Gym Factory (Grantham) Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 09676598 (England and Wales)

Unaudited Financial Statements for the Year Ended 31 December 2018

for

Gym Factory (Grantham) Limited

Page

Company Information

1

Abridged Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

M Racz

N D Sodha

SECRETARY:

REGISTERED OFFICE:

Unit 10 Evolution

Wynyard Business Park

Wynyard

TS22 5TB

REGISTERED NUMBER:

09676598 (England and Wales)

ACCOUNTANTS:

Flannagans - Hartlepool Office

Chartered Certified Accountants

Hub One, First Floor

Units 204 The Innovation Centre

Venture Court

Hartlepool

TS25 5TG

FIXED ASSETS

Intangible assets

3

12,000

Tangible assets

4

249,906

261,906

CURRENT ASSETS

Stocks

3,800

Debtors

19,366

Cash at bank and in hand

20,679

43,845

CREDITORS

Amounts falling due within one year

332,670

NET CURRENT LIABILITIES

(288,825

)

TOTAL ASSETS LESS CURRENT LIABILITIES

(26,919

)

CREDITORS

Amounts falling due after more than one year

202,200

NET LIABILITIES

(229,119

)

CAPITAL AND RESERVES

Called up share capital

4

Retained earnings

(229,123

)

(229,119

)

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2018.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2018 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.

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

All the members have consented to the preparation of an abridged Income Statement and an abridged Balance Sheet for the year ended 31 December 2018 in accordance with Section 444(2A) of the Companies Act 2006.

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 on 23 December 2019 and were signed on its behalf by:

M Racz - Director

1.	STATUTORY INFORMATION

Gym Factory (Grantham) 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.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 0, is being amortised evenly over its estimated useful life of nil years.

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.

Tangible fixed assets

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

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow

moving items.

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.

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.

3.	INTANGIBLE FIXED ASSETS

Totals

£

COST

At 1 January 2018

and 31 December 2018

145,000

AMORTISATION

At 1 January 2018

68,937

Amortisation for year

64,063

At 31 December 2018

133,000

NET BOOK VALUE

At 31 December 2018

12,000

At 31 December 2017

76,063

4.	TANGIBLE FIXED ASSETS

Totals

£

COST

At 1 January 2018

445,280

Additions

10,539

At 31 December 2018

455,819

DEPRECIATION

At 1 January 2018

112,989

Charge for year

92,924

At 31 December 2018

205,913

NET BOOK VALUE

At 31 December 2018

249,906

At 31 December 2017

332,291