Wellgood Online Ltd - Abbreviated accounts 16.3

REGISTERED NUMBER: SC431305 (Scotland)

ABBREVIATED UNAUDITED ACCOUNTS

FOR THE YEAR ENDED 31 AUGUST 2016

FOR

WELLGOOD ONLINE LTD

Page

Company Information

1

Abbreviated Balance Sheet

2

Notes to the Abbreviated Accounts

4

DIRECTORS:

Mrs M Y Paton

F Hussain

REGISTERED OFFICE:

6th Floor

Gordon Chambers

90 Mitchell Street

Glasgow

G1 3NQ

REGISTERED NUMBER:

SC431305 (Scotland)

ACCOUNTANTS:

Henderson Loggie

90 Mitchell Street

Glasgow

Lanarkshire

G1 3NQ

FIXED ASSETS

Tangible assets

2

20,561

22,031

CURRENT ASSETS

Stocks

139,685

15,128

Debtors

4,649

6,649

Cash at bank

14,066

33,256

158,400

55,033

CREDITORS

Amounts falling due within one year

56,992

87,351

NET CURRENT ASSETS/(LIABILITIES)

101,408

(32,318

)

TOTAL ASSETS LESS CURRENT
LIABILITIES

121,969

(10,287

)

CREDITORS

Amounts falling due after more than one
year

119,891

-

NET ASSETS/(LIABILITIES)

2,078

(10,287

)

CAPITAL AND RESERVES

Called up share capital

3

102

Profit and loss account

1,976

(10,389

)

SHAREHOLDERS' FUNDS

2,078

(10,287

)

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 August 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 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 30 May 2017 and were signed on its behalf by:

F Hussain - 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 January 2015).

Turnover

Turnover represents the amounts derived from the provision of goods and services which fall within the

company's ordinary activities and is stated net of Value Added Tax. Revenue is recognised on despatch of goods.

Tangible fixed assets

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

Improvements to property

-

5% on a straight line basis

Plant and machinery

-

25% on a reducing balance basis

Fixtures and fittings

-

20% on a reducing balance basis

Motor vehicles

-

25% on a reducing balance basis

Computer equipment

-

33% on a straight line basis

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow

moving items.

Deferred tax

The tax expense represents the sum of the corporation tax and deferred tax charge for the year.

The tax currently payable is based on taxable profit for the year. The company's liability for current tax is

calculated using the tax rates that have been enacted or substantively enacted by the balance sheet date.

Deferred tax is measured on differences between the carrying amounts of assets and liabilities in the accounts

and the corresponding tax bases, as used in the computation of taxable profit. Deferred tax liabilities are

generally recognised for all temporary timing differences that have originated but not reversed by the balance

sheet date and are not recognised as permanent differences. Deferred tax assets are recognised to the extent that

it is probable that taxable profits will be available in the future. Deferred tax is calculated at the average tax

rates that are expected to apply in the periods in which the timing differences are expected to reverse, based on

tax rates and laws that have been enacted or substantively enacted by the balance sheet date. Deferred tax is

charged or credited in the profit and loss account, except when it relates to items charged or credited directly to

equity, in which case the deferred tax is also dealt with in equity.

2.	TANGIBLE FIXED ASSETS

Total

£

COST

At 1 September 2015

33,456

Additions

6,330

At 31 August 2016

39,786

DEPRECIATION

At 1 September 2015

11,425

Charge for year

7,800

At 31 August 2016

19,225

NET BOOK VALUE

At 31 August 2016

20,561

At 31 August 2015

22,031

3.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2016

2015

value:

£

99

Ordinary

£1

99

3

Special A-Z

£1

3

102