The Society of Homeopaths Ltd - Period Ending 2019-12-31
The Society of Homeopaths Ltd - Period Ending 2019-12-31
Registration number:
The Society of Homeopaths Ltd
(A company limited by guarantee)
for the Year Ended 31 December 2019
10. Chartered Accountants
10 Cheyne Walk
Northampton
Northamptonshire
NN1 5PT
The Society of Homeopaths Ltd
Contents
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Company Information |
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Directors' Report |
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Statement of Directors' Responsibilities |
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Independent Auditor's Report |
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Profit and Loss Account |
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Statement of Comprehensive Income |
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Balance Sheet |
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Statement of Changes in Equity |
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Notes to the Financial Statements |
The Society of Homeopaths Ltd
Company Information
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Chairman |
L M Wicks |
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Directors |
M Dixon F Treuherz R Pitts A Winkler R C O'Quinn J Kiely S Moebius S J Hatherley |
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Registered office |
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Auditors |
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Page 1 |
The Society of Homeopaths Ltd
Directors' Report for the Year Ended 31 December 2019
The directors present their report and the financial statements for the year ended 31 December 2019.
Principal Activity
The principal activities of the Society continued to be:
a) to develop and maintain high standards for the practice of homeopathy
b) to develop and maintain for public use a Register of Homeopaths who practise to the standards required by the Society and abide by the Society's Code of Ethics and Practice
c) to protect the public's freedom to have homeopathic treatment now and in the future
d) to promote public awareness of homeopathy and to encourage its responsible use in the home
e) to promote and encourage the establishment of education and training in homeopathy
Directors of the company
The directors who held office during the year were as follows:
Disclosure of information to the auditors
Each director has taken steps that they ought to have taken as a director in order to make themselves aware of any relevant audit information and to establish that the company's auditors are aware of that information. The directors confirm that there is no relevant information that they know of and of which they know the auditors are unaware.
Small companies provision statement
This report has 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.
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Page 2 |
The Society of Homeopaths Ltd
Directors' Report for the Year Ended 31 December 2019
Approved by the
.........................................
Chairman
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Page 3 |
The Society of Homeopaths Ltd
Statement of Directors' Responsibilities
The directors acknowledge their responsibilities for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the surplus or deficit of the company for that period. In preparing these financial statements, the directors are required to:
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select suitable accounting policies and apply them consistently; |
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make judgements and accounting estimates that are reasonable and prudent; |
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prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. |
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
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Page 4 |
The Society of Homeopaths Ltd
Independent Auditor's Report to the Members of The Society of Homeopaths Ltd
Opinion
We have audited the financial statements of The Society of Homeopaths Ltd (the 'company') for the year ended 31 December 2019, which comprise the Profit and Loss Account, Statement of Comprehensive Income, Balance Sheet, Statement of Changes in Equity, and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 Section 1A 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements:
• | give a true and fair view of the state of the company's affairs as at 31 December 2019 and of its loss for the year then ended; |
• | have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and |
• | have been prepared in accordance with the requirements of the Companies Act 2006. |
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
We have nothing to report in respect of the following matters in relation to which the ISAs (UK) require us to report to you where:
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the directors’ use of the going concern basis of accounting in the preparation of the financial statements is not appropriate; or |
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the directors have not disclosed in the financial statements any identified material uncertainties that may cast significant doubt about the company’s ability to continue to adopt the going concern basis of accounting for a period of at least twelve months from the date when the financial statements are authorised for issue. |
Other information
The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.
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Page 5 |
The Society of Homeopaths Ltd
Independent Auditor's Report to the Members of The Society of Homeopaths Ltd
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
Opinion on other matter prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
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the information given in the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
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the Directors' Report has been prepared in accordance with applicable legal requirements. |
Matters on which we are required to report by exception
In the light of our knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Directors' Report.
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
• | adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or |
• | the financial statements are not in agreement with the accounting records and returns; or |
• | certain disclosures of directors’ remuneration specified by law are not made; or |
• | we have not received all the information and explanations we require for our audit; or |
• | the directors were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemptions in preparing the Directors' Report and from the requirement to prepare a Strategic Report. |
Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities [set out on page 4], the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.
