Life Corporate Gyms Ltd 31/03/2022 iXBRL

Life Corporate Gyms Ltd 31/03/2022 iXBRL

LIFE CORPORATE GYMS LTD - Company Information

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Company registration number: 06767464
Life Corporate Gyms Ltd
Unaudited filleted financial statements
31 March 2022
Life Corporate Gyms Ltd
Contents
Directors and other information
Accountants report
Statement of financial position
Notes to the financial statements
Life Corporate Gyms Ltd
Directors and other information
Directors
Mr Jason Mayoh
Company number 06767464
Registered office 33 Newall Road
Manchester
M23 2TY
Business address 33 Newall Road
Manchester
M23 2TY
Accountants Morgan Hemp
103-104 Walter Road
Swansea
SA1 5QF
Life Corporate Gyms Ltd
Report to the board of directors on the preparation of the
unaudited statutory financial statements of Life Corporate Gyms Ltd
Period ended 31 March 2022
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Life Corporate Gyms Ltd for the period ended 31 March 2022 which comprise the statement of financial position and related notes from the company's accounting records and from information and explanations you have given us.
As a practising member firm of the Association of Chartered Certified Accountants , we are subject to its ethical and other professional requirements which are detailed at http://www.accaglobal.com/en/member/ professional-standards/ rules-standards/acca-rulebook.html.
This report is made solely to the board of directors of Life Corporate Gyms Ltd, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the financial statements of Life Corporate Gyms Ltd and state those matters that we have agreed to state to the board of directors of Life Corporate Gyms Ltd as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/content/dam/ACCA_Global /Technical/fact/technical-factsheet-163.pdf. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Life Corporate Gyms Ltd and its board of directors as a body for our work or for this report.
It is your duty to ensure that Life Corporate Gyms Ltd has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of Life Corporate Gyms Ltd. You consider that Life Corporate Gyms Ltd is exempt from the statutory audit requirement for the period.
We have not been instructed to carry out an audit or a review of the financial statements of Life Corporate Gyms Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
Morgan Hemp
103-104 Walter Road
Swansea
SA1 5QF
20 September 2022
Life Corporate Gyms Ltd
Statement of financial position
31 March 2022
31/03/22 31/05/21
Note £ £ £ £
Current assets
Debtors 5 323 161
Cash at bank and in hand - 2,972
_______ _______
323 3,133
Creditors: amounts falling due
within one year 6 ( 1,246) ( 1,500)
_______ _______
Net current (liabilities)/assets ( 923) 1,633
_______ _______
Total assets less current liabilities ( 923) 1,633
Creditors: amounts falling due
after more than one year 7 ( 1,533) ( 1,833)
_______ _______
Net liabilities ( 2,456) ( 200)
_______ _______
Capital and reserves
Called up share capital 2 2
Profit and loss account ( 2,458) ( 202)
_______ _______
Shareholder deficit ( 2,456) ( 200)
_______ _______
For the period ending 31 March 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors responsibilities:
- The member has not required the company to obtain an audit of its financial statements for the period in question in accordance with section 476;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 20 September 2022 , and are signed on behalf of the board by:
Mr Jason Mayoh
Director
Company registration number: 06767464
Life Corporate Gyms Ltd
Notes to the financial statements
Period ended 31 March 2022
1. General information
The company is a private company limited by shares, registered in United Kingdom. The address of the registered office is Life Corporate Gyms Ltd, 33 Newall Road, Manchester, M23 2TY.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The company ceased trading on the 31st March 2022, therefore the directors have prepared the accounts under the break-up basis. No material adjustments arose as a result of ceasing to apply the going concern basis.
Turnover
Revenue from the rendering of services is measured by reference to the stage of completion of the service transaction at the end of the reporting period provided that the outcome can be reliably estimated. When the outcome cannot be reliably estimated, revenue is recognised only to the extent that expenses recognised are recoverable.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Government grants
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received.
Government grants are recognised using the accrual model.
Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable.
Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income and not deducted from the carrying amount of the asset.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately.
For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets or either assessed individually or grouped on the basis of similar credit risk characteristics.
4. Employee numbers
The average number of persons employed by the company during the period amounted to 1 (2021: 1 ).
5. Debtors
31/03/22 31/05/21
£ £
Other debtors 323 161
_______ _______
6. Creditors: amounts falling due within one year
31/03/22 31/05/21
£ £
Bank loans and overdrafts 400 167
Other creditors 846 1,333
_______ _______
1,246 1,500
_______ _______
7. Creditors: amounts falling due after more than one year
31/03/22 31/05/21
£ £
Bank loans and overdrafts 1,533 1,833
_______ _______
8. Related party transactions
Included in creditors is a balance of £294 (2021: £1,000) owed to the director.