NEW MILTON FOOT CLINIC LTD.


Directors	GILLINGHAM, C J
	GILLINGHAM, J C


Registered Address	Parkland Place
	39-41 Old Milton Road
	New Milton
	BH25 6DJ


Registered Number	08172028 (England and Wales)

Notes to the Financial Statements
for the year ended 31 August 2024

1.	Accounting policies

	Statutory information
	The company is a private company limited by shares and registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

	Statement of compliance
	The financial statements have been prepared in accordance with the Companies Act 2006 and FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland including Section 1A Small Entities.

	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 (as applied to small entities by section 1A of the standard).

	Turnover policy
	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.

	Operating leases
	Where, substantially, all the risks and rewards of ownership of the asset do not transfer from the lessor to the company, the lease is treated as an operating lease. Rentals payable under operating leases are charged to the profit and loss account on a straight-line basis over the period of the lease.

	Current taxation
	Current tax is recognised in profit or loss, except for taxes related to revaluations of land and buildings which are recognised in other comprehensive income. Current tax represents the amount of tax payable (receivable) in respect of taxable profit (loss) for the current, or past, reporting periods. Current tax is measured at the amount expected to be paid (recovered) using the tax rates and laws which have been enacted, or substantively enacted, by the balance sheet date. Where payments to HM Revenue and Customs exceed liabilities owed, an asset is recognised to the extent of the amount of tax recoverable.

Current taxation

Current tax is recognised in profit or loss, except for taxes related to revaluations of land and buildings which are recognised in other comprehensive income.

Current tax represents the amount of tax payable (receivable) in respect of taxable profit (loss) for the current, or past, reporting periods. Current tax is measured at the amount expected to be paid (recovered) using the tax rates and laws which have been enacted, or substantively enacted, by the balance sheet date. Where payments to HM Revenue and Customs exceed liabilities owed, an asset is recognised to the extent of the amount of tax recoverable.

	Deferred tax
	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.

Deferred tax

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.

	Intangible assets
	Intangible assets are stated at cost less accumulated amortisation and accumulated impairment losses. The assets are reviewed for impairment if the above factors indicate that the carrying amount may be impaired. Amortisation is included in 'administrative expenses' in the profit and loss account.

	Tangible fixed assets and depreciation
	All fixed assets are initially recorded at cost. Property, plant and equipment is used in the company's principal activity for the production and supply of goods or for administrative purposes and is stated in the balance sheet under the historic cost model. This model requires the assets to be stated at cost less amounts in respect of depreciation and less any accumulated impairment losses. Depreciation is calculated so as to write off the cost of an asset, less its estimated residual value (which is the expected amount that would currently be obtained from disposal of an asset, after deducting the estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life), over the useful economic life of the respective asset as follows:

Tangible fixed assets and depreciation

All fixed assets are initially recorded at cost. Property, plant and equipment is used in the company's principal activity for the production and supply of goods or for administrative purposes and is stated in the balance sheet under the historic cost model. This model requires the assets to be stated at cost less amounts in respect of depreciation and less any accumulated impairment losses. Depreciation is calculated so as to write off the cost of an asset, less its estimated residual value (which is the expected amount that would currently be obtained from disposal of an asset, after deducting the estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life), over the useful economic life of the respective asset as follows:


	Reducing balance (%)	Straight line (years)
Land and buildings	-	10
Plant and machinery	25	-
Office Equipment	-	3

	Investments
	Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Listed investments are measured at fair value where the difference between cost and fair value is material. Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the profit and loss account.

Investments

Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Listed investments are measured at fair value where the difference between cost and fair value is material. Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the profit and loss account.

	Stocks and work in progress
	Stock is valued at the lower of cost and estimated selling price less costs to complete and sell. The cost methodology employed by the entity is the first-in first-out method. Estimated selling price less costs to complete and sell are derived from the selling price which the goods would fetch in an open market transaction with established customers less the costs expected to be incurred to enable the sale to complete. Provision is made for slow-moving and obsolete items of stock. Such provisions are recognised in profit or loss.

