Snappy Snaps Franchises Limited - Limited company accounts 11.7

REGISTERED NUMBER: 02632020 (England and Wales)

SNAPPY SNAPS FRANCHISES LIMITED

DIRECTORS' REPORT AND

UNAUDITED FINANCIAL STATEMENTS

FOR THE PERIOD 28 SEPTEMBER 2014 TO 26 SEPTEMBER 2015

Page

Company Information

1

Directors' Report

2

Profit and Loss Account

3

Balance Sheet

4

Notes to the Financial Statements

6

DIRECTORS:

W J A Timpson

W J Timpson

P Majithia

SECRETARY:

P Majithia

REGISTERED OFFICE:

Timpson House

Claverton Road

Wythenshawe

Manchester

M23 9TT

REGISTERED NUMBER:

02632020 (England and Wales)

The directors present their report with the financial statements of the company for the period 28 September 2014 to 26 September 2015.

PRINCIPAL ACTIVITY

The principal activity of the company in the period under review was that of the franchising of retail outlets specialising

in photographic processing and imaging. There were no significant changes in the year.

DIRECTORS

The directors shown below have held office during the whole of the period from 28 September 2014 to the date of this

report.

W J A Timpson

W J Timpson

P Majithia

This report has been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating

to small companies.

ON BEHALF OF THE BOARD:

P Majithia - Director

11 March 2016

TURNOVER

3,582

3,275

Cost of sales

1,336

1,192

GROSS PROFIT

2,246

2,083

Administrative expenses

913

1,012

OPERATING PROFIT

2

1,333

1,071

Interest receivable and similar income

2

-

1,335

1,071

Interest payable and similar charges

3

-

PROFIT ON ORDINARY ACTIVITIES BEFORE TAXATION

1,332

1,071

Tax on profit on ordinary activities

3

281

228

PROFIT FOR THE FINANCIAL PERIOD

1,051

843

FIXED ASSETS

Intangible assets

4

87

108

Tangible assets

5

239

290

326

398

CURRENT ASSETS

Stocks

35

42

Debtors

6

1,911

1,977

Cash at bank and in hand

2,171

884

4,117

2,903

CREDITORS

Amounts falling due within one year

7

2,047

1,956

NET CURRENT ASSETS

2,070

947

TOTAL ASSETS LESS CURRENT LIABILITIES

2,396

1,345

PROVISIONS FOR LIABILITIES

8

13

13

NET ASSETS

2,383

1,332

CAPITAL AND RESERVES

Called up share capital

9

-

-

Profit and loss account

10

2,383

1,332

SHAREHOLDERS' FUNDS

2,383

1,332

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the period ended 26 September 2015.

The members have not required the company to obtain an audit of its financial statements for the period ended 26 September 2015 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies and with the Financial Reporting Standard for Smaller Entities (effective April 2008).

The financial statements were approved by the Board of Directors on 11 March 2016 and were signed on its behalf by:

P Majithia - Director

1.	ACCOUNTING POLICIES

Accounting convention

The financial statements have been prepared under the historical cost convention and in accordance with the

Financial Reporting Standard for Smaller Entities (effective April 2008).

Turnover

Turnover comprises revenue recognised by the company in respect of goods and services supplied during the 12

months, exclusive of Value Added Tax and trade discounts.

Intangible fixed assets and amortisation

Goodwill is the difference between amounts paid on the acquisition of a business and the fair value of the

identifiable assets and liabilities. It is amortised to the profit and loss account over its estimated economic life.

Tangible fixed assets and depreciation

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Plant and machinery

-

Straight line over 10 years

Fixtures and fittings

-

Straight line over 7 years

Computer equipment

-

Straight line over 5 years

Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off

the cost of fixed assets, less their estimated residual value, over their expected useful economic lives on the

following bases:

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow

moving items.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance

sheet date.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to the profit and loss account on a straight line basis over the

period of the lease.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension

scheme are charged to the profit and loss account in the period to which they relate.

2.	OPERATING PROFIT

The operating profit is stated after charging:

Period

Period

28.9.14

29.9.13

to

to

26.9.15

27.9.14

£'000

£'000

Depreciation - owned assets

36

23

Goodwill amortisation

21

20

Pension costs

4

6

Period

Period

28.9.14

29.9.13

to

to

26.9.15

27.9.14

£

£

Directors' remuneration

-

-

3.

TAXATION

Analysis of the tax charge

The tax charge on the profit on ordinary activities for the period was as follows:

Period

Period

28.9.14

29.9.13

to

to

26.9.15

27.9.14

£'000

£'000

Current tax:

UK corporation tax

274

227

Adjustment in respect or prior

periods

7

1

Tax on profit on ordinary activities

281

228

UK corporation tax has been charged at 20% .

4.	INTANGIBLE FIXED ASSETS

Patents

and

Goodwill

licences

Totals

£'000

£'000

£'000

COST

At 28 September 2014

and 26 September 2015

128

4

132

AMORTISATION

At 28 September 2014

24

-

24

Amortisation for period

21

-

21

At 26 September 2015

45

-

45

NET BOOK VALUE

At 26 September 2015

83

4

87

At 27 September 2014

104

4

108

5.	TANGIBLE FIXED ASSETS

Fixtures

Plant and

and

Computer

machinery

fittings

equipment

Totals

£'000

£'000

£'000

£'000

COST

At 28 September 2014

94

224

5

323

Additions

42

34

5

81

Disposals

(17

)

(87

)

(1

)

(105

)

At 26 September 2015

119

171

9

299

DEPRECIATION

At 28 September 2014

17

15

1

33

Charge for period

8

27

1

36

Eliminated on disposal

(1

)

(8

)

-

(9

)

At 26 September 2015

24

34

2

60

NET BOOK VALUE

At 26 September 2015

95

137

7

239

At 27 September 2014

77

209

4

290

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2015

2014

£'000

£'000

Trade debtors

109

117

Other debtors

195

184

Amounts owed by group undertakings

1,607

1,676

1,911

1,977

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2015

2014

£'000

£'000

Bank loans and overdrafts

-

41

Trade creditors

36

62

Amounts owed to group undertakings

834

786

Tax

158

227

Social security and other taxes

146

181

Other creditors

873

659

2,047

1,956

8.	PROVISIONS FOR LIABILITIES

2015

2014

£'000

£'000

Deferred tax

13

13

Deferred

tax

£'000

Balance at 28 September 2014

13

Balance at 26 September 2015

13

9.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2015

2014

value:

£

£

2

Ordinary

1

2

2

10.

RESERVES

Profit

and loss

account

£'000

At 28 September 2014

1,332

Profit for the period

1,051

At 26 September 2015

2,383