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COMPANY REGISTRATION NUMBER: SC487096
Urbn Fitness Ltd
Filleted Unaudited Financial Statements
For the year ended
31 December 2021
Urbn Fitness Ltd
Statement of Financial Position
31 December 2021
2021
2020
Note
£
£
Fixed assets
Tangible assets
6
232,902
252,976
Investments
7
100
100
---------
---------
233,002
253,076
Current assets
Stocks
2,546
4,449
Debtors
8
46,003
29,939
Cash at bank and in hand
302,964
541,655
---------
---------
351,513
576,043
Creditors: amounts falling due within one year
9
478,705
504,766
---------
---------
Net current (liabilities)/assets
( 127,192)
71,277
---------
---------
Total assets less current liabilities
105,810
324,353
Creditors: amounts falling due after more than one year
10
72,917
187,500
Provisions
Taxation including deferred tax
35,470
27,095
---------
---------
Net (liabilities)/assets
( 2,577)
109,758
---------
---------
Capital and reserves
Called up share capital
11
2,000
2,000
Profit and loss account
( 4,577)
107,758
-------
---------
Shareholders (deficit)/funds
( 2,577)
109,758
-------
---------
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 31 December 2021 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 .
Urbn Fitness Ltd
Statement of Financial Position (continued)
31 December 2021
These financial statements were approved by the board of directors and authorised for issue on 19 August 2022 , and are signed on behalf of the board by:
Ms M Meehan
Director
Company registration number: SC487096
Urbn Fitness Ltd
Notes to the Financial Statements
Year ended 31 December 2021
1. General information
The company is a private company limited by shares, registered in Scotland. The address of the registered office is 35 Haddington Place, Edinburgh, EH7 4AG.
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 financial statements have been prepared on a going concern basis, which is dependent on the ongoing support of the directors. The directors have assessed the Company's ability to continue as a going concern and have a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future. The directors are not seeking immediate repayment of their loans, thus they continue to adopt the going concern basis of accounting the financial statements .
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax.
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.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and 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:
Leasehold improvements
-
5 years, 10 years, and 15 years straight line
Plant & machinery
-
3 years straight line
Investments in associates
Investments in associates accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses. Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the associate arising before or after the date of acquisition.
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.
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.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Financial instruments
A financial asset or financial liability is recognised only when the company becomes a party to the contractual provisions of the financial instrument. Basic financial assets, which include trade and other receivables and cash and bank balances, are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future receipts discounted at the market rate of interest for a similar debt instrument. Basic financial liabilities, which include trade creditors and other payables, are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future receipts discounted at the market rate of interest for a similar debt instrument. At each reporting date the company assesses whether there is objective evidence that any financial asset has been impaired. A provision for impairment is established when there is objective evidence that the company will not be able to collect all amounts due. The amount of the provision is recognised immediately in profit or loss.
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 18 (2020: 27 ).
5. Tax on loss
Major components of tax income
2021
2020
£
£
Current tax:
UK current tax (income)/expense
( 21,003)
4,733
Deferred tax:
Origination and reversal of timing differences
8,375
( 5,961)
--------
-------
Tax on loss
( 12,628)
( 1,228)
--------
-------
6. Tangible assets
Leasehold improvements
Plant and machinery
Total
£
£
£
Cost
At 1 January 2021
388,306
105,141
493,447
Additions
5,511
24,617
30,128
---------
---------
---------
At 31 December 2021
393,817
129,758
523,575
---------
---------
---------
Depreciation
At 1 January 2021
147,591
92,880
240,471
Charge for the year
39,727
10,475
50,202
---------
---------
---------
At 31 December 2021
187,318
103,355
290,673
---------
---------
---------
Carrying amount
At 31 December 2021
206,499
26,403
232,902
---------
---------
---------
At 31 December 2020
240,715
12,261
252,976
---------
---------
---------
7. Investments
Shares in group undertakings
£
Cost
At 1 January 2021 and 31 December 2021
100
----
Impairment
At 1 January 2021 and 31 December 2021
----
Carrying amount
At 31 December 2021
100
----
At 31 December 2020
100
----
8. Debtors
2021
2020
£
£
Trade debtors
9,410
438
Other debtors
36,593
29,501
--------
--------
46,003
29,939
--------
--------
9. Creditors: amounts falling due within one year
2021
2020
£
£
Bank loans and overdrafts
125,000
62,500
Corporation tax
4,733
Social security and other taxes
37,453
69,795
Tribe Academy
100
100
Other creditors
316,152
367,638
---------
---------
478,705
504,766
---------
---------
The bank loan is secured by a charge over the assets of the company.
10. Creditors: amounts falling due after more than one year
2021
2020
£
£
Bank loans and overdrafts
72,917
187,500
--------
---------
The bank loan is secured by a charge over the assets of the company .
11. Called up share capital
Authorised share capital
2021
2020
No.
£
No.
£
Ordinary shares of £ 1 each
2,000
2,000
2,000
2,000
-------
-------
-------
-------
Issued, called up and fully paid
2021
2020
No.
£
No.
£
Ordinary shares of £ 1 each
2,000
2,000
2,000
2,000
-------
-------
-------
-------
12. Operating leases
The total future minimum lease payments under non-cancellable operating leases are as follows:
2021
2020
£
£
Not later than 1 year
127,880
131,292
Later than 1 year and not later than 5 years
511,967
521,688
Later than 5 years
160,725
294,729
---------
---------
800,572
947,709
---------
---------