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Registered number: 07463215
Dr Newmans Clinic 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—6
Page 1
Balance Sheet
Registered number: 07463215
2023 2022
Notes £ £ £ £
FIXED ASSETS
Intangible Assets 4 - 104,559
Tangible Assets 5 39,857 15,243
39,857 119,802
CURRENT ASSETS
Stocks 6 51,733 51,305
Debtors 7 1,032,843 860,415
Investments 8 100 100
Cash at bank and in hand 7,989 4,352
1,092,665 916,172
Creditors: Amounts Falling Due Within One Year 9 (186,271 ) (320,128 )
NET CURRENT ASSETS (LIABILITIES) 906,394 596,044
TOTAL ASSETS LESS CURRENT LIABILITIES 946,251 715,846
Creditors: Amounts Falling Due After More Than One Year 10 (1,038,081 ) (710,741 )
PROVISIONS FOR LIABILITIES
Deferred Taxation (7,573 ) (2,896 )
NET (LIABILITIES)/ASSETS (99,403 ) 2,209
CAPITAL AND RESERVES
Called up share capital 11 2,856 2,856
Share premium account (20,975 ) 425
Profit and Loss Account (81,284 ) (1,072 )
SHAREHOLDERS' FUNDS (99,403) 2,209
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
24 September 2024
The notes on pages 3 to 6 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
Dr Newmans Clinic Limited is a private company, limited by shares, incorporated in England & Wales, registered number 07463215 . 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. Going Concern Disclosure
The directors are aware of the challenging trading conditions resulting in negative reserves for the year. We have no going concern issues due to the ongoing support and viability of the group.
2.3. 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.
2.4. Intangible Fixed Assets and Amortisation - Goodwill
Goodwill is the difference between amounts paid on the acquisition of a business and the fair value of the separable net assets. It is amortised to profit and loss account over its estimated economic life of 3 years.
2.5. 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
2.6. 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.
2.7. 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.
...CONTINUED
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2.7. Taxation - continued
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: 2 (2022: 3)
2 3
4. Intangible Assets
Goodwill
£
Cost
As at 1 January 2023 313,676
As at 31 December 2023 313,676
Amortisation
As at 1 January 2023 209,117
Provided during the period 104,559
As at 31 December 2023 313,676
Net Book Value
As at 31 December 2023 -
As at 1 January 2023 104,559
5. Tangible Assets
Plant & Machinery Fixtures & Fittings Computer Equipment Total
£ £ £ £
Cost
As at 1 January 2023 132,894 4,581 3,111 140,586
Additions 37,506 - - 37,506
As at 31 December 2023 170,400 4,581 3,111 178,092
Depreciation
As at 1 January 2023 119,222 4,393 1,728 125,343
Provided during the period 12,211 128 553 12,892
As at 31 December 2023 131,433 4,521 2,281 138,235
Net Book Value
As at 31 December 2023 38,967 60 830 39,857
As at 1 January 2023 13,672 188 1,383 15,243
6. Stocks
2023 2022
£ £
Materials 51,733 51,305
Page 4
Page 5
7. Debtors
2023 2022
£ £
Due within one year
Prepayments and accrued income 30,199 7,160
Other taxes and social security 5,919 5,919
36,118 13,079
Due after more than one year
Amounts owed by associates 996,725 847,336
996,725 847,336
1,032,843 860,415
8. Current Asset Investments
2023 2022
£ £
Listed investments 100 100
100 100
9. Creditors: Amounts Falling Due Within One Year
2023 2022
£ £
Trade creditors 127,783 134,406
Bank loans and overdrafts - 75,689
Corporation tax 1,055 53,159
Other creditors - 678
Accruals and deferred income 57,433 52,888
Directors' loan accounts - 3,308
186,271 320,128
10. Creditors: Amounts Falling Due After More Than One Year
2023 2022
£ £
Bank loans - 114,151
Amounts owed to group undertakings 1,038,081 596,590
1,038,081 710,741
11. Share Capital
2023 2022
£ £
Allotted, Called up and fully paid 2,856 2,856
12. Related Party Transactions
Uk Vein Clinic Ltd - Intercompany balance: DB £996,725. (2022 DB £847,336)
Uk Vein Clinic Group Ltd - Intercompany balance: CR £1,038,081, (2022 CR £533,180)
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13. Ultimate Controlling Party
The company's ultimate controlling party is Uk Vein Clinic Group Limited by virtue of his ownership of 100% of the issued share capital in the company.
Page 6