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Page 6 |
The Society of Homeopaths Ltd
Independent Auditor's Report to the Members of The Society of Homeopaths Ltd
Auditor’s responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.
Use of our report
This report is made solely to the company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company’s members those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company’s members as a body, for our audit work, for this report, or for the opinions we have formed.
......................................
For and on behalf of
10 Cheyne Walk
Northamptonshire
NN1 5PT
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Page 7 |
The Society of Homeopaths Ltd
Profit and Loss Account for the Year Ended 31 December 2019
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Note |
2019 |
2018 |
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Turnover |
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Cost of sales |
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- |
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Gross surplus |
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Administrative expenses |
( |
( |
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Operating deficit |
(36,000) |
(60,083) |
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Other interest receivable and similar income |
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Deficit before tax |
( |
( |
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Taxation |
( |
( |
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Deficit for the financial year |
( |
( |
The above results were derived from continuing operations.
The company has no recognised gains or losses for the year other than the results above.
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Page 8 |
The Society of Homeopaths Ltd
Statement of Comprehensive Income for the Year Ended 31 December 2019
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2019 |
2018 |
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Deficit for the year |
( |
( |
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Total comprehensive income for the year |
( |
( |
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Page 9 |
The Society of Homeopaths Ltd
(Registration number: 01392004)
Balance Sheet as at 31 December 2019
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Note |
2019 |
2018 |
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Fixed assets |
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Tangible assets |
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Investments |
- |
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Current assets |
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Stocks |
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- |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current assets |
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Total assets less current liabilities |
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Creditors: Amounts falling due after more than one year |
( |
( |
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Net assets |
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Capital and reserves |
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Profit and loss account |
273,885 |
309,717 |
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Total equity |
273,885 |
309,717 |
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.
Approved and authorised by the
.........................................
Chairman
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Page 10 |
The Society of Homeopaths Ltd
Statement of Changes in Equity for the Year Ended 31 December 2019
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Profit and loss account |
Total |
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At 1 January 2019 |
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Deficit for the year |
( |
( |
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Total comprehensive income |
( |
( |
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At 31 December 2019 |
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Profit and loss account |
Total |
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At 1 January 2018 |
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Deficit for the year |
( |
( |
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Total comprehensive income |
( |
( |
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At 31 December 2018 |
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Page 11 |
The Society of Homeopaths Ltd
Notes to the Financial Statements for the Year Ended 31 December 2019
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General information |
The company is a company limited by guarantee, incorporated in England and Wales, and consequently does not have share capital. Each of the members is liable to contribute an amount not exceeding £1 towards the assets of the company in the event of liquidation.
The address of its registered office is:
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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 - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.
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.
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Page 12 |
The Society of Homeopaths Ltd
Notes to the Financial Statements for the Year Ended 31 December 2019
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2 |
Accounting policies (continued) |
Significant Judgements and Estimates
In applying the Company's accounting policies, the directors are required to make judgements, estimates and assumptions in determining the carrying amounts of assets and liabilities. The directors' best judgements, estimates and assumptions are based on the best and most reliable evidence available at the time when the decisions are made, and are based on historical experience and other factors that are considered to be appropriate. |
Due to the inherent subjectivity involved in making such judgements, estimates and assumptions, the actual results and outcomes may differ. |
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised, if the revision affects only that period, or in the period of the revision and future periods, if the revision affects both current and future periods. |
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.
Tangible assets
Tangible assets are stated in the statement of financial position 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:
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Page 13 |
The Society of Homeopaths Ltd
Notes to the Financial Statements for the Year Ended 31 December 2019
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2 |
Accounting policies (continued) |
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Asset class |
Depreciation method and rate |
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Freehold property |
2% on cost |
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Plant and machinery |
33% on cost, 25% on cost and 15% reducing balance |
Investments
Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.
Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.
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
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Page 14 |
The Society of Homeopaths Ltd
Notes to the Financial Statements for the Year Ended 31 December 2019
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2 |
Accounting policies (continued) |
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.
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.
