PB Cosmetic Surgery Limited Filleted accounts for Companies House (small and micro)

PB COSMETIC SURGERY LTD - Company Information

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COMPANY REGISTRATION NUMBER: 08178274

PB COSMETIC SURGERY LIMITED

FILLETED UNAUDITED FINANCIAL STATEMENTS

31 January 2023

PB COSMETIC SURGERY LIMITED

STATEMENT OF FINANCIAL POSITION

31 January 2023

	2023		2022
Note	£	£	£

Fixed assets

Intangible assets	5	–	5,833
Tangible assets	6	109,631	110,662
		----------	----------
		109,631	116,495

Current assets

Debtors	7	172,851	245,714
Cash at bank and in hand		279,854	148,000
		----------	----------
		452,705	393,714

Creditors: amounts falling due within one year	8	167,108		132,810
		----------		----------
Net current assets			285,597	260,904
			----------	----------
Total assets less current liabilities			395,228	377,399

Provisions

Taxation including deferred tax	20,750	20,929
	----------	----------
Net assets	374,478	356,470
	----------	----------

PB COSMETIC SURGERY LIMITED

STATEMENT OF FINANCIAL POSITION (continued)

31 January 2023

	2023		2022
Note	£	£	£

Capital and reserves

Called up share capital	100	1
Profit and loss account	374,378	356,469
	----------	----------
Shareholders funds	374,478	356,470
	----------	----------

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.

For the year ending 31 January 2023 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 financial statements for the year in question in accordance with section 476 ;

- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .

These financial statements were approved by the board of directors and authorised for issue on 26 April 2023 , and are signed on behalf of the board by:

Mr P E Banwell
Director

Company registration number: 08178274

PB COSMETIC SURGERY LIMITED

NOTES TO THE FINANCIAL STATEMENTS

YEAR ENDED 31 JANUARY 2023

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 168 Church Road, Hove, East Sussex, BN2 2DL.

2. Statement of compliance

These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Going concern

No material uncertainties, that may cast significant doubt about the ability of the company to continue as a going concern, have been identified by the director.

The director considers that the uncertainty caused in the cosmetic medical industry as a result of Coronavirus and the restrictions put in place by the government should not materially affect the company's ability to continue as a going concern.

The company has taken advantage of the Covid council grants and the HMRC furlough scheme. As the situation has developed the company was in a position in the year to repay the Covid Business Interruption loan in full.

Going concern

No material uncertainties, that may cast significant doubt about the ability of the company to continue as a going concern, have been identified by the director. The director considers that the uncertainty caused in the company's industry as a result of Coronavirus and the recovery from the recovery from the restrictions put in place by the government should not materially affect the company's ability to continue as a going concern. This assumption has been continued as the economy is hit by the cost of living crisis, and world economic impact of the war in Ukraine.

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for services rendered.

Income tax

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised 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 that are expected to apply to the reversal of the timing difference.

Amortisation

Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:

	Goodwill	-	10% straight line

If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

	Fixtures, fittings & equipment	-	25% reducing balance

Impairment of fixed assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.

Provisions

Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.

Financial instruments

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 7 (2022: 5 ).

5. Intangible assets

	Goodwill
	£
Cost
At 1 February 2022 and 31 January 2023	100,000
	----------
Amortisation
At 1 February 2022	94,167
Charge for the year	5,833
	----------
At 31 January 2023	100,000
	----------
Carrying amount
At 31 January 2023	–
	----------
At 31 January 2022	5,833
	----------

6. Tangible assets

	Equipment	Total
	£	£
Cost
At 1 February 2022	227,030	227,030
Additions	5,578	5,578
	----------	----------
At 31 January 2023	232,608	232,608
	----------	----------
Depreciation
At 1 February 2022	116,368	116,368
Charge for the year	6,609	6,609
	----------	----------
At 31 January 2023	122,977	122,977
	----------	----------
Carrying amount
At 31 January 2023	109,631	109,631
	----------	----------
At 31 January 2022	110,662	110,662
	----------	----------

7. Debtors

	2023	2022
	£	£
Trade debtors	72,823	105,487
Other debtors	100,028	140,227
	----------	----------
	172,851	245,714
	----------	----------

8. Creditors: amounts falling due within one year

	2023	2022
	£	£
Bank loans and overdrafts	–	1,206
Trade creditors	2,004	1,597
Corporation tax	119,736	119,204
Other creditors	45,368	10,803
	----------	----------
	167,108	132,810
	----------	----------

10. Related party transactions

The company was under the control of Mr P E Banwell throughout the current period. Mr P E Banwell is the sole director and shareholder. No transactions with related parties were undertaken such as are required to be disclosed under FRS 102.