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Company registration number: 07198763
London School of Massage Limited
Unaudited filleted financial statements
30 April 2024
London School of Massage Limited
Contents
Directors and other information
Accountants report
Statement of financial position
Statement of changes in equity
Notes to the financial statements
London School of Massage Limited
Directors and other information
Directors Mr B T Joshi
Mrs R B Joshi
Secretary Mr B T Joshi
Company number 07198763
Registered office 34 Queensbury Station Parade
Edgware
Middlesex
HA8 5NN
Business address 455 Caledonian Road
London
N7 9BA
Accountants Hindocha Pandit and Co Limited
34 Queensbury Station Parade
Edgware
Middlesex
HA8 5NN
Bankers Barclays Bank Plc
1 Churchill Place
London
E14 5HP
London School of Massage Limited
Report to the board of directors on the preparation of the
unaudited statutory financial statements of London School of Massage Limited
Year ended 30 April 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 London School of Massage Limited for the year ended 30 April 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 the Association of Chartered Certified Accountants , we are subject to its ethical and other professional requirements which are detailed at http://www.accaglobal.com/en/member/ professional-standards/ rules-standards/acca-rulebook.html.
This report is made solely to the board of directors of London School of Massage Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the financial statements of London School of Massage Limited and state those matters that we have agreed to state to the board of directors of London School of Massage Limited as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/content/dam/ACCA_Global /Technical/fact/technical-factsheet-163.pdf. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than London School of Massage Limited and its board of directors as a body for our work or for this report.
It is your duty to ensure that London School of Massage Limited 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 London School of Massage Limited. You consider that London School of Massage Limited 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 London School of Massage Limited. 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.
Hindocha Pandit and Co Limited
Chartered Certified Accountants
34 Queensbury Station Parade
Edgware
Middlesex
HA8 5NN
3 January 2025
London School of Massage Limited
Statement of financial position
30 April 2024
2024 2023
Note £ £ £ £
Fixed assets
Intangible assets 5 400,000 400,000
Tangible assets 6 79,353 86,788
_______ _______
479,353 486,788
Current assets
Debtors 7 28,570 22,200
Cash at bank and in hand 1,309,158 1,305,575
_______ _______
1,337,728 1,327,775
Creditors: amounts falling due
within one year 8 ( 265,250) ( 395,816)
_______ _______
Net current assets 1,072,478 931,959
_______ _______
Total assets less current liabilities 1,551,831 1,418,747
_______ _______
Net assets 1,551,831 1,418,747
_______ _______
Capital and reserves
Called up share capital 100 100
Profit and loss account 1,551,731 1,418,647
_______ _______
Shareholders funds 1,551,831 1,418,747
_______ _______
For the year ending 30 April 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 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 03 January 2025 , and are signed on behalf of the board by:
Mr B T Joshi
Director
Company registration number: 07198763
London School of Massage Limited
Statement of changes in equity
Year ended 30 April 2024
Called up share capital Profit and loss account Total
£ £ £
At 1 May 2022 100 1,282,497 1,282,597
Profit for the year 140,150 140,150
_______ _______ _______
Total comprehensive income for the year - 140,150 140,150
Dividends paid and payable ( 4,000) ( 4,000)
_______ _______ _______
Total investments by and distributions to owners - ( 4,000) ( 4,000)
_______ _______ _______
At 30 April 2023 and 1 May 2023 100 1,418,647 1,418,747
Profit for the year 157,084 157,084
_______ _______ _______
Total comprehensive income for the year - 157,084 157,084
Dividends paid and payable ( 24,000) ( 24,000)
_______ _______ _______
Total investments by and distributions to owners - ( 24,000) ( 24,000)
_______ _______ _______
At 30 April 2024 100 1,551,731 1,551,831
_______ _______ _______
London School of Massage Limited
Notes to the financial statements
Year ended 30 April 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 34 Queensbury Station Parade, Edgware, Middlesex, HA8 5NN.
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:
Fittings fixtures and equipment - 15 % reducing balance
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.
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 3 (2023: 3 ).
5. Intangible assets
Goodwill Total
£ £
Cost
At 1 May 2023 and 30 April 2024 400,000 400,000
_______ _______
Amortisation
At 1 May 2023 and 30 April 2024 - -
_______ _______
Carrying amount
At 30 April 2024 400,000 400,000
_______ _______
At 30 April 2023 400,000 400,000
_______ _______
6. Tangible assets
Fixtures, fittings and equipment Motor vehicles Total
£ £ £
Cost
At 1 May 2023 197,684 41,385 239,069
Additions 9,136 - 9,136
_______ _______ _______
At 30 April 2024 206,820 41,385 248,205
_______ _______ _______
Depreciation
At 1 May 2023 132,720 19,561 152,281
Charge for the year 11,115 5,456 16,571
_______ _______ _______
At 30 April 2024 143,835 25,017 168,852
_______ _______ _______
Carrying amount
At 30 April 2024 62,985 16,368 79,353
_______ _______ _______
At 30 April 2023 64,964 21,824 86,788
_______ _______ _______
7. Debtors
2024 2023
£ £
Other debtors 28,570 22,200
_______ _______
8. Creditors: amounts falling due within one year
2024 2023
£ £
Corporation tax 54,263 34,564
Social security and other taxes 773 766
Other creditors 210,214 360,486
_______ _______
265,250 395,816
_______ _______
9. Directors advances, credits and guarantees
During the year the directors entered into the following advances and credits with the company:
2024
Balance brought forward Amounts repaid Balance o/standing
£ £ £
Mr B T Joshi ( 200,688) 859 ( 199,829)
_______ _______ _______
2023
Balance brought forward Amounts repaid Balance o/standing
£ £ £
Mr B T Joshi ( 202,380) 1,692 ( 200,688)
_______ _______ _______
10. Related party transactions
During the year the company paid rent totaling £51,000 to the directors in respect of two separate premises from where the company undertakes its trading activities. All transactions are on a arms length and commercial basis.
11. Controlling party
During the year the company was under the control of Mr B T and Mrs R B Joshi the director's and shareholders of the company.