Wellfast_Performance_Limi - Accounts

WELLFAST PERFORMANCE LIMITED - Company Information

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Wellfast Performance Limited

Unaudited Abbreviated Accounts

For the year ended 30 November 2015

Company Registration No. 06442226 (England and Wales)

Wellfast Performance Limited

Contents

Page

Abbreviated balance sheet

Notes to the abbreviated accounts

2 - 3

Wellfast Performance Limited

Abbreviated Balance Sheet

As at 30 November 2015

Page 1

2015

2014

Notes

Fixed assets

Intangible assets

42,000

49,000

Current assets

Stocks

1,527

Debtors

48,000

43,200

Cash at bank and in hand

1,887

517

51,414

45,244

Creditors: amounts falling due within one year

(87,389)

(89,086)

Net current liabilities

(35,975)

(43,842)

Total assets less current liabilities

6,025

5,158

Capital and reserves

Called up share capital

Profit and loss account

6,024

5,157

Shareholders' funds

6,025

5,158

For the financial year ended 30 November 2015 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit.

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.

These abbreviated financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime.

Approved by the Board for issue on 30 September 2016

M Wells

Director

Company Registration No. 06442226

Wellfast Performance Limited

Notes to the Abbreviated Accounts

For the year ended 30 November 2015

Page 2

Accounting policies

1.1

Accounting convention

The financial statements are prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (effective April 2008).

The financial statements have been prepared on a going concern basis which assumes the continuing financial support of the directors. The director has also confirmed that she will not seek repayment of her loan until the company is in a position to do so. As the company has sufficient funds to meet its day to day runnings the directors believe it is appropriate to prepare the financial statements on the going concern basis.

1.2

Compliance with accounting standards

The financial statements are prepared in accordance with applicable United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), which have been applied consistently (except as otherwise stated).

1.3

Turnover

Turnover represents amounts receivable for goods and services net of VAT and trade discounts.

1.4

Goodwill

Acquired goodwill is written off in equal annual instalments over its estimated useful economic life.

1.5

Patents

Patents are valued at cost less accumulated amortisation. Amortisation is calculated to write off the cost in equal annual instalments over their estimated useful lives.

1.6

Tangible fixed assets and depreciation

Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost less estimated residual value of each asset over its expected useful life, as follows:

Computer equipment

33.33% Straight line

1.7

Stock

Stock is valued at the lower of cost and net realisable value.

Wellfast Performance Limited

Notes to the Abbreviated Accounts (Continued)

For the year ended 30 November 2015

Page 3

Fixed assets

Intangible assets

Tangible assets

Total

Cost

At 1 December 2014 & at 30 November 2015

73,460

29,778

103,238

Depreciation

At 1 December 2014

24,460

29,778

54,238

Charge for the year

7,000

At 30 November 2015

31,460

29,778

61,238

Net book value

At 30 November 2015

42,000

At 30 November 2014

49,000

Share capital

2015

2014

Allotted, called up and fully paid

1 Ordinary shares of £1 each

Related party relationships and transactions

During the year the company charged a management fee of £nil (2014: £16,000) to M Wells, a director, in respect of the use of the patented coaching materials owned by the company. At the year end M Wells was owed £25,426 (2014: £21,441) by the company.