Company Registration No. SC307597 (Scotland)
TAYSIDE LASER CLINIC LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
PAGES FOR FILING WITH REGISTRAR
James Hair & Co
59 Bonnygate
CUPAR
Fife
UK
KY15 4BY
TAYSIDE LASER CLINIC LIMITED
STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2023
31 December 2023
- 1 -
2023
2022
Notes
£
£
£
£
Current assets
Debtors
4
7,809
3,690
Cash at bank and in hand
29,817
36,711
37,626
40,401
Creditors: amounts falling due within one year
5
(3,880)
(2,070)
Net current assets
33,746
38,331
Capital and reserves
Called up share capital
6
1
1
Profit and loss reserves
33,745
38,330
Total equity
33,746
38,331
The directors of the company have elected not to include a copy of the income statement within the financial statements.true
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 directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The member has 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 by the board of directors and authorised for issue on 6 September 2024 and are signed on its behalf by:
Dr Ewan Eadie
Director
Company Registration No. SC307597
TAYSIDE LASER CLINIC LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 2 -
1
Accounting policies
Company information
Tayside Laser Clinic Limited is a private company limited by shares incorporated in Scotland. The registered office is Photobiology Unit, Ninewells Hospital, DUNDEE, DD1 9SY.
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 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.
1.2
Turnover
Turnover comprises the invoiced value of medical laser treatment services provided by the company.
1.3
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.
1.4
Financial instruments
Basic financial instruments are recognised at amortised cost using the effective interest method except for investments in non-convertible preference and non-puttable preference and ordinary shares, which are measured at fair value, with changes recognised in the profit and loss. Derivative financial instruments are initially recorded at cost and thereafter at fair value, with charges recognised in profit and loss.
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.
1.5
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.
1.6
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.
TAYSIDE LASER CLINIC LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 3 -
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
3
Taxation
2023
2022
£
£
Current tax
There is no charge to corporation tax as all profits are gift aided to the company's parent charity within 9 months of the year end.
4
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
7,669
3,690
Other debtors
140
7,809
3,690
5
Creditors: amounts falling due within one year
2023
2022
£
£
Amount due to parent undertaking
1,800
Other creditors
2,080
2,070
3,880
2,070
6
Called up share capital
2023
2022
£
£
Ordinary share capital
Issued and fully paid
1 Ordinary share of £1 each
1
1
TAYSIDE LASER CLINIC LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 4 -
7
Related party transactions
During the year one director received fees of £4,750 (2022 - £750).
Tayside Laser Clinic Limited is a wholly owned subsidiary of Laser Research and Therapy Fund. During the year the company gift aided profits of £38,330 (2022 - £15,137) to Laser Research and Therapy Fund. The profit in respect of the current financial year of £33,745 (2022 - 38,330) will be gift aided to the Laser Research and Therapy fund within 9 months of the year end.
In addition there is a loan due to be repaid to Laser Research and Therapy Fund as of the year end amounting to £1,800.
Two of the directors, Sally Ibbotson and Harry Mosely are also trustees in Laser Research and Therapy Fund.
8
Parent undertaking
The company is a wholly owned subsidiary of the Laser Research and Therapy Fund, a charity registered in Scotland (charity number SC030850). The charity's principal place of business is The Photobiology Unit, Ninewells Hospital, Dundee, DD1 9SY.