Kre8tive Fitness Ltd - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 08395427 (England and Wales)

Unaudited Financial Statements

for the Year Ended 29 February 2020

for

Kre8tive Fitness Ltd

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

A Prevett

D A Prevett

REGISTERED OFFICE:

Suite 15

The Enterprise Centre

Coxbridge Business Park

Farnham

Surrey

GU10 5EH

REGISTERED NUMBER:

08395427 (England and Wales)

ACCOUNTANTS:

Gilroy & Brookes Accountants Ltd

Suite 15

The Enterprise Centre

Coxbridge Business Park

Farnham

Surrey

GU10 5EH

FIXED ASSETS

Intangible assets

4

4,640

7,320

Tangible assets

5

94,263

109,987

98,903

117,307

CURRENT ASSETS

Debtors

6

15,326

14,818

Cash at bank

7,365

18,493

22,691

33,311

CREDITORS

Amounts falling due within one year

7

(348,294

)

(390,117

)

NET CURRENT LIABILITIES

(325,603

)

(356,806

)

TOTAL ASSETS LESS CURRENT LIABILITIES

(226,700

)

(239,499

)

CREDITORS

Amounts falling due after more than one year

8

(4,250

)

(7,250

)

NET LIABILITIES

(230,950

)

(246,749

)

CAPITAL AND RESERVES

Called up share capital

9

2

2

Retained earnings

10

(230,952

)

(246,751

)

SHAREHOLDERS' FUNDS

(230,950

)

(246,749

)

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 29 February 2020.

The members have not required the company to obtain an audit of its financial statements for the year ended 29 February 2020 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.

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 and authorised for issue on 29 December 2020 and were signed on its behalf by:

A Prevett - Director

D A Prevett - Director

1.	STATUTORY INFORMATION

Kre8tive Fitness Ltd 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.

TANGIBLE FIXED ASSETS

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

Plant and machinery

-

25% on reducing balance

Fixtures and fittings

-

25% on reducing balance

Computer equipment

-

25% on reducing balance

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 not recognised in respect of all timing differences that have originated but not reversed at the balancesheet date which are immaterial.

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.

PENSION COSTS AND OTHER POST-RETIREMENT BENEFITS

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 5 (2019 - 5 ) .

4.	INTANGIBLE FIXED ASSETS

Patents

and

licences

£

COST

At 1 March 2019

and 29 February 2020

23,400

AMORTISATION

At 1 March 2019

16,080

Amortisation for year

2,680

At 29 February 2020

18,760

NET BOOK VALUE

At 29 February 2020

4,640

At 28 February 2019

7,320

5.	TANGIBLE FIXED ASSETS

Improvements

Fixtures

to

Plant and

and

Computer

property

machinery

fittings

equipment

Totals

£

£

£

£

£

COST

At 1 March 2019

170,220

15,056

2,897

2,368

190,541

Additions

-

-

-

3,310

3,310

At 29 February 2020

170,220

15,056

2,897

5,678

193,851

DEPRECIATION

At 1 March 2019

67,757

9,216

1,961

1,620

80,554

Charge for year

17,022

1,460

234

318

19,034

At 29 February 2020

84,779

10,676

2,195

1,938

99,588

NET BOOK VALUE

At 29 February 2020

85,441

4,380

702

3,740

94,263

At 28 February 2019

102,463

5,840

936

748

109,987

6.

DEBTORS

2020

2019

£

£

Amounts falling due within one year:

Pension

75

67

Prepayments

4,251

4,251

4,326

4,318

2020

2019

£

£

Amounts falling due after more than one year:

Deposit

11,000

10,500

Aggregate amounts

15,326

14,818

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2020

2019

£

£

Bank loans and overdrafts

120,488

139,088

PAYE/NI liability

306

291

VAT

1,898

11,693

Wages control account

659

1,426

Directors' current accounts

204,521

214,218

Accruals and deferred income

20,422

23,401

348,294

390,117

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2020

2019

£

£

Other loans - 2-5 years

4,250

7,250

9.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2020

2019

value:

£

£

2

Ordinary

£1

2

2

10.

RESERVES

Retained

earnings

£

At 1 March 2019

(246,751

)

Profit for the year

15,799

At 29 February 2020

(230,952

)

11.	RELATED PARTY DISCLOSURES

As at the Balance sheet date, the company owed the directors the sum of £204,521 (2019 - £214,218).

12.	ULTIMATE CONTROLLING PARTY

The company is under the control of A Prevett and D Prevett.

13.	GOING CONCERN

The directors have confirmed that they will continue to give financial support to the company until such time as its position improves. In addition the directors have confirmed that they will not recall their loans within 12 months. The directors consider that it is appropriate to prepare the financial statements on a going concern basis. The financial statements do not include any adjustments that would result if the financial support were withdrawn.

14.	POST BALANCE SHEET EVENT

Since the year end, the Coronavirus (COVID-19) has emerged globally resulting in a significant impact on businesses worldwide. As a result some business operations have been restricted, however the company continues to operate using alternative methods and remote working. The directors are unable to evaluate the overall financial impact on the business at present. Hence financial statements do not include any adjustments that might result from the outcome of this uncertainty. The directors are continuing to monitor, assess and act to the current changing environment in order to position the company to ensure its future success.