Wright Foundation Limited - Abbreviated accounts 16.1

Wright Foundation Limited - Abbreviated accounts 16.1

WRIGHT FOUNDATION CIC - Company Information

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REGISTERED NUMBER: SC439136 (Scotland)


















Abbreviated Unaudited Accounts

for the Year Ended 31 December 2015

for

Wright Foundation Limited

Wright Foundation Limited (Registered number: SC439136)






Contents of the Abbreviated Accounts
for the Year Ended 31 December 2015




Page

Company Information 1

Abbreviated Balance Sheet 2

Notes to the Abbreviated Accounts 4

Wright Foundation Limited

Company Information
for the Year Ended 31 December 2015







DIRECTOR: Mrs Y Wallace





SECRETARY: Mrs Y Wallace





REGISTERED OFFICE: Chapelshade House
78-84 Bell Street
Dundee
Tayside
DD1 1RQ





REGISTERED NUMBER: SC439136 (Scotland)





ACCOUNTANTS: MMG Archbold
Chartered Accountants
Chapelshade House
78-84 Bell Street
Dundee
DD1 1RQ
Page 1
Wright Foundation Limited (Registered number: SC439136)

Abbreviated Balance Sheet
31 December 2015

2015 2014
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 2 17,500 35,000
Tangible assets 3 426 -
17,926 35,000

CURRENT ASSETS
Debtors 12,304 10,856
Cash at bank 477 1,706
12,781 12,562
CREDITORS
Amounts falling due within one year 102,398 52,932
NET CURRENT LIABILITIES (89,617 ) (40,370 )
TOTAL ASSETS LESS CURRENT
LIABILITIES
(71,691
)
(5,370
)

CREDITORS
Amounts falling due after more than one
year
6,281
-
NET LIABILITIES (77,972 ) (5,370 )

RESERVES
Income and expenditure account (77,972 ) (5,370 )
(77,972 ) (5,370 )

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2015 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges her 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 surplus or deficit 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 notes form part of these abbreviated accounts

Page 2
Wright Foundation Limited (Registered number: SC439136)

Abbreviated Balance Sheet - continued
31 December 2015


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 director on 21 September 2016 and were signed by:





Mrs Y Wallace - Director


The notes form part of these abbreviated accounts

Page 3
Wright Foundation Limited (Registered number: SC439136)

Notes to the Abbreviated Accounts
for the Year Ended 31 December 2015

1. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statements have been prepared on the going concern basis which assumes that the company will
continue in operational existence for the foreseeable future. The company's forecasts and projections, taking
account of anticipated changes in the company's trading performance, indicate that the company plans to operate
within cash generated. The directors believe that it is appropriate for the financial statements to be prepared on
the going concern basis.

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 January 2015).

Turnover
Turnover represents invoiced sales of services.

Intellectual property
Amortisation is provided at the following annual rates in order to write off the course development costs over
their useful economic life as follows:-

Course development costs - no amortisation in the year of capitalisation the equally over two years.

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

Computer equipment - 33% on reducing balance

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 income and expenditure account on a straight line basis
over the period of the lease.

2. INTANGIBLE FIXED ASSETS
Total
£   
COST
At 1 January 2015
and 31 December 2015 35,000
AMORTISATION
Amortisation for year 17,500
At 31 December 2015 17,500
NET BOOK VALUE

At 31 December 2015 17,500
At 31 December 2014 35,000

Page 4
Wright Foundation Limited (Registered number: SC439136)

Notes to the Abbreviated Accounts - continued
for the Year Ended 31 December 2015

3. TANGIBLE FIXED ASSETS
Total
£   
COST
Additions 639
At 31 December 2015 639
DEPRECIATION
Charge for year 213
At 31 December 2015 213
NET BOOK VALUE
At 31 December 2015 426

Page 5