The Working Health Company Limited - Accounts to registrar - small 16.3

REGISTERED NUMBER: 03848209 (England and Wales)

THE WORKING HEALTH COMPANY LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2016

Page

Company Information

1

Statement of Financial Position

2

to

3

Notes to the Financial Statements

4

to

9

Chartered Accountants' Report

10

DIRECTORS:

A J Bennett

R N B Holmes

SECRETARY:

Mrs V Marsden-Holmes

REGISTERED OFFICE:

43 High Street

St Martins

Stamford

Lincolnshire

PE9 2LP

REGISTERED NUMBER:

03848209 (England and Wales)

ACCOUNTANTS:

Duncan & Toplis Limited

14 All Saints Street

Stamford

Lincolnshire

PE9 2PA

FIXED ASSETS

Tangible assets

4

44,214

36,790

CURRENT ASSETS

Stocks

5,818

5,341

Debtors

5

44,252

39,298

Cash at bank

6,536

39,346

56,606

83,985

CREDITORS

Amounts falling due within one year

6

(101,622

)

(134,250

)

NET CURRENT LIABILITIES

(45,016

)

(50,265

)

TOTAL ASSETS LESS CURRENT LIABILITIES

(802

)

(13,475

)

CREDITORS

Amounts falling due after more than one year

7

(22,620

)

(22,473

)

PROVISIONS FOR LIABILITIES

(2,644

)

(909

)

NET LIABILITIES

(26,066

)

(36,857

)

CAPITAL AND RESERVES

Called up share capital

200

200

Retained earnings

(26,266

)

(37,057

)

SHAREHOLDERS' FUNDS

(26,066

)

(36,857

)

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2016.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2016 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 and delivered in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors on 21 February 2017 and were signed on its behalf by:

R N B Holmes - Director

1.	STATUTORY INFORMATION

The Working Health Company Limited is a private company, limited by shares , registered in England and

Wales. The company's registered number and registered office address can be found on the Company

Information page.

The presentation currency of the financial statements is the Pound Sterling (£).

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

The financial statements for the year ended 31 December 2016 are the first financial statements of The

Working Health Company Limited prepared in accordance with FRS 102.

At the statement of financial position date the company had net current liabilities of £45,016 (2015: £50,265)

and net liabilities of £26,066 (2015: £36,857). Net current liabilities include bank loans of £25,000 (2015:

£19,295).

The directors of The Working Health Company Limited consider the financial statements should be prepared

on a going concern basis because:

- in their opinion, the company's bankers will continue to support the company for the foreseeable future.

- in their opinion, the company will continue to achieve profitability in future periods.

Turnover

Turnover represents net invoiced sales of goods and services, excluding value added tax.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Gym equipment

-

80% on cost, 70% on cost, 60% on cost, 50% on cost, 40% on cost, 33% on cost, 25% on cost and 20% on cost

Office and computer equipment

-

40% on cost and 33% on cost

Stocks

Stocks are valued at the lower of cost and fair value less costs to complete and sell after making due allowance

for obsolete and slow moving items.

Financial instruments

The company has chosen to adopt the Sections 11 and 12 of FRS 102 in respect of financial instruments.

Basic financial assets, including trade and other debtors and cash and bank balances are initially recognised at

transaction price, unless the arrangement constitutes a financing transaction, where the transaction is

measured at the present value of the future receipts discounted at a market rate of interest.

At the end of each reporting period financial assets measured at amortised cost are assessed for objective

evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying

amount and the present value of the estimated cash flows discounted at the asset's original effective interest

rate. The impairment loss is recognised in profit or loss.

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or

joint ventures, are initially measured at fair value, which is normally the transaction price.

Such assets are subsequently carried at fair value and the changes in fair value are recognised in the income

statement, except that investments in equity instruments that are not publically traded and whose fair values

cannot be measured reliably are measured at cost less impairment.

Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are

settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another

party or (c) control of the asset has been transferred to another party who has the practical ability to

unilaterally sell the asset to an unrelated third party without imposing additional restrictions.