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Page 15 |
The Society of Homeopaths Ltd
Notes to the Financial Statements for the Year Ended 31 December 2019
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2 |
Accounting policies (continued) |
Financial instruments
Debt instruments such as loans and other accounts receivable and payable are initially measured at present value of the future payments and subsequently at amortised cost using the effective interest method; Debt instruments that are payable or receivable within one year, typically trade payables or receivables, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However if the arrangements of a short-term instrument constitute a financing transaction, such as the payment of a trade debt deferred beyond normal business terms or financed at a rate of interest that is not a market rate or in the case of an outright short-term loan not at market rate, the financial asset or liability is measured, initially and subsequently, at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in profit or loss.
Financial assets and liabilities are offset and the net amount reported in the statement of financial position when there is an 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.
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Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
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Auditors' remuneration |
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2019 |
2018 |
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Audit of the financial statements |
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Page 16 |
The Society of Homeopaths Ltd
Notes to the Financial Statements for the Year Ended 31 December 2019
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Loss before tax |
Arrived at after charging/(crediting)
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2019 |
2018 |
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Depreciation expense |
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Tangible assets |
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Land and buildings |
Other tangible assets |
Total |
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Cost or valuation |
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At 1 January 2019 |
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Additions |
- |
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At 31 December 2019 |
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Depreciation |
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At 1 January 2019 |
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Charge for the year |
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At 31 December 2019 |
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Carrying amount |
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At 31 December 2019 |
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At 31 December 2018 |
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Included within the net book value of land and buildings above is £265,593 (2018 - £270,337) in respect of freehold land and buildings.
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Investments |
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2019 |
2018 |
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Investments in subsidiaries |
- |
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Page 17 |
The Society of Homeopaths Ltd
Notes to the Financial Statements for the Year Ended 31 December 2019
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7 |
Investments (continued) |
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Subsidiaries |
£ |
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Cost or valuation |
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At 1 January 2019 |
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Disposals |
( |
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At 31 December 2019 |
- |
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Provision |
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Carrying amount |
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At 31 December 2019 |
- |
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At 31 December 2018 |
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Details of undertakings
Details of the investments (including principal place of business of unincorporated entities) in which the company holds 20% or more of the nominal value of any class of share capital are as follows:
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Undertaking |
Registered office |
Holding |
Proportion of voting rights and shares held |
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2019 |
2018 |
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Subsidiary undertakings |
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11 Brookfield
England and Wales |
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Subsidiary undertakings
The Society of Homeopaths Trading Company Ltd
The Society of Homeopaths Trading Company Ltd ceased to trade on 31st December 2018. All group balances were written off to the profit and loss in current year.
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Stocks |
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2019 |
2018 |
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Other inventories |
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- |
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Page 18 |
The Society of Homeopaths Ltd
Notes to the Financial Statements for the Year Ended 31 December 2019
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Debtors |
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Note |
2019 |
2018 |
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Trade debtors |
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Amounts owed by group undertakings and undertakings in which the company has a participating interest |
- |
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Prepayments |
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Page 19 |
The Society of Homeopaths Ltd
Notes to the Financial Statements for the Year Ended 31 December 2019
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Creditors |
Creditors: amounts falling due within one year
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Note |
2019 |
2018 |
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Due within one year |
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Loans and borrowings |
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Trade creditors |
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Taxation and social security |
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Accruals and deferred income |
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Other creditors |
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Creditors: amounts falling due after more than one year
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Note |
2019 |
2018 |
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Due after one year |
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Loans and borrowings |
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Loans and borrowings |
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2019 |
2018 |
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Non-current loans and borrowings |
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Bank borrowings |
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2019 |
2018 |
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Current loans and borrowings |
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Bank borrowings |
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Page 20 |
The Society of Homeopaths Ltd
Notes to the Financial Statements for the Year Ended 31 December 2019
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11 |
Loans and borrowings (continued) |
Bank borrowings
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The carrying amount at year end is £ The bank has a first legal charge over the freehold property. |
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Related party transactions |
Directors' remuneration
The directors' remuneration for the year was as follows:
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2019 |
2018 |
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Remuneration |
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APB Ethical Standards relevant circumstances |
In common with many other businesses of our size and nature we use our auditors to prepare and submit returns to the tax authorities and assist with the preparation of the financial statements.
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Page 21 |