Therapyworks Franchising Limited - Period Ending 2016-03-31

Registration number: 05845533

Therapyworks Franchising Limited

Annual Report and Unaudited Abbreviated Accounts


for the Year Ended 31 March 2016
 

Therapyworks Franchising Limited
Contents

Abbreviated Balance Sheet 1 to 2

Notes to the Abbreviated Accounts 3 to 5

Therapyworks Franchising Limited
(Registration number: 05845533)
Abbreviated Balance Sheet at 31 March 2016

		Note			2016 £			2015 £
Fixed assets
Intangible fixed assets					14,149			21,607
Tangible fixed assets					11,674			12,217
					25,823			33,824
Current assets
Debtors					54,661			45,687
Cash at bank and in hand					529			753
					55,190			46,440
Creditors: Amounts falling due within one year					(231,178)			(205,364)
Net current liabilities					(175,988)			(158,924)
Total assets less current liabilities					(150,165)			(125,100)
Creditors: Amounts falling due after more than one year					(2,748)			(5,528)
Net liabilities					(152,913)			(130,628)
Capital and reserves
Called up share capital		4			1			1
Profit and loss account					(152,914)			(130,629)
Shareholders' deficit					(152,913)			(130,628)

For the year ending 31 March 2016 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime .

The notes on pages 3 to 5 form an integral part of these financial statements.
Page 1

Therapyworks Franchising Limited
(Registration number: 05845533)
Abbreviated Balance Sheet at 31 March 2016
......... continued

Approved by the director on 16 December 2016

.........................................
Mr H R Griffiths
Director

The notes on pages 3 to 5 form an integral part of these financial statements.
Page 2

Therapyworks Franchising Limited
Notes to the Abbreviated Accounts for the Year Ended 31 March 2016
......... continued

1	Accounting policies

Basis of preparation

The full financial statements, from which these abbreviated accounts have been extracted, have been prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (Effective January 2015).

Going concern

The financial statements have been prepared on a going concern basis as, although the Company has net liabilities of £152,913 as at 31st March 2016, the director has confirmed that he will support the company to enable it to meet its liabilities as they fall due.

Turnover

Turnover represents amounts chargeable, net of value added tax, in respect of the sale of goods and services to customers. Income is recognised when the Company earns the right to consideration, in exchange, for performance of a contract.

Government grants

Government grants in respect of capital expenditure are credited to a deferred income account and are released to profit over the expected useful lives of the relevant assets by equal annual instalments. Grants of a revenue nature are credited to income so as to match them with the expenditure to which they relate.

Amortisation

Costs in relation to the development of the franchising system and website are capitalised as intangible assets are being written off as follows:

Asset class	Amortisation method and rate
Franchising system	10% straight line
Website	10% straight line

Depreciation

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

Asset class	Depreciation method and rate
Plant and machinery	20% reducing balance
Fixtures and fittings	15% reducing balance
Computer equipment	33% straight line

Research and development

Development expenditure incurred on an individual project is carried forward when its future recoverability can reasonably be regarded as assured. Any expenditure carried forward is amortised in line with the expected future sales from the related project.

Page 3

Therapyworks Franchising Limited
Notes to the Abbreviated Accounts for the Year Ended 31 March 2016
......... continued

Deferred tax

Deferred tax is recognised, without discounting, in respect of all timing differences between the treatment of certain items for taxation and accounting purposes, which have arisen but not reversed by the balance sheet date, except as required by the FRSSE. Deferred tax is measured at the rates that are expected to apply in the periods when the timing differences are expected to reverse, based on the tax rates and law enacted at the balance sheet date.

Hire purchase and leasing

Rentals payable under operating leases are charged in the profit and loss account on a straight line basis over the lease term.

Financial instruments

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Where shares are issued, any component that creates a financial liability of the company is presented as a liability in the balance sheet. The corresponding dividends relating to the liability component are charged as interest expense in the profit and loss account.

Debtors includes a deferred tax asset of £37,960 receivable after more than one year. They have been regarded as recoverable to the extent that the Directors consider that suitable profits will arise in the future from which the underlying timing differences can be deducted

2	Fixed assets

		Intangible assets £			Tangible assets £			Total £
Cost
At 1 April 2015		74,575			19,391			93,966
At 31 March 2016		74,575			19,391			93,966
Depreciation
At 1 April 2015		52,968			7,174			60,142
Charge for the year		7,458			543			8,001
At 31 March 2016		60,426			7,717			68,143
Net book value
At 31 March 2016		14,149			11,674			25,823
At 31 March 2015		21,607			12,217			33,824

Page 4

Therapyworks Franchising Limited
Notes to the Abbreviated Accounts for the Year Ended 31 March 2016
......... continued

3

Creditors

Included in the creditors are the following amounts due after more than five years:

		2016 £			2015 £
After more than five years not by instalments		334			533

4	Share capital

Allotted, called up and fully paid shares

	2016						2015
		No.			£			No.			£
Ordinary shares of £1 each		1			1			1			1

Page 5

Therapyworks Franchising Limited
Notes to the Abbreviated Accounts for the Year Ended 31 March 2016
......... continued

Page 6