PHYSIOMEDICS_LIMITED - Accounts

The director presents her report and financial statements for the year ended 31 January 2014.

The director is responsible for preparing the Director's Report and the financial statements in accordance with applicable law and regulations.

Company law requires the director to prepare financial statements for each financial year. Under that law the director has elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the director must not approve the financial statements unless she is satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the director is required to:

- select suitable accounting policies and then apply them consistently;
- make judgements and accounting estimates that are reasonable and prudent;
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The director is responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable her to ensure that the financial statements comply with the Companies Act 2006. She is also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

This report has been prepared in accordance with the special provisions relating to small companies within Part 15 of the Companies Act 2006.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of PhysioMedics Limited for the year ended 31 January 2014 set out on pages 3 to 9 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants of Scotland, we are subject to its ethical and other professional requirements which are detailed at http://www.icas.org.uk/accountspreparationguidance.

This report is made solely to the Board of Directors of PhysioMedics Limited, as a body, in accordance with the terms of our engagement letter dated 21 October 2013. Our work has been undertaken solely to prepare for your approval the financial statements of PhysioMedics Limited and state those matters that we have agreed to state to the Board of Directors of PhysioMedics Limited, as a body, in this report in accordance with the Institutute of Chartered Accountants of Scotland as detailed at http://www.icas.org.uk/accountspreparationguidance. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than PhysioMedics Limited and its Board of Directors as a body, for our work or for this report.

It is your duty to ensure that PhysioMedics Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of PhysioMedics Limited. You consider that PhysioMedics 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 financial statements of PhysioMedics 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 financial statements.

The financial statements are prepared in accordance with applicable United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), which have been applied consistently (except as otherwise stated).

Research expenditure is written off to the profit and loss account in the year in which it is incurred. Development expenditure is written off in the same way unless the director are satisfied as to the technical, commercial and financial viability of individual projects. In this situation, the expenditure is deferred and amortised over the period during which the company is expected to benefit.

Grants are credited to deferred revenue. Grants towards capital expenditure are released to the profit and loss account over the expected useful life of the assets. Grants towards revenue expenditure are released to the profit and loss account as the related expenditure is incurred.

On the basis of these financial statements no provision has been made for corporation tax.

The ultimate parent company is Edinburgh Physiotherapy Centre Limited, a company registered in Scotland.

Transactions in relation to loans with directors during the year are outlined in the table below:

The balance is unsecured, interest free and carries no fixed repayment terms.

The company is a wholly owned subsidiary of Edinburgh Physiotherapy Centre Limited. Kirsten Lord is a director of the company and Edinburgh Physiotherapy Centre Limited. There was an intercompany loan balance due to Edinburgh Physiotherapy Centre Limited of £92,885 (2013 - £48,384). The loan is unsecured, interest free and carries no fixed repayment terms.

The company is related to Glasgow Physiotherapy Centre Limited by virtue of Kirsten Lord being a director of the company and Glasgow Physiotherapy Centre Limited. There was an intercompany loan balance owed from Glasgow Physiotherapy Centre Limited of £23 (2013 - £0). The loan is unsecured, interest free and carries no fixed repayment terms.