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REGISTERED NUMBER: 12097631 (England and Wales)















Unaudited Financial Statements for the Year Ended 31 December 2021

for

Therapify Limited

Therapify Limited (Registered number: 12097631)






Contents of the Financial Statements
for the Year Ended 31 December 2021




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Therapify Limited

Company Information
for the Year Ended 31 December 2021







DIRECTORS: J F Pluta
L Pstrong





REGISTERED OFFICE: Innovation Centre
Gallows Hill
Warwick
Warwickshire
CV34 6UW





REGISTERED NUMBER: 12097631 (England and Wales)






Therapify Limited (Registered number: 12097631)

Balance Sheet
31 December 2021

31.12.21 31.12.20
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 178,891 80,115
Tangible assets 5 406 -
Investments 6 615 12,258
179,912 92,373

CURRENT ASSETS
Debtors 7 58,917 46,850
Cash at bank 74,046 439,316
132,963 486,166
CREDITORS
Amounts falling due within one year 8 31,786 507,888
NET CURRENT ASSETS/(LIABILITIES) 101,177 (21,722 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

281,089

70,651

CAPITAL AND RESERVES
Called up share capital 14,994 11,321
Share premium 571,095 71,521
Retained earnings (305,000 ) (12,191 )
281,089 70,651

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2021.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2021 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.

Therapify Limited (Registered number: 12097631)

Balance Sheet - continued
31 December 2021


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

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 and authorised for issue on 19 August 2022 and were signed on its behalf by:





L Pstrong - Director


Therapify Limited (Registered number: 12097631)

Notes to the Financial Statements
for the Year Ended 31 December 2021

1. STATUTORY INFORMATION

Therapify 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.

2. ACCOUNTING POLICIES

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

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

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.

Development costs are being amortised evenly over their estimated useful life of ten years.

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

Investments in subsidiaries
Investments in subsidiary undertakings are recognised at cost.

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 have been enacted or substantively enacted by the balance sheet date.


Therapify Limited (Registered number: 12097631)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2021

2. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet 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.

Hire purchase and leasing commitments
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 6 (2020 - NIL ) .

4. INTANGIBLE FIXED ASSETS
Development
costs
£   
COST
At 1 January 2021 83,515
Additions 113,011
At 31 December 2021 196,526
AMORTISATION
At 1 January 2021 3,400
Amortisation for year 14,235
At 31 December 2021 17,635
NET BOOK VALUE
At 31 December 2021 178,891
At 31 December 2020 80,115

Therapify Limited (Registered number: 12097631)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2021

5. TANGIBLE FIXED ASSETS
Computer
equipment
£   
COST
Additions 1,225
Disposals (683 )
At 31 December 2021 542
DEPRECIATION
Charge for year 212
Eliminated on disposal (76 )
At 31 December 2021 136
NET BOOK VALUE
At 31 December 2021 406

6. FIXED ASSET INVESTMENTS
Shares in
group
undertakings
£   
COST
At 1 January 2021 12,258
Impairments (11,643 )
At 31 December 2021 615
NET BOOK VALUE
At 31 December 2021 615
At 31 December 2020 12,258

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.21 31.12.20
£    £   
Trade debtors 2,656 -
Other debtors 18,263 -
VAT 1,115 258
Called up share capital not paid 36,483 46,592
Prepayments and accrued income 400 -
58,917 46,850

Therapify Limited (Registered number: 12097631)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2021

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.21 31.12.20
£    £   
Other loans - 10,572
Trade creditors 6,914 -
Amounts owed to group undertakings 11,013 -
Other creditors 12,798 495,805
Directors' current accounts 11 11
Accruals and deferred income 1,050 1,500
31,786 507,888

9. RELATED PARTY DISCLOSURES

Therapify SIA, a subsidiary of Therapify Limited closed after the year end. Only part of the investment value in the subsidiary was recovered, therefore the cost of investment was impaired in accordance with the recovery amount.

There was also a loan provided to Therapify SIA during the year. None of the loan has subsequently been recovered. The amount is showing as a bad debt in the profit and loss account.

Therapify Sp Z.O.O., another subsidiary of Therapify Limited, is winding down its trade with the intention of closing within 12 months of the approval of these accounts. It is also probable that the investment in the subsidiary will not be recovered, therefore the cost of the investment has been impaired to £nil.