Contents of the Financial Statements

for the Period Ended 31 December 2016

Company Information

for the Period Ended 31 December 2016

Balance sheet

As at 31 December 2016

The notes form part of these financial statements

Balance sheet continued

As at 31 December 2016

For the year ending 31 December 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 directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

The members have agreed to the preparation of abridged accounts for this accounting period in accordance with Section 444(2A).

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

The notes form part of these financial statements

Notes to the Financial Statements

for the Period Ended 31 December 2016

• 1. Accounting policies

  Basis of measurement and preparation

  These financial statements have been prepared in accordance with the provisions of Section 1A (Small Entities) of Financial Reporting Standard 102

  Turnover policy

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

  Tangible fixed assets depreciation policy

  Property, plant and equipment are recorded at historical cost or deemed cost, less accumulated depreciation and impairment losses. Cost includes prime cost, overheads and interest incurred in financing the construction of tangible fixed assets. Capitalisation of interest ceases when the asset is brought into use.
  Freehold premises are stated at cost less accumulated depreciation and accumulated impairment losses
  Equipment and fixtures and fittings are stated at cost less accumulated depreciation and accumulated impairment losses.
  Depreciation is provided on property, plant and equipment, on a straight-line basis, so as to write off their cost less residual amounts over their estimated useful economic lives.
  The estimated useful economic lives assigned to property, plant and equipment are as follows:
  Long leasehold property - Over 20 years
  Fixtures, fittings and equipment - 20% Straight line
  The company’s policy is to review the remaining useful economic lives and residual values of property, plant and equipment on an on-going basis and to adjust the depreciation charge to reflect the remaining estimated useful economic life and residual value.
  Fully depreciated property, plant & equipment are retained in the cost of property, plant & equipment and related accumulated depreciation until they are removed from service. In the case of disposals, assets and related depreciation are removed from the financial statements and the net amount, less proceeds from disposal, is charged or credited to the profit and loss account.
  Assets not carried at fair value are also reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. An impairment loss is recognised for the amount by which the asset’s carrying amount exceeds its recoverable amount.
  The recoverable amount is the higher of an asset’s fair value less costs to sell and value in use. Value in use is defined as the present value of the future pre-tax and interest cash flows obtainable as a result of the asset’s continued use. The pre-tax and interest cash flows are discounted using a pre-tax discount rate that represents the current market risk free rate and the risks inherent in the asset. For the purposes of assessing impairment, assets are grouped at the lowest levels for which there are separately identifiable cash flows (cash-generating units).
  If the recoverable amount of the asset (or asset’s cash generating unit) is estimated to be lower than the carrying amount, the carrying amount is reduced to its recoverable amount. An impairment loss is recognised in the profit and loss account, unless the asset has been revalued when the amount is recognised in other comprehensive income to the extent of any previously recognised revaluation. Thereafter any excess is recognised in profit or loss.
  If an impairment loss is subsequently reverses, the carrying amount of the asset (or asset’s cash generating unit) is increased to the revised estimate of its recoverable amount, but only to the extent that the revised carrying amount does not exceed the carrying amount that would have been determined (net of depreciation) had no impairment loss been recognised in prior periods. A reversal of an impairment loss is recognised in the profit and loss account.

Notes to the Financial Statements

for the Period Ended 31 December 2016

• 1. Accounting policies (continued)

  Intangible fixed assets amortisation policy

  Rebranding
  Rebranding are valued at cost less accumulated amortisation.
  
  Amortisation is calculated to write off the cost in equal annual instalments over their estimated useful life of 20 years.
  
  
  Website
  Website is valued at cost less accumulated amortisation.
  
  Amortisation is calculated to write off the cost in equal annual instalments over their estimated useful life of 3 years.
  
  
  

Notes to the Financial Statements

for the Period Ended 31 December 2016

• 2. Employees

  	2016	2015
  Average number of employees during the period	8	3

Notes to the Financial Statements

for the Period Ended 31 December 2016

Notes to the Financial Statements

for the Period Ended 31 December 2016

4. Tangible Assets

Notes to the Financial Statements

for the Period Ended 31 December 2016

• 5. Financial Commitments

  FINANCIAL COMMITMENTS
  
  Total future minimum lease payments under non-cancellable operating leases are as follows:
  
  2016 2015
  £ £
  Due:
  Between one and five years 94,533 -
  

Notes to the Financial Statements

for the Period Ended 31 December 2016

• 6. Post balance sheet events

  No matters or circumstances have arisen since the end of the financial period which significantly affected or may significantly affect the operations of the company, the results of those operations or the state of affairs of the company in financial years subsequent to the financial period ended 31 December 2016.