Remedies Ltd 28/02/2023 iXBRL

Remedies Ltd 28/02/2023 iXBRL

REMEDIES LIMITED - Company Information

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8 28/02/2023 2023-02-28 false false false false false false false true false false true false false false false false true false No description of principal activities is disclosed 2022-03-01 Sage Accounts Production 23.0 - FRS102_2021 xbrli:pure xbrli:shares iso4217:GBP 04564033 2022-03-01 2023-02-28 04564033 2023-02-28 04564033 2022-02-28 04564033 2021-03-01 2022-02-28 04564033 2022-02-28 04564033 2021-02-28 04564033 core:NetGoodwill 2022-03-01 2023-02-28 04564033 core:PlantMachinery 2022-03-01 2023-02-28 04564033 core:FurnitureFittingsToolsEquipment 2022-03-01 2023-02-28 04564033 core:OnerousContractsExcludingVacantProperties 2022-03-01 2023-02-28 04564033 bus:RegisteredOffice 2022-03-01 2023-02-28 04564033 bus:LeadAgentIfApplicable 2022-03-01 2023-02-28 04564033 bus:Director1 2022-03-01 2023-02-28 04564033 bus:CompanySecretary1 2022-03-01 2023-02-28 04564033 core:WithinOneYear 2023-02-28 04564033 core:WithinOneYear 2022-02-28 04564033 core:NetGoodwill 2023-02-28 04564033 core:PlantMachinery 2022-02-28 04564033 core:FurnitureFittingsToolsEquipment 2022-02-28 04564033 core:PlantMachinery 2023-02-28 04564033 core:FurnitureFittingsToolsEquipment 2023-02-28 04564033 core:AfterOneYear 2023-02-28 04564033 core:AfterOneYear 2022-02-28 04564033 core:ShareCapital 2023-02-28 04564033 core:ShareCapital 2022-02-28 04564033 core:RetainedEarningsAccumulatedLosses 2023-02-28 04564033 core:RetainedEarningsAccumulatedLosses 2022-02-28 04564033 core:NetGoodwill 2022-02-28 04564033 core:PlantMachinery 2022-02-28 04564033 core:FurnitureFittingsToolsEquipment 2022-02-28 04564033 bus:Director1 2022-02-28 04564033 bus:Director1 2023-02-28 04564033 bus:Director1 2021-02-28 04564033 bus:Director1 2022-02-28 04564033 bus:Director1 2021-03-01 2022-02-28 04564033 bus:SmallEntities 2022-03-01 2023-02-28 04564033 bus:AuditExemptWithAccountantsReport 2022-03-01 2023-02-28 04564033 bus:FullAccounts 2022-03-01 2023-02-28 04564033 bus:SmallCompaniesRegimeForAccounts 2022-03-01 2023-02-28 04564033 bus:PrivateLimitedCompanyLtd 2022-03-01 2023-02-28 04564033 core:OfficeEquipment 2022-03-01 2023-02-28 04564033 core:OfficeEquipment 2022-02-28 04564033 core:OfficeEquipment 2023-02-28
Company registration number: 04564033
Remedies Ltd
Unaudited filleted financial statements
28 February 2023
REMEDIES LTD
DIRECTORS AND OTHER INFORMATION
Director Mr S K Haderlein
Secretary Westcotts Secretarial Ltd
Company number 04564033
Registered office Stanhope House
9-10 Fore Street
Holsworthy
Devon
EX22 6DT
Accountants Westcotts
Stanhope House
9-10 Fore Street
Holsworthy
Devon
EX22 6DT
REMEDIES LTD
STATEMENT OF FINANCIAL POSITION
28 FEBRUARY 2023
2023 2022
Note £ £ £ £
Fixed assets
Intangible assets 5 - -
Tangible assets 6 30,688 32,123
_______ _______
30,688 32,123
Current assets
Stocks 16,061 18,166
Debtors 7 178,048 134,439
Cash at bank and in hand 16,527 14,010
_______ _______
210,636 166,615
Creditors: amounts falling due
within one year 8 ( 118,095) ( 104,453)
_______ _______
Net current assets 92,541 62,162
_______ _______
Total assets less current liabilities 123,229 94,285
Creditors: amounts falling due
after more than one year 9 ( 43,280) ( 33,125)
Provisions for liabilities ( 7,672) ( 8,031)
_______ _______
Net assets 72,277 53,129
_______ _______
Capital and reserves
Called up share capital 140 140
Profit and loss account 10 72,137 52,989
_______ _______
Shareholder funds 72,277 53,129
_______ _______
For the year ending 28 February 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 member has 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 their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
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.
These financial statements were approved by the board of directors and authorised for issue on 29 November 2023 , and are signed on behalf of the board by:
Mr S K Haderlein
Director
Company registration number: 04564033
REMEDIES LTD
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 28 FEBRUARY 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 Stanhope House, 9-10 Fore Street, Holsworthy, Devon, EX22 6DT.
Principal activity
