European Fitness League Ltd - Accounts to registrar - small 17.2

REGISTERED NUMBER: 09004034 (England and Wales)

Unaudited Financial Statements

for the Period 1 April 2016 to 31 December 2016

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

H Thomsett

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

BA2 4BL

The following reproduces the text of the report prepared for the directors and members 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 period ended 31 December 2016 which

comprise the Income Statement, Balance Sheet, 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 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 period.

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

BA2 4BL

27 September 2017

FIXED ASSETS

Intangible assets

4

13,331

14,107

Tangible assets

5

3,001

4,002

Investments

6

1

-

16,333

18,109

CURRENT ASSETS

Stocks

361

-

Debtors

7

8,450

30,412

Cash at bank

59,249

6,984

68,060

37,396

CREDITORS

Amounts falling due within one year

8

34,639

28,528

NET CURRENT ASSETS

33,421

8,868

TOTAL ASSETS LESS CURRENT LIABILITIES

49,754

26,977

CAPITAL AND RESERVES

Called up share capital

9

108

100

Share premium

210,007

84,935

Retained earnings

(160,361

)

(58,058

)

SHAREHOLDERS' FUNDS

49,754

26,977

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the period ended 31 December 2016.

The members have not required the company to obtain an audit of its financial statements for the period ended 31 December 2016 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 of Part 15 of the Companies Act 2006 relating to small companies.

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 on 27 September 2017 and were signed on its behalf by:

D Moorhouse - 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 the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" 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

Investments in subsidiaries

Fixed asset investments are stated at cost less provision for diminution in value.

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for

obsolete and slow moving items.

Taxation

Taxation for the period 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 period 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.

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 profit or loss.

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 period was 1 (2016 - 0 ) .

4.	INTANGIBLE FIXED ASSETS

Other

intangible

assets

£

COST

At 1 April 2016

33,674

Additions

10,190

At 31 December 2016

43,864

AMORTISATION

At 1 April 2016

19,567

Charge for period

10,966

At 31 December 2016

30,533

NET BOOK VALUE

At 31 December 2016

13,331

At 31 March 2016

14,107

5.	TANGIBLE FIXED ASSETS

Fixtures

& fittings

£

COST

At 1 April 2016

and 31 December 2016

5,336

DEPRECIATION

At 1 April 2016

1,334

Charge for period

1,001

At 31 December 2016

2,335

NET BOOK VALUE

At 31 December 2016

3,001

At 31 March 2016

4,002

6.	FIXED ASSET INVESTMENTS

Shares in

group

undertakings

£

COST

Additions

38,000

Impairments

(37,999

)

At 31 December 2016

1

NET BOOK VALUE

At 31 December 2016

1

The company's investments at the Balance Sheet date in the share capital of companies include the

following:

Inferno Events Limited

Registered office: Unit 14-15 Curran Building, Curran Road, Cardiff, CF10 5NE

Nature of business: Other sports activities

%

Class of shares:

holding

Ordinary

100.00

31.8.16

31.1.16

£

£

Aggregate capital and reserves

(3,532

)

28,495

(Loss)/profit for the period/year

(13,348

)

25,243

On the 26th September 2016, European Fitness League Ltd acquired 100% of the share capital in

Inferno Events Limited for consideration of £38,000.

Following an impairment review it was decided to write down the investment to £1.

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2016

2016

£

£

Trade debtors

8,360

30,402

Other debtors

90

10

8,450

30,412

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2016

2016

£

£

Bank loans and overdrafts

5,129

-

Trade creditors

3

402

Taxation and social security

243

1,776

Other creditors

29,264

26,350

34,639

28,528

9.	CALLED UP SHARE CAPITAL

Allotted issued and fully paid:

Number:

Class:

Nominal Value:

£

7,000

Ordinary A

1p

70.00

750

Ordinary B

1p

7.50

750

Ordinary C

1p

7.50

2,293

Ordinary D

1p

22.93

107.93

Ordinary A and C shares are ordinary participating shares confirming the right to one vote per share

and to participate in dividends and distributions and in any surplus on a winding up.

Ordinary B and D shares are non voting shares confirming the right to participate in dividends and

distribution and in any surplus on a winding up.

European Fitness League Ltd issued 793 Ordinary D shares on the 1st July 2016 and 2nd July 2016.

The shares were issued for a total of £125,080.

10.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

At the year end, a director owed European Fitness League Ltd a total of £10.

11.	RELATED PARTY DISCLOSURES

During the year the company paid a corporation tax liability of £6,307 on behalf of its subsidiary Inferno

Events Limited.

12.	CRITICAL ACCOUNTING ESTIMATES AND UNCERTAINTIES

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

these financial statements.

13.	FIRST YEAR ADOPTION

This is the first year in which the financial statements have been prepared under FRS102. There were

no changes on transition.