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REGISTERED NUMBER: 11082785 (England and Wales)















Unaudited Financial Statements

for the Year Ended 31st December 2023

for

True Physio Ltd

True Physio Ltd (Registered number: 11082785)






Contents of the Financial Statements
for the year ended 31st December 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


True Physio Ltd

Company Information
for the year ended 31st December 2023







DIRECTORS: S Sulaman
D A Dudley





SECRETARY: Ms L J Caunce





REGISTERED OFFICE: Black Bull House
353-355 Station Road
Bamber Bridge
Preston
Lancashire
PR5 6EE





REGISTERED NUMBER: 11082785 (England and Wales)





ACCOUNTANTS: Robin Oatridge & Co Limited
Chartered Certified Accountants
Black Bull House
353-355 Station Road
Bamber Bridge
Preston
Lancashire
PR5 6EE

True Physio Ltd (Registered number: 11082785)

Balance Sheet
31st December 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 57,698 68,527
Tangible assets 5 109,266 100,795
Investments 6 281,499 281,499
448,463 450,821

CURRENT ASSETS
Stocks 9,716 7,629
Debtors 7 153,373 100,500
Cash in hand 2,595 6,259
165,684 114,388
CREDITORS
Amounts falling due within one year 8 121,044 242,874
NET CURRENT ASSETS/(LIABILITIES) 44,640 (128,486 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

493,103

322,335

CREDITORS
Amounts falling due after more than one
year

9

703,500

628,500
NET LIABILITIES (210,397 ) (306,165 )

CAPITAL AND RESERVES
Called up share capital 7 7
Retained earnings (210,404 ) (306,172 )
SHAREHOLDERS' FUNDS (210,397 ) (306,165 )

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31st December 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31st December 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

True Physio Ltd (Registered number: 11082785)

Balance Sheet - continued
31st December 2023


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 28th October 2024 and were signed on its behalf by:





D A Dudley - Director


True Physio Ltd (Registered number: 11082785)

Notes to the Financial Statements
for the year ended 31st December 2023

1. STATUTORY INFORMATION

True Physio Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2018, is being amortised evenly over its estimated useful life of ten years.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Development costs are being amortised evenly over their estimated useful life of five years.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery etc - Straight line over 5 years and Straight line over 3 years

Investments in subsidiaries
Investments in subsidiary undertakings are recognised at cost.

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


True Physio Ltd (Registered number: 11082785)

Notes to the Financial Statements - continued
for the year ended 31st December 2023

2. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Going concern
At the balance sheet date, the company's liabilities exceeded its assets. The company has received assurance from the directors that they will continue to give financial support to the company for the twelve months from the date of signing these financial accounts.

On this basis, the directors considers it appropriate to prepare the accounts on a going concern basis. However, should the financial support mentioned above not be forthcoming, the going concern basis used in preparing the company's accounts may be invalid and adjustments would have to be made to reduce the value of assets to their realisable amount and provide for any further liabilities which might arise. The accounts do not include any adjustment to the company's assets or liabilities that might be necessary should this basis not continue to be appropriate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 36 (2022 - 22 ) .

4. INTANGIBLE FIXED ASSETS
Other
intangible
Goodwill assets Totals
£    £    £   
COST
At 1st January 2023 100,000 14,143 114,143
Additions - 2,616 2,616
At 31st December 2023 100,000 16,759 116,759
AMORTISATION
At 1st January 2023 40,870 4,746 45,616
Charge for year 10,434 3,011 13,445
At 31st December 2023 51,304 7,757 59,061
NET BOOK VALUE
At 31st December 2023 48,696 9,002 57,698
At 31st December 2022 59,130 9,397 68,527

True Physio Ltd (Registered number: 11082785)

Notes to the Financial Statements - continued
for the year ended 31st December 2023

5. TANGIBLE FIXED ASSETS
Plant and
Land and machinery
buildings etc Totals
£    £    £   
COST
At 1st January 2023 16,581 124,101 140,682
Additions - 27,121 27,121
At 31st December 2023 16,581 151,222 167,803
DEPRECIATION
At 1st January 2023 1,614 38,273 39,887
Charge for year 1,490 17,160 18,650
At 31st December 2023 3,104 55,433 58,537
NET BOOK VALUE
At 31st December 2023 13,477 95,789 109,266
At 31st December 2022 14,967 85,828 100,795

6. FIXED ASSET INVESTMENTS
Shares in
group
undertakings
£   
COST
At 1st January 2023
and 31st December 2023 281,499
NET BOOK VALUE
At 31st December 2023 281,499
At 31st December 2022 281,499

7. DEBTORS
2023 2022
£    £   
Amounts falling due within one year:
Trade debtors 125,901 85,861
Amounts owed by group undertakings 1,170 -
Other debtors 19,052 7,389
146,123 93,250

Amounts falling due after more than one year:
Other debtors 7,250 7,250

Aggregate amounts 153,373 100,500

True Physio Ltd (Registered number: 11082785)

Notes to the Financial Statements - continued
for the year ended 31st December 2023

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 32,170 32,340
Trade creditors 439 1,414
Amounts owed to group undertakings 19,191 118,330
Taxation and social security 40,906 32,341
Other creditors 28,338 58,449
121,044 242,874

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2022
£    £   
Bank loans 15,000 25,000
Other creditors 688,500 603,500
703,500 628,500

10. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
2023 2022
£    £   
Within one year 97,084 98,834
Between one and five years 178,889 245,111
In more than five years 792 31,653
276,765 375,598

11. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£    £   
Bank overdrafts 22,170 22,340

12. RELATED PARTY DISCLOSURES

The company has received loans of £688,500 (2022: £603,500) from the directors which remained outstanding at the year end. No interest is charged on these loans by agreement.

The directors have provided personal guarantees as additional security for the banking facility.

13. ULTIMATE CONTROLLING PARTY

The company is under the control of the directors.