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COMPANY REGISTRATION NUMBER: 03740269
Hope Family Wellness Limited
Filleted Unaudited Financial Statements
30 August 2023
Hope Family Wellness Limited
Financial Statements
Year ended 30 August 2023
Contents
Page
Statement of financial position
1
Notes to the financial statements
3
Hope Family Wellness Limited
Statement of Financial Position
30 August 2023
2023
2022
Note
£
£
£
Fixed assets
Tangible assets
5
669,494
645,321
Current assets
Stocks
27,439
7,209
Debtors
6
2,000
17,000
Cash at bank and in hand
141,836
144,541
---------
---------
171,275
168,750
Creditors: amounts falling due within one year
7
209,804
195,735
---------
---------
Net current liabilities
38,529
26,985
---------
---------
Total assets less current liabilities
630,965
618,336
Creditors: amounts falling due after more than one year
8
316,224
309,448
Provisions
Taxation including deferred tax
8,888
8,888
---------
---------
Net assets
305,853
300,000
---------
---------
Capital and reserves
Called up share capital
2
2
Profit and loss account
305,851
299,998
---------
---------
Shareholders funds
305,853
300,000
---------
---------
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 year ending 30 August 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 financial statements for the year in question in accordance with section 476 ;
- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Hope Family Wellness Limited
Statement of Financial Position (continued)
30 August 2023
These financial statements were approved by the board of directors and authorised for issue on 30 August 2024 , and are signed on behalf of the board by:
S A Hope
Director
Company registration number: 03740269
Hope Family Wellness Limited
Notes to the Financial Statements
Year ended 30 August 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 98 St Stephens Road, Canterbury, Kent, CT2 7JL.
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.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for services rendered, stated net of discounts and of Value Added Tax. Revenue from the sale of services is recognised when the amount of revenue can be measured reliably, it is probable that the associated economic benefits will flow to the entity, the stage of completion can be measured reliably, and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
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. 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:
Freehold Property
-
2% straight line
Fixtures and Clinic Equipment
-
20% straight line
Motor vehicles
-
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.
Government grants
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.
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.
Financial instruments
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses. Loans and borrowings are initially recognised at transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment. If an arrangement constitutes a finance transaction it is measured at present value.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 7 (2022: 5 ).
5. Tangible assets
Freehold Property
Fixtures and Clinic Equipment
Motor vehicles
Total
£
£
£
£
Cost
At 31 August 2022
701,931
199,589
901,520
Additions
28,979
1,940
20,520
51,439
---------
---------
--------
---------
At 30 August 2023
730,910
201,529
20,520
952,959
---------
---------
--------
---------
Depreciation
At 31 August 2022
73,533
182,666
256,199
Charge for the year
10,822
11,314
5,130
27,266
---------
---------
--------
---------
At 30 August 2023
84,355
193,980
5,130
283,465
---------
---------
--------
---------
Carrying amount
At 30 August 2023
646,555
7,549
15,390
669,494
---------
---------
--------
---------
At 30 August 2022
628,398
16,923
645,321
---------
---------
--------
---------
6. Debtors
2023
2022
£
£
Other debtors
2,000
17,000
-------
--------
7. Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
18,483
42,338
Corporation tax
25,000
30,250
Social security and other taxes
12,530
Other creditors
166,321
110,617
---------
---------
209,804
195,735
---------
---------
Bank loans and overdrafts are secured against the property and assets of the company.
8. Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
316,224
309,448
---------
---------
Bank loans and overdrafts are secured against the property and assets of the company.
9. Related party transactions
At the year end, the company owed the director £9,835 (2022: £6,674).