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Unaudited Financial Statements for the Year Ended 31 December 2016 |
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Thor Photomedicine Limited |
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REGISTERED NUMBER:
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Unaudited Financial Statements for the Year Ended 31 December 2016 |
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for |
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Thor Photomedicine Limited |
Thor Photomedicine Limited (Registered number: 06259525) |
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Contents of the Financial Statements |
for the Year Ended 31 December 2016 |
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Company Information | 1 |
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Balance Sheet | 2 |
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Notes to the Financial Statements | 4 |
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Thor Photomedicine Limited |
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Company Information |
for the Year Ended 31 December 2016 |
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DIRECTOR: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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ACCOUNTANTS: |
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Chartered Accountants |
Avaland House |
110 London Road |
Hemel Hempstead |
Hertfordshire |
HP3 9SD |
Thor Photomedicine Limited (Registered number: 06259525) |
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Balance Sheet |
31 December 2016 |
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2016 | 2015 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 4 |
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Tangible assets | 5 |
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CURRENT ASSETS |
Stocks | 6 |
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Debtors | 7 |
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Cash at bank and in hand |
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CREDITORS |
Amounts falling due within one year | 8 |
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NET CURRENT ASSETS |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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CREDITORS |
Amounts falling due after more than one
year |
9 |
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NET ASSETS |
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CAPITAL AND RESERVES |
Called up share capital | 10 |
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Share premium |
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Retained earnings |
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SHAREHOLDERS' FUNDS |
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Thor Photomedicine Limited (Registered number: 06259525) |
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Balance Sheet - continued |
31 December 2016 |
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The director acknowledges his 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. |
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In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
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The financial statements were approved by the director on
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Thor Photomedicine Limited (Registered number: 06259525) |
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Notes to the Financial Statements |
for the Year Ended 31 December 2016 |
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1. | STATUTORY INFORMATION |
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Thor Photomedicine Limited is a
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company's registered number and registered office address can be found on the Company Information page. |
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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Transition to FRS 102 |
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These financial statements for the year ended 31 December 2016 are the first financial statements that |
comply with FRS 102 Section 1A ''Small Entities''. The date of transition is 1 January 2015. |
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The transition to FRS 102 1A ''Small Entities'' has resulted in a small number of changes in accounting |
policies to those previously used. However there has been no material impact on the financial statements. |
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Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, |
rebates, value added tax and other sales taxes. |
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Goodwill |
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Intangible assets |
Intangible assets are initially measured at cost. After initial recognition, intangible assets are |
measured at cost less any accumulated amortisation and any accumulated impairment losses. |
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Patents and licences are being amortised evenly over their estimated useful life of ten years. |
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Intellectual property |
Amounts paid in connection with intellectual property rights are not amortised. Where there is a confirmed |
diminution in value an appropriate charge is made against income. |
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Tangible fixed assets |
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Plant and machinery | - |
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Motor vehicles | - |
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Office equipment | - |
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Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and |
slow moving items. |
Thor Photomedicine Limited (Registered number: 06259525) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 December 2016 |
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2. | ACCOUNTING POLICIES - continued |
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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. |
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Current or deferred taxation assets and liabilities are not discounted. |
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Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or |
substantively enacted by the balance sheet date. |
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Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the |
balance sheet date. |
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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. |
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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. |
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3. | EMPLOYEES AND DIRECTORS |
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The average number of employees during the year was
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4. | INTANGIBLE FIXED ASSETS |
Patents |
and | Intellectual |
Goodwill | licences | property | Totals |
£ | £ | £ | £ |
COST |
At 1 January 2016 |
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Additions |
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At 31 December 2016 |
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AMORTISATION |
At 1 January 2016 |
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Amortisation for year |
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At 31 December 2016 |
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NET BOOK VALUE |
At 31 December 2016 |
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At 31 December 2015 |
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Thor Photomedicine Limited (Registered number: 06259525) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 December 2016 |
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5. | TANGIBLE FIXED ASSETS |
Plant and | Motor | Office |
machinery | vehicles | equipment | Totals |
£ | £ | £ | £ |
COST |
At 1 January 2016 |
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Additions |
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Disposals |
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At 31 December 2016 |
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DEPRECIATION |
At 1 January 2016 |
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Charge for year |
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Eliminated on disposal |
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At 31 December 2016 |
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NET BOOK VALUE |
At 31 December 2016 |
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At 31 December 2015 |
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6. | STOCKS |
2016 | 2015 |
£ | £ |
Finished goods held off-site |
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Finished goods |
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7. | DEBTORS |
2016 | 2015 |
£ | £ |
Amounts falling due within one year: |
Trade debtors |
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Other debtors |
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Director's current account |
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VAT |
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Deferred tax asset |
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Prepayments and accrued income |
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Thor Photomedicine Limited (Registered number: 06259525) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 December 2016 |
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7. | DEBTORS - continued |
2016 | 2015 |
£ | £ |
Amounts falling due after more than one year: |
Tax on overdrawn director's account |
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Aggregate amounts |
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8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2016 | 2015 |
£ | £ |
Bank loans and overdrafts |
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Trade creditors |
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Company credit card |
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Social security and other taxes |
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Other creditors |
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Accrued expenses |
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9. |
CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN
ONE YEAR |
2016 | 2015 |
£ | £ |
Bank loans - 1-2 years |
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Bank loans - 2-5 years |
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Bank loans more 5 yr by instal |
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Amounts falling due in more than five years: |
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Repayable by instalments |
Bank loans more 5 yr by instal | - | 15,043 |
Thor Photomedicine Limited (Registered number: 06259525) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 December 2016 |
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10. | CALLED UP SHARE CAPITAL |
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Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2016 | 2015 |
value: | £ | £ |
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Ordinary | 0.01p | 1 | 1 |
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Preference | 0.01p | 1 | 1 |
2 | 2 |
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11. | DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES |
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The following advances and credits to a director subsisted during the years ended 31 December 2016 and |
31 December 2015: |
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2016 | 2015 |
£ | £ |
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Balance outstanding at start of year |
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Amounts advanced |
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Amounts repaid | ( |
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Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year |
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The director's loan is subject to interest calculated at the official rate published by HM Revenue & Customs. |
During the year ended 31 December 2016 interest of £1,932 (2015: £1,633) was charged to the director's |
loan account and included in the profit and loss account as Interest Receivable. |
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12. | ULTIMATE CONTROLLING PARTY |
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The controlling party is J Carroll. |
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13. | FIRST TIME ADOPTION |
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The company has adopted FRS 102 for the first time in the year ended 31 December 2016. |
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The effect of the transition from the previous financial reporting framework to FRS 102 has been |
considered. |
There has been no material impact in relation to the following: |
- changes in accounting policies |
- changes in shareholder funds |
- comparative year profit and loss |
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On that basis, no restatement has been undertaken. |