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Company Registration No. 05599284 (England and Wales)
Fit 4 Sport Ltd Unaudited accounts for the year ended 31 March 2023
Fit 4 Sport Ltd Unaudited accounts Contents
Page
Company information
3
Statement of financial position
4
Notes to the accounts
5
- 2 -
Fit 4 Sport Ltd Company Information for the year ended 31 March 2023
Directors
Shelley Greene Elizabeth Armer
Secretary
Shelley Greene
Company Number
05599284 (England and Wales)
Registered Office
Park Lane Royton Oldham OL2 6PU United Kingdom
Accountants
Elevate Accounting Solutions Limited 14 John Bradshaw Court Alexandria Way Congleton CW12 1LB
- 3 -
Fit 4 Sport Ltd Statement of financial position as at 31 March 2023
2023
2022
Notes
£
£
Fixed assets
Tangible assets
4
156,531
141,284
Current assets
Inventories
304,690
349,975
Debtors
5
463,528
317,035
Cash at bank and in hand
200,513
355,778
968,731
1,022,788
Creditors: amounts falling due within one year
6
(433,429)
(514,358)
Net current assets
535,302
508,430
Total assets less current liabilities
691,833
649,714
Provisions for liabilities
Deferred tax
(18,550)
(26,204)
Net assets
673,283
623,510
Capital and reserves
Called up share capital
21
21
Profit and loss account
673,262
623,489
Shareholders' funds
673,283
623,510
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. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered 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 profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board of Directors and authorised for issue on 21 September 2023 and were signed on its behalf by
Shelley Greene Director Company Registration No. 05599284
- 4 -
Fit 4 Sport Ltd Notes to the Accounts for the year ended 31 March 2023
1
Statutory information
Fit 4 Sport Ltd is a private company, limited by shares, registered in England and Wales, registration number 05599284. The registered office is Park Lane, Royton, Oldham, OL2 6PU, United Kingdom.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
3
Accounting policies
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
Basis of preparation
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
Presentation currency
The accounts are presented in £ sterling.
Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Turnover from the sale of goods is recognised when goods have been delivered to customers such that risks and rewards of ownership have transferred to them.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Motor vehicles
Straight line on cost - 20%
Fixtures & fittings
Reducing balance - 33%
Computer equipment
Reducing balance - 33%
Inventories
Inventories have been valued at the lower of cost and estimated selling price less costs to complete and sell.
Deferred taxation
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the company's accounts. Deferred tax is provided in full on timing differences which result in an obligation to pay more (or less) tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.
Pension costs
The company operates a defined contribution scheme for the benefit of its employees. Contributions payable are recognised in the profit and loss account when due.
- 5 -
Fit 4 Sport Ltd Notes to the Accounts for the year ended 31 March 2023
Leased assets
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged against profit on a straight line basis over the lease term. Assets held under finance leases and hire purchase contracts are capitalised and depreciated over their useful lives. The corresponding lease or hire purchase obligation is treated in the balance sheet as a liability. The interest element of rental obligations is charged to the profit and loss account over the period of the lease at a constant proportion of the outstanding balance of capital repayments.
4
Tangible fixed assets
Plant & machinery
Motor vehicles
Fixtures & fittings
Computer equipment
Total
£
£
£
£
£
Cost or valuation
At cost
At cost
At cost
At cost
At 1 April 2022
8,906
192,938
80,763
63,310
345,917
Additions
-
71,595
12,056
707
84,358
Disposals
(8,906)
-
(48,198)
(37,003)
(94,107)
At 31 March 2023
-
264,533
44,621
27,014
336,168
Depreciation
At 1 April 2022
8,656
81,016
71,995
42,966
204,633
Charge for the year
-
52,907
6,943
6,021
65,871
On disposals
(8,656)
-
(48,198)
(34,013)
(90,867)
At 31 March 2023
-
133,923
30,740
14,974
179,637
Net book value
At 31 March 2023
-
130,610
13,881
12,040
156,531
At 31 March 2022
250
111,922
8,768
20,344
141,284
5
Debtors
2023
2022
£
£
Amounts falling due within one year
Trade debtors
449,231
287,545
Accrued income and prepayments
14,297
9,490
463,528
297,035
Amounts falling due after more than one year
Other debtors
-
20,000
6
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
16,694
14,018
VAT
44,886
28,268
Trade creditors
219,006
340,385
Taxes and social security
151,260
130,355
Other creditors
783
532
Accruals
800
800
433,429
514,358
- 6 -
Fit 4 Sport Ltd Notes to the Accounts for the year ended 31 March 2023
7
Average number of employees
During the year the average number of employees was 13 (2022: 13).
- 7 -