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2022-04-01
Sage Accounts Production Advanced 2023 - FRS102_2023
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iso4217:GBP
07474559
2022-04-01
2023-03-31
07474559
2023-03-31
07474559
2022-03-31
07474559
2021-04-01
2022-03-31
07474559
2022-03-31
07474559
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07474559
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2023-03-31
07474559
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2023-03-31
07474559
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2023-03-31
07474559
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2022-04-01
2023-03-31
07474559
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2023-03-31
07474559
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2023-03-31
07474559
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2022-03-31
07474559
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07474559
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2022-03-31
07474559
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07474559
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07474559
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07474559
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07474559
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2023-03-31
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2023-03-31
07474559
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2023-03-31
07474559
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2022-04-01
2023-03-31
|
STATEMENT OF CONSENT TO PREPARE ABRIDGED FINANCIAL STATEMENTS |
|
All of the members of Urban Sports Fitness Limited have consented to the preparation of the abridged statement of income and retained earnings and the abridged statement of financial position for the year ending 31 March 2023 in accordance with Section 444(2A) of the Companies Act 2006.
COMPANY REGISTRATION NUMBER:
07474559
|
URBAN SPORTS FITNESS LIMITED |
|
|
FILLETED UNAUDITED ABRIDGED FINANCIAL STATEMENTS |
|
|
URBAN SPORTS FITNESS LIMITED |
|
|
REPORT TO THE DIRECTOR ON THE PREPARATION OF THE UNAUDITED STATUTORY ABRIDGED FINANCIAL STATEMENTS OF
URBAN SPORTS FITNESS LIMITED |
|
YEAR ENDED 31 MARCH 2023
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the abridged financial statements of Urban Sports Fitness Limited for the year ended 31 March 2023, which comprise the abridged statement of financial position 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 Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at www.accaglobal.com/en/member/professional-standards/rules-standards/acca-rulebook.html. Our work has been undertaken in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at www.accaglobal.com/content/dam/ACCA_Global/Technical/fact/technical-factsheet-163.pdf.
LANGARD LIFFORD HALL LIMITED
Accountants and Registered Auditors
Lifford Hall
Lifford Lane
Kings Norton
Birmingham
B30 3JN
10 October 2023
|
URBAN SPORTS FITNESS LIMITED |
|
|
ABRIDGED STATEMENT OF FINANCIAL POSITION |
|
31 March 2023
Fixed assets
|
Tangible assets |
5 |
|
628,781 |
621,589 |
|
|
|
|
|
Current assets
|
Stocks |
3,750 |
|
1,000 |
|
Debtors |
– |
|
234 |
|
Cash at bank and in hand |
21,807 |
|
19,835 |
|
------------ |
|
------------ |
|
25,557 |
|
21,069 |
|
|
|
|
|
Creditors: amounts falling due within one year |
422,402 |
|
374,507 |
|
------------ |
|
------------ |
|
Net current liabilities |
|
396,845 |
353,438 |
|
|
------------ |
------------ |
|
Total assets less current liabilities |
|
231,936 |
268,151 |
|
|
|
|
|
Creditors: amounts falling due after more than one year |
6 |
|
172,151 |
200,037 |
|
|
------------ |
------------ |
|
Net assets |
|
59,785 |
68,114 |
|
|
------------ |
------------ |
|
|
|
|
|
Capital and reserves
|
Called up share capital |
|
100 |
100 |
|
Profit and loss account |
|
59,685 |
68,014 |
|
|
------------ |
------------ |
|
Shareholders funds |
|
59,785 |
68,114 |
|
|
------------ |
------------ |
|
|
|
|
These abridged 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 abridged statement of income and retained earnings has not been delivered.
For the year ending 31 March 2023 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 abridged financial statements for the year in question in accordance with section 476
;
-
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of abridged financial statements
.
|
URBAN SPORTS FITNESS LIMITED |
|
|
ABRIDGED STATEMENT OF FINANCIAL POSITION (continued) |
|
31 March 2023
These abridged financial statements were approved by the
board of directors
and authorised for issue on
10 October 2023
, and are signed on behalf of the board by:
Company registration number:
07474559
|
URBAN SPORTS FITNESS LIMITED |
|
|
NOTES TO THE ABRIDGED FINANCIAL STATEMENTS |
|
YEAR ENDED 31 MARCH 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 Unit 1, Collins Road, Heathcote Industrial Estate, Warwick, Warwickshire, CV34 6TF.
2.
Statement of Compliance
These abridged 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 abridged financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The abridged financial statements are prepared in sterling, which is the functional currency of the entity.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Revenue recognition
The turnover shown in the profit and loss account represents the realisable value of goods and services supplied during the year, exclusive of Value Added Tax.
Income tax
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. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
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:
|
Leasehold property and improvements |
- |
No depreciation charged
|
|
Gym equipment |
- |
10% reducing balance |
|
Fixtures and fittings |
- |
10% reducing balance |
|
Motor vehicles |
- |
25% reducing balance |
|
|
|
|
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
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 and the performance 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. Under the performance model, where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a liability.
Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4.
Employee Numbers
The average number of persons employed by the company during the year amounted to
3
(2022:
3
).
5.
Tangible Assets
|
£ |
|
Cost |
|
|
At 1 April 2022 |
718,142 |
|
Additions |
19,486 |
|
------------ |
|
At 31 March 2023 |
737,628 |
|
------------ |
|
Depreciation |
|
|
At 1 April 2022 |
96,553 |
|
Charge for the year |
12,294 |
|
------------ |
|
At 31 March 2023 |
108,847 |
|
------------ |
|
Carrying amount |
|
|
At 31 March 2023 |
628,781 |
|
------------ |
|
At 31 March 2022 |
621,589 |
|
------------ |
|
|
6.
Creditors:
amounts falling due after more than one year
A charge has been registered in respect of the mortgage in favour of Barclays Bank Plc over the property owned by the company.
Included within creditors: amounts falling due after more than one year is an amount of £87,638 (2022: £95,171) in respect of liabilities payable or repayable by instalments which fall due for payment after more than five years from the reporting date.
7.
Director's Advances, Credits and Guarantees
Amounts owed to the director at the year end amounted to £228,299 (2022: £194,276).
8.
Controlling Party
The parent company is
Urban Sports (Holdings) Limited
.
