Capital and reserves
Called up share capital
100
Profit and loss reserves
(4,934)
Total equity
(4,834)
The director of the company has elected not to include a copy of the profit and loss 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 and signed by the director and authorised for issue on 17 April 2024
A Kuttruf
Director
Company Registration No. 14071096
THE MHG QUIT CLINIC LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE 17 MONTH PERIOD ENDED 30 SEPTEMBER 2023
- 2 -
1
Accounting policies
Company information
The MHG Quit Clinic Limited is a private company limited by shares incorporated in England and Wales. The registered office is 71-75 Shelton Street, Covent Garden, London, United Kingdom, WC2H 9JQ.
1.1
Reporting period
The financial statements were prepared for a period of 17 months from 26 April 2022 to 30 September 2023. This was a long period as it was the first period following incorporation.
1.2
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. The principal accounting policies adopted are set out below.
1.3
Going concern
The company is looking to cease trade within the next 12 months therefore the financial statements are prepared on a break up basis. The financial statements include provisions for future costs of ceasing to trade. true
1.4
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. Turnover is recognised when a service is performed.
1.5
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.
THE MHG QUIT CLINIC LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE 17 MONTH PERIOD ENDED 30 SEPTEMBER 2023
1
Accounting policies
(Continued)
- 3 -
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.
1.6
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.
2
Employees
The average monthly number of persons (including directors) employed by the company during the 17 month period was:
2023
Number
Total
1
3
Creditors: amounts falling due within one year
2023
£
Amounts owed to group undertakings
860
Taxation and social security
3,974
4,834
4
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.
THE MHG QUIT CLINIC LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE 17 MONTH PERIOD ENDED 30 SEPTEMBER 2023
4
Audit report information
(Continued)
- 4 -
Emphasis of matter - financial statements prepared on a basis other than going concern
In forming our opinion on the financial statements, which is not modified, we have considered the adequacy of the disclosures made in note 1 of the financial statements concerning the use of a basis of preparation other than on a going concern basis. The basis of preparation adopted reflects the company's decision to wind down its activities and to realise its assets and discharge its liabilities in other than the normal course of trade. Given the significance of the adoption of accounting policies specific to these circumstances we consider they should be brought to directors' attention.
Senior Statutory Auditor:
Robert Southey
Statutory Auditor:
Azets Audit Services
5
Parent company
The company is a subsidiary of Modern Health Group Limited which is the immediate and ultimate parent company.
The smallest and largest group that prepares group accounts and for which the company is a member is that headed by Modern Health Group Limited. The consolidated accounts of this company are available to the public and may be obtained from Companies House, Crown Way, Cardiff CF14 3UZ.