ACCOUNTS - Final Accounts

IN AND OUT FITNESS AUCHTERARDER LTD - Company Information

Caseware UK (AP4) 2016.0.208 2016.0.208 2017-07-312017-07-31The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.truetrueNo description of principal activityfalse2016-08-01 SC404303 2016-08-01 2017-07-31 SC404303 2015-08-01 2016-07-31 SC404303 2017-07-31 SC404303 2016-07-31 SC404303 c:Director1 2016-08-01 2017-07-31 SC404303 c:Director2 2016-08-01 2017-07-31 SC404303 c:RegisteredOffice 2016-08-01 2017-07-31 SC404303 d:FurnitureFittings 2016-08-01 2017-07-31 SC404303 d:FurnitureFittings 2017-07-31 SC404303 d:FurnitureFittings 2016-07-31 SC404303 d:FurnitureFittings d:OwnedOrFreeholdAssets 2016-08-01 2017-07-31 SC404303 d:CurrentFinancialInstruments 2017-07-31 SC404303 d:CurrentFinancialInstruments 2016-07-31 SC404303 d:CurrentFinancialInstruments d:WithinOneYear 2017-07-31 SC404303 d:CurrentFinancialInstruments d:WithinOneYear 2016-07-31 SC404303 d:ShareCapital 2017-07-31 SC404303 d:ShareCapital 2016-07-31 SC404303 d:RetainedEarningsAccumulatedLosses 2017-07-31 SC404303 d:RetainedEarningsAccumulatedLosses 2016-07-31 SC404303 c:OrdinaryShareClass1 2016-08-01 2017-07-31 SC404303 c:OrdinaryShareClass1 2017-07-31 SC404303 c:FRS102 2016-08-01 2017-07-31 SC404303 c:AuditExempt-NoAccountantsReport 2016-08-01 2017-07-31 SC404303 c:FullAccounts 2016-08-01 2017-07-31 SC404303 c:PrivateLimitedCompanyLtd 2016-08-01 2017-07-31 xbrli:shares iso4217:GBP xbrli:pure

Registered number: SC404303

IN AND OUT FITNESS AUCHTERARDER LTD

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2017

IN AND OUT FITNESS AUCHTERARDER LTD

COMPANY INFORMATION

Directors	Oliver James Jessop
	Melissa Piper


Registered number	SC404303


Registered office	Pentland House
	Saltire Centre
	Glenrothes
	Fife
	KY6 2AH


Accountants	EQ Accountants LLP
	Chartered Accountants
	Pentland House
	Saltire Centre
	Glenrothes
	Fife
	KY6 2AH

IN AND OUT FITNESS AUCHTERARDER LTD

REGISTERED NUMBER: SC404303

STATEMENT OF FINANCIAL POSITION

AS AT 31 JULY 2017

		2017		2016
		£		£

Fixed assets
Tangible assets	4		8,080		10,774
			8,080		10,774
Current assets
Cash at bank and in hand		13,727		9,000
		13,727		9,000
Creditors: amounts falling due within one year	5	(11,941)		(12,552)
Net current assets/(liabilities)			1,786		(3,552)
Total assets less current liabilities			9,866		7,222

Net assets			9,866		7,222

Capital and reserves
Called up share capital	6	1	1
Profit and loss account		9,865	7,221
		9,866	7,222

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by:

Oliver James Jessop

Director

Date: 13 April 2018

The notes on pages 2 to 4 form part of these financial statements.

Page 1

IN AND OUT FITNESS AUCHTERARDER LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2017

1.	General information

The Company is limited by shares and incorporated in Scotland; Registration Number SC404303. The registered office address is Pentland House, Saltire Centre, Glenrothes, Fife, KY6 2AH.
The financial statements are presented in Sterling which is the functional currency of the company and rounded to the nearest £.

2.Accounting policies

2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

Transition to FRS102-1A
This is the first year that the company has presented financial statements under FRS102-1A. The last financial statements under existing UK GAAP were for the year ended 31 July 2016. The date of transition was 1 August 2015. It should be noted that the transition to FRS102-1A resulted in no changes to to the previously reported figures.

The following principal accounting policies have been applied:

2.2

Turnover

Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Company and the turnover can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before turnover is recognised:

Rendering of services

Turnover from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:

∙the amount of turnover can be measured reliably;

∙it is probable that the Company will receive the consideration due under the contract;

∙the stage of completion of the contract at the end of the reporting period can be measured reliably; and

∙the costs incurred and the costs to complete the contract can be measured reliably.

2.3

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Page 2

IN AND OUT FITNESS AUCHTERARDER LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2017

2.Accounting policies (continued)

2.3

Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Fixtures and fittings

25%

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in the Statement of Income and Retained Earnings.

2.4

Financial instruments

The Company only enters into basic financial instrument 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, loans to related parties and investments in non-puttable ordinary shares.

2.5

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting. Dividends on shares recognised as liabilities are recognised as expenses and classified within interest payable.

2.6

Taxation

Tax is recognised in the Statement of Income and Retained Earnings, except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company operates and generates income.

Employees

The average monthly number of employees, including directors, during the year was 2 (2016 - 2).

Page 3

IN AND OUT FITNESS AUCHTERARDER LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2017

4.	Tangible fixed assets

		Fixtures and fittings
		£
	Cost or valuation
	At 1 August 2016	10,774
	At 31 July 2017	10,774
	Depreciation
	Charge for the year on owned assets	2,694
	At 31 July 2017	2,694
	Net book value
	At 31 July 2017	8,080
	At 31 July 2016	10,774

5.	Creditors: Amounts falling due within one year
		2017	2016
		£	£

Corporation tax	5,669	2,987
Other creditors	5,072	9,072
Accruals and deferred income	1,200	493
	11,941	12,552

6.	Share capital
		2017	2016
		£	£

Allotted, called up and fully paid

2 Ordinary shares of £0.50 each	1	1

7.	First time adoption of FRS 102 The policies applied under the entity's previous accounting framework are not materially different to FRS 102 and have not impacted on equity or profit or loss.

Page 4