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Registered number: 12454084
UK Vein Clinic Ltd
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: 12454084
2023 2022
Notes £ £ £ £
FIXED ASSETS
Intangible Assets 4 18,854 -
Tangible Assets 5 180,701 141,067
199,555 141,067
CURRENT ASSETS
Stocks 6 45,167 22,525
Debtors 7 1,327,207 697,334
Cash at bank and in hand 145,249 360,216
1,517,623 1,080,075
Creditors: Amounts Falling Due Within One Year 8 (1,669,954 ) (1,180,855 )
NET CURRENT ASSETS (LIABILITIES) (152,331 ) (100,780 )
TOTAL ASSETS LESS CURRENT LIABILITIES 47,224 40,287
PROVISIONS FOR LIABILITIES
Deferred Taxation (46,971 ) (26,803 )
NET ASSETS 253 13,484
CAPITAL AND RESERVES
Called up share capital 9 400 400
Profit and Loss Account (147 ) 13,084
SHAREHOLDERS' FUNDS 253 13,484
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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.
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Notes to the Financial Statements
1. General Information
UK Vein Clinic Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 12454084 . The registered office is Lower Ground Floor, 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. Intangible Fixed Assets and Amortisation - Other Intangible
Other intangible assets are set up cost. It is amortised to profit and loss account over its estimated economic life of 3 years.
2.4. 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
2.5. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
2.6. 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.
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3. Average Number of Employees
Average number of employees, including directors, during the year was: 7 (2022: 5)
7 5
4. Intangible Assets
Other
£
Cost
As at 1 January 2023 -
Additions 19,729
As at 31 December 2023 19,729
Amortisation
As at 1 January 2023 -
Provided during the period 875
As at 31 December 2023 875
Net Book Value
As at 31 December 2023 18,854
As at 1 January 2023 -
5. Tangible Assets
Plant & Machinery Fixtures & Fittings Computer Equipment Total
£ £ £ £
Cost
As at 1 January 2023 80,986 87,022 5,504 173,512
Additions 64,348 1,032 17,511 82,891
As at 31 December 2023 145,334 88,054 23,015 256,403
Depreciation
As at 1 January 2023 21,714 9,519 1,212 32,445
Provided during the period 22,690 17,594 2,973 43,257
As at 31 December 2023 44,404 27,113 4,185 75,702
Net Book Value
As at 31 December 2023 100,930 60,941 18,830 180,701
As at 1 January 2023 59,272 77,503 4,292 141,067
6. Stocks
2023 2022
£ £
Materials 45,167 22,525
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7. Debtors
2023 2022
£ £
Due within one year
Trade debtors 92,575 71,859
Prepayments and accrued income 64,296 47,793
Other debtors 5,701 3,186
Other taxes and social security - 24
Directors' loan accounts 10 -
Amounts owed by group undertakings 1,046,245 574,472
Amounts owed by associates 118,380 -
1,327,207 697,334
8. Creditors: Amounts Falling Due Within One Year
2023 2022
£ £
Trade creditors 240,670 194,389
Corporation tax 11,882 -
Other creditors 35,205 91,628
Accruals and deferred income 88,370 44,762
Directors' loan accounts - 2,740
Amounts owed to associates 1,293,827 847,336
1,669,954 1,180,855
9. Share Capital
2023 2022
£ £
Allotted, Called up and fully paid 400 400
10. Related Party Transactions
Uk Vein Clinic Group Limited - Intercompany balance:  Db £1,046,245 (2022 Db £574,472)
Dr Newmans Clinics Limited - Intercompany balance: Cr £996,725 (2022 Cr 847,336)
Uk Vein Clinic (Thames Valley) Limited - Intercompany balance: Cr £297,102 (2022 Cr £49,153)
Uk Vein Clinic ( Surrey) Limited - Intercompany balance: Db £47,621 ( 2022 £Nil)
Uk Vein Clinic Cambridge Limited -Intercompany balance : Dr £8,019 ( 2022 £Nil)
Uk Vein Clinic (TV) Limited - Intercomany balance: Dr £62,739 ( 2022 £Nil)
11. Ultimate Controlling Party
The company's ultimate controlling party is Uk Vein Clinic Group Ltd by virtue of its ownership of 75% or more of the issued share capital in the company.
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