Registration number:
The London Medi-Spa Limited
for the Year Ended 31 March 2019
Chartered Accountants
First Floor
Spitalfields House
Stirling Way
Borehamwood
Herts
WD6 2FX
The London Medi-Spa Limited
Contents
Company Information |
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Balance Sheet |
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Notes to the Unaudited Financial Statements |
The London Medi-Spa Limited
Company Information
Directors |
Dr S Vali Dr M S Enayat Mr M Boulton |
Registered office |
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Accountants |
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Page 1 |
The London Medi-Spa Limited
(Registration number: 07992176)
Balance Sheet as at 31 March 2019
Note |
2019 |
2018 |
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Fixed assets |
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Tangible assets |
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Current assets |
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Stocks |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current assets |
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Total assets less current liabilities |
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Creditors: Amounts falling due after more than one year |
( |
( |
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Provisions for liabilities |
( |
( |
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Net assets |
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Capital and reserves |
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Called up share capital |
2 |
2 |
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Profit and loss account |
910,925 |
538,923 |
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Total equity |
910,927 |
538,925 |
For the financial year ending 31 March 2019 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
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The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.
Approved and authorised by the
Page 2 |
The London Medi-Spa Limited
(Registration number: 07992176)
Balance Sheet as at 31 March 2019
.........................................
Director
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Director
Page 3 |
The London Medi-Spa Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 March 2019
General information |
The company is a private company limited by share capital, incorporated in England.
The address of its registered office is:
England
The principal place of business is:
35 Ixworth Place
London
SW3 3QX
These financial statements were authorised for issue by the
Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.
Basis of preparation
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
Going concern
The financial statements have been prepared on a going concern basis, which assumes the company will continue to trade. The validity in this assumption is dependent on the continued support from the company's creditors and shareholders.
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.
The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.
Tax
The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
Page 4 |
The London Medi-Spa Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 March 2019
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.
Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.
Unrelieved tax losses and other deferred tax assets are recognised when 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 and that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Depreciation
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:
Asset class |
Depreciation method and rate |
Computer Equipment |
25% Straight Line method |
Furniture and fittings |
25% Straight Line method |
Plant and Machinery |
25% Straight Line method |
Land and buildings |
25% Straight Line method |
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Trade debtors
Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.
The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.
Page 5 |
The London Medi-Spa Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 March 2019
Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.
Borrowings
Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and Loss Account over the period of the relevant borrowing.
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.
Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.
Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.
Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the Balance Sheet as a finance lease obligation.
Lease payments are apportioned between finance costs in the Profit and Loss Account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
Page 6 |
The London Medi-Spa Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 March 2019
Tangible assets |
Long leasehold land and buildings |
Fixtures and fittings |
Office equipment |
Other tangible assets |
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Cost or valuation |
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At 1 April 2018 |
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Additions |
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- |
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At 31 March 2019 |
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Depreciation |
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At 1 April 2018 |
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Charge for the year |
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At 31 March 2019 |
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Carrying amount |
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At 31 March 2019 |
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At 31 March 2018 |
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Total |
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Cost or valuation |
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At 1 April 2018 |
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Additions |
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At 31 March 2019 |
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Depreciation |
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At 1 April 2018 |
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Charge for the year |
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At 31 March 2019 |
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Carrying amount |
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At 31 March 2019 |
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At 31 March 2018 |
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Stocks |
2019 |
2018 |
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Other inventories |
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Page 7 |
The London Medi-Spa Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 March 2019
Debtors |
Note |
2019 |
2018 |
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Trade debtors |
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Amounts owed by group undertakings and undertakings in which the company has a participating interest |
- |
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Prepayments |
- |
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Other debtors |
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Creditors |
Creditors: amounts falling due within one year
Note |
2019 |
2018 |
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Due within one year |
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Loans and borrowings |
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Trade creditors |
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Taxation and social security |
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Accruals and deferred income |
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Other creditors |
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Creditors include bank loans and overdrafts and net obligations under finance lease and hire purchase contracts which are secured of £141,714 (2018 - £166,559).
Creditors: amounts falling due after more than one year
Note |
2019 |
2018 |
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Due after one year |
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Loans and borrowings |
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Creditors include bank loans and overdrafts and net obligations under finance lease and hire purchase contracts which are secured of £277,508 (2018 - £xx).
Share capital |
Allotted, called up and fully paid shares
Page 8 |
The London Medi-Spa Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 March 2019
2019 |
2018 |
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No. |
£ |
No. |
£ |
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2 |
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2 |
Loans and borrowings |
2019 |
2018 |
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Non-current loans and borrowings |
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Bank borrowings |
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Hire purchase contracts |
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2019 |
2018 |
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Current loans and borrowings |
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Bank borrowings |
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Hire purchase contracts |
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The bank loans are secured by a 2nd legal charge over the freehold property, 10 Grove Park, London, E11 2DL owned by the director and his mother, a first debenture over all of the assets the company and a personal guarantee of £621,500 from the company's director, Dr M S Enayat.
Page 9 |
The London Medi-Spa Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 March 2019
Related party transactions |
Transactions with directors |
2019 |
At 1 April 2018 |
Advances to directors |
Repayments by director |
Other payments made to company by director |
At 31 March 2019 |
Dr S Vali |
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( |
1,067 |
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Dr M S Enayat |
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- |
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( |
854 |
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2018 |
At 1 April 2017 |
Advances to directors |
Repayments by director |
At 31 March 2018 |
Dr S Vali |
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- |
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( |
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Interest of £1,921 has been charged at the official HM Revenue & Customs rate.
This balance was repaid after the balance sheet date.
During the year, the company paid dividends of £17,500 to the shareholder.
Post Balance Sheet Events |
After the balance sheet date dividends of £140,000 were voted to the shareholders of the company.
Page 10 |