Therapyworks Franchising Limited - Period Ending 2017-03-31
Therapyworks Franchising Limited - Period Ending 2017-03-31
Registration number:
for the Year Ended
Therapyworks Franchising Limited
Contents
Company Information |
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Balance Sheet |
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Notes to the Financial Statements |
Therapyworks Franchising Limited
Company Information
Director |
Mr H R Griffiths |
Company secretary |
Mr G B Littman |
Registered office |
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Bankers |
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Accountants |
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Page 1 |
Therapyworks Franchising Limited
(Registration number: 05845533)
Balance Sheet as at 31 March 2017
Note |
2017 |
2016 |
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Fixed assets |
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Intangible assets |
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Tangible assets |
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Current assets |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
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Net current liabilities |
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Total assets less current liabilities |
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Creditors: Amounts falling due after more than one year |
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Net liabilities |
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Capital and reserves |
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Called up share capital |
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Profit and loss account |
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Total equity |
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For the financial year ending 31 March 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
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The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.
Page 2 |
Therapyworks Franchising Limited
(Registration number: 05845533)
Balance Sheet as at 31 March 2017
Approved and authorised by the
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Mr H R Griffiths
Director
Page 3 |
Therapyworks Franchising Limited
Notes to the Financial Statements for the Year Ended 31 March 2017
General information |
The company is a private company limited by share capital incorporated in England and Wales.
The address of its registered office is:
Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.
Basis of preparation
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
Going concern
The financial statements have been prepared on a going concern basis as, although the Company has net liabilities of £193,096 as at 31st March 2017, the director has confirmed that he will support the company to enable it to meet its liabilities for the foreseeable future
Tangible assets
Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Depreciation
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:
Asset class |
Depreciation method and rate |
Furniture and fittings |
15% reducing balance |
Computer equipment |
33% on cost |
Plant and machinery |
20% reducing balance |
Intangible assets
Trademarks, patents, licences and software development costs are shown at cost less accumulated amortisation and any accumulated impairment losses.
Page 4 |
Therapyworks Franchising Limited
Notes to the Financial Statements for the Year Ended 31 March 2017
Amortisation
Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:
Asset class |
Amortisation method and rate |
Trademarks, patents and licenses |
10% on cost |
Software development costs |
10% on cost |
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Debtors
Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.
Creditors
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 the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.
Borrowings
Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.
Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.
Leases
Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.
Page 5 |
Therapyworks Franchising Limited
Notes to the Financial Statements for the Year Ended 31 March 2017
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
Financial instruments
Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in profit or loss. Financial assets and liabilities are offset and the net amount reported in the balance sheet when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Staff numbers |
The average number of persons employed by the company (including the director) during the year, was
Page 6 |
Therapyworks Franchising Limited
Notes to the Financial Statements for the Year Ended 31 March 2017
Intangible assets |
Trademarks, patents and licenses |
Software development costs |
Total |
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Cost or valuation |
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At 1 April 2016 |
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At 31 March 2017 |
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Amortisation |
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At 1 April 2016 |
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Amortisation charge |
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At 31 March 2017 |
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Carrying amount |
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At 31 March 2017 |
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At 31 March 2016 |
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Tangible assets |
Furniture fittings and computer equipment |
Plant and machinery |
Total |
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Cost or valuation |
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At 1 April 2016 |
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At 31 March 2017 |
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Depreciation |
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At 1 April 2016 |
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Charge for the year |
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At 31 March 2017 |
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Carrying amount |
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At 31 March 2017 |
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At 31 March 2016 |
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Debtors |
Page 7 |
Therapyworks Franchising Limited
Notes to the Financial Statements for the Year Ended 31 March 2017
2017 |
2016 |
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Trade debtors |
- |
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Other debtors |
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Creditors |
Note |
2017 |
2016 |
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Due within one year |
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Bank loans and borrowings |
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Trade creditors |
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Amounts owed to group undertakings and undertakings in which the company has a participating interest |
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Other creditors |
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Due after one year |
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Deferred income |
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Loans and borrowings |
2017 |
2016 |
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Current loans and borrowings |
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Director's loan account |
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The director's loan account is non-interest bearing and has no formal repayment terms.
Page 8 |