Chilli Pilates (Holdings) Ltd - Limited company accounts 20.1

REGISTERED NUMBER: 06987582 (England and Wales)

Report of the Directors and

Unaudited Consolidated Financial Statements

for the Period 1 April 2019 to 30 September 2020

for

Chilli Pilates (Holdings) Ltd

Page

Company Information

1

Report of the Directors

2

Consolidated Income Statement

3

Consolidated Balance Sheet

4

Company Balance Sheet

6

Notes to the Consolidated Financial Statements

8

DIRECTORS:

J Crowe FIA, MBA

P Spence BSc (Hons) Sport Reh

C M Wray FCA, FABRP, MIFT

J A Rook FCA

SECRETARY:

K Crowe

REGISTERED OFFICE:

George Arthur Ltd

Suite 6 B, Wentworth Lodge

Great North Road

Welwyn Garden City

Hertfordshire

AL8 7SR

REGISTERED NUMBER:

06987582 (England and Wales)

ACCOUNTANTS:

George Arthur Limited

Chartered Accountants

Suite 6B, Wentworth Lodge

Great North Road

Welwyn Garden City

Hertfordshire

AL8 7SR

The directors present their report with the financial statements of the company and the group for the period 1 April 2019 to 30 September 2020.

DIRECTORS

The directors shown below have held office during the whole of the period from 1 April 2019 to the date of this report.

J Crowe FIA, MBA

P Spence BSc (Hons) Sport Reh

C M Wray FCA, FABRP, MIFT

J A Rook FCA

Other changes in directors holding office are as follows:

K Crowe - resigned 6 September 2019

This report has been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

ON BEHALF OF THE BOARD:

J Crowe FIA, MBA - Director

9 June 2021

TURNOVER

2,130,352

1,882,528

Cost of sales

818,118

536,451

GROSS PROFIT

1,312,234

1,346,077

Administrative expenses

1,820,762

1,297,100

(508,528

)

48,977

Other operating income

496,615

4,766

OPERATING (LOSS)/PROFIT

4

(11,913

)

53,743

Interest payable and similar expenses

68,494

-

(LOSS)/PROFIT BEFORE TAXATION

(80,407

)

53,743

Tax on (loss)/profit

-

-

(LOSS)/PROFIT FOR THE FINANCIAL PERIOD

(80,407

)

53,743

(Loss)/profit attributable to:

Owners of the parent

(80,407

)

53,743

FIXED ASSETS

Intangible assets

6

3,052

3,591

Tangible assets

7

227,879

330,813

Investments

8

-

-

230,931

334,404

CURRENT ASSETS

Stocks

20,740

13,736

Debtors

9

416,619

172,605

Cash at bank and in hand

192,306

83,702

629,665

270,043

CREDITORS

Amounts falling due within one year

10

779,019

1,244,552

NET CURRENT LIABILITIES

(149,354

)

(974,509

)

TOTAL ASSETS LESS CURRENT LIABILITIES

81,577

(640,105

)

CREDITORS

Amounts falling due after more than one year

11

81,018

-

NET ASSETS/(LIABILITIES)

559

(640,105

)

CAPITAL AND RESERVES

Called up share capital

832,478

101

Retained earnings

(831,919

)

(640,206

)

SHAREHOLDERS' FUNDS

559

(640,105

)

The company and the group are entitled to exemption from audit under Section 477 of the Companies Act 2006 for the period ended 30 September 2020.

The members have not required the company and the group to obtain an audit of its financial statements for the period ended 30 September 2020 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the group 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 and the group as at the end of each financial year and of the group's 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 and the group.

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

The financial statements were approved by the Board of Directors and authorised for issue on 9 June 2021 and were signed on its behalf by:

J Crowe FIA, MBA - Director

FIXED ASSETS

Intangible assets

6

3,052

3,591

Tangible assets

7

-

-

Investments

8

517

517

3,569

4,108

CURRENT ASSETS

Debtors

9

929,272

-

Cash at bank

28,794

54

958,066

54

CREDITORS

Amounts falling due within one year

10

50,000

4,266

NET CURRENT ASSETS/(LIABILITIES)

908,066

(4,212

)

TOTAL ASSETS LESS CURRENT LIABILITIES

911,635

(104

)

CAPITAL AND RESERVES

Called up share capital

832,478

200

Retained earnings

79,157

(304

)

SHAREHOLDERS' FUNDS

911,635

(104

)

Company's profit for the financial year

79,461

-

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the period ended 30 September 2020.

The members have not required the company to obtain an audit of its financial statements for the period ended 30 September 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 in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the Board of Directors and authorised for issue on 9 June 2021 and were signed on its behalf by:

J Crowe FIA, MBA - Director

1.	STATUTORY INFORMATION

Chilli Pilates (Holdings) 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 General 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.

