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Company registration number: 07945340
Park View Clinic Limited
Unaudited filleted financial statements
30 April 2024
Park View Clinic Limited
Contents
Directors and other information
Statement of financial position
Notes to the financial statements
Park View Clinic Limited
Directors and other information
Director Dr J Olsen
Secretary Dr J Olsen
Company number 07945340
Registered office 35 Chesswood Road
Worthing
BN11 2AA
Business address Park View
35 Chesswood Road
Worthing
BN11 2AA
Accountants Keith Bellenie & Co Ltd
3 Cecilian Court
Cecilian Avenue
Worthing
West Sussex
BN14 8AP
Bankers Santander
Park View Clinic Limited
Statement of financial position
30 April 2024
2024 2023
Note £ £ £ £
Fixed assets
Intangible assets 5 57,200 64,350
Tangible assets 6 3,161 3,101
_______ _______
60,361 67,451
Current assets
Stocks 455 455
Debtors 7 3,084 4,521
Cash at bank and in hand 139,849 139,513
_______ _______
143,388 144,489
Creditors: amounts falling due
within one year 8 ( 58,096) ( 53,129)
_______ _______
Net current assets 85,292 91,360
_______ _______
Total assets less current liabilities 145,653 158,811
Provisions for liabilities ( 600) ( 651)
_______ _______
Net assets 145,053 158,160
_______ _______
Capital and reserves
Called up share capital 100 100
Profit and loss account 144,953 158,060
_______ _______
Shareholder funds 145,053 158,160
_______ _______
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.
Director's responsibilities:
- The member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;
- The director acknowledges 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 28 January 2025 , and are signed on behalf of the board by:
Dr J Olsen
Director
Company registration number: 07945340
Park View Clinic 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 Park View, 35 Chesswood Road, Worthing, BN11 2AA.
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.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
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:
Goodwill - 5 % straight line
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 - 33 % 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.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the contributions are due.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 6 (2023: 6 ).
5. Intangible assets
Goodwill Total
£ £
Cost
At 1 May 2023 and 30 April 2024 143,000 143,000
_______ _______
Amortisation
At 1 May 2023 78,650 78,650
Charge for the year 7,150 7,150
_______ _______
At 30 April 2024 85,800 85,800
_______ _______
Carrying amount
At 30 April 2024 57,200 57,200
_______ _______
At 30 April 2023 64,350 64,350
_______ _______
6. Tangible assets
Fixtures, fittings and equipment Total
£ £
Cost
At 1 May 2023 17,775 17,775
Additions 1,309 1,309
_______ _______
At 30 April 2024 19,084 19,084
_______ _______
Depreciation
At 1 May 2023 14,674 14,674
Charge for the year 1,249 1,249
_______ _______
At 30 April 2024 15,923 15,923
_______ _______
Carrying amount
At 30 April 2024 3,161 3,161
_______ _______
At 30 April 2023 3,101 3,101
_______ _______
7. Debtors
2024 2023
£ £
Trade debtors 2,379 2,167
Other debtors 705 2,354
_______ _______
3,084 4,521
_______ _______
8. Creditors: amounts falling due within one year
2024 2023
£ £
Corporation tax 5,679 13,402
Other creditors 52,417 39,727
_______ _______
58,096 53,129
_______ _______
9. Operating leases
The company as lessee
The total future minimum lease payments under non-cancellable operating leases are as follows:
£ £
Not later than 1 year 467 2,805
Later than 1 year and not later than 5 years - 467
_______ _______
467 3,272
_______ _______
10. Directors advances, credits and guarantees
The company is subject to the following guarantees on behalf of the director: -
Maximum liability Amount paid/liability incurred
2024 2023 2024 2023
£ £ £ £
Dr J Olsen 299,067 361,722 8,488 62,655
_______ _______ _______ _______
The director has personal loans with NatWest bank and the bank has a fixed and floating charge on the assets of the company. The charge was created on 21 December 2016.