Physiobase.com Limited Company Accounts

PHYSIOBASE.COM LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 03924478

PHYSIOBASE.COM LIMITED

FILLETED UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED

30 June 2017

PHYSIOBASE.COM LIMITED

FINANCIAL STATEMENTS

YEAR ENDED 30 JUNE 2017

Contents	Page

Officers and professional advisers	1

Statement of financial position	2

Notes to the financial statements	3

The following pages do not form part of the financial statements

Chartered accountants report to the director on the preparation of the unaudited statutory financial statements	7

PHYSIOBASE.COM LIMITED

OFFICERS AND PROFESSIONAL ADVISERS

Director	Mr R Bolton

Registered office	Ground Floor
	63 Linden Gardens
	London
	W2 4HJ

Accountants	BSG Valentine (UK) LLP
	Chartered Accountants
	Lynton House
	7 - 12 Tavistock Square
	London
	WC1H 9BQ

PHYSIOBASE.COM LIMITED

STATEMENT OF FINANCIAL POSITION

30 June 2017

	2017		2016
Note	£	£	£	£

Fixed assets

Tangible assets	4		2,249		2,999

Current assets

Debtors	5	16,725	16,798
Cash at bank and in hand		92,044	84,161
		---------	---------
		108,769	100,959

Creditors: amounts falling due within one year	6	( 54,031)		( 36,171)
		---------		---------
Net current assets			54,738		64,788
			--------		--------
Total assets less current liabilities			56,987		67,787
			--------		--------

Capital and reserves

Called up share capital	173	173
Share premium account	547,588	547,588
Profit and loss account	( 490,774)	( 479,974)
	---------	---------
Shareholders funds	56,987	67,787
	---------	---------

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 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 income and retained earnings has not been delivered.

For the year ending 30 June 2017 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 19 March 2018 , and are signed on behalf of the board by:

Mr R Bolton
Director

Company registration number: 03924478

PHYSIOBASE.COM LIMITED

NOTES TO THE FINANCIAL STATEMENTS

YEAR ENDED 30 JUNE 2017

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Ground Floor, 63 Linden Gardens, London, W2 4HJ.

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.

Transition to FRS 102

The entity transitioned from previous UK GAAP to FRS 102 as at 1 July 2015. Details of how FRS 102 has affected the reported financial position and financial performance is given in note 10.

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 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.

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.

Foreign currencies

Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.

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:

	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.

4. Tangible assets

	Equipment	Total
	£	£
Cost
At 1 July 2016 and 30 June 2017	8,905	8,905
	-------	-------
Depreciation
At 1 July 2016	5,906	5,906
Charge for the year	750	750
	-------	-------
At 30 June 2017	6,656	6,656
	-------	-------
Carrying amount
At 30 June 2017	2,249	2,249
	-------	-------
At 30 June 2016	2,999	2,999
	-------	-------

5. Debtors

	2017	2016
	£	£
Other debtors	16,725	16,798
	--------	--------

6. Creditors: amounts falling due within one year

	2017	2016
	£	£
Trade creditors	52,148	34,228
Social security and other taxes	1,738	1,798
Other creditors	145	145
	--------	--------
	54,031	36,171
	--------	--------

7. Director's advances, credits and guarantees

At the balance sheet date, the company owed an amount of £7,251 (2016: £145) to its director. This amount is interest free and repayable on demand.

8. Related party transactions

At the balance sheet date, the company was owed £15,500 (2016:£12,500) by RehabBrain Limited. RehabBrain Limited is a company registered in England and Wales and shares the same director as the company .

9. Controlling party

The company was under the control of Mr R Bolton throughout the current and previous year. Mr R Bolton is the managing director and together with the company Performance Physio Limited is the majority shareholder.

10. Transition to FRS 102

These are the first financial statements that comply with FRS 102. The company transitioned to FRS 102 on 1 July 2015.

No transitional adjustments were required in equity or profit or loss for the year.

PHYSIOBASE.COM LIMITED

MANAGEMENT INFORMATION

YEAR ENDED 30 JUNE 2017

The following pages do not form part of the financial statements.

PHYSIOBASE.COM LIMITED

CHARTERED ACCOUNTANTS REPORT TO THE DIRECTOR ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF PHYSIOBASE.COM LIMITED

YEAR ENDED 30 JUNE 2017

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Physiobase.com Limited for the year ended 30 June 2017, which comprise the statement of financial position and the related notes 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 in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at www.icaew.com/en/membership/regulations-standards-and-guidance. This report is made solely to the director of Physiobase.com Limited in accordance with the terms of our engagement letter dated 25 February 2016. Our work has been undertaken solely to prepare for your approval the financial statements of Physiobase.com Limited and state those matters that we have agreed to state to you in this report in accordance with ICAEW Technical Release 07/16 AAF as detailed at www.icaew.com/compilation. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Physiobase.com Limited and its director for our work or for this report.

It is your duty to ensure that Physiobase.com 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 Physiobase.com Limited. You consider that Physiobase.com 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 Physiobase.com 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.

BSG Valentine (UK) LLP Chartered Accountants

Lynton House 7 - 12 Tavistock Square London WC1H 9BQ

19 March 2018