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Company No: 14573804 (England and Wales)

PERFORMANCE HEALTH PRODUCTS LTD

Unaudited Financial Statements
For the financial period from 05 January 2023 to 31 January 2024
Pages for filing with the registrar

PERFORMANCE HEALTH PRODUCTS LTD

Unaudited Financial Statements

For the financial period from 05 January 2023 to 31 January 2024

Contents

PERFORMANCE HEALTH PRODUCTS LTD

COMPANY INFORMATION

For the financial period from 05 January 2023 to 31 January 2024
PERFORMANCE HEALTH PRODUCTS LTD

COMPANY INFORMATION (continued)

For the financial period from 05 January 2023 to 31 January 2024
DIRECTORS R D Fryer (Appointed 05 January 2023)
K Skripka (Appointed 05 January 2023)
REGISTERED OFFICE 15 Paternoster Row
Sheffield
S1 2BX
United Kingdom
COMPANY NUMBER 14573804 (England and Wales)
ACCOUNTANT Gravita Business Services Limited
Aldgate Tower
2 Leman Street
London
E1 8FA
United Kingdom
PERFORMANCE HEALTH PRODUCTS LTD

BALANCE SHEET

As at 31 January 2024
PERFORMANCE HEALTH PRODUCTS LTD

BALANCE SHEET (continued)

As at 31 January 2024
31.01.2024
£
Current assets
Stocks 47,566
Debtors 3 251,264
Cash at bank and in hand 858,956
1,157,786
Creditors: amounts falling due within one year 4 ( 877,562)
Net current assets 280,224
Total assets less current liabilities 280,224
Net assets 280,224
Capital and reserves
Called-up share capital 10
Profit and loss account 280,214
Total shareholders' funds 280,224

For the financial period ending 31 January 2024 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The financial statements of Performance Health Products Ltd (registered number: 14573804) were approved and authorised for issue by the Board of Directors on 06 September 2024. They were signed on its behalf by:

K Skripka
Director
PERFORMANCE HEALTH PRODUCTS LTD

NOTES TO THE FINANCIAL STATEMENTS

For the financial period from 05 January 2023 to 31 January 2024
PERFORMANCE HEALTH PRODUCTS LTD

NOTES TO THE FINANCIAL STATEMENTS

For the financial period from 05 January 2023 to 31 January 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial period, unless otherwise stated.

General information and basis of accounting

Performance Health Products Ltd (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is 15 Paternoster Row, Sheffield, S1 2BX, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

The directors have assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Reporting period length

The financial statements represent the period starting from 05 January 2023 to 31 January 2024 with no comparatives as this was the first period of accounts since incorporation.

Foreign currency

Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the Balance Sheet date are reported at the rates of exchange prevailing at that date.

Exchange differences are recognised in the Profit and Loss Account in the period in which they arise except for exchange differences arising on gains or losses on non-monetary items which are recognised in the Statement of Comprehensive Income.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost includes materials, direct labour and an attributable proportion of manufacturing overheads based on normal levels of activity. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

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.

Financial assets are derecognised when and only when the contractual rights to the cash flows from the financial asset expire or are settled, or the Company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or the Company, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.

Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

Equity instruments
Equity instruments issued by the Company are recorded at the fair value of cash or other resources received or receivable, net of direct issue costs. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the Company.

2. Employees

Period from
05.01.2023 to
31.01.2024
Number
Monthly average number of persons employed by the Company during the period, including directors 2

3. Debtors

31.01.2024
£
Other debtors 251,264

4. Creditors: amounts falling due within one year

31.01.2024
£
Trade creditors 716,492
Amounts owed to Group undertakings 8,930
Taxation and social security 86,960
Other creditors 65,180
877,562

5. Related party transactions

No remuneration was paid to the directors during the period. The directors are the only key management personnel of the Company.

The Company has taken advantage of the exemption available under FRS 102 Section 1A not to disclose details of transactions with wholly owned members of the group headed by its parent company

6. Ultimate controlling party

Parent Company:

Malaberg Ltd
Unit 206 Cooper Buildings, Arundel Street, Sheffield, South Yorkshire, England, S1 2NS