GS CLINIC LTD
Registered number: 08378166
Balance Sheet
as at 30 June 2024
Notes 2024 2023
£ £
Fixed assets
Intangible assets 3 73,337 91,670
Tangible assets 4 113,056 93,952
186,393 185,622
Current assets
Stocks 6,019 8,505
Debtors 5 5,000 12,000
Cash at bank and in hand 1,307,423 1,165,825
1,318,442 1,186,330
Creditors: amounts falling due within one year 6 (429,083) (375,092)
Net current assets 889,359 811,238
Net assets 1,075,752 996,860
Capital and reserves
Called up share capital 1 1
Profit and loss account 1,075,751 996,859
Shareholders' funds 1,075,752 996,860
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
A Iqbal
Director
Approved by the board on 24 February 2025
GS CLINIC LTD
Notes to the Accounts
for the year ended 30 June 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland.
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Freehold buildings over 50 years
Leasehold land and buildings over the lease term
Plant and machinery over 5 years
Fixtures, fittings, tools and equipment over 5 years
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only 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 and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 10 9
3 Intangible fixed assets £
Goodwill:
Cost
At 1 July 2023 275,000
At 30 June 2024 275,000
Amortisation
At 1 July 2023 183,330
Provided during the year 18,333
At 30 June 2024 201,663
Net book value
At 30 June 2024 73,337
At 30 June 2023 91,670
Goodwill is being written off in equal annual instalments over its estimated economic life of 15 years.
4 Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 July 2023 214,609
Additions 36,619
At 30 June 2024 251,228
Depreciation
At 1 July 2023 120,657
Charge for the year 17,515
At 30 June 2024 138,172
Net book value
At 30 June 2024 113,056
At 30 June 2023 93,952
5 Debtors 2024 2023
£ £
Trade debtors 5,000 12,000
6 Creditors: amounts falling due within one year 2024 2023
£ £
Trade creditors 7,381 36,576
Directors loan account 395,210 313,590
Corporation tax 16,234 14,953
Other taxes and social security costs 2,198 1,916
Other creditors 8,060 8,057
429,083 375,092
7 Other information
GS CLINIC LTD is a private company limited by shares and incorporated in England. Its registered office is:
25 Longridge Road
Preston
PR2 6RE
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