2022-02-012023-01-312023-01-31false10382275Belfast City Fitness 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Belfast City Fitness Ltd

Registered Number
10382275
(England and Wales)

Unaudited Financial Statements for the Year ended
31 January 2023

Belfast City Fitness Ltd
Company Information
for the year from 1 February 2022 to 31 January 2023

Directors

Hutchings, John
Roberts, Andrew

Registered Address

Unit 12 The Wharf
16 Bridge Street
Birmingham
B1 2JS

Registered Number

10382275 (England and Wales)
Belfast City Fitness Ltd
Balance Sheet as at
31 January 2023

Notes

2023

2022

£

£

£

£

Fixed assets
Intangible assets75,50011,000
Tangible assets8399,200378,892
404,700389,892
Current assets
Stocks1,0761,075
Debtors10,42377,585
Cash at bank and on hand52,073228,113
63,572306,773
Creditors amounts falling due within one year12(451,840)(555,072)
Net current assets (liabilities)(388,268)(248,299)
Total assets less current liabilities16,432141,593
Creditors amounts falling due after one year13(139,046)(311,617)
Net assets(122,614)(170,024)
Capital and reserves
Called up share capital9090
Profit and loss account(122,704)(170,114)
Shareholders' funds(122,614)(170,024)
The financial statements were approved and authorised for issue by the Board of Directors on 22 September 2023, and are signed on its behalf by:
Roberts, Andrew
Director
Registered Company No. 10382275
Belfast City Fitness Ltd
Notes to the Financial Statements
for the year ended 31 January 2023

1.Statutory information
The company is a private company limited by shares and registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.
2.Compliance with applicable reporting framework
The financial statements have been prepared in compliance with FRS 102 Section 1A as it applies to the financial statements for the period and there were no material departures from the reporting standard.
3.Basis of measurement used in financial statements
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, the financial reporting standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
4.Accounting policies
Functional and presentation currency policy
The financial statements are presented in sterling and this is the functional currency of the company.
Turnover policy
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services.
Property, plant and equipment policy
Tangible fixed assets are stated at cost or valuation less depreciation. Leasehold Property is depreciated over the 15 year term of the lease. Depreciation is provided on all other tangible fixed assets as follows:

Reducing balance (%)
Fixtures and fittings20
Intangible assets policy
Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses. All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.
Stocks policy
Inventories are valued at the lower of cost and estimated selling price (less any associated costs to enable such sales to complete).
Revenue recognition policy
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Foreign currency translation and operations policy
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
Government grants and other government assistance policy
Government grants are accounted for when the success of the application has been confirmed, or when the actual funds are received.
Leases policy
Rentals paid under operating leases are charged to the Statement of comprehensive income on a straight line basis over the lease term. Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset. The Company has taken advantage of the optional exemption available on transition to FRS 102 which allows lease incentives on leases entered into before the date of transition to the standard 01 April 2017 to continue to be charged over the period to the first market rent review rather than the term of the lease.
Employee benefits policy
The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations. The contributions are recognised as an expense in the Profit & Loss Account when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the Company in independently administered funds.
Going concern
The financial statements have been prepared under the going concern basis in the expectation that the directors and shareholders will continue to support the company as necessary.
5.Exceptional items
Included within the Profit & Loss account is an exceptional item which relates to Insurance Proceeds of £39,813 (2022:£167,243). This was received due to the downturn in turnover caused by the pandemic and Coronavirus.
6.Employee information

20232022
Average number of employees during the year55
7.Intangible assets

Total

£
Cost or valuation
At 01 February 2227,500
At 31 January 2327,500
Amortisation and impairment
At 01 February 2216,500
Charge for year5,500
At 31 January 2322,000
Net book value
At 31 January 235,500
At 31 January 2211,000
8.Property, plant and equipment

Total

£
Cost or valuation
At 01 February 22572,879
Additions86,014
At 31 January 23658,893
Depreciation and impairment
At 01 February 22193,987
Charge for year65,706
At 31 January 23259,693
Net book value
At 31 January 23399,200
At 31 January 22378,892
9.Description of nature of transactions and balances with related parties
The directors of the company, Mr A Roberts, Mr J Hutchings and Mr B Bate are directors and shareholders of Ravenhill Fitness Ltd. The company has advanced loans to Ravenhill Fitness Ltd of £436 (2022: £75,036), which are outstanding at the balance sheet date and included in debtors due within one year. These loans is interest free and repayable on demand. A director, Mr. A Roberts, has advanced loans to the company. The amount due to Mr. A Roberts at the balance sheet date was £106,061 (2022: £186,611). These loans are repayable on demand and interest free. A director, Mr. J Hutchings, has advanced loans to the company. The amount due to Mr. J Hutchings at the balance sheet date was £81,003 (2022: £81,003). These loans are repayable on demand and interest free.
10.Directors advances, credits and guarantees

Brought forward

Amount advanced

Amount repaid

Carried forward

££££
Bate, Bradley Alexander49700497
49700497
A director, Mr. B Bate, has received loans from the company. The amount due from Mr. B Bate at the balance sheet date was £497 (2022: £497). These loans are repayable on demand and interest free.
11.Debtors within one year

2023

2022

££
Trade debtors / trade receivables4201,368
Amounts owed by associates and joint ventures / participating interests43675,036
Other debtors8,4491,181
Prepayments and accrued income1,118-
Total10,42377,585
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
12.Creditors within one year

2023

2022

££
Trade creditors / trade payables24,27715,389
Bank borrowings and overdrafts71,95472,659
Taxation and social security1,01220,624
Finance lease and HP contracts33,78333,783
Other creditors187,538268,054
Accrued liabilities and deferred income133,276144,563
Total451,840555,072
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method. Bank borrowings are secured by way of a fixed and floating charge over the company’s assets. Included within other creditors is a hire purchase liability which is secured by way of a fixed charge over the relevant assets.
13.Creditors after one year

2023

2022

££
Bank borrowings and overdrafts124,577266,186
Other creditors14,46945,431
Total139,046311,617
Bank borrowings are secured by way of a fixed and floating charge over the company’s assets. Included within other creditors is a hire purchase liability which is secured by way of a fixed charge over the relevant assets.
14.Finance lease and HP contracts after one year

2023

2022

££
Finance lease and HP contracts14,46945,431