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COMPANY REGISTRATION NUMBER: 09300273
Tonic Weight Loss Surgery Limited
Filleted Unaudited Financial Statements
31 March 2024
Tonic Weight Loss Surgery Limited
Statement of Financial Position
31 March 2024
2024
2023
Note
£
£
Fixed assets
Tangible assets
5
254,530
51,306
Current assets
Stocks
10,726
Debtors
6
198,715
119,234
Cash at bank and in hand
2,481,804
2,072,218
------------
------------
2,691,245
2,191,452
Creditors: amounts falling due within one year
7
1,832,915
1,419,959
------------
------------
Net current assets
858,330
771,493
------------
---------
Total assets less current liabilities
1,112,860
822,799
Creditors: amounts falling due after more than one year
8
81,885
59,091
Provisions
37,611
9,748
------------
---------
Net assets
993,364
753,960
------------
---------
Capital and reserves
Called up share capital
100
100
Profit and loss account
993,264
753,860
---------
---------
Shareholders funds
993,364
753,960
---------
---------
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 income and retained earnings has not been delivered.
For the 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 financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Tonic Weight Loss Surgery Limited
Statement of Financial Position (continued)
31 March 2024
These financial statements were approved by the board of directors and authorised for issue on 6 November 2024 , and are signed on behalf of the board by:
Mrs Franklin
Director
Company registration number: 09300273
Tonic Weight Loss Surgery Limited
Notes to the Financial Statements
Year ended 31 March 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is The Old Mill, 9 Soar Lane, Leicester, LE3 5DE, England.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the 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.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for services rendered.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, 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.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
Tangible assets
Tangible assets are initially recorded at cost, and 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.
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:
Plant and machinery
-
25% straight line
Fixtures and fittings
-
25% straight line
Motor vehicles
-
25% straight line
Equipment
-
25% straight line
Impairment of fixed assets
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. For the purposes of impairment testing, 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 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.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
Financial instruments
A financial asset or a financial liability is recognised only when the entity 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.
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 as a finance cost 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 24 (2023: 13 ).
5. Tangible assets
Plant and machinery
Fixtures and fittings
Motor vehicles
Equipment
Total
£
£
£
£
£
Cost
At 1 April 2023
9,778
23,379
41,278
74,435
Additions
161,358
19,591
131,000
19,566
331,515
Disposals
( 85,379)
( 85,379)
---------
--------
---------
--------
---------
At 31 March 2024
161,358
29,369
69,000
60,844
320,571
---------
--------
---------
--------
---------
Depreciation
At 1 April 2023
3,154
3,409
16,566
23,129
Charge for the year
11,337
4,287
15,813
14,884
46,321
Disposals
( 3,409)
( 3,409)
---------
--------
---------
--------
---------
At 31 March 2024
11,337
7,441
15,813
31,450
66,041
---------
--------
---------
--------
---------
Carrying amount
At 31 March 2024
150,021
21,928
53,187
29,394
254,530
---------
--------
---------
--------
---------
At 31 March 2023
6,624
19,970
24,712
51,306
---------
--------
---------
--------
---------
6. Debtors
2024
2023
£
£
Trade debtors
94,375
60,960
Amounts owed by group undertakings and undertakings in which the company has a participating interest
73,092
5,460
Other debtors
31,248
52,814
---------
---------
198,715
119,234
---------
---------
7. Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
28,364
28,364
Trade creditors
615,518
231,192
Corporation tax
168,316
223,498
Social security and other taxes
21,673
18,451
Other creditors
999,044
918,454
------------
------------
1,832,915
1,419,959
------------
------------
8. Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
30,727
59,091
Other creditors
51,158
--------
--------
81,885
59,091
--------
--------
9. Operating leases
The total future minimum lease payments under non-cancellable operating leases are as follows:
2024
2023
£
£
Not later than 1 year
46,839
36,500
Later than 1 year and not later than 5 years
11,547
43,708
--------
--------
58,386
80,208
--------
--------
10. Related party transactions
The immediate and ultimate parent company is Franklin Tonic Holdings Limited. It's registered office is The Old Mill, 9 Soar Lane, Leicester LE3 5DE and it's principal place of business is 4 Charter Point Way, Ashby DE La Zouch, Leicestershire. LE65 1NF. In the year, the company wrote off an interest free loan to a related party company amounting to £4,268 (2023: £31,935). The amounts outstanding at 31 March 2024 was £Nil (2023: £nil).