Company registration number 10752887 (England and Wales)
THE WHITCHURCH CLINIC LIMITED
Unaudited Financial Statements
for the Year Ended 31 May 2024
THE WHITCHURCH CLINIC LIMITED
BALANCE SHEET
AS AT 31 MAY 2024
31 May 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
15,895
18,356
Current assets
Stocks
4
1,050
1,050
Debtors
5
6,190
466
Cash at bank and in hand
13,588
35,859
20,828
37,375
Creditors: amounts falling due within one year
6
(24,251)
(20,901)
Net current (liabilities)/assets
(3,423)
16,474
Total assets less current liabilities
12,472
34,830
Creditors: amounts falling due after more than one year
7
(22,417)
(30,697)
Provisions for liabilities
(1,978)
(3,488)
Net (liabilities)/assets
(11,923)
645
Capital and reserves
Called up share capital
1
1
Profit and loss reserves
(11,924)
644
Total equity
(11,923)
645
THE WHITCHURCH CLINIC LIMITED
BALANCE SHEET
AS AT 31 MAY 2024
31 May 2024
- 2 -

For the financial year ended 31 May 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 of its financial statements for the year in question in accordance with section 476.

The director acknowledges her responsibilities for complying with the requirements of the Companies Act 2006 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.

The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true

The financial statements were approved and signed by the director and authorised for issue on 27 January 2025
Ms A Howell
Director
Company registration number 10752887 (England and Wales)
THE WHITCHURCH CLINIC LIMITED
Notes to the Financial Statements
For the Year Ended 31 May 2024
- 3 -
1
Accounting policies
Company information

The Whitchurch Clinic Limited is a private company limited by shares incorporated in England and Wales. The registered office is 1st Floor Offices, 57 Merthyr Road, Whitchurch, Cardiff, CF14 1DD.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below.

1.2
Going concern

Atruet the time of approving the financial statements, the director has a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the director continues to adopt the going concern basis of accounting in preparing the financial statements.

1.3
Turnover

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 Turnover when:

The amount of Turnover 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.

1.4
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

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:

Leasehold improvements
15% on cost
Plant and equipment
5% and 20% reducing balance
Computers
20% on cost

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.

THE WHITCHURCH CLINIC LIMITED
Notes to the Financial Statements
For the Year Ended 31 May 2024
1
Accounting policies
- 4 -
1.5
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). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

 

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.6
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell.

1.7
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.8
Financial instruments

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.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

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

Basic financial liabilities

Basic financial liabilities, including creditors and bank loans are recognised at transaction price.

 

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.

THE WHITCHURCH CLINIC LIMITED
Notes to the Financial Statements
For the Year Ended 31 May 2024
1
Accounting policies
- 5 -
1.9
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current 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

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 carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.10
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.11
Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

 

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

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.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Total
10
10
THE WHITCHURCH CLINIC LIMITED
Notes to the Financial Statements
For the Year Ended 31 May 2024
- 6 -
3
Tangible fixed assets
Leasehold improvements
Plant and equipment
Computers
Total
£
£
£
£
Cost
At 1 June 2023
3,126
19,782
9,867
32,775
Additions
-
0
-
0
229
229
At 31 May 2024
3,126
19,782
10,096
33,004
Depreciation and impairment
At 1 June 2023
1,407
3,145
9,867
14,419
Depreciation charged in the year
469
2,210
11
2,690
At 31 May 2024
1,876
5,355
9,878
17,109
Carrying amount
At 31 May 2024
1,250
14,427
218
15,895
At 31 May 2023
1,719
16,637
-
0
18,356
4
Stocks
2024
2023
£
£
Stocks
1,050
1,050
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Other debtors
6,190
466
6
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans
2,531
2,469
Trade creditors
4,953
125
Taxation and social security
-
0
1,495
Other creditors
16,767
16,812
24,251
20,901
THE WHITCHURCH CLINIC LIMITED
Notes to the Financial Statements
For the Year Ended 31 May 2024
- 7 -
7
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
13,647
16,178
Other creditors
8,770
14,519
22,417
30,697
8
Loans and overdrafts
2024
2023
£
£
Bank loans
16,178
18,647
Other loans
8,099
11,500
24,277
30,147
Payable within one year
6,001
5,803
Payable after one year
18,276
24,344

Bank borrowings

Bounce Back Loan is denominated in GBP with a nominal interest rate of 2.5% after the first 12 months, and the final instalment is due on 31 May 2030. The carrying amount at year end is £16,178 (2023 - £18,647).

 

The loan is not secured.

 

 

Other borrowings

Loan from Mrs M Howell is denominated in GBP with a nominal interest rate of 2%. The carrying amount at year end is £8,099 (2023 - £11,500).

 

The loan is not secured.

9
Operating lease commitments
Lessee

The total amount of financial commitments not included in the balance sheet is £71,199. This is made up of a 6 year rental lease agreement with annual rents of £11,867.

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