Basic financial liabilities, including trade and other creditors, bank loans, loans from fellow group companies

and preference shares that are classified as debt, are initially recognised at transaction price, unless the

arrangement constitutes a financing transaction, where the debt instrument is measured at the present value

of the future receipts discounted at a market rate of interest.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of

business from suppliers. Accounts payable are classified as current liabilities if payment is due within one year

or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at

transaction price and subsequently measured at amortised cost using the effective interest method.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to

the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that that have been

enacted or substantively enacted by the statement of financial position date.

Deferred tax

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

statement of financial position date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different

from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and

laws that have been enacted or substantively enacted by the year end and that are expected to apply to the

reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that

they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the

statement of financial position date. Transactions in foreign currencies are translated into sterling at the rate

of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the

operating result.

Hire purchase and leasing commitments

Assets obtained under hire purchase contracts or finance leases are capitalised in the statement of financial

position. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those

held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the

shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. the capital

element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss 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 profit or loss in the period to which they relate.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 25 (2015 - 23 ) .

4.	TANGIBLE FIXED ASSETS

Office

and

Gym

computer

equipment

equipment

Totals

£

£

£

COST

At 1 January 2016

182,353

31,414

213,767

Additions

27,983

483

28,466

At 31 December 2016

210,336

31,897

242,233

DEPRECIATION

At 1 January 2016

146,510

30,467

176,977

Charge for year

20,538

504

21,042

At 31 December 2016

167,048

30,971

198,019

NET BOOK VALUE

At 31 December 2016

43,288

926

44,214

At 31 December 2015

35,843

947

36,790

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2016

2015

£

£

Trade debtors

32,743

23,765

Other debtors

4,000

4,000

Directors' current accounts

-

4,839

Prepayments and accrued income

7,509

6,694

44,252

39,298

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2016

2015

£

£

Bank loans and overdrafts

18,708

19,295

Hire purchase contracts

13,612

5,870

Trade creditors

7,458

6,097

Corporation tax

1,498

-

Other taxes and social security

41,587

40,227

Other creditors

9,590

3,873

Accruals and deferred income

9,169

58,888

101,622

134,250

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2016

2015

£

£

Bank loans - 2-5 years

6,292

13,179

Hire purchase contracts

16,328

9,294

22,620

22,473

8.	SECURED DEBTS

The following secured debts are included within creditors:

2016

2015

£

£

Bank loans

25,000

32,474

Hire purchase contracts

29,940

15,164

54,940

47,638

The hire purchase liability is secured on the assets which they finance.

A J Bennett and R N B Holmes have given personal guarantees in respect of the company's bank borrowings for

£83,500.

A J Bennett and his wife have given personal guarantees in respect of the company's bank borrowings for

£82,500.

The bank also hold a debenture secured on the company's assets.

9.	OTHER FINANCIAL COMMITMENTS

The company has the following commitments due as follows:

2016

2015

£

£

Due in less than one year

24,000

24,000

Due between two and five years

76,000

100,000

100,000

124,000

10.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 31 December 2016 and

31 December 2015:

2016

2015

£

£

R N B Holmes

Balance outstanding at start of year

839

-

Amounts advanced

-

3,819

Amounts repaid

(839

)

(2,980

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

-

839

A J Bennett

Balance outstanding at start of year

4,000

-

Amounts advanced

-

4,000

Amounts repaid

(4,000

)

-

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

-

4,000

Loans to directors are interest free and repayable on demand.

11.	RELATED PARTY DISCLOSURES

During the year the company paid remuneration, including pension contributions, to the directors totalling

£105,975 (2015: £89,114).

12.	FIRST YEAR ADOPTION

There were no adjustments required on transition to FRS 102 Section 1A.

The following reproduces the text of the report prepared for the directors and members in respect of the

company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only

required to file a Statement of Financial Position. Readers are cautioned that the Income Statement and certain

other primary statements and the Report of the Directors are not required to be filed with the Registrar of

Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the

financial statements of The Working Health Company Limited for the year ended 31 December 2016 which comprise

the Income Statement, Statement of Financial Position and the related notes from the company's accounting records

and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the Board of Directors of The Working Health Company Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of The Working Health Company Limited and state those matters that we have agreed to state to the Board of Directors of The Working Health Company Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than The Working Health Company Limited Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that The Working Health Company Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of The Working Health Company Limited. You consider that The Working Health Company Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of The Working Health Company Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

Duncan & Toplis Limited

14 All Saints Street

Stamford

Lincolnshire

PE9 2PA

21 February 2017