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Registration number: 7602948

Torbay Shoulder & Elbow Specialist Ltd

Unaudited Filleted Financial Statements

for the Year Ended 30 April 2024

 

Torbay Shoulder & Elbow Specialist Ltd

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 8

 

Torbay Shoulder & Elbow Specialist Ltd

Company Information

Directors

Mrs Jessica Louise Hawken

Mr Richard Michael Avens Hawken

Registered office

Woodend House
Woodend Road
Torquay
Devon
TQ1 2PZ

Accountants

Neil Wilson & Co Chartered Accountants
Bank Chambers
260-262 Union Street
Torquay
Devon
TQ2 5QU

 

Torbay Shoulder & Elbow Specialist Ltd

(Registration number: 7602948)
Balance Sheet as at 30 April 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

114,700

113,858

Current assets

 

Debtors

5

115,492

50,117

Cash at bank and in hand

 

33,434

55,015

 

148,926

105,132

Creditors: Amounts falling due within one year

6

(60,134)

(62,279)

Net current assets

 

88,792

42,853

Net assets

 

203,492

156,711

Capital and reserves

 

Called up share capital

7

2

2

Retained earnings

203,490

156,709

Shareholders' funds

 

203,492

156,711

For the financial 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 accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 14 January 2025 and signed on its behalf by:
 

.........................................
Mr Richard Michael Avens Hawken
Director

 

Torbay Shoulder & Elbow Specialist Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Woodend House
Woodend Road
Torquay
Devon
TQ1 2PZ
United Kingdom

These financial statements were authorised for issue by the Board on 14 January 2025.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

 

Torbay Shoulder & Elbow Specialist Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Office equipment

25% reducing balance

Freehold property

Nil

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

 

Torbay Shoulder & Elbow Specialist Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2023 - 2).

4

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 May 2023

110,932

6,424

117,356

Additions

-

2,098

2,098

At 30 April 2024

110,932

8,522

119,454

Depreciation

At 1 May 2023

-

3,498

3,498

Charge for the year

-

1,256

1,256

At 30 April 2024

-

4,754

4,754

Carrying amount

At 30 April 2024

110,932

3,768

114,700

At 30 April 2023

110,932

2,926

113,858

Included within the net book value of land and buildings above is £110,932 (2023 - £110,932) in respect of freehold land and buildings.
 

 

Torbay Shoulder & Elbow Specialist Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

5

Debtors

Current

2024
£

2023
£

Other debtors

115,492

50,117

 

Torbay Shoulder & Elbow Specialist Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

6

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

8

8,639

12,470

Taxation and social security

 

24,564

19,974

Accruals and deferred income

 

1,303

997

Other creditors

 

25,628

28,838

 

60,134

62,279

7

Share capital

Allotted, called up and fully paid shares

 

2024

2023

 

No.

£

No.

£

Ordinary of £1 each

2

2

2

2

         

8

Loans and borrowings

2024
£

2023
£

Current loans and borrowings

Bank borrowings

8,639

12,470

9

Dividends

   

2024

 

2023

   

£

 

£

Interim dividend of £35,000.00 (2023 - £36,250.00) per ordinary share

 

36,000

 

36,250

         

10

Related party transactions

Transactions with directors

 

Torbay Shoulder & Elbow Specialist Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

2024

At 1 May 2023
£

Advances to director
£

Repayments by director
£

At 30 April 2024
£

Mr Richard Michael Avens Hawken

Director loan

31,559

97,934

(32,559)

96,934

         
       

Mrs Jessica Louise Hawken

Director loan

18,558

-

-

18,558

         
       

 

2023

At 1 May 2022
£

Repayments by director
£

At 30 April 2023
£

Mr Richard Michael Avens Hawken

Director loan

35,183

(3,624)

31,559

       
     

Mrs Jessica Louise Hawken

Director loan

18,558

-

18,558

       
     

 

Directors' remuneration

The directors' remuneration for the year was as follows:

2024
£

2023
£

Remuneration

12,570

12,570

Contributions paid to money purchase schemes

30,750

40,000

43,320

52,570

Dividends paid to directors

   

2024
£

 

2023
£

Mrs Jessica Louise Hawken

       

Interim dividend paid

 

35,000

 

35,000

         

Mr Richard Michael Avens Hawken

       

Interim dividend paid

 

1,000

 

1,250