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Registered number: 12651713
UK Vein Clinic Group Limited
Financial Statements
For The Year Ended 31 December 2023
Fairman Harris
ICAEW
1 Landor Road
London
SW9 9RX
Financial Statements
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: 12651713
2023 2022
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 143,212 91,802
Investments 5 29,857 29,857
173,069 121,659
CURRENT ASSETS
Debtors 6 1,503,490 638,064
Investments 7 - 1,100
Cash at bank and in hand 1,183,851 -
2,687,341 639,164
Creditors: Amounts Falling Due Within One Year 8 (206,387 ) (117,631 )
NET CURRENT ASSETS (LIABILITIES) 2,480,954 521,533
TOTAL ASSETS LESS CURRENT LIABILITIES 2,654,023 643,192
Creditors: Amounts Falling Due After More Than One Year 9 (2,546,245 ) (617,671 )
PROVISIONS FOR LIABILITIES
Deferred Taxation (73,303 ) (17,443 )
NET ASSETS 34,475 8,078
CAPITAL AND RESERVES
Called up share capital 10 1,990 2,000
Share premium account 303 303
Capital redemption reserve (24,990 ) -
Profit and Loss Account 57,172 5,775
SHAREHOLDERS' FUNDS 34,475 8,078
Page 1
Page 2
For the 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.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their 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.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr J E Powell
Director
26 September 2024
The notes on pages 3 to 5 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
UK Vein Clinic Group Limited is a private company, limited by shares, incorporated in England & Wales, registered number 12651713 . The registered office is Lower Ground Floor, 150 Harley Street, London, W1G 7LQ.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Plant & Machinery 20 % Straight Line
Fixtures & Fittings 20 % Straight Line
Computer Equipment 20 % Straight Line
2.4. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and 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 end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period 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 assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 45 (2022: 29)
45 29
Page 3
Page 4
4. Tangible Assets
Plant & Machinery Fixtures & Fittings Computer Equipment Total
£ £ £ £
Cost
As at 1 January 2023 229 - 150,420 150,649
Additions 499 3,784 84,543 88,826
As at 31 December 2023 728 3,784 234,963 239,475
Depreciation
As at 1 January 2023 80 - 58,767 58,847
Provided during the period 54 60 37,302 37,416
As at 31 December 2023 134 60 96,069 96,263
Net Book Value
As at 31 December 2023 594 3,724 138,894 143,212
As at 1 January 2023 149 - 91,653 91,802
5. Investments
Other
£
Cost
As at 1 January 2023 29,857
As at 31 December 2023 29,857
Provision
As at 1 January 2023 -
As at 31 December 2023 -
Net Book Value
As at 31 December 2023 29,857
As at 1 January 2023 29,857
6. Debtors
2023 2022
£ £
Due within one year
Prepayments and accrued income 175,300 13,633
Other debtors 19,939 50
Directors' loan accounts 97,806 -
293,045 13,683
Due after more than one year
Amounts owed by group undertakings 1,210,445 624,381
1,210,445 624,381
1,503,490 638,064
Page 4
Page 5
7. Current Asset Investments
2023 2022
£ £
Short term deposits - 1,100
- 1,100
8. Creditors: Amounts Falling Due Within One Year
2023 2022
£ £
Trade creditors 52,733 2,468
Bank loans and overdrafts - 32,000
Corporation tax - 3,273
Other taxes and social security 44,209 13,183
Other creditors 14,100 4,995
Accruals and deferred income 95,345 3,120
Directors' loan accounts - 58,592
206,387 117,631
9. Creditors: Amounts Falling Due After More Than One Year
2023 2022
£ £
Bank loans 1,500,000 43,200
Amounts owed to group undertakings 1,046,245 574,471
2,546,245 617,671
10. Share Capital
2023 2022
£ £
Allotted, Called up and fully paid 1,990 2,000
11. Related Party Transactions
Dr Newmans Clinic Limited - Intercompany balance: DR £1,039,674, (2022 DR £596,590)
UK Vein Clinic Ltd - Intercompany balance: CR £1,046,245, (2022 CR £574,471)
Uk Vein Clinic (Thames Valley) Ltd - Intercompany balance: DR £147,686, (2022 £Nil)
Uk Vein Clinic Cambridge Ltd - Intercompany balance: DR £3,558, (2022 £Nil)
Uik Vein Clinic Surrey Ltd - Intercompany balance: DR £21,095 (2022 £Nil)
12. Ultimate Controlling Party
There is no company's controlling party, due to shareholders holding equal amount of shares.
Page 5