Gym Deals LLP Filleted accounts for Companies House (small and micro)

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REGISTERED NUMBER: OC371619

GYM DEALS LLP

FILLETED UNAUDITED FINANCIAL STATEMENTS

31 January 2020

GYM DEALS LLP

STATEMENT OF FINANCIAL POSITION

31 January 2020

	2020		2019
Note	£	£	£	£

FIXED ASSETS

Tangible assets	4		8,646		7,066

CURRENT ASSETS

Stocks		9,758	9,637
Debtors	5	54,220	45,677
Cash at bank and in hand		25,466	55,397
		--------	---------
		89,444	110,711

CREDITORS: amounts falling due within one year	6	92,783		112,746
		--------		---------
NET CURRENT LIABILITIES			3,339		2,035
			-------		-------
TOTAL ASSETS LESS CURRENT LIABILITIES			5,307		5,031
			-------		-------
NET ASSETS			5,307		5,031
			-------		-------

REPRESENTED BY:

LOANS AND OTHER DEBTS DUE TO MEMBERS

Other amounts	7	5,307	5,031
		-------	-------

MEMBERS' OTHER INTERESTS

Other reserves	–	–
	-------	-------
	5,307	5,031
	-------	-------

TOTAL MEMBERS' INTERESTS

Loans and other debts due to members	7	5,307	5,031
Members' other interests		–	–
		-------	-------
		5,307	5,031
		-------	-------

These financial statements have been prepared and delivered in accordance with the provisions applicable to LLPs subject to the small LLPs' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006 (as applied to LLPs), the statement of comprehensive income has not been delivered.

For the year ending 31 January 2020 the LLP was entitled to exemption from audit under section 477 of the Companies Act 2006 (as applied by The Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008) relating to small LLPs.

The members acknowledge their responsibilities for complying with the requirements of the Act (as applied to LLPs) with respect to accounting records and the preparation of financial statements .

GYM DEALS LLP

STATEMENT OF FINANCIAL POSITION (continued)

31 January 2020

These financial statements were approved by the members and authorised for issue on 25 November 2020 , and are signed on their behalf by:

Mr I J Groves

Designated Member

Registered number: OC371619

GYM DEALS LLP

NOTES TO THE FINANCIAL STATEMENTS

YEAR ENDED 31 JANUARY 2020

1.	GENERAL INFORMATION

The LLP is registered in United Kingdom. The address of the registered office is Headlands House, 1 Kings Court, Kettering Parkway, Kettering, NN15 6WJ.

2.	STATEMENT OF COMPLIANCE

These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland', and the requirements of the Statement of Recommended Practice 'Accounting by Limited Liability Partnerships' issued in December 2018 (SORP 2018).

3.	ACCOUNTING POLICIES

Basis of preparation

The financial statements have been prepared on the historical cost basis. The financial statements are prepared in sterling, which is the functional currency of the entity.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer, usually on despatch of the goods, the amount of revenue can be measured reliably, it is probable that the associated economic benefits will flow to the entity, and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

Members' participation rights

Members' participation rights are the rights of a member against the LLP that arise under the members' agreement (for example, in respect of amounts subscribed or otherwise contributed, remuneration and profits).

Members' participation rights in the earnings or assets of the LLP are analysed between those that are, from the LLP's perspective, either a financial liability or equity, in accordance with Section 22 of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland', and the requirements of the Statement of Recommended Practice 'Accounting by Limited Liability Partnerships'. A member's participation right results in a liability unless the right to any payment is discretionary on the part of the LLP.

Amounts subscribed or otherwise contributed by members, for example members' capital, are classed as equity if the LLP has an unconditional right to refuse payment to members. If the LLP does not have such an unconditional right, such amounts are classified as liabilities.

Where profits are automatically divided as they arise, so the LLP does not have an unconditional right to refuse payment, the amounts arising that are due to members are in the nature of liabilities. They are therefore treated as an expense in the statement of comprehensive income in the relevant year. To the extent that they remain unpaid at the year end, they are shown as liabilities in the statement of financial position.

Conversely, where profits are divided only after a decision by the LLP or its representative, so that the LLP has an unconditional right to refuse payment, such profits are classed as an appropriation of equity rather than as an expense. They are therefore shown as a residual amount available for discretionary division among members in the statement of comprehensive income and are equity appropriations in the statement of financial position.

Other amounts applied to members, for example remuneration paid under an employment contract and interest on capital balances, are treated in the same way as all other divisions of profits, as described above, according to whether the LLP has, in each case, an unconditional right to refuse payment.

All amounts due to members that are classified as liabilities are presented in the statement of financial position within 'Loans and other debts due to members' and are charged to the statement of comprehensive income within 'Members' remuneration charged as an expense'. Amounts due to members that are classified as equity are shown in the statement of financial position within 'Members' other interests'.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

Plant and equipment	-	25% reducing balance
Website costs	-	5 years straight-line
Computer equipment	-	3 years straight-line

Impairment of fixed assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.

Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.

Financial instruments

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities.

4.	TANGIBLE ASSETS

	Plant and equipment	Website costs	Computer equipment	Total
	£	£	£	£
Cost
At 1 February 2019	3,579	5,815	299	9,693
Additions	–	4,203	–	4,203
	-------	--------	----	--------
At 31 January 2020	3,579	10,018	299	13,896
	-------	--------	----	--------
Depreciation
At 1 February 2019	1,348	1,163	116	2,627
Charge for the year	558	2,004	61	2,623
	-------	--------	----	--------
At 31 January 2020	1,906	3,167	177	5,250
	-------	--------	----	--------
Carrying amount
At 31 January 2020	1,673	6,851	122	8,646
	-------	--------	----	--------
At 31 January 2019	2,231	4,652	183	7,066
	-------	--------	----	--------

5.	DEBTORS

	2020	2019
	£	£
Trade debtors	49,728	45,677
Other debtors	4,492	–
	--------	--------
	54,220	45,677
	--------	--------

6. CREDITORS: amounts falling due within one year

	2020	2019
	£	£
Trade creditors	18,041	63,626
Social security and other taxes	–	2,225
Other creditors	74,742	46,895
	--------	---------
	92,783	112,746
	--------	---------

7.	LOANS AND OTHER DEBTS DUE TO MEMBERS

	2020	2019
	£	£
Amounts owed to members in respect of profits	5,307	5,031
	-------	-------