European Fitness League Ltd - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 09004034 (England and Wales)

Unaudited Financial Statements for the Year Ended 31 December 2020

for

EUROPEAN FITNESS LEAGUE LTD

Page

Company Information

1

Chartered Accountants' Report

2

Balance Sheet

3

Notes to the Financial Statements

5

DIRECTORS:

D Moorhouse

O Mansbridge

M Mansbridge

REGISTERED OFFICE:

The Business Studio

Southstoke Hall

Southstoke

Bath

BA2 7DL

REGISTERED NUMBER:

09004034 (England and Wales)

ACCOUNTANTS:

Richardson Swift

Chartered Accountants

11 Laura Place

Bath

United Kingdom

BA2 4BL

The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of European Fitness League Ltd for the year ended 31 December 2020 which comprise the Income Statement, Balance Sheet, Statement of Changes in Equity and the related notes from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the Board of Directors of European Fitness League Ltd, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of European Fitness League Ltd and state those matters that we have agreed to state to the Board of Directors of European Fitness League Ltd, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than European Fitness League Ltd and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that European Fitness League 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 European Fitness League Ltd. You consider that European Fitness League Ltd is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of European Fitness League 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.

Richardson Swift

Chartered Accountants

11 Laura Place

Bath

United Kingdom

BA2 4BL

20 September 2021

FIXED ASSETS

Intangible assets

4

-

-

Tangible assets

5

1,826

8,701

1,826

8,701

CURRENT ASSETS

Debtors

6

1,629

261,396

Cash at bank

44,299

137,138

45,928

398,534

CREDITORS

Amounts falling due within one year

7

7,423

364,293

NET CURRENT ASSETS

38,505

34,241

TOTAL ASSETS LESS CURRENT LIABILITIES

40,331

42,942

CREDITORS

Amounts falling due after more than one year

8

97,795

40,903

NET (LIABILITIES)/ASSETS

(57,464

)

2,039

CAPITAL AND RESERVES

Called up share capital

9

113

113

Share premium

289,814

289,814

Retained earnings

(347,391

)

(287,888

)

SHAREHOLDERS' FUNDS

(57,464

)

2,039

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2020.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 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 20 September 2021 and were signed on its behalf by:

M Mansbridge - Director

1.	STATUTORY INFORMATION

European Fitness League 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 represents net invoiced sales of services, excluding value added tax.

Revenue is recognised when services are rendered.

Other intangible assets

Other Intangible Assets consist of capitalised website costs and are amortised on a straight line basis over three years.

Tangible fixed assets

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

Fixtures & fittings

-

25% on cost

Government grants

Governments grants are recognised using the accruals model. The government grants are included within other operating income in the period to which they relate. Where grants do not relate to a period of time they are recognised when received.

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.

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.

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, loans from banks and other third parties.

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 the income statement.

For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate determined under the contract.

For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and the best estimate, which is an approximation, of the amount the company would receive for the asset if it were to be sold at the reporting date.

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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 (2019 - 1 ) .

4.	INTANGIBLE FIXED ASSETS

Other

intangible

assets

£

COST

At 1 January 2020

and 31 December 2020

52,920

AMORTISATION

At 1 January 2020

and 31 December 2020

52,920

NET BOOK VALUE

At 31 December 2020

-

At 31 December 2019

-

5.	TANGIBLE FIXED ASSETS

Fixtures

& fittings

£

COST

At 1 January 2020

34,459

Additions

540

At 31 December 2020

34,999

DEPRECIATION

At 1 January 2020

25,758

Charge for year

7,415

At 31 December 2020

33,173

NET BOOK VALUE

At 31 December 2020

1,826

At 31 December 2019

8,701

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2020

2019

£

£

Trade debtors

300

100,945

Other debtors

1,329

160,451

1,629

261,396

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2020

2019

£

£

Trade creditors

1,619

46,683

Taxation and social security

(989

)

39,163

Other creditors

6,793

278,447

7,423

364,293

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2020

2019

£

£

Bank loans

50,000

-

Other creditors

47,795

40,903

97,795

40,903

The bank loan relates to a government supported bounce back loan.

9.	CALLED UP SHARE CAPITAL

Allotted issued and fully paid:

Number:

Class:

Nominal Value:

£

7,319

Ordinary A

1p

73.19

750

Ordinary B

1p

7.50

431

Ordinary C

1p

4.31

2,799

Ordinary D

1p

27.99

112.99

10.	CRITICAL ACCOUNTING ESTIMATES AND UNCERTAINTIES

No significant judgements or key assumptions have had to be made by the directors in preparing these financial statements.

11.	GOING CONCERN AND POST BALANCE SHEET EVENTS

At the balance sheet date the financial statements show negative retained earnings. The financial statements have been prepared on a going concern basis on the understanding that the shareholders will continue to support the company and the financial forecasts indicate there will be enough cash available to trade for at least the next 12 months.

Since the balance sheet date, the continued presence of Covid-19 and subsequent restrictions imposed have led to a number of events planned for Spring and Summer 2021 being cancelled. The directors believe that whilst this presents considerable operational challenge and uncertainty, that with careful cost management, and the continued easement of Covid-19 restrictions on a "reasonable-estimate" basis, that the company remains a going concern. There is a detailed plan in place to ensure the business has the cash available to fulfil promoted events from September 2021.