Stocks and work in progress

Stock is valued at the lower of cost and estimated selling price less costs to complete and sell. The cost methodology employed by the entity is the first-in first-out method. Estimated selling price less costs to complete and sell are derived from the selling price which the goods would fetch in an open market transaction with established customers less the costs expected to be incurred to enable the sale to complete. Provision is made for slow-moving and obsolete items of stock. Such provisions are recognised in profit or loss.

2.	Average number of employees


		2024		2023
	Average number of employees during the year	5		7

3.	Deferred tax
	Increases in the UK Corporation tax rate from 19% to 25% (19% effective from 1 April 2017, and 25% effective from 1 April 2023) have been substantively enacted. This will impact the company's future tax charge accordingly. The value of the deferred tax assets at the balance sheet date has been calculated using the applicable rate when the asset is expected to be realised.

4.	Intangible assets

	Goodwill	Total
	£	£
Cost or valuation
At 01 September 23	104,000	104,000
At 31 August 24	104,000	104,000
Amortisation and impairment
At 01 September 23	104,000	104,000
At 31 August 24	104,000	104,000
Net book value
At 31 August 24	-	-
At 31 August 23	-	-

5.	Tangible fixed assets

	Land & buildings	Plant & machinery	Office Equipment	Total
	£	£	£	£
Cost or valuation
At 01 September 23	14,176	64,063	8,834	87,073
Additions	-	26,157	964	27,121
At 31 August 24	14,176	90,220	9,798	114,194
Depreciation and impairment
At 01 September 23	4,592	42,697	8,512	55,801
Charge for year	2,188	8,081	396	10,665
At 31 August 24	6,780	50,778	8,908	66,466
Net book value
At 31 August 24	7,396	39,442	890	47,728
At 31 August 23	9,584	21,366	322	31,272

6.	Fixed asset investments

	Investments in groups¹	Total
	£	£
Cost or valuation
At 01 September 23	300,407	300,407
At 31 August 24	300,407	300,407
Net book value
At 31 August 24	300,407	300,407
At 31 August 23	300,407	300,407

	Notes
	¹Investments in group undertakings and participating interests

7.	Stocks
	Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell (net realisable value).

	2024	2023
	£	£
Payments on account, stocks	18,593	8,000
Total	18,593	8,000

8.	Debtors: amounts due within one year

	2024	2023
	£	£
Other debtors	500	500
Prepayments and accrued income	2,694	2,626
Total	3,194	3,126

9.	Creditors: amounts due within one year

	2024	2023
	£	£
Trade creditors / trade payables	3,280	4,859
Bank borrowings and overdrafts	20,136	47,608
Amounts owed to related parties	141,485	116,079
Taxation and social security	15,196	13,834
Other creditors	3,271	23,251
Accrued liabilities and deferred income	14,393	11,429
Total	197,761	217,060

10.	Creditors: amounts due after one year

	2024	2023
	£	£
Bank borrowings and overdrafts	3,750	10,537
Total	3,750	10,537

11.	Provisions for liabilities

	2024	2023
	£	£
Net deferred tax liability (asset)	11,932	3,845
Total	11,932	3,845

12.	Parent-subsidiary relationships
	New Milton Foot Clinic is the parent company of The Forest Podiatry and Physiotherapy Clinic Ltd a limited company whose registered office is: 1 The Parade Southampton Road Cadnam Hampshire SO40 2NG . As it meets the criteria of a small group as per CA 2006, s.399(2A), the directors have elected not to produce group accounts.

	Notes	2024		2023
		£	£	£	£
Fixed assets
Tangible assets	5		47,728		31,272
Investments	6		300,407		300,407
			348,135		331,679
Current assets
Stocks	7	18,593		8,000
Debtors	8	3,194		3,126
Cash at bank and on hand		11,488		2,581
		33,275		13,707
Creditors amounts falling due within one year	9	(197,761)		(217,060)
Net current assets (liabilities)			(164,486)		(203,353)
Total assets less current liabilities			183,649		128,326
Creditors amounts falling due after one year	10		(3,750)		(10,537)
Provisions for liabilities	11		(11,932)		(3,845)
Net assets			167,967		113,944
Capital and reserves
Called up share capital			100		100
Profit and loss account			167,867		113,844
Shareholders' funds			167,967		113,944