Physio2go Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 05851636 (England and Wales)

Unaudited Financial Statements

for the Year Ended

31 December 2020

for

PHYSIO2GO LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTOR:

M Adshead

REGISTERED OFFICE:

York Lodge

St Peters Street

St Albans

AL1 3HD

REGISTERED NUMBER:

05851636 (England and Wales)

ACCOUNTANTS:

WDM Associates

Oakfield House

378 Brandon Street

Motherwell

ML1 1XA

FIXED ASSETS

Intangible assets

4

-

-

Tangible assets

5

7,616

9,819

7,616

9,819

CURRENT ASSETS

Stocks

6

4,625

2,425

Debtors

7

5,054

5,836

Cash at bank and in hand

45,068

9,692

54,747

17,953

CREDITORS

Amounts falling due within one year

8

(7,680

)

(7,880

)

NET CURRENT ASSETS

47,067

10,073

TOTAL ASSETS LESS CURRENT LIABILITIES

54,683

19,892

CREDITORS

Amounts falling due after more than one year

9

(25,000

)

-

NET ASSETS

29,683

19,892

CAPITAL AND RESERVES

Called up share capital

10

6

6

Retained earnings

11

29,677

19,886

SHAREHOLDERS' FUNDS

29,683

19,892

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2020.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2020 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 6 April 2021 and were signed by:

M Adshead - Director

1.	STATUTORY INFORMATION

Physio2go Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

The Directors consider the profit for the year to be acceptable considering the company has been incurring losses for the past 9 years and that it is within the budgeted business plan. The Directors have taken steps to reduce future losses and have adequate financing available to them to sustain the company's trading position until profitability is sustained. For this reason they consider it appropriate to prepare the accounts on a going concern basis.

Turnover

Turnover represents amounts receivable for services provided

Goodwill

Goodwill arising on an acquisition of trade undertaking is the difference between the fair value of the consideration paid and the fair value of the assets and liabilities acquired. It is capitalised and amortised through the profit and loss account over the directors' estimate of its useful economic life, a period of 5 years

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Computer software costs have been capitalised and amortised over 4 years.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.

Fixtures and fittings

-

25% on reducing balance

Computer equipment

-

20% on reducing balance

Stocks

Stocks are valued at the lower of cost and net realisable value. Cost is based on the cost of purchase on a first in, first out basis. Net realisable value is based on estimated selling price less additional costs to completion and disposal.

Basic financial instruments

Basic financial instruments, which include trade and other debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Dividends

Dividends on shares wholly recognised as liabilities are recognised as expenses and classified within interest payable.

Financial liability and equity

Financial liabilities and equity are classified according to the substance of the financial instrument's contractual obligations, rather than the financial instrument's legal form

Deferred taxation

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that the recognition of deferred tax assets is limited to the extent that the company anticipates making sufficient taxable profits in the future to absorb the reversal of the underlying timing differences.

Deferred tax balances are not discounted.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 6 (2019 - 6 ) .

4.	INTANGIBLE FIXED ASSETS

Computer

Goodwill

software

Totals

£

£

£

COST

At 1 January 2020

and 31 December 2020

234,274

4,766

239,040

AMORTISATION

At 1 January 2020

and 31 December 2020

234,274

4,766

239,040

NET BOOK VALUE

At 31 December 2020

-

-

-

At 31 December 2019

-

-

-

5.	TANGIBLE FIXED ASSETS

Fixtures

and

Computer

fittings

equipment

Totals

£

£

£

COST

At 1 January 2020

and 31 December 2020

18,369

11,261

29,630

DEPRECIATION

At 1 January 2020

13,588

6,223

19,811

Charge for year

1,195

1,008

2,203

At 31 December 2020

14,783

7,231

22,014

NET BOOK VALUE

At 31 December 2020

3,586

4,030

7,616

At 31 December 2019

4,781

5,038

9,819

6.

STOCKS

2020

2019

£

£

Stocks

4,625

2,425

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2020

2019

£

£

Trade debtors

3,436

5,836

Prepayments

1,618

-

5,054

5,836

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2020

2019

£

£

Social security and other taxes

4,920

4,895

Accrued expenses

2,760

2,985

7,680

7,880

9.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2020

2019

£

£

Bounce Back Loan

25,000

-

10.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2020

2019

value:

£

£

600

Ordinary Shares

£0.01

6

6

11.

RESERVES

Retained

earnings

£

At 1 January 2020

19,886

Profit for the year

9,791

At 31 December 2020

29,677