Fitness Options (Nottingham) Limited Filleted accounts for Companies House (small and micro)

Fitness Options (Nottingham) Limited Filleted accounts for Companies House (small and micro)

FITNESS OPTIONS (NOTTINGHAM) LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 05044699
Fitness Options (Nottingham) Limited
Filleted Unaudited Financial Statements
28 February 2023
Fitness Options (Nottingham) Limited
Financial Statements
Year ended 28 February 2023
Contents
Pages
Officers and professional advisers
1
Statement of financial position
2 to 3
Notes to the financial statements
4 to 9
Fitness Options (Nottingham) Limited
Officers and Professional Advisers
The board of directors Mr R Needham
- Director
Mrs W Howe
- Director
Mr K Viner
- Director
Company secretary
Mrs W Howe
Registered office
Lowmoor Road
Kirkby-in-Ashfield
Nottinghamshire
NG17 7LH
Accountants
Gregory Priestley & Stewart
Chartered Accountants
Alexandra House
123 Priestsic Road
Sutton-in-Ashfield
Nottinghamshire
NG17 4EA
Fitness Options (Nottingham) Limited
Statement of Financial Position
28 February 2023
2023
2022
Note
£
£
£
Fixed assets
Tangible assets
5
15,109
19,366
Current assets
Stocks
103,786
103,363
Debtors
6
11,990
50,440
Cash at bank and in hand
3,779
11,372
---------
---------
119,555
165,175
Creditors: amounts falling due within one year
7
119,528
97,533
---------
---------
Net current assets
27
67,642
--------
--------
Total assets less current liabilities
15,136
87,008
Creditors: amounts falling due after more than one year
8
63,333
83,608
Provisions
2,871
3,680
--------
--------
Net liabilities
( 51,068)
( 280)
--------
--------
Capital and reserves
Called up share capital
6
6
Profit and loss account
( 51,074)
( 286)
--------
----
Shareholders deficit
( 51,068)
( 280)
--------
----
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.
For the year ending 28 February 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year 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 .
Fitness Options (Nottingham) Limited
Statement of Financial Position (continued)
28 February 2023
These financial statements were approved by the board of directors and authorised for issue on 29 June 2023 , and are signed on behalf of the board by:
Mr R Needham
Director
Company registration number: 05044699
Fitness Options (Nottingham) Limited
Notes to the Financial Statements
Year ended 28 February 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Lowmoor Road, Kirkby-in-Ashfield, Nottinghamshire, NG17 7LH.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis. The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
The accounts have been prepared on a going concern basis. This may not be appropriate because the company had a balance sheet deficit of £51,068 at 28th February 2023(£280 at 28th February 2022). The company is dependent on the continued support of its finance providers. Should this support be withdrawn and the company be unable to continue trading, adjustments would be made to reduce the value of the assets to their net realisable value and to provide any further liabilities which may arise.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, 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.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Short leasehold property
-
10% reducing balance
Plant and machinery
-
25% reducing balance
Fixtures, fittings and equipment
-
25% reducing balance
Motor vehicles
-
25% reducing balance
Computer Costs
-
20% straight line
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
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. 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.
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.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 3 (2022: 3 ).
5. Tangible assets
Short leasehold property
Plant and machinery
Fixtures, fittings and equipment
Motor vehicles
Computer Costs
Total
£
£
£
£
£
£
Cost
At 1 Mar 2022
6,366
29,904
13,961
16,314
11,995
78,540
Additions
–
–
393
–
–
393
-------
--------
--------
--------
--------
--------
At 28 Feb 2023
6,366
29,904
14,354
16,314
11,995
78,933
-------
--------
--------
--------
--------
--------
Depreciation
At 1 Mar 2022
4,509
28,899
9,757
13,410
2,599
59,174
Charge for the year
185
252
1,088
726
2,399
4,650
-------
--------
--------
--------
--------
--------
At 28 Feb 2023
4,694
29,151
10,845
14,136
4,998
63,824
-------
--------
--------
--------
--------
--------
Carrying amount
At 28 Feb 2023
1,672
753
3,509
2,178
6,997
15,109
-------
--------
--------
--------
--------
--------
At 28 Feb 2022
1,857
1,005
4,204
2,904
9,396
19,366
-------
--------
--------
--------
--------
--------
6. Debtors
2023
2022
£
£
Trade debtors
6,829
5,456
Other debtors
5,161
44,984
--------
--------
11,990
50,440
--------
--------
7. Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
50,683
29,799
Trade creditors
13,624
48,213
Corporation tax
–
2,799
Social security and other taxes
3,508
–
Other creditors
51,713
16,722
---------
--------
119,528
97,533
---------
--------
Included within bank loans and overdrafts is a CBILS loan amounting to £20,000 secured by the UK government.
8. Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
63,333
83,608
--------
--------
Included within bank loans and overdrafts is a CBILS loan amounting to £63,333 secured by the UK government.
9. Directors' advances, credits and guarantees
During the year the directors entered into the following advances and credits with the company:
2023
Balance brought forward
Advances/ (credits) to the directors
Amounts repaid
Amounts written off
Balance outstanding
£
£
£
£
£
Mr R Needham
21,474
11,181
( 19,777)
(21,474)
( 8,596)
Mrs W Howe
13,888
10,352
( 14,380)
(13,888)
( 4,028)
Mr K Viner
( 14,895)
15,321
( 37,344)
–
( 36,918)
--------
--------
--------
--------
--------
20,467
36,854
( 71,501)
(35,362)
( 49,542)
--------
--------
--------
--------
--------
2022
Balance brought forward
Advances/ (credits) to the directors
Amounts repaid
Amounts written off
Balance outstanding
£
£
£
£
£
Mr R Needham
11,326
29,998
( 8,524)
(11,326)
21,474
Mrs W Howe
3,304
22,688
( 8,800)
(3,304)
13,888
Mr K Viner
( 29,913)
24,550
( 9,532)
–
( 14,895)
--------
--------
--------
--------
--------
( 15,283)
77,236
( 26,856)
(14,630)
20,467
--------
--------
--------
--------
--------
The Directors' loans are interest free and repayable on demand.