11 01/02/2023 31/01/2024 2024-01-31 false false false false false false false true false false true false false false false true true false No description of principal activities is disclosed 2023-02-01 Sage Accounts Production 23.0 - FRS102_2023 xbrli:pure xbrli:shares iso4217:GBP NI667069 2023-02-01 2024-01-31 NI667069 2024-01-31 NI667069 2023-01-31 NI667069 2022-02-01 2023-01-31 NI667069 2023-01-31 NI667069 2022-01-31 NI667069 core:NetGoodwill 2023-02-01 2024-01-31 NI667069 bus:RegisteredOffice 2023-02-01 2024-01-31 NI667069 bus:LeadAgentIfApplicable 2023-02-01 2024-01-31 NI667069 bus:Director1 2023-02-01 2024-01-31 NI667069 core:NetGoodwill 2023-01-31 NI667069 core:NetGoodwill 2024-01-31 NI667069 core:FurnitureFittingsToolsEquipment 2023-01-31 NI667069 core:FurnitureFittingsToolsEquipment 2024-01-31 NI667069 core:WithinOneYear 2024-01-31 NI667069 core:WithinOneYear 2023-01-31 NI667069 core:RetainedEarningsAccumulatedLosses 2022-02-01 2023-01-31 NI667069 core:RetainedEarningsAccumulatedLosses 2023-02-01 2024-01-31 NI667069 core:AfterOneYear 2024-01-31 NI667069 core:AfterOneYear 2023-01-31 NI667069 core:ShareCapital 2024-01-31 NI667069 core:ShareCapital 2023-01-31 NI667069 core:RetainedEarningsAccumulatedLosses 2024-01-31 NI667069 core:RetainedEarningsAccumulatedLosses 2023-01-31 NI667069 core:ShareCapital 2022-01-31 NI667069 core:RetainedEarningsAccumulatedLosses 2022-01-31 NI667069 core:PreviouslyStatedAmount core:ShareCapital 2024-01-31 NI667069 core:FurnitureFittingsToolsEquipment 2023-02-01 2024-01-31 NI667069 core:NetGoodwill 2023-01-31 NI667069 core:FurnitureFittingsToolsEquipment 2023-01-31 NI667069 bus:Director1 2022-01-31 NI667069 bus:Director1 2022-02-01 2023-01-31 NI667069 bus:SmallEntities 2023-02-01 2024-01-31 NI667069 bus:AuditExemptWithAccountantsReport 2023-02-01 2024-01-31 NI667069 bus:SmallCompaniesRegimeForAccounts 2023-02-01 2024-01-31 NI667069 bus:PrivateLimitedCompanyLtd 2023-02-01 2024-01-31 NI667069 bus:FullAccounts 2023-02-01 2024-01-31
Company registration number: NI667069
THE STRAIN PRACTICE LTD
Trading as THE STRAIN PRACTICE LTD
Unaudited filleted financial statements
31 January 2024
THE STRAIN PRACTICE LTD
Contents
Directors and other information
Accountants report
Statement of financial position
Statement of changes in equity
Notes to the financial statements
THE STRAIN PRACTICE LTD
Directors and other information
Director Mrs Denise Crozier
Company number NI667069
Newry
Down
BT34 1DE
Business address 16 Margaret Square
Newry
Down
BT34 1DE
Accountants Corr & Corr
2nd Floor, The Cornmill
Lineside
Coalisland
Tyrone
BT714LP
Bankers AIB
42-44 Hill Street
Newry
BT34 1AU
THE STRAIN PRACTICE LTD
Report to the director on the preparation of the
unaudited statutory financial statements of THE STRAIN PRACTICE LTD
Year ended 31 January 2024
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of THE STRAIN PRACTICE LTD for the year ended 31 January 2024 which comprise the statement of financial position, statement of changes in equity and related notes from the company's accounting records and from information and explanations you have given us.
As a practising member firm of Chartered Accountants Ireland , we are subject to its ethical and other professional requirements which are detailed at www.charteredaccountants.ie.
This report is made solely to the director of THE STRAIN PRACTICE LTD, as a body, in accordance with the terms of our engagement letter dated 1 February 2024. Our work has been undertaken solely to prepare for your approval the financial statements of THE STRAIN PRACTICE LTD and state those matters that we have agreed to state to them, as a body, in this report in accordance with the requirements of Chartered Accountants Ireland as detailed at www.charteredaccountants.ie. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than THE STRAIN PRACTICE LTD and its director as a body for our work or for this report.
