Life Corporate Gyms Ltd 31/05/2018 iXBRL

Life Corporate Gyms Ltd 31/05/2018 iXBRL

LIFE CORPORATE GYMS LTD - Company Information

Print Friendly Version

31/05/2018 2018-05-31 false false false false false false false false false false true false false true false false false false false false false false No description of principal activities is disclosed 2017-06-01 Sage Accounts Production 18.30 - FRS xbrli:pure xbrli:shares iso4217:GBP 06767464 2017-06-01 2018-05-31 06767464 2018-05-31 06767464 2016-06-01 2017-05-31 06767464 2017-05-31 06767464 bus:RegisteredOffice 2017-06-01 2018-05-31 06767464 bus:LeadAgentIfApplicable 2017-06-01 2018-05-31 06767464 bus:Director1 2017-06-01 2018-05-31 06767464 bus:CompanySecretary1 2017-06-01 2018-05-31 06767464 core:WithinOneYear 2018-05-31 06767464 core:WithinOneYear 2017-05-31 06767464 core:ShareCapital 2018-05-31 06767464 core:ShareCapital 2017-05-31 06767464 core:RetainedEarningsAccumulatedLosses 2018-05-31 06767464 core:RetainedEarningsAccumulatedLosses 2017-05-31 06767464 bus:SmallEntities 2017-06-01 2018-05-31 06767464 bus:AuditExemptWithAccountantsReport 2017-06-01 2018-05-31 06767464 bus:FullAccounts 2017-06-01 2018-05-31 06767464 bus:SmallCompaniesRegimeForAccounts 2017-06-01 2018-05-31 06767464 bus:PrivateLimitedCompanyLtd 2017-06-01 2018-05-31 06767464 core:OtherRelatedParties 2017-06-01 2018-05-31
Company registration number: 06767464
Life Corporate Gyms Ltd
Unaudited filleted financial statements
31 May 2018
Life Corporate Gyms Ltd
Contents
Directors and other information
Accountants report
Statement of financial position
Notes to the financial statements
Life Corporate Gyms Ltd
Directors and other information
Director Mr Daniel Madge
Secretary Joanna Watkins
Company number 06767464
Registered office 2 Sway Road
Morriston
Swansea
SA6 6HT
Business address 2 Sway Road
Morriston
Swansea
SA6 6HT
Accountants Morgan Hemp
103-104 Walter Road
Swansea
SA1 5QF
Life Corporate Gyms Ltd
Report to the director on the preparation of the
unaudited statutory financial statements of Life Corporate Gyms Ltd
Year ended 31 May 2018
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Life Corporate Gyms Ltd for the year ended 31 May 2018 which comprise the statement of financial position and related notes from the company's accounting records and from information and explanations you have given us.
As a practising member firm of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at http://www.accaglobal.com/en/member/ professional-standards/ rules-standards/acca-rulebook.html.
This report is made solely to the director of Life Corporate Gyms Ltd, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the financial statements of Life Corporate Gyms Ltd and state those matters that we have agreed to state to them, as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/content/dam/ACCA_Global /Technical/fact/technical-factsheet-163.pdf. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Life Corporate Gyms Ltd and its director as a body for our work or for this report.
It is your duty to ensure that Life Corporate Gyms Ltd has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of Life Corporate Gyms Ltd. You consider that Life Corporate Gyms Ltd is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the financial statements of Life Corporate Gyms Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
Morgan Hemp
103-104 Walter Road
Swansea
SA1 5QF
13 February 2019
Life Corporate Gyms Ltd
Statement of financial position
31 May 2018
2018 2017
Note £ £ £ £
Current assets
Debtors 5 91 1,386
Cash at bank and in hand 557 367
_______ _______
648 1,753
Creditors: amounts falling due
within one year 6 ( 1,479) ( 1,814)
_______ _______
Net current liabilities ( 831) ( 61)
_______ _______
Total assets less current liabilities ( 831) ( 61)
_______ _______
Net liabilities ( 831) ( 61)
_______ _______
Capital and reserves
Called up share capital 2 2
Profit and loss account ( 833) ( 63)
_______ _______
Shareholders deficit ( 831) ( 61)
_______ _______
For the year ending 31 May 2018 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;
- The director acknowledges their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 13 February 2019 , and are signed on behalf of the board by:
Mr Daniel Madge
Director
Company registration number: 06767464
Life Corporate Gyms Ltd
Notes to the financial statements
Year ended 31 May 2018
1. General information
The company is a private company limited by shares, registered in United Kingdom. The address of the registered office is Life Corporate Gyms Ltd, 2 Sway Road, Morriston, Swansea, SA6 6HT.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Turnover
Revenue from the rendering of services is measured by reference to the stage of completion of the service transaction at the end of the reporting period provided that the outcome can be reliably estimated. When the outcome cannot be reliably estimated, revenue is recognised only to the extent that expenses recognised are recoverable.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument.
Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
Debt instruments are subsequently measured at amortised cost.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 2 (2017: 2 ).
5. Debtors
2018 2017
£ £
Other debtors 91 1,386
_______ _______
6. Creditors: amounts falling due within one year
2018 2017
£ £
Trade creditors - 375
Other creditors 1,479 1,439
_______ _______
1,479 1,814
_______ _______
7. Related party transactions
Included in debtors is a balance of £0 (2017: £1,296) owed by Life Health and Fitness Clubs Ltd, a company connected to the director, Mr D Madge.Included in creditors is a balance owed to the shareholder Mrs J Watkins £489 (2017: £489).Included in creditors is a balance of £300 (2017: £300) owed to Lifeline Assist Limited, a company connected to the shareholder Mrs J Watkins .