Rehabstudio Ltd
Unaudited Financial Statements
For the year ended 31 December 2023
Pages for Filing with Registrar
Company Registration No. NI054308 (Northern Ireland)
Rehabstudio Ltd
Company Information
Director
T P Rodgers
Company number
NI054308
Registered office
Unit 12
Ormeau Business Park
8 Cromac Avenue
Belfast
BT7 2JA
Accountants
Moore Kingston Smith LLP
Charlotte Building
17 Gresse Street
London
W1T 1QL
Rehabstudio Ltd
Contents
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 10
Rehabstudio Ltd
Balance Sheet
As at 31 December 2023
Page 1
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
7,055
35,040
Investments
4
17,277
17,277
24,332
52,317
Current assets
Work in progress
-
32,186
Debtors
6
1,300,921
2,283,740
Cash at bank and in hand
106,805
300,104
1,407,726
2,616,030
Creditors: amounts falling due within one year
7
(1,045,461)
(1,182,925)
Net current assets
362,265
1,433,105
Total assets less current liabilities
386,597
1,485,422
Creditors: amounts falling due after more than one year
8
(48,057)
(115,020)
Provisions for liabilities
9
(1,764)
(6,567)
Net assets
336,776
1,363,835
Capital and reserves
Called up share capital
10
200
200
Profit and loss reserves
336,576
1,363,635
Total equity
336,776
1,363,835
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true
Rehabstudio Ltd
Balance Sheet (Continued)
As at 31 December 2023
Page 2
For the financial year ended 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
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 20 August 2024
T P Rodgers
Director
Company Registration No. NI054308
Rehabstudio Ltd
Notes to the Financial Statements
For the year ended 31 December 2023
Page 3
1
Accounting policies
Company information
Rehabstudio Ltd is a private company limited by shares incorporated in Northern Ireland. The registered office is Unit 12, Ormeau Business Park, 8 Cromac Avenue, Belfast, BT7 2JA.
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 as applicable to companies subject to the small companies regime.
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.
1.2
Going concern
At the balance sheet date, the company made a trueloss for the year of £927,834 and had net assets at that date of £336,776. The financial statements have been prepared on a going concern basis which the directors consider to be appropriate for the following reasons.
The directors have prepared cash flow forecasts for a period of 12 months from the date of approval of these financial statements which indicate that, taking account of reasonably possible downsides, the company will have sufficient funds, to meet its liabilities as they fall due for that period. Therefore, the directors have prepared the financial statements on a going concern basis.
1.3
Turnover
Turnover represents amounts receivable for services in the principal activity of the company net of VAT and trade discounts. Turnover is recognised to the profit and loss account in proportion to stage of job completion.
Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that are recoverable.
1.4
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:
Fixtures, fittings & equipment
25-50% Straight line
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 profit or loss.
Rehabstudio Ltd
Notes to the Financial Statements (Continued)
For the year ended 31 December 2023
1
Accounting policies
(Continued)
Page 4
1.5
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 profit or loss.
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.
1.6
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.
1.7
Financial instruments
The company only has a basic financial instruments measured at amortised cost, with no financial instruments classified as other or basic instruments measured at fair value.
1.8
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.
Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recognised in profit or loss immediately, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk.
1.9
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
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.
Rehabstudio Ltd
Notes to the Financial Statements (Continued)
For the year ended 31 December 2023
1
Accounting policies
(Continued)
Page 5
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.
1.10
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.
1.11
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.12
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.
1.13
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.
Rehabstudio Ltd
Notes to the Financial Statements (Continued)
For the year ended 31 December 2023
Page 6
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
24
37
3
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 January 2023
466,857
Disposals
(371,613)
At 31 December 2023
95,244
Depreciation and impairment
At 1 January 2023
431,817
Depreciation charged in the year
27,985
Eliminated in respect of disposals
(371,613)
At 31 December 2023
88,189
Carrying amount
At 31 December 2023
7,055
At 31 December 2022
35,040
Rehabstudio Ltd
Notes to the Financial Statements (Continued)
For the year ended 31 December 2023
Page 7
4
Fixed asset investments
2023
2022
£
£
Investments
17,277
17,277
£8,000 of the investment balance represents $10,000 (US Dollars) invested in the company's subsidiary Rehabstudio Inc, a company incorporated in the US. The remaining balance of £9,277 relates to investments where the company holds shareholdings of less than 25%.
Movements in fixed asset investments
Investments other than loans
£
Cost or valuation
At 1 January 2023 & 31 December 2023
17,277
Carrying amount
At 31 December 2023
17,277
At 31 December 2022
17,277
5
Subsidiaries
Details of the company's subsidiaries at 31 December 2023 are as follows:
Name of undertaking and country of
Nature of business
Class of
% Held
incorporation or residency
shareholding
Direct
Rehabstudio INC
USA
Information technology consultancy and brand design consultancy
Ordinary
100
The aggregate capital and reserves and the result for the year of the subsidiaries noted above was as follows:
Name of undertaking
Profit/(Loss)
Capital and Reserves
£
£
Rehabstudio INC
157,581
(469,276)
Rehabstudio Ltd
Notes to the Financial Statements (Continued)
For the year ended 31 December 2023
Page 8
6
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
249,134
552,057
Corporation tax recoverable
46,094
399,369
Amounts due from group undertakings
934,426
1,028,908
Other debtors
71,267
147,318
1,300,921
2,127,652
Deferred tax asset (note 9)
156,088
1,300,921
2,283,740
7
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans
66,964
61,282
Trade creditors
156,846
204,030
Amounts owed to group undertakings
650
650
Taxation and social security
246,551
131,714
Other creditors
159,772
202,010
Accruals and deferred income
414,678
583,239
1,045,461
1,182,925
8
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
48,057
115,020
Rehabstudio Ltd
Notes to the Financial Statements (Continued)
For the year ended 31 December 2023
Page 9
9
Deferred taxation
Deferred tax assets and liabilities are offset where the company has a legally enforceable right to do so. The following is the analysis of the deferred tax balances (after offset) for financial reporting purposes:
Liabilities
Liabilities
Assets
Assets
2023
2022
2023
2022
Balances:
£
£
£
£
ACAs
1,764
6,567
-
-
Tax Losses
-
-
-
156,088
1,764
6,567
-
156,088
2023
Movements in the year:
£
Asset at 1 January 2023
(149,521)
Charge to profit or loss
151,285
Liability at 31 December 2023
1,764
10
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary A shares of £1 each
90
90
90
90
Ordinary B shares of £1 each
90
90
90
90
Ordinary C shares of £1 each
20
20
20
20
200
200
200
200
Rehabstudio Ltd
Notes to the Financial Statements (Continued)
For the year ended 31 December 2023
Page 10
11
Operating lease commitments
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2023
2022
£
£
Within one year
132,500
Between two and five years
33,125
165,625
12
Control
The immediate parent of the company is This is Wonderland Ltd, a company incorporated in England and Wales.
The ultimate parent of the company is TPFL Limited, a company incorporated in England and Wales.
Then ultimate controlling party of the company is Tim Rodgers by majority of his shareholding in TPFL Limited.
13
Related party transactions
The company has chosen to take the FRS 102 exemption as per Section 33 Related Party Disclosures paragraph 33.7. All related party transactions in the period were in relation to 100% related Group companies.
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