Fit Club (Northwood) Ltd - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 10719701 (England and Wales)

Unaudited Financial Statements for the Year Ended 31 August 2021

for

Fit Club (Northwood) Ltd

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

Mr PS Walia

Mr H Lalani

Mr DS Chawla

REGISTERED OFFICE:

191 -193 Commercial Road

London

E1 2BT

REGISTERED NUMBER:

10719701 (England and Wales)

ACCOUNTANTS:

Aequitas

Chartered Accountants

Elthorne Gate

64 High Street

Pinner

HA5 5QA

FIXED ASSETS

Tangible assets

4

267,024

315,014

CURRENT ASSETS

Debtors

5

107,590

124,370

Cash at bank

109,536

19,929

217,126

144,299

CREDITORS

Amounts falling due within one year

6

774,509

768,875

NET CURRENT LIABILITIES

(557,383

)

(624,576

)

TOTAL ASSETS LESS CURRENT LIABILITIES

(290,359

)

(309,562

)

CREDITORS

Amounts falling due after more than one year

7

42,976

50,000

NET LIABILITIES

(333,335

)

(359,562

)

CAPITAL AND RESERVES

Called up share capital

90

90

Retained earnings

(333,425

)

(359,652

)

(333,335

)

(359,562

)

The Company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 August 2021.

The members have not required the Company to obtain an audit of its financial statements for the year ended 31 August 2021 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 22 August 2022 and were signed on its behalf by:

Mr DS Chawla - Director

Mr H Lalani - Director

Mr PS Walia - Director

1.	STATUTORY INFORMATION

Fit Club (Northwood) 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.

The presentation currency of the financial statements is the Pound Sterling (£).

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.

Going Concern

The Company incurred an operating profit of £26,539. The Company has net current liabilities of £557,383. The directors have agreed not to seek repayment of their loan balance of £512,915 for 12 months from the date of approval of these financial statements and provide continuous financial support. Accordingly the directors continue to to adopt the going concern basis for preparing the financial statement.

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

-

20% on reducing balance

Fixtures and fittings

-

20% on reducing balance

Computer equipment

-

20% 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 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 year 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.

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

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 4 (2020 - 3 ) .

4.	TANGIBLE FIXED ASSETS

Fixtures

Short

Plant and

and

Computer

leasehold

machinery

fittings

equipment

Totals

£

£

£

£

£

COST

At 1 September 2020

137,525

228,809

39,457

2,676

408,467

Additions

-

1,689

758

-

2,447

At 31 August 2021

137,525

230,498

40,215

2,676

410,914

DEPRECIATION

At 1 September 2020

21,160

56,046

15,164

1,083

93,453

Charge for year

10,288

34,848

4,976

325

50,437

At 31 August 2021

31,448

90,894

20,140

1,408

143,890

NET BOOK VALUE

At 31 August 2021

106,077

139,604

20,075

1,268

267,024

At 31 August 2020

116,365

172,763

24,293

1,593

315,014

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.8.21

31.8.20

£

£

Trade debtors

16,631

35,551

Other debtors

1,250

1,667

Rent deposit

77,500

77,500

VAT

-

5,966

Prepayments

12,209

3,686

107,590

124,370

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.8.21

31.8.20

£

£

Bank loans and overdrafts

5,636

-

Trade creditors

153,656

155,137

Taxation and social security

24,067

12,620

Other creditors

591,150

601,118

774,509

768,875

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.8.21

31.8.20

£

£

Bank loans

42,976

50,000

8.	LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:

31.8.21

31.8.20

£

£

Within one year

148,111

148,111

Between one and five years

592,444

592,444

In more than five years

947,911

1,096,022

1,688,466

1,836,577

9.	RELATED PARTY DISCLOSURES

Previously the Company had purchased gym equipment from Gym City Ltd, a company in which Mr P Walia is both a director and shareholder and Mr D Chawla is a shareholder. At the balance sheet date the Company owed £70,475 to Gym City Ltd.