Company Registration No. 08785844 (England and Wales)
The Physio Lounge Limited
Unaudited accounts
for the year ended 30 April 2024
The Physio Lounge Limited
Unaudited accounts
Contents
The Physio Lounge Limited
Company Information
for the year ended 30 April 2024
Company Number
08785844 (England and Wales)
Registered Office
Office 121 Dallam Court
Dallam Lane
Warrington
WA2 7LT
England
Accountants
Hive Accounting
Barnfield
Penshurst Road
Speldhurst
Kent
TN3 0PH
The Physio Lounge Limited
Statement of financial position
as at 30 April 2024
Tangible assets
11,098
12,575
Cash at bank and in hand
50,264
21,114
Creditors: amounts falling due within one year
(65,858)
(47,832)
Net current assets
42,455
11,180
Total assets less current liabilities
53,553
23,755
Creditors: amounts falling due after more than one year
(10,833)
(20,833)
Provisions for liabilities
Deferred tax
(2,670)
(2,403)
Called up share capital
100
100
Profit and loss account
39,950
419
Shareholders' funds
40,050
519
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. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board and authorised for issue on 10 January 2025 and were signed on its behalf by
Mr Craig Lea
Director
Company Registration No. 08785844
The Physio Lounge Limited
Notes to the Accounts
for the year ended 30 April 2024
The Physio Lounge Limited is a private company, limited by shares, registered in England and Wales, registration number 08785844. The registered office is Office 121 Dallam Court, Dallam Lane, Warrington, WA2 7LT, England.
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Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
The accounts are presented in £ sterling.
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
Tangible fixed assets and depreciation
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
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.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Fixtures & fittings
25% reducing balance
Computer equipment
33% straight line
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of 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).
Recoverable amount is the higher of fair value less costs to sell and value in use.
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
The Physio Lounge Limited
Notes to the Accounts
for the year ended 30 April 2024
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Basic financial assets, which include debtors and cash and bank balances, are measured at transaction price including transaction costs. Financial assets classified as receivable within one year are not amortised.
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 liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are recognised at transaction price. Financial liabilities classified as payable within one year are not amortised.
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 if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised at transaction price.
Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recognised in profit or loss immediately, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk.
The tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects
neither the tax profit nor the accounting profit.
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.
The Physio Lounge Limited
Notes to the Accounts
for the year ended 30 April 2024
Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.
A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a
liability.
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Tangible fixed assets
Fixtures & fittings
Computer equipment
Total
Cost or valuation
At cost
At cost
At 1 May 2023
36,339
9,751
46,090
Additions
2,236
1,634
3,870
At 30 April 2024
38,575
11,385
49,960
At 1 May 2023
26,989
6,526
33,515
Charge for the year
2,614
2,733
5,347
At 30 April 2024
29,603
9,259
38,862
At 30 April 2024
8,972
2,126
11,098
At 30 April 2023
9,350
3,225
12,575
Amounts falling due within one year
Trade debtors
44,218
26,392
Other debtors
13,831
11,506
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Creditors: amounts falling due within one year
2024
2023
Bank loans and overdrafts
10,000
10,000
Taxes and social security
41,369
25,197
Other creditors
13,826
6,426
The bank loan is secured by a personal guarantee of the director.
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Creditors: amounts falling due after more than one year
2024
2023
The Physio Lounge Limited
Notes to the Accounts
for the year ended 30 April 2024
Brought
Forward
Advance/
credit
Repaid
Carried
Forward
Loan - 2023
7,084
-
7,084
-
Loan - 2024
-
6,822
-
6,822
The loan is included within other debtors. It is repayable on demand and bears a nil interest rate.
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Transactions with related parties
Included within other debtors is an amount of £6,822 (2023: £7,084) due from C Lea, director of the company. This loan is repayable on demand and bears a nil interest rate.
Included within other debtors is an amount of £2,466 (2023: £nil) due from TPL Medical Legal Limited, a company in which C Lea is a director and shareholder.
Included within other creditors is an amount of £nil (2023: £750) due to the other shareholder of the company. This loan is repayable on demand and bears a nil interest rate.
Dividends of £74,200 (2023: £49,500) were paid in the year, of which £37,100 (2023: £24,750) is in respect of shares held by the director.
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Average number of employees
During the year the average number of employees was 15 (2023: 13).