It is your duty to ensure that THE STRAIN PRACTICE LTD has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of THE STRAIN PRACTICE LTD. You consider that THE STRAIN PRACTICE LTD is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the financial statements of THE STRAIN PRACTICE LTD. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
Corr & Corr
Chartered Accountants
2nd Floor, The Cornmill
Lineside
Coalisland
Tyrone
BT714LP
15 October 2024
THE STRAIN PRACTICE LTD
Statement of financial position
31 January 2024
2024 2023
Note £ £ £ £
Fixed assets
Intangible assets 5 1,067,393 796,190
Tangible assets 6 13,615 13,699
_______ _______
1,081,008 809,889
Current assets
Debtors 7 23,468 100
Cash at bank and in hand 87,334 212,565
_______ _______
110,802 212,665
Creditors: amounts falling due
within one year 8 ( 406,671) ( 280,075)
_______ _______
Net current liabilities ( 295,869) ( 67,410)
_______ _______
Total assets less current liabilities 785,139 742,479
Creditors: amounts falling due
after more than one year 9 ( 748,280) ( 690,235)
_______ _______
Net assets 36,859 52,244
_______ _______
Capital and reserves
Called up share capital 100 100
Profit and loss account 36,759 52,144
_______ _______
Shareholder funds 36,859 52,244
_______ _______
For the year ending 31 January 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
- The member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;
- The director acknowledges their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 15 October 2024 , and are signed on behalf of the board by:
Mrs Denise Crozier
Director
Company registration number: NI667069
THE STRAIN PRACTICE LTD
Statement of changes in equity
Year ended 31 January 2024
Called up share capital Profit and loss account Total
£ £ £
At 1 February 2022 100 75,297 75,397
Profit for the year 22,686 22,686
_______ _______ _______
Total comprehensive income for the year - 22,686 22,686
Dividends paid and payable ( 45,839) ( 45,839)
_______ _______ _______
Total investments by and distributions to owners - ( 45,839) ( 45,839)
_______ _______ _______
At 31 January 2023 and 1 February 2023 100 52,144 52,244
Profit for the year 31,983 31,983
_______ _______ _______
Total comprehensive income for the year - 31,983 31,983
Dividends paid and payable ( 47,368) ( 47,368)
_______ _______ _______
Total investments by and distributions to owners - ( 47,368) ( 47,368)
_______ _______ _______
At 31 January 2024 100 36,759 36,859
_______ _______ _______
THE STRAIN PRACTICE LTD
Notes to the financial statements
Year ended 31 January 2024
1. General information
The company is a private company limited by shares, registered in Northern Ireland. The address of the registered office is 16 Margaret Square, Newry, Down, BT34 1DE.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that 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 that are expected to apply to the reversal of the timing difference.
Goodwill
Goodwill arises on business acquisitions and represents the excess of the cost of the acquisition over the company's interest in the net amount of the identifiable assets, liabilities and contingent liabilities of the acquired business. Goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. It is amortised on a straight line basis over its useful life. Where a reliable estimate of the useful life of goodwill or intangible assets cannot be made, the life is presumed not to exceed ten years.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets or either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised in finance costs in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 11 (2023: 11 ).
5. Intangible assets
Goodwill Total
£ £
Cost
At 1 February 2023 965,079 965,079
Additions 336,270 336,270
_______ _______
At 31 January 2024 1,301,349 1,301,349
_______ _______
Amortisation
At 1 February 2023 168,889 168,889
Charge for the year 65,067 65,067
_______ _______
At 31 January 2024 233,956 233,956
_______ _______
Carrying amount
At 31 January 2024 1,067,393 1,067,393
_______ _______
At 31 January 2023 796,190 796,190
_______ _______
6. Tangible assets
Fixtures, fittings and equipment Total
£ £
Cost
At 1 February 2023 15,051 15,051
Additions 3,308 3,308
_______ _______
At 31 January 2024 18,359 18,359
_______ _______
Depreciation
At 1 February 2023 1,352 1,352
Charge for the year 3,392 3,392
_______ _______
At 31 January 2024 4,744 4,744
_______ _______
Carrying amount
At 31 January 2024 13,615 13,615
_______ _______
At 31 January 2023 13,699 13,699
_______ _______
7. Debtors
2024 2023
£ £
Other debtors 23,468 100
_______ _______
8. Creditors: amounts falling due within one year
2024 2023
£ £
Bank loans and overdrafts 164,793 110,954
Trade creditors 205,904 138,750
Corporation tax 28,680 24,746
Social security and other taxes 4,394 2,925
Other creditors 2,900 2,700
_______ _______
406,671 280,075
_______ _______
9. Creditors: amounts falling due after more than one year
2024 2023
£ £
Other creditors 748,280 690,235
_______ _______
10. Directors advances, credits and guarantees
During the year the director entered into the following advances and credits with the company:
2024
Balance brought forward Amounts repaid Balance o/standing
£ £ £
Mrs Denise Crozier - - -
_______ _______ _______
2023
Balance brought forward Amounts repaid Balance o/standing
£ £ £
Mrs Denise Crozier ( 5,000) 5,000 -
_______ _______ _______