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Registration number: 12302516

LV Rehabilitation Ltd

Unaudited Filleted Financial Statements

for the Year Ended 31 December 2023

 

LV Rehabilitation Ltd

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 9

 

LV Rehabilitation Ltd

Company Information

Director

Victoria Knight

Registered office

Unit 1 Keynor Barns
Keynor Lane
Sidlesham
Chichester
PO10 7NG

Accountants

Andrew Jenvey, AIMS Accountants for Business
The Incuhive Space
Hursley Park Road
Hursley
Winchester
SO21 2JN

 

LV Rehabilitation Ltd

(Registration number: 12302516)
Balance Sheet as at 31 December 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

28,486

31,977

Current assets

 

Debtors

5

35,761

27,312

Cash at bank and in hand

 

29,390

30,272

 

65,151

57,584

Creditors: Amounts falling due within one year

6

(56,411)

(57,139)

Net current assets

 

8,740

445

Net assets

 

37,226

32,422

Capital and reserves

 

Called up share capital

7

102

102

Retained earnings

37,124

32,320

Shareholders' funds

 

37,226

32,422

For the financial year ending 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The director acknowledges her responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 19 August 2024
 

.........................................
Victoria Knight
Director

 

LV Rehabilitation Ltd

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

1

General information

The company is a private company limited by share capital, incorporated in England.

The address of its registered office is:
Unit 1 Keynor Barns
Keynor Lane
Sidlesham
Chichester
PO10 7NG

These financial statements were authorised for issue by the director on 19 August 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

 

LV Rehabilitation Ltd

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

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant and machinery

33% reducing balance

Fixtures and fittings

33% reducing balance

Office equipment

33% reducing balance

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

 

LV Rehabilitation Ltd

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

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 6 (2022 - 5).

 

LV Rehabilitation Ltd

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

4

Tangible assets

Furniture, fittings and equipment
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 January 2023

13,959

53,902

67,861

Additions

5,933

4,608

10,541

At 31 December 2023

19,892

58,510

78,402

Depreciation

At 1 January 2023

7,724

28,160

35,884

Charge for the year

4,016

10,016

14,032

At 31 December 2023

11,740

38,176

49,916

Carrying amount

At 31 December 2023

8,152

20,334

28,486

At 31 December 2022

6,235

25,742

31,977

5

Debtors

Current

2023
£

2022
£

Trade debtors

21,634

13,194

Prepayments

6,927

6,918

Other debtors

7,200

7,200

 

35,761

27,312

6

Creditors

Creditors: amounts falling due within one year

 

LV Rehabilitation Ltd

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

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

8

36,613

51,266

Trade creditors

 

4,807

2,211

Taxation and social security

 

10,728

2,857

Other creditors

 

4,263

805

 

56,411

57,139

7

Share capital

Allotted, called up and fully paid shares

2023

2022

No.

£

No.

£

Ordinary A of £1 each

100

100

100

100

Ordinary B of £1 each

1

1

1

1

Orindary C of £1 each

1

1

1

1

102

102

102

102

 

LV Rehabilitation Ltd

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

8

Loans and borrowings

Current loans and borrowings

2023
£

2022
£

Bank borrowings

34,703

48,110

Bank overdrafts

1,910

3,156

36,613

51,266

9

Dividends

Interim dividends paid

2023
£

2022
£

Interim dividend of £37,750.00 (2022 - £29,475.00) per each Ordinary B

37,750

29,475

Interim dividend of £Nil per each Ordinary C

-

-

37,750

29,475

10

Related party transactions

 

LV Rehabilitation Ltd

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

Director's remuneration

The director's remuneration for the year was as follows:

2023
£

2022
£

Remuneration

12,992

25,281