The principal activity of the company is that of running a beauty clinic.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and 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.
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.Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, 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.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
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 are 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 capital and reserves, 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 capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves 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:
Plant and machinery - 25 % reducing balance
Fittings fixtures and equipment - 15 % reducing balance
Office equipment - 33 % straight line
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Impairment
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. 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 are largely independent of the cash inflows from other assets or groups of assets.
Cash and cash equivalents
Cash and cash equivalents comprise cash at bank and in hand, demand deposits with banks and other short-term highly liquid investments with original maturities of three months or less and bank overdrafts. In the statement of financial position, bank overdrafts are shown within borrowing or current liabilities.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition.
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 in finance costs in profit or loss in the period it arises.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.Debt instruments are subsequently measured at amortised cost.Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at theend of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised in finance costs in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 8 (2022: 8 ).
5. Intangible assets
Goodwill Total
£ £
Cost
At 1 March 2022 and 28 February 2023 38,000 38,000
_______ _______
Amortisation
At 1 March 2022 and 28 February 2023 38,000 38,000
_______ _______
Carrying amount
At 28 February 2023 - -
_______ _______
At 28 February 2022 - -
_______ _______
6. Tangible assets
Plant and machinery Fixtures, fittings and equipment Office equipment Total
£ £ £ £
Cost
At 1 March 2022 161,841 33,759 24,859 220,459
Additions 504 2,155 2,167 4,826
_______ _______ _______ _______
At 28 February 2023 162,345 35,914 27,026 225,285
_______ _______ _______ _______
Depreciation
At 1 March 2022 137,662 25,979 24,695 188,336
Charge for the year 3,619 1,756 886 6,261
_______ _______ _______ _______
At 28 February 2023 141,281 27,735 25,581 194,597
_______ _______ _______ _______
Carrying amount
At 28 February 2023 21,064 8,179 1,445 30,688
_______ _______ _______ _______
At 28 February 2022 24,179 7,780 164 32,123
_______ _______ _______ _______
7. Debtors
2023 2022
£ £
Trade debtors 438 1,800
Amounts owed by group undertakings and undertakings in which the company has a participating interest 155,551 132,306
Other debtors 22,059 333
_______ _______
178,048 134,439
_______ _______
8. Creditors: amounts falling due within one year
2023 2022
£ £
Bank loans and overdrafts 21,143 9,548
Trade creditors 13,430 9,621
Accruals and deferred income 3,900 4,110
Social security and other taxes 49,410 51,674
Other creditors 30,212 29,500
_______ _______
118,095 104,453
_______ _______
9. Creditors: amounts falling due after more than one year
2023 2022
£ £
Bank loans and overdrafts 23,280 33,125
Other creditors 20,000 -
_______ _______
43,280 33,125
_______ _______
10. Reserves
Profit and loss account:This reserve records retained earnings and accumulated losses.
11. Directors advances, credits and guarantees
During the year the director entered into the following advances and credits with the company:
2023
Balance brought forward Advances /(credits) to the director Amounts repaid Balance o/standing
£ £ £ £
Director ( 876) ( 32,367) 55,302 22,059
_______ _______ _______ _______
2022
Balance brought forward Advances /(credits) to the director Amounts repaid Balance o/standing
£ £ £ £
Director ( 901) ( 77,982) 78,007 ( 876)
_______ _______ _______ _______
Directors' loans are repayable on demand and subject to interest on overdrawn balances at the official rate.