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Company No: SC435912 (Scotland)

JULIA HART SKIN CLINIC LIMITED

UNAUDITED FINANCIAL STATEMENTS
FOR THE FINANCIAL YEAR ENDED 30 NOVEMBER 2023
PAGES FOR FILING WITH THE REGISTRAR

JULIA HART SKIN CLINIC LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 30 NOVEMBER 2023

Contents

JULIA HART SKIN CLINIC LIMITED

BALANCE SHEET

AS AT 30 NOVEMBER 2023
JULIA HART SKIN CLINIC LIMITED

BALANCE SHEET (continued)

AS AT 30 NOVEMBER 2023
Note 2023 2022
£ £
Fixed assets
Tangible assets 3 162,879 108,920
162,879 108,920
Current assets
Stocks 4 5,215 4,610
Debtors 5 9,497 9,419
Cash at bank and in hand 6 55,981 148,868
70,693 162,897
Creditors: amounts falling due within one year 7 ( 68,501) ( 83,855)
Net current assets 2,192 79,042
Total assets less current liabilities 165,071 187,962
Creditors: amounts falling due after more than one year 8 ( 16,571) ( 38,702)
Provision for liabilities 9, 10 ( 37,871) ( 23,480)
Net assets 110,629 125,780
Capital and reserves
Called-up share capital 11 1 1
Profit and loss account 110,628 125,779
Total shareholder's funds 110,629 125,780

For the financial year ending 30 November 2023 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The financial statements of Julia Hart Skin Clinic Limited (registered number: SC435912) were approved and authorised for issue by the Director on 28 November 2024. They were signed on its behalf by:

Julia Hart
Director
JULIA HART SKIN CLINIC LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 30 NOVEMBER 2023
JULIA HART SKIN CLINIC LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 30 NOVEMBER 2023
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Julia Hart Skin Clinic Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in Scotland. The address of the Company's registered office is 42 Chalmers Street, Dunfermline, KY12 8DF, United Kingdom.

The financial statements have been prepared under the historical cost convention and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the company and rounded to the nearest £.

Turnover

Turnover represents amounts receivable for medical processes, sale of beauty products and treatments for skin conditions.

Revenue is recognised when the company has entitlement to the income in exchange for the provision of services.

Rental income is recognised on a straight line basis over the term of the lease.

Employee benefits

Short term benefits
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Defined contribution schemes
The Company operates a defined contribution scheme. The amount charged to the Statement of Income and Retained Earnings in respect of pension costs and other post-retirement benefits is the contributions payable in the financial year. Differences between contributions payable in the financial year and contributions actually paid are included as either accruals or prepayments in the Balance Sheet.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Plant and machinery etc. 25 - 33 % reducing balance

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Leases

The Company as lessee
Assets held under finance leases, hire purchase contracts and other similar arrangements, which confer rights and obligations similar to those attached to owned assets, are capitalised as tangible fixed assets at the fair value of the leased asset (or, if lower, the present value of the minimum lease payments as determined at the inception of the lease) and are depreciated over the shorter of the lease terms and their useful lives. The capital elements of future lease obligations are recorded as liabilities, while the interest elements are charged to the Statement of Income and Retained Earnings over the period of the leases to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

The Company as lessor
Rental income from operating leases is recognised on a straight-line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight-line basis over the lease term.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Statement of Income and Retained Earnings as described below.

Non-financial assets
At each balance sheet date, the company reviews its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost includes materials, direct labour and an attributable proportion of manufacturing overheads based on normal levels of activity.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

Cash and cash equivalents

Cash at bank and in hand are basic financial assets and include cash in hand and deposits held at call with banks.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Basic financial assets
Basic financial assets, which include debtors, cash and bank balances, are measured at transaction price including transaction costs.

Basic financial liabilities
Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities.

Equity instruments
Equity instruments issued by the Company are recorded at the fair value of cash or other resources received or receivable, net of direct issue costs. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the Company.

Provisions

Deferred tax provisions are recognised when the Company has a present obligation as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Balance Sheet date, taking into account the risks and uncertainties surrounding the obligation.

2. Employees

2023 2022
Number Number
Monthly average number of persons employed by the Company during the year, including the director 7 7

3. Tangible assets

Plant and machinery etc. Total
£ £
Cost
At 01 December 2022 226,245 226,245
Additions 102,304 102,304
Disposals ( 1,739) ( 1,739)
At 30 November 2023 326,810 326,810
Accumulated depreciation
At 01 December 2022 117,325 117,325
Charge for the financial year 48,067 48,067
Disposals ( 1,461) ( 1,461)
At 30 November 2023 163,931 163,931
Net book value
At 30 November 2023 162,879 162,879
At 30 November 2022 108,920 108,920

4. Stocks

2023 2022
£ £
Stocks 5,215 4,610

5. Debtors

2023 2022
£ £
Trade debtors 3,001 2,370
Corporation tax 1,432 0
Other debtors 5,064 7,049
9,497 9,419

6. Cash and cash equivalents

2023 2022
£ £
Cash at bank and in hand 55,981 148,868

7. Creditors: amounts falling due within one year

2023 2022
£ £
Bank loans 10,097 9,843
Trade creditors 22,983 34,046
Taxation and social security 2,376 13,675
Obligations under finance leases and hire purchase contracts 11,879 19,161
Other creditors 21,166 7,130
68,501 83,855

Included within Bank loans are amounts advanced to the company under the Bounce Back Loan Scheme. This loan is fully backed by a government guarantee.

Obligations under finance leases and hire purchase contracts are secured over the related assets.

8. Creditors: amounts falling due after more than one year

2023 2022
£ £
Bank loans 16,571 26,823
Obligations under finance leases and hire purchase contracts 0 11,879
16,571 38,702

Included within Bank loans are amounts advanced to the company under the Bounce Back Loan Scheme. This loan is fully backed by a government guarantee.

Obligations under finance leases and hire purchase contracts are secured over the related assets.

9. Provision for liabilities

2023 2022
£ £
Deferred tax 37,871 23,480

10. Deferred tax

2023 2022
£ £
At the beginning of financial year ( 23,480) ( 28,777)
(Charged)/credited to the Statement of Income and Retained Earnings ( 14,391) 5,297
At the end of financial year ( 37,871) ( 23,480)

11. Called-up share capital

2023 2022
£ £
Allotted, called-up and fully-paid
1 Ordinary share of £ 1.00 1 1

12. Financial commitments

Commitments

2023 2022
£ £
Total future minimum lease payments under non-cancellable operating lease 62,456 85,056

13. Related party transactions

Transactions with the entity’s director (or members of its governing body)

Amounts owed to director

2023 2022
£ £
Directors' Loan Account 6,336 1,897

Advances

This loan is unsecured, interest-free and repayable on demand.

14. Contingent liability

During the preparation of the year ended 30 November 2023 accounts, it was identified that the company may have a historic VAT exposure to consider following a review of its turnover generated to the balance sheet date. Given the complexity of the review and requirement for historic information to be provided, it was not possible to accurately determine the VAT exposure at the balance sheet date or at the date the accounts were approved for submission. The director has considered the recognition criteria for recognising a provision and although it has been confirmed that there was an obligation at the reporting date as a result of a past event and that the entity will be required to transfer economic benefits in settlement, it was not possible to reliably estimate the amount of obligation payable to HMRC so a provision has not been included. On that basis, the director agreed that a contingent liability note should be included in the accounts in order to provide a true and fair view.