3 Plus Fitness Ltd - Period Ending 2021-04-30

3 Plus Fitness Ltd

Contents

Company Information	1
Balance Sheet	2 to 3
Notes to the Unaudited Financial Statements	4 to 7

3 Plus Fitness Ltd

Company Information

Director

Mr J Stanley

Registered office

4 Church Walk London NW2 2TJ

Accountants

Ripe LLP Chartered Accountants 9A Burroughs Gardens London NW4 4AU

3 Plus Fitness Ltd

(Registration number: 11966344)
Balance Sheet as at 30 April 2021

	Note	2021 £	2020 £
Fixed assets
Tangible assets	4	-	36,853
Current assets
Debtors		13,705	14,550
Cash at bank and in hand		28,076	19,837
		41,781	34,387
Creditors: Amounts falling due within one year	5	(109,818)	(109,649)
Net current liabilities		(68,037)	(75,262)
Total assets less current liabilities		(68,037)	(38,409)
Creditors: Amounts falling due after more than one year	5	(15,000)	-
Net liabilities		(83,037)	(38,409)
Capital and reserves
Called up share capital	6	100	100
Profit and loss account		(83,137)	(38,509)
Shareholders' deficit		(83,037)	(38,409)

3 Plus Fitness Ltd

(Registration number: 11966344)
Balance Sheet as at 30 April 2021

For the financial year ending 30 April 2021 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

•	The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and
•	The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the director on 9 September 2021
 

.........................................

Mr J Stanley
Director

3 Plus Fitness Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2021

1	General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
4 Church Walk
London
NW2 2TJ
England

These financial statements were authorised for issue by the director on 9 September 2021.

2	Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis on the understanding that the director will continue to support the company for the foreseeable future.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Government grants

Government grants in relation to expenditure are credited to profit and loss account when the expenditure is charged to profit and loss.

3 Plus Fitness Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2021

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets over their estimated useful lives, as follows:

Asset class	Depreciation method and rate
Plant and machinery	15% Reducing balance
Furniture and fittings	15% Reducing balance
Office equipment	15% Reducing balance

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and Loss Account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

3	Staff numbers

The average number of persons employed by the company (including the director) during the year, was 1 (2020 - 1).

3 Plus Fitness Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2021

4	Tangible assets

	Fixtures and fittings £	Plant and machinery £	Office equipment £	Total £
Cost or valuation
At 1 May 2020	2,457	38,316	461	41,234
Additions	-	1,846	-	1,846
Disposals	(2,457)	(40,162)	(461)	(43,080)
At 30 April 2021	-	-	-	-
Depreciation
At 1 May 2020	239	4,102	40	4,381
Charge for the year	(239)	(4,102)	(40)	(4,381)
At 30 April 2021	-	-	-	-
Carrying amount
At 30 April 2021	-	-	-	-
At 30 April 2020	2,218	34,214	421	36,853

5

Creditors

Creditors: amounts falling due within one year

	Note	2021 £	2020 £
Due within one year
Amounts owed to related parties	9	106,868	107,045
Taxation and social security		-	104
Other creditors		2,950	2,500
		109,818	109,649

Creditors: amounts falling due after more than one year

	Note	2021 £	2020 £
Due after one year
Loans and borrowings	7	15,000	-

3 Plus Fitness Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2021

6	Share capital

Allotted, called up and fully paid shares

	2021		2020
	No.	£	No.	£
Ordinary shares of £1 each	100	100	100	100

7	Loans and borrowings

	2021 £	2020 £
Non-current loans and borrowings
Bank borrowings	15,000	-

8	Obligations under leases and hire purchase contracts

The total of future minimum lease (licence fees) payments is as follows:

	2021 £	2020 £
Not later than one year	-	6,000
Later than one year and not later than five years	-	21,500
	-	27,500

The amount of operating lease payments (licence fees) recognised as an expense during the year was £4,526 (2020 - £2,500).

Monthly licence fee of £500 or 6% of turnover, whichever is greater is payable for the use of 5 machines under the term of the licence agreement.

However, the company have applied for cancellation of lease agreement as the company have sold business assets post year end.

9	Related party transactions

At the year end, the company owed a balance of £106,868 to Mr J Stanley, the director and shareholder of the company.

10	Post balance sheet event

The company have sold all the business assets post year end in May 2021.