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Registration number: 05998205

The Winchester Spine Centre Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 March 2024

image-name
 

The Winchester Spine Centre Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 9

 

The Winchester Spine Centre Limited

Company Information

Directors

Mr Mark Kennedy

Mrs Deborah Kennedy

Registered office

9-11 St Cross Road
Winchester
Hampshire
SO23 9JB

Bankers

Santander

Accountants

A Ferguson Associates Ltd
Accountants and Business Advisors
Alum House
5 Alum Chine Road
Bournemouth
Dorset
BH4 8DT

 

The Winchester Spine Centre Limited

(Registration number: 05998205)
Balance Sheet as at 31 March 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

9,177

11,257

Current assets

 

Stocks

5

1,080

1,060

Debtors

6

55,202

44,645

Cash at bank and in hand

 

130,093

124,729

 

186,375

170,434

Creditors: Amounts falling due within one year

7

(38,772)

(36,205)

Net current assets

 

147,603

134,229

Total assets less current liabilities

 

156,780

145,486

Provisions for liabilities

(2,294)

(2,139)

Net assets

 

154,486

143,347

Capital and reserves

 

Called up share capital

8

2

2

Retained earnings

154,484

143,345

Shareholders' funds

 

154,486

143,347

For the financial year ending 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 10 September 2024 and signed on its behalf by:
 

 

The Winchester Spine Centre Limited

(Registration number: 05998205)
Balance Sheet as at 31 March 2024

.........................................
Mr Mark Kennedy
Director

.........................................
Mrs Deborah Kennedy
Director

 
     
 

The Winchester Spine Centre Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
9-11 St Cross Road
Winchester
Hampshire
SO23 9JB

These financial statements were authorised for issue by the Board on 10 September 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

 

The Winchester Spine Centre Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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 and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Fixtures and fittings

25% reducing balance

Office equipment

25% reducing balance

Plant and machinery

25% reducing balance

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

 

The Winchester Spine Centre Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 6 (2023 - 7).

 

The Winchester Spine Centre Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

4

Tangible assets

Furniture, fittings and equipment
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 April 2023

21,925

9,257

31,182

Additions

925

-

925

At 31 March 2024

22,850

9,257

32,107

Depreciation

At 1 April 2023

14,204

5,721

19,925

Charge for the year

2,121

884

3,005

At 31 March 2024

16,325

6,605

22,930

Carrying amount

At 31 March 2024

6,525

2,652

9,177

At 31 March 2023

7,721

3,536

11,257

5

Stocks

2024
£

2023
£

Other inventories

1,080

1,060

6

Debtors

2024
£

2023
£

Trade debtors

1,285

750

Prepayments

4,338

3,569

Other debtors

49,579

40,326

55,202

44,645

 

The Winchester Spine Centre Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

7

Creditors

Creditors: amounts falling due within one year

2024
£

2023
£

Due within one year

Trade creditors

4,633

6,924

Taxation and social security

25,783

20,299

Accruals and deferred income

3,503

3,254

Other creditors

4,853

5,728

38,772

36,205

8

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary share capital of £1 each

2

2

2

2

       

9

Obligations under leases and hire purchase contracts

Operating leases

The total of future minimum lease payments is as follows:

2024
£

2023
£

Not later than one year

2,485

4,908

Later than one year and not later than five years

-

2,045

2,485

6,953

The amount of non-cancellable operating lease payments recognised as an expense during the year was £4,468 (2023 - £4,908).

 

The Winchester Spine Centre Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

10

Related party transactions

Loans to related parties

2024

Key management
£

Total
£

At start of period

40,326

40,326

Advanced

82,846

82,846

Repaid

(73,593)

(73,593)

At end of period

49,579

49,579

2023

Key management
£

Total
£

At start of period

28,872

28,872

Advanced

86,236

86,236

Repaid

(74,782)

(74,782)

At end of period

40,326

40,326

Terms of loans to related parties

Interest free loans to directors - Mr M Kennedy and Mrs D Kennedy
The terms of the loans make provision for any loans to the directors to be repaid back to the company on demand at very short notice