Basis of consolidation

The consolidated financial statements include the results of the Company and all its subsidiary undertakings made up to the same accounting date. All intra-Group balances, transactions, income and expenses are eliminated in full on consolidation. The results of subsidiary undertakings acquired or disposed of during the period are included or excluded from the consolidated income statement from the effective date of acquisition or disposal.

Related party exemption

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Transactions between group entities which have been eliminated on consolidation are not disclosed within the financial statements.

Turnover

Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue is recognised when a performance obligation is satisfied, in accordance with the terms of the contractual arrangement. Typical performance obligations are satisfied over time as services are rendered.

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.

Patents and licences are being amortised evenly over their estimated useful life of ten years.

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 etc

-

33% on cost, 10% on cost and Over the term of the lease

Stocks

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

Financial instruments

The Company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in profit or loss.

Financial assets and liabilities are offset and the net amount reported in the Balance Sheet when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Taxation

Taxation for the period comprises current and deferred tax. Tax is recognised in the Consolidated 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 period 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.

Pension costs and other post-retirement benefits

The group operates a defined contribution pension scheme. Contributions payable to the group'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 period was 48 (2019 - 47 ) .

4.	OPERATING (LOSS)/PROFIT

The operating loss (2019 - operating profit) is stated after charging:

Period

1.4.19

to

Year Ended

30.9.20

31.3.19

£

£

Depreciation - owned assets

111,989

83,908

Patents and licences amortisation

539

-

5.	INDIVIDUAL INCOME STATEMENT

As permitted by Section 408 of the Companies Act 2006, the Income Statement of the parent company is not presented as part of these financial statements.

6.	INTANGIBLE FIXED ASSETS

Group

Other

intangible

assets

£

COST

At 1 April 2019

and 30 September 2020

3,591

AMORTISATION

Charge for period

539

At 30 September 2020

539

NET BOOK VALUE

At 30 September 2020

3,052

At 31 March 2019

3,591

Company

Other

intangible

assets

£

COST

At 1 April 2019

and 30 September 2020

3,591

AMORTISATION

Charge for period

539

At 30 September 2020

539

NET BOOK VALUE

At 30 September 2020

3,052

At 31 March 2019

3,591

7.	TANGIBLE FIXED ASSETS

Group

Plant and

machinery

etc

£

COST

At 1 April 2019

695,665

Additions

9,055

Disposals

(88,250

)

At 30 September 2020

616,470

DEPRECIATION

At 1 April 2019

364,852

Charge for period

111,989

Eliminated on disposal

(88,250

)

At 30 September 2020

388,591

NET BOOK VALUE

At 30 September 2020

227,879

At 31 March 2019

330,813

8.	FIXED ASSET INVESTMENTS

Company

Shares in

group

undertakings

£

COST

At 1 April 2019

and 30 September 2020

517

NET BOOK VALUE

At 30 September 2020

517

At 31 March 2019

517

The ordinary share capital of the following companies are all held 100% and the registered office is the same as that of the holding company:

Chilli Pilates (LH) Ltd

Chilli Pilates (IH) Ltd

Chilli Pilates Online Ltd

Chilli Pilates (SP) Ltd

Chilli Pilates (MH) Ltd

Chilli Pilates (HM) Ltd

The Wellness Centre Ltd

The Wellness Centre Harpenden Ltd

Chilli Pilates Services Ltd

Chilli Pilates Central Services Ltd

The Wellness Centre (S P) Ltd

The Wellness Centre (HM) Ltd

The Wellness Centre (MH) Ltd

Chilli Pilates Retail Ltd

Chilli Pilates Investments Ltd

Welwyn Wentworth Ltd

Chilli Pilates Ltd

9.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group

Company

2020

2019

2020

2019

£

£

£

£

Trade debtors

111,488

60,163

80,000

-

Amounts owed by group undertakings

-

-

849,272

-

Other debtors

305,131

112,442

-

-

416,619

172,605

929,272

-

10.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group

Company

2020

2019

2020

2019

£

£

£

£

Bank loans and overdrafts

50,000

-

50,000

-

Trade creditors

223,741

68,964

-

-

Amounts owed to group undertakings

-

910,504

-

4,266

Taxation and social security

180,637

86,152

-

-

Other creditors

324,641

178,932

-

-

779,019

1,244,552

50,000

4,266

11.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

Group

2020

2019

£

£

Other creditors

81,018

-

12.	RELATED PARTY DISCLOSURES

The company incurred management charges from the respective companies of the two non executive directors, C M Wray and J A Rook, totalling £105,592 for the 18 month period (2019: £68,496).

13.	ULTIMATE CONTROLLING PARTY

The ultimate controlling party is J Crowe FIA, MBA.