We Are Freewheeling Ltd - Abbreviated accounts 16.1

REGISTERED NUMBER: 09166413 (England and Wales)

ABBREVIATED UNAUDITED ACCOUNTS

FOR THE PERIOD 7TH AUGUST 2014 TO 31ST AUGUST 2015

FOR

WE ARE FREEWHEELING LTD

Page

Company Information

1

Abbreviated Balance Sheet

2

Notes to the Abbreviated Accounts

4

DIRECTORS:

Ms S F Austin

Ms P D Wheatley

SECRETARY:

Ms P D Wheatley

REGISTERED OFFICE:

3 Winswell Water

Peters Marland

TORRINGTON

Devon

EX38 8QB

REGISTERED NUMBER:

09166413 (England and Wales)

ACCOUNTANTS:

Berrys, Chartered Accountants

Castle Hill

South Street

TORRINGTON

Devon

EX38 8AA

FIXED ASSETS

Intangible assets

2

4,800

Tangible assets

3

16,622

21,422

CURRENT ASSETS

Debtors

1,743

Cash at bank

57,047

58,790

CREDITORS

Amounts falling due within one year

80,957

NET CURRENT LIABILITIES

(22,167

)

TOTAL ASSETS LESS CURRENT LIABILITIES

(745

)

RESERVES

Profit and loss account

(745

)

(745

)

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the period ended 31st August 2015.

The members have not required the company to obtain an audit of its financial statements for the period ended 31st August 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 abbreviated accounts have been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies.

The financial statements were approved by the Board of Directors on 7th May 2016 and were signed on its behalf by:

Ms S F Austin - Director

Ms P D Wheatley - 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 represents net invoiced sales of goods, excluding value added tax.

Patents

Patents have been capitalised on basis of costs incurred to register the application. In the year consultancy

costs of £6,000 have been capitalised.

The patent is being amortised over the estimated useful life of 5 years.

Tangible fixed assets

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

Plant and machinery

-

15% on cost

Computer equipment

-

25% on cost

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.

Going concern

Although the company had a deficiency of assets at the year end, the directors consider it appropriate to

prepare the accounts on the going concern basis.

This opinion is based on the directors' review of the company's financial position at 7th May 2016 taking into

account available cash resources, the continued support of the company and its prospects for generating

income.

2.	INTANGIBLE FIXED ASSETS

Total

£

COST

Additions

6,000

At 31st August 2015

6,000

AMORTISATION

Amortisation for period

1,200

At 31st August 2015

1,200

NET BOOK VALUE

At 31st August 2015

4,800

3.	TANGIBLE FIXED ASSETS

Total

£

COST

Additions

18,777

At 31st August 2015

18,777

DEPRECIATION

Charge for period

2,155

At 31st August 2015

2,155

NET BOOK VALUE

At 31st August 2015

16,622

4.	ULTIMATE CONTROLLING PARTY

The company is controlled by it's directors.

5.	LIMITED BY GUARANTEE

We Are Freewheeling is a company limited by guarantee and does not have a share capital. The liability of the

members in the event of the company being liquidated is limited to £1 per member.