The London Orthopaedic Clinic UK Limited - Accounts to registrar (filleted) - small 23.1.2
The London Orthopaedic Clinic UK Limited - Accounts to registrar (filleted) - small 23.1.2
REGISTERED NUMBER: |
Unaudited Financial Statements for the Year Ended 31 March 2023 |
for |
The London Orthopaedic Clinic UK Limited |
The London Orthopaedic Clinic UK Limited (Registered number: 13405419) |
Contents of the Financial Statements |
for the year ended 31 March 2023 |
Page |
Balance Sheet | 1 |
Notes to the Financial Statements | 3 |
The London Orthopaedic Clinic UK Limited (Registered number: 13405419) |
Balance Sheet |
31 March 2023 |
2023 | 2022 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 4 |
Tangible assets | 5 |
CURRENT ASSETS |
Stocks |
Debtors | 6 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 7 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CAPITAL AND RESERVES |
Called up share capital |
Share premium |
Retained earnings |
SHAREHOLDERS' FUNDS |
The directors acknowledge their 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 London Orthopaedic Clinic UK Limited (Registered number: 13405419) |
Balance Sheet - continued |
31 March 2023 |
In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
The financial statements were approved by the Board of Directors and authorised for issue on |
The London Orthopaedic Clinic UK Limited (Registered number: 13405419) |
Notes to the Financial Statements |
for the year ended 31 March 2023 |
1. | STATUTORY INFORMATION |
The London Orthopaedic Clinic UK Limited is a |
Registered number: |
Registered office: |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
Goodwill |
Goodwill represents the difference between amounts paid on the cost of a business combination and |
the acquirer’s interest in the fair value of its identifiable assets and liabilities of the acquiree at the |
date of acquisition. Subsequent to initial recognition, goodwill is measured at cost less accumulated |
amortisation and accumulated impairment losses. Goodwill is amortised on a straight line basis to the |
Profit and loss account over its useful economic life. |
Intangible assets |
Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible |
assets are measured at cost less any accumulated amortisation and any accumulated impairment |
losses. |
All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life |
cannot be made, the useful life shall not exceed ten years. |
The London Orthopaedic Clinic UK Limited (Registered number: 13405419) |
Notes to the Financial Statements - continued |
for the year ended 31 March 2023 |
2. | ACCOUNTING POLICIES - continued |
Tangible fixed assets |
Plant and machinery etc | - |
Tangible fixed assets under the cost model are stated at historical cost less accumulated |
depreciation and any accumulated impairment losses. Historical cost includes expenditure that is |
directly attributable to bringing the asset to the location and condition necessary for it to be capable of |
operating in the manner intended by management. |
Depreciation is charged so as to allocate the cost of assets less their residual value over their |
estimated useful lives, using the straight-line method. |
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted |
prospectively if appropriate, or if there is an indication of a significant change since the last reporting |
date. |
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount |
and are recognised in the Profit and loss account. |
Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
The London Orthopaedic Clinic UK Limited (Registered number: 13405419) |
Notes to the Financial Statements - continued |
for the year ended 31 March 2023 |
2. | ACCOUNTING POLICIES - continued |
Financial instruments |
The company has elected to apply Sections 11 and 12 of FRS 102 in respect of financial instruments. |
Financial assets and financial liabilities are recognised when the company becomes party to the |
contractual provisions of the instrument. |
Financial liabilities and equity instruments are classified according to the substance of the contractual |
arrangements entered into. An equity instrument is any contract that evidences a residual interest in |
the assets of the company after deducting all of its liabilities. |
The companies policies for its major classes of financial assets and financial liabilities are set out below. |
Financial assets |
Basic financial assets, including trade and other debtors, cash and bank balances, intercompany |
working capital balances, and intercompany financing are initially recognised at transaction price, |
unless the arrangement constitutes a financing transaction, where the transaction is measured at the |
present value of the future receipts discounted at a market rate of interest for a similar debt |
instrument. Financing transactions are those in which payment is deferred beyond normal business |
terms or is financed at a rate of interest that is not a market rate. |
Such assets are subsequently carried at amortised cost using the effective interest method, less any |
impairment. |
Financial liabilities |
Basic financial liabilities, including trade and other creditors, bank loans, loans from fellow group |
companies and preference shares that are classified as debt, are initially recognised at transaction |
price, unless the arrangement constitutes a financing transaction, where the debt instrument is |
measured at the present value of the future payments discounted at a market rate of interest for a |
similar debt instrument. Financing transactions are those in which payment is deferred beyond |
normal business terms or is financed at a rate of interest that is not a market rate. |
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method. |
Impairment of financial assets |
Financial assets 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 the profit and loss account. |
For financial assets measured at cost less impairment, the impairment loss is measured as the |
difference between the asset's carrying amount and the best estimate of the amount the company |
would receive for the asset if it were to be sold at the reporting date. |
For financial assets measured at amortised cost, the impairment loss is measured as the difference |
between the asset's carrying amount and the present value of estimated cash flows discounted at the |
asset's original effective interest rate. If the financial asset has a variable interest rate, the discount |
rate for measuring any impairment loss is the current effective interest rate determined under the |
contract. |
If there is a decrease in the impairment loss arising from an event occurring after the impairment was |
The London Orthopaedic Clinic UK Limited (Registered number: 13405419) |
Notes to the Financial Statements - continued |
for the year ended 31 March 2023 |
2. | ACCOUNTING POLICIES - continued |
recognised, the impairment is reversed. The reversal is such that the current carrying amount does |
not exceed what the carrying amount would have been had the impairment not previously been |
recognised. The impairment reversal is recognised in profit or loss. |
Derecognition of financial assets and financial liabilities |
Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset |
expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are |
transferred to another party or (c) despite having retained some significant risks and rewards of |
ownership, control of the asset has been transferred to another party who has the practical ability to |
unilaterally sell the asset to an unrelated third party without imposing additional restrictions. |
Financial liabilities are derecognised when the liability is extinguished, that is when the contractual |
obligation is discharged, cancelled or expires. |
Offsetting of financial assets and financial liabilities |
Financial assets and liabilities are offset and the net amount reported in the balance sheet 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. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
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. |
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. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
The London Orthopaedic Clinic UK Limited (Registered number: 13405419) |
Notes to the Financial Statements - continued |
for the year ended 31 March 2023 |
4. | INTANGIBLE FIXED ASSETS |
Other |
intangible |
Goodwill | assets | Totals |
£ | £ | £ |
COST |
At 1 April 2022 |
and 31 March 2023 |
AMORTISATION |
At 1 April 2022 |
Charge for year |
At 31 March 2023 |
NET BOOK VALUE |
At 31 March 2023 |
At 31 March 2022 |
5. | TANGIBLE FIXED ASSETS |
Plant and |
machinery |
etc |
£ |
COST |
At 1 April 2022 |
Additions |
At 31 March 2023 |
DEPRECIATION |
At 1 April 2022 |
Charge for year |
At 31 March 2023 |
NET BOOK VALUE |
At 31 March 2023 |
At 31 March 2022 |
6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Trade debtors |
The London Orthopaedic Clinic UK Limited (Registered number: 13405419) |
Notes to the Financial Statements - continued |
for the year ended 31 March 2023 |
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Trade creditors |
Taxation and social security |
Other creditors |