P&A FITNESS LTD

2019-01-012019-12-312019-12-31false10763087P&A FITNESS 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P&A FITNESS LTD

Registered Number
10763087
(England and Wales)

Unaudited Financial Statements for the Year Ended
31 December 2019

P&A FITNESS LTD

Company Information
for the year from 1 January 2019 to 31 December 2019


Directors	CHAPMAN, Annabel Jane
	CHAPMAN, Peter Anthony Richard


Registered Address	12 The Wharf 16 Bridge Street
	Birmingham
	B1 2JS


Registered Number	10763087 (England and Wales)

P&A FITNESS LTD

Balance Sheet as at
31 December 2019

	Notes	2019 £	2018 £
Fixed assets
Intangible assets	5	18,000	22,500
Tangible assets	6	336,092	305,791
Current assets
Stocks		1,040
Debtors		16,738	98,695
Cash at bank and on hand		27,299	26,499
Creditors amounts falling due within one year	10	(96,802)	(5,769)
Net current assets (liabilities)		(51,725)	119,425
Total assets less current liabilities		302,367	447,716
Creditors amounts falling due after one year	11	(510,847)	(447,616)
Net assets		(208,480)	100
Capital and reserves
Called up share capital		100	100
Profit and loss account		(208,580)
Shareholders' funds		(208,480)	100

The company was entitled to exemption from audit for this reporting period under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime. The directors have chosen to not file a copy of the company’s profit and loss account.
The members have agreed to the preparation of abridged accounts for this accounting period in accordance with section 444(2A).

The financial statements were approved and authorised for issue by the Board of Directors on 24 December 2020, and are signed on its behalf by:

CHAPMAN, Peter Anthony Richard
Director
Registered Company No. 10763087

P&A FITNESS LTD

Notes to the Financial Statements
for the year ended 31 December 2019

1.	STATUTORY INFORMATION
	The company is a private company limited by shares and registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2.	COMPLIANCE WITH APPLICABLE REPORTING FRAMEWORK
	The financial statements have been prepared in compliance with FRS 102 Section 1A as it applies to the financial statements for the period and there were no material departures from the reporting standard.

3.	BASIS OF MEASUREMENT USED IN FINANCIAL STATEMENTS
	The accounts have been prepared under the historical cost convention and in accordance with FRS 102, the financial reporting standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).

	Functional and presentation currency policy
	The financial statements are presented in sterling and this is the functional currency of the company.

	Turnover policy
	Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services.

	Property, plant and equipment policy
	Tangible fixed assets are stated at cost or valuation less depreciation. Depreciation is provided on all tangible fixed assets as follows:

		Reducing balance (%)		Straight line (years)
	Plant and machinery			15
	Fixtures and fittings	15

	Intangible assets policy
	Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer’s interest in the fair value of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight line basis to the Profit and loss account over its useful economic life. Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses. All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed five years.

Intangible assets policy

Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer’s interest in the fair value of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight line basis to the Profit and loss account over its useful economic life.

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed five years.

	Inventories policy
	Inventories are valued at the lower of cost and estimated selling price (less any associated costs to enable such sales to complete).

	Revenue recognition policy
	Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.

Revenue recognition policy

Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.

	Foreign currency translation and operations policy
	Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.

Foreign currency translation and operations policy

Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.

	Leases policy
	Rentals paid under operating leases are charged to the Statement of comprehensive income on a straight line basis over the lease term. Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset. The Company has taken advantage of the optional exemption available on transition to FRS 102 which allows lease incentives on leases entered into before the date of transition to the standard 01 April 2017 to continue to be charged over the period to the first market rent review rather than the term of the lease.

Leases policy

Rentals paid under operating leases are charged to the Statement of comprehensive income on a straight line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

The Company has taken advantage of the optional exemption available on transition to FRS 102 which allows lease incentives on leases entered into before the date of transition to the standard 01 April 2017 to continue to be charged over the period to the first market rent review rather than the term of the lease.

	Employee benefits policy
	The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations. The contributions are recognised as an expense in the Profit & Loss Account when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the Company in independently administered funds.

Employee benefits policy

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in the Profit & Loss Account when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the Company in independently administered funds.

	Going concern
	The financial statements have been prepared on a going concern basis which assumes that the company will receive continued support from its director and creditors.

4.	EMPLOYEE INFORMATION

		2019		2018
	Average number of employees during the year	6		2

5.	INTANGIBLE ASSETS

		Total £
	Cost or valuation
	At 01 January 19	22,500
	At 31 December 19	22,500
	Amortisation and impairment
	Charge for year	4,500
	At 31 December 19	4,500
	Net book value
	At 31 December 19	18,000
	At 31 December 18	22,500

6.	PROPERTY, PLANT AND EQUIPMENT

		Total £
	Cost or valuation
	At 01 January 19	305,791
	Additions	62,438
	At 31 December 19	368,229
	Depreciation and impairment
	Charge for year	32,137
	At 31 December 19	32,137
	Net book value
	At 31 December 19	336,092
	At 31 December 18	305,791

7.	DESCRIPTION OF FINANCIAL COMMITMENTS OTHER THAN CAPITAL COMMITMENTS
	At 31 December 2019 the company had future minimum lease payments under non-cancellable operating leases as follows: Not later than 1 year £27,373 (2018: £nil) Later than 1 year and not later than 5 years £86,801 (2018: £nil)

8.	DESCRIPTION OF NATURE OF TRANSACTIONS AND BALANCES WITH RELATED PARTIES
	During the year, the directors, Mr. P & A Chapman advanced loans to the company. The amount due to Mr. P & A Chapman at the balance sheet date was £263,482 (2018: £178,680). These loans are repayable on demand and interest free.

9.	DEBTORS WITHIN ONE YEAR
	Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.

DEBTORS WITHIN ONE YEAR

Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.

	2019 £	2018 £
Trade debtors / trade receivables		32,995
Other debtors	15,000	65,700
Prepayments and accrued income	1,738
Total	16,738	98,695

10.	CREDITORS WITHIN ONE YEAR
	Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method. Bank borrowings are secured by way of a fixed and floating charge over the company’s assets.

	2019 £	2018 £
Trade creditors / trade payables		5,388
Bank borrowings and overdrafts	37,698
Taxation and social security	2,383
Other creditors	1,370	381
Accrued liabilities and deferred income	55,351
Total	96,802	5,769

11.	CREDITORS AFTER ONE YEAR
	Bank borrowings are secured by way of a fixed and floating charge over the company’s assets.

	2019 £	2018 £
Bank borrowings and overdrafts	247,365	268,936
Other creditors	263,482	178,680
Total	510,847	447,616