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Registration number: 10670858

Core Strength Equipment Ltd

Annual Report and Unaudited Financial Statements

for the Year Ended 31 March 2022

 

Core Strength Equipment Ltd

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 5

 

Core Strength Equipment Ltd

Company Information

Directors

Matthew Bloor

Danny Mills

Registered office

8 Brough Road
South Cave
Brough
East Yorkshire
HU15 2BX

Accountants

Paul Bloor
8 Brough Road
South Cave
Brough
East Yorkshire
HU15 2BX

 

Core Strength Equipment Ltd

(Registration number: 10670858)
Balance Sheet as at 31 March 2022

Note

2022
£

2021
£

Current assets

 

Stocks

4

4,000

20,000

Creditors: Amounts falling due within one year

6

(19,363)

(15,836)

Total assets less current liabilities

 

(15,363)

4,164

Creditors: Amounts falling due after more than one year

6

(25,257)

(30,000)

Net liabilities

 

(40,620)

(25,836)

Capital and reserves

 

Called up share capital

7

2

2

Profit and loss account

(40,622)

(25,838)

Shareholders' deficit

 

(40,620)

(25,836)

For the financial year ending 31 March 2022 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 accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 7 July 2022 and signed on its behalf by:
 

.........................................

Matthew Bloor
Director

 

Core Strength Equipment Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2022

1

General information

The company is a private company limited by share capital, incorporated in England.

The address of its registered office is:
8 Brough Road
South Cave
Brough
East Yorkshire
HU15 2BX

These financial statements were authorised for issue by the Board on 7 July 2022.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

 

Core Strength Equipment Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2022

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and Loss Account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2021 - 2).

4

Stocks

2022
£

2021
£

Finished goods and goods for resale

4,000

20,000

5

Debtors

2022
£

2021
£

-

-

 

Core Strength Equipment Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2022

6

Creditors

Creditors: amounts falling due within one year

Note

2022
£

2021
£

Due within one year

 

Loans and borrowings

8

16,103

14,935

Taxation and social security

 

2,059

301

Accruals and deferred income

 

1,200

600

Other creditors

 

1

-

 

19,363

15,836

Creditors: amounts falling due after more than one year

Note

2022
£

2021
£

Due after one year

 

Loans and borrowings

8

25,257

30,000

7

Share capital

Allotted, called up and fully paid shares

 

2022

2021

 

No.

£

No.

£

Ordinary Shares of £1 each

2

2

2

2

         

8

Loans and borrowings

2022
£

2021
£

Non-current loans and borrowings

Bank borrowings

25,257

30,000

2022
£

2021
£

Current loans and borrowings

Bank overdrafts

1,931

12,421

Other borrowings

14,172

2,514

16,103

14,935