1 April 2023 v2024.60.2 limited_company_frs_102_section_1a_v1_1_2 companies_houseSoftwarefalsetruetruetrueNo description of principal activityfalsetruexbrli:purexbrli:sharesiso4217:GBP112243722023-04-012024-03-31112243722024-03-31112243722023-03-3111224372core:WithinOneYear2024-03-3111224372core:WithinOneYear2023-03-3111224372core:ShareCapital2024-03-3111224372core:ShareCapital2023-03-3111224372core:RetainedEarningsAccumulatedLosses2024-03-3111224372core:RetainedEarningsAccumulatedLosses2023-03-3111224372bus:Director12023-04-012024-03-3111224372bus:RegisteredOffice2023-04-012024-03-31112243722022-04-012023-03-3111224372core:PlantMachinery2024-03-3111224372core:PlantMachinery2023-04-0111224372core:PlantMachinery2023-04-012024-03-3111224372core:PlantMachinery2023-03-311122437212023-04-012024-03-311122437212023-04-012024-03-3111224372countries:EnglandWales2023-04-012024-03-3111224372bus:AuditExempt-NoAccountantsReport2023-04-012024-03-3111224372bus:PrivateLimitedCompanyLtd2023-04-012024-03-3111224372bus:SmallEntities2023-04-012024-03-3111224372bus:FullAccounts2023-04-012024-03-31
Company registration number:
11224372
Rebound Therapy International Ltd
Unaudited Filleted Financial Statements for the year ended
31 March 2024
Rebound Therapy International Ltd
Statement of Financial Position
31 March 2024
20242023
Note££
Fixed assets    
Tangible assets 5
331
 
566
 
Current assets    
Debtors 6
53,070
 
5,489
 
Cash at bank and in hand
110,083
 
104,755
 
163,153
 
110,244
 
Creditors: amounts falling due within one year 7
(98,617
)
(94,917
)
Net current assets
64,536
 
15,327
 
Total assets less current liabilities 64,867   15,893  
Capital and reserves    
Called up share capital
2
 
2
 
Profit and loss account
64,865
 
15,891
 
Shareholders funds
64,867
 
15,893
 
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.
These
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.
These
financial statements
were approved by the board of directors and authorised for issue on
5 July 2024
, and are signed on behalf of the board by:
Paul Vernon Kaye
Director
Company registration number:
11224372
Rebound Therapy International Ltd
Notes to the Financial Statements
Year ended
31 March 2024

1 General information

The company is a private company limited by shares and is registered in England and Wales, registration number 11224372. The address of the registered office is
Saplings Felcourt Road
,
Felcourt
,
East Grinstead
,
RH19 2LA
, United Kingdom.

2 Statement of compliance

These
financial statements
have been prepared in compliance with FRS 102 Section 1A, 'The Financial Reporting Standard applicable to 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 assets.
The
financial statements
are prepared in sterling, which is the functional currency of the company.

Turnover

Turnover is measured at the fair value of the consideration received or receivable for goods supplied, 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.

Current tax

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.

Tangible assets

Tangible assets are initially measured at cost, and are subsequently measured at cost less any accumulated depreciation and accumulated impairment losses or at a revalued amount.
Any tangible assets carried at a revalued amount 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. However, the increase is recognised in profit or loss to the extent that 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. If a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess is recognised in profit or loss.

Defined contribution pension plan

The company operates a defined contributions scheme for the benefit of its employees. Contributions payable are recognised in the profit and loss account when due.

4 Average number of employees

The average number of persons employed by the company during the year was
4
(2023:
4
).

5 Tangible assets

Plant and machinery etc.
£
Cost  
At
1 April 2023
and
31 March 2024
940
 
Depreciation  
At
1 April 2023
374
 
Charge
235
 
At
31 March 2024
609
 
Carrying amount  
At
31 March 2024
331
 
At 31 March 2023
566
 

6 Debtors

20242023
££
Trade debtors
53,070
 
5,489
 

7 Creditors: amounts falling due within one year

20242023
££
Trade creditors
5,731
 
4,645
 
Taxation and social security
50,548
 
23,628
 
Other creditors
42,338
 
66,644
 
98,617
 
94,917
 

8 Events after the end of the reporting period

Adjustment to Provision for Corporation Tax
Event After the Reporting Period:
An adjustment has been made to the provision for corporation tax for the prior year ended 31 March 2023. This adjustment is due to an amendment in the taxpayer's self-assessment.
Details of the Adjustment:
Original Provision: The original provision for corporation tax as at 31 March 2023 was based on a self-assessment amounting to £23,628.40.
Amended Self-Assessment: Subsequent to the year-end, the taxpayer revised the self-assessment, reducing the amount from £23,628.40 to £6,496.48.
Adjustment Amount: This revision requires a downward adjustment to the provision for corporation tax by £17,158.52.
Impact on the Financial Statements:
Balance Sheet: The provision for corporation tax on the balance sheet has been adjusted to reflect the revised self-assessment. This adjustment decreases the corporation tax liability by £17,158.52.
Income Statement: The reduction in the provision results in a corresponding decrease in the corporation tax expense recognised in the income statement for the year ended 31 March 2023.
Rationale for Adjustment:
Under IFRS 102, events after the end of the reporting period that provide additional evidence about conditions that existed at the balance sheet date require adjustment in the financial statements. The amendment to the self-assessment is considered an adjusting event as it provides additional evidence about the corporation tax liability as at 31 March 2023. Therefore, it is necessary to adjust the provision for corporation tax to reflect the revised liability.