Company Registration No. 09906583 (England and Wales)
The Key Clinic Ltd
Unaudited accounts
for the period from 1 April 2023 to 30 March 2024
The Key Clinic Ltd
Unaudited accounts
Contents
The Key Clinic Ltd
Company Information
for the period from 1 April 2023 to 30 March 2024
Director
Sarah Louise Warley
Company Number
09906583 (England and Wales)
Registered Office
The Old Rectory
Yattendon
Thatcham
West Berkshire
RG18 0UR
United Kingdom
Accountants
Dead Simple Accounting
Suite 30, 105 London Street
Reading
Berkshire
RG1 4QD
The Key Clinic Ltd
Statement of financial position
as at 30 March 2024
Tangible assets
47,305
48,102
Cash at bank and in hand
142,569
125,304
Creditors: amounts falling due within one year
(190,121)
(33,699)
Net current assets
204,770
410,018
Total assets less current liabilities
252,075
458,120
Provisions for liabilities
Deferred tax
(13,950)
(13,988)
Net assets
238,125
444,132
Called up share capital
100
100
Profit and loss account
238,025
444,032
Shareholders' funds
238,125
444,132
For the period ending 30 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges her responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board and authorised for issue on 26 July 2024 and were signed on its behalf by
Sarah Louise Warley
Director
Company Registration No. 09906583
The Key Clinic Ltd
Notes to the Accounts
for the period from 1 April 2023 to 30 March 2024
The Key Clinic Ltd is a private company, limited by shares, registered in England and Wales, registration number 09906583. The registered office is The Old Rectory, Yattendon, Thatcham, West Berkshire, RG18 0UR, United Kingdom.
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Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous period, and also have been consistently applied within the same accounts.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
The accounts are presented in £ sterling.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Plant & machinery
18% Straight line
Fixtures & fittings
18% Straight line
Computer equipment
18% Straight line
Over the past five years, the clinic's strategy has been to reinvest any potential net profit into the business to organically fund the tech development required for scalability and global reach. We have focussed, therefore, on operating profit rather than net to ensure the business model is profitable and healthy.
During the 23-24 financial year, our revenues grew by 63%, enabling a much larger reinvestment than in previous years, totaling £1,000,000. This was primarily used to fund the development of an entirely new service offering targeting a new B2B market: Bio-individual, preventative health membership. The objective is to create a new market sector, 'Health-as-a-Service.' - a proactive, evidence-based way to optimize health, targeting companies facing the burnout epidemic.
However, the complexity of the objective and scale of tech development required had been underestimated, and we decided to halt any further investment from January 2024, as we were reaching a net loss. Therefore, we decided to split apart the new healthcare service into an entirely new, US-based company called BeBright Healthcare, which we plan to launch in the third quarter of 2024. In addition, we are now claiming an R&D rebate to help offset the considerable investment made over the preceding two-year period. (this alone would have put us back into net profit, had we claimed for it earlier in the year).
The capital invested in this new company from The Key Clinic's profits should be viewed as 'seed investment' for the new business. We intend to continue improving The Key Clinic's scalability, reach, and efficiency in the next year, returning it to profit by reducing the planned, organic investment in tech development.
The Key Clinic Ltd
Notes to the Accounts
for the period from 1 April 2023 to 30 March 2024
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Tangible fixed assets
Plant & machinery
Fixtures & fittings
Computer equipment
Total
Cost or valuation
At cost
At cost
At cost
At 1 April 2023
13,601
100,414
31,050
145,065
Additions
8,910
4,562
17,400
30,872
At 30 March 2024
22,511
104,976
48,450
175,937
At 1 April 2023
5,491
78,314
13,158
96,963
Charge for the period
4,052
18,896
8,721
31,669
At 30 March 2024
9,543
97,210
21,879
128,632
At 30 March 2024
12,968
7,766
26,571
47,305
At 31 March 2023
8,110
22,100
17,892
48,102
Amounts falling due within one year
Trade debtors
197,991
173,965
Accrued income and prepayments
54,331
34,500
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Creditors: amounts falling due within one year
2024
2023
Trade creditors
1,505
11,094
Taxes and social security
60,596
19,681
Loans from directors
128,020
2,924
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Average number of employees
During the period the average number of employees was 14 (2023: 14).