Apex Gym (Staffordshire) LLP - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: OC427339 (England and Wales)

Unaudited Financial Statements

for the Period 15 May 2019 to 31 March 2020

for

Apex Gym (Staffordshire) LLP

Page

General Information

1

Statement of Financial Position

2

Notes to the Financial Statements

4

DESIGNATED MEMBERS:

A Brown

D A Brown

REGISTERED OFFICE:

The Glades

Festival Way

Stoke on Trent

Staffordshire

ST1 5SQ

REGISTERED NUMBER:

OC427339 (England and Wales)

FIXED ASSETS

Tangible assets

5

78,772

CURRENT ASSETS

Stocks

225

Debtors

6

31,563

Cash in hand

439

32,227

CREDITORS

Amounts falling due within one year

7

30,621

NET CURRENT ASSETS

1,606

TOTAL ASSETS LESS CURRENT LIABILITIES

80,378

CREDITORS

Amounts falling due after more than one year

8

58,287

NET ASSETS ATTRIBUTABLE TO MEMBERS

22,091

LOANS AND OTHER DEBTS DUE TO MEMBERS

10

22,091

TOTAL MEMBERS' INTERESTS

Loans and other debts due to members

10

22,091

Amounts due from members

6

(1,905

)

20,186

The LLP is entitled to exemption from audit under Section 477 of the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008 for the period ended 31 March 2020.

The members acknowledge their responsibilities for:

(a)	ensuring that the LLP keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the LLP 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 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008 relating to financial statements, so far as applicable to the LLP.

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

In accordance with Section 444 of the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008, the Income Statement has not been delivered.

The financial statements were approved by the members of the LLP and authorised for issue on 17 December 2020 and were signed by:

A Brown - Designated member

1.	STATUTORY INFORMATION

Apex Gym (Staffordshire) LLP is registered in England and Wales. The LLP's registered number and registered office address can be found on the General Information page.

2.	STATEMENT OF COMPLIANCE

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 requirements of the Statement of Recommended Practice, Accounting by Limited Liability Partnerships.

3.	ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements covering the partnership have been prepared under the historical cost convention and are presented in Pounds Sterling (£) being the functional currency.

The financial statements have been prepared on the assumption that the partnership is able to carry on business as a going concern, which the members considers appropriate having regard to the company's current and expected performance.

Particular consideration has been given to the impact of the Coronavirus on the partnership's ability to operate for the foreseeable future. In arriving at this assessment of the going concern status of the partnership, the members have made key judgements about the ongoing availability of the Government's Job Retention Scheme and the Grants received from the council. In the interim the partnership has also taken out a government secured bounce back loan.

Turnover

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

Sale of goods

Turnover from the sale of goods is recognised when all the following conditions are satisfied:

-

the company has transferred to the buyer the significant risks and rewards of ownership of the goods;

-

the company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;

-

the amount of turnover can be measured reliably;

-

it is probable that the economic benefits associated with the transaction will flow to the company; and

-

the costs incurred or to be incurred in respect of the transition can be measured reliably.

Usually, turnover from the sale of goods is recognised when the goods have been transferred to the customer.

Rendering of services

Turnover from memberships are recognised in the period to which they relate and when the following conditions are satisfied:

-

the amount of turnover can be measured reliably;

-

it is probable that the company will received the consideration due under the contract.

Usually, turnover from the sale of memberships are recognised over the period in which the contract is in force.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Fixtures abd gym equipment - 12.5% on cost

Tangible fixed assets held for the company's own use are stated at cost less accumulated depreciation and accumulated impairment losses.

Financial instruments

Basic financial assets and liabilities are initially measured at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of future cash flows discounted at a market rate of interest. Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Hire purchase and leasing commitments

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Tax provisions

Taxation on the profits of the LLP is solely the liability of individual members. Therefore income tax arising in respect of the LLP's profit is not included in these financial statements.

4.	EMPLOYEE INFORMATION

The average number of employees during the period was 4 .

5.	TANGIBLE FIXED ASSETS

Fixtures

and gym

equipment

£

COST

Additions

91,190

Disposals

(1,164

)

At 31 March 2020

90,026

DEPRECIATION

Charge for period

11,254

At 31 March 2020

11,254

NET BOOK VALUE

At 31 March 2020

78,772

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Fixtures

and gym

equipment

£

COST

Additions

87,254

At 31 March 2020

87,254

DEPRECIATION

Charge for period

10,907

At 31 March 2020

10,907

NET BOOK VALUE

At 31 March 2020

76,347

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

£

Trade debtors

2,967

Other debtors

28,596

31,563

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

£

Bank loans and overdrafts

176

Hire purchase contracts

17,780

Taxation and social security

168

Other creditors

12,497

30,621

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

£

Hire purchase contracts

58,287

9.	SECURED DEBTS

The following secured debts are included within creditors:

£

Hire purchase contracts

76,067

The hire purchase creditor is secured on the assets to which it relates.

10.

LOANS AND OTHER DEBTS DUE TO MEMBERS

In the event of an insolvent winding up the members will rank pari passu with other unsecured creditors of the LLP.

11.	CORONAVIRUS

In March 2020 the UK was impacted by the outbreak of the Coronavirus (COVID-19). In order to manage the spread of the virus the Government imposed significant restrictions on the movement of people and the ability of businesses to continue to trade.

The gym was closed from 20th March 2020 to 25th July 2020 to comply with government guidelines, and closed on 5th November 2020 for four weeks due to further lockdown restrictions.

The members of the partnership took the decision to furlough employees under the Job Retention Scheme during the year and therefore reduce their cost base. In addition the company has taken advantage of the ability to claim council grants, and has also taken out a Bounce Back loan secured by the Government.

The members have reviewed the assets of the partnership and confirm that there is no impairment as at the balance sheet date. Although the gym has been impacted by the government lockdown restrictions, the members are confident the demand for their services will return once the UK economy is returned to more normal trading conditions. However, it is difficult to assess the impact on the March 2021 financial statements due to the uncertainty on future restrictions placed on gyms.