Penn Laser Clinic Limited - Period Ending 2020-07-31

Penn Laser Clinic Limited

trading as Soft Light Laser Clinic

Contents

Company Information	1
Accountants' Report	2
Balance Sheet	3 to 4
Notes to the Unaudited Financial Statements	5 to 8

Penn Laser Clinic Limited

trading as Soft Light Laser Clinic

Company Information

Director

A M Tranter

Registered office

The White House 194 Penn Road Wolverhampton West Midlands WV3 0EQ

Bankers

HSBC plc 134 Birches Barn Road Pennfields Wolverhampton WV3 7BG

Accountants

Ashgates Corporate Services Limited 5 Prospect Place Millennium Way Pride Park Derby DE24 8HG

Chartered Certified Accountants' Report to the Director on the Preparation of the Unaudited Statutory Accounts of
Penn Laser Clinic Limited

trading as Soft Light Laser Clinic
for the Year Ended 31 July 2020

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Penn Laser Clinic Limited for the year ended 31 July 2020 as set out on pages 3 to 8 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at
http://www.accaglobal.com/en/member/professional-standards/rules-standards/acca-rulebook.html.

This report is made solely to the Board of Directors of Penn Laser Clinic Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of Penn Laser Clinic Limited and state those matters that we have agreed to state to the Board of Directors of Penn Laser Clinic Limited, as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/content/dam/ACCA_Global/Technical/fact/technical-factsheet-163.pdf. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Penn Laser Clinic Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Penn Laser Clinic Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and loss of Penn Laser Clinic Limited. You consider that Penn Laser Clinic Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of Penn Laser Clinic Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.

.............................................................

Ashgates Corporate Services Limited
5 Prospect Place
Millennium Way
Pride Park
Derby
DE24 8HG

27 November 2020

Penn Laser Clinic Limited

trading as Soft Light Laser Clinic

(Registration number: 07301517)
Balance Sheet as at 31 July 2020

	Note	2020 £	2019 £
Fixed assets
Tangible assets	4	481	961
Current assets
Debtors	5	1,625	2,173
Cash at bank and in hand		6,285	5,473
		7,910	7,646
Creditors: Amounts falling due within one year	6	(21,408)	(17,291)
Net current liabilities		(13,498)	(9,645)
Net liabilities		(13,017)	(8,684)
Capital and reserves
Called up share capital	7	1	1
Profit and loss account		(13,018)	(8,685)
Total equity		(13,017)	(8,684)

Penn Laser Clinic Limited

trading as Soft Light Laser Clinic

(Registration number: 07301517)
Balance Sheet as at 31 July 2020

For the financial year ending 31 July 2020 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

•	The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and
•	The director acknowledges her responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the director on 26 November 2020
 

.........................................

A M Tranter
Director

Penn Laser Clinic Limited

trading as Soft Light Laser Clinic

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2020

1	General information

The company is a private company limited by share capital, incorporated in England.

The address of the registered office is given in the company information on page 1 of the financial statements.

2	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.

The financial statements are presented in Sterling (£) and rounded to the nearest £1.

Going concern

The emergence of the global pandemic known as Covid-19 has raised significant uncertainty throughout the UK economy. The Company is making use of the Government support schemes and is working closely with customers and suppliers to review their plans and expected activities in the coming months.

At the time of approving the accounts there is uncertainty over the projected income for the company because this pandemic is unprecedented so no one can accurately predict how the economy will react over the coming year.

Consideration has been given to the risks of reduced turnover, slow payment or non-payment of debts, the value of stock and other assets owned by the company. The going concern of the business will be dependent on achieving minimum income projections as well as on the continued financial support of shareholders and the Government support schemes.

Based on the information available and using a reasonable range of assumptions, the business can continue as a going concern and the accounts have been prepared on this basis.
 

Tax

The tax expense for the period comprises deferred 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.

Penn Laser Clinic Limited

trading as Soft Light Laser Clinic

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2020

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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.

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:

Asset class	Depreciation method and rate
Plant and machinery	20% Straight line basis
Fixtures and fittings	15% Straight line basis
Office equipment	33.33% Straight line basis

3	Staff numbers

The average number of persons employed by the company (including the director) during the year, was 1 (2019 - 1).

Penn Laser Clinic Limited

trading as Soft Light Laser Clinic

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2020

4	Tangible assets

	Fixtures, fittings and office equipment £	Plant and machinery £	Total £
Cost or valuation
At 1 August 2019	1,352	16,400	17,752
At 31 July 2020	1,352	16,400	17,752
Depreciation
At 1 August 2019	1,352	15,439	16,791
Charge for the year	-	480	480
At 31 July 2020	1,352	15,919	17,271
Carrying amount
At 31 July 2020	-	481	481
At 31 July 2019	-	961	961

5

Debtors

	2020 £	2019 £
Other debtors	1,625	2,173
	1,625	2,173

Penn Laser Clinic Limited

trading as Soft Light Laser Clinic

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2020

6

Creditors

	Note	2020 £	2019 £
Due within one year
Other creditors		21,408	17,291

7	Share capital

Allotted, called up and fully paid shares

	2020		2019
	No.	£	No.	£
Ordinary shares of £1 each	1	1	1	1

8	Related party transactions

Summary of transactions with other related parties

Directors of the company

At the balance sheet date amounts owed to the directors amounted to £19,614 (2019 - £15,492).