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REGISTERED NUMBER: SC215323 (Scotland)















Unaudited Financial Statements for the Year Ended 31 January 2023

for

Think Fitness Limited

Think Fitness Limited (Registered number: SC215323)






Contents of the Financial Statements
for the Year Ended 31 January 2023




Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 4


Think Fitness Limited

Company Information
for the Year Ended 31 January 2023







DIRECTORS: S D Oliver
G Dalgleish





SECRETARY: S D Oliver





REGISTERED OFFICE: 3 O'Connell Street
Hawick
Roxburghshire
TD9 9HT





REGISTERED NUMBER: SC215323 (Scotland)





ACCOUNTANTS: Douglas Home & Co Ltd
Chartered Accountants
47-49 The Square
Kelso
Roxburghshire
TD5 7HW

Think Fitness Limited (Registered number: SC215323)

Statement of Financial Position
31 January 2023

31/1/23 31/1/22
Notes £    £    £    £   
FIXED ASSETS
Property, plant and equipment 4 362,863 370,871

CURRENT ASSETS
Inventories 500 500
Debtors 5 - 753
Cash in hand 803 614
1,303 1,867
CREDITORS
Amounts falling due within one year 6 162,026 150,055
NET CURRENT LIABILITIES (160,723 ) (148,188 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

202,140

222,683

CREDITORS
Amounts falling due after more than one
year

7

(120,640

)

(132,673

)

PROVISIONS FOR LIABILITIES (11,500 ) (13,000 )
NET ASSETS 70,000 77,010

CAPITAL AND RESERVES
Called up share capital 5,002 5,002
Revaluation reserve 8 123,849 123,849
Retained earnings (58,851 ) (51,841 )
SHAREHOLDERS' FUNDS 70,000 77,010

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 January 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 January 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

Think Fitness Limited (Registered number: SC215323)

Statement of Financial Position - continued
31 January 2023


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

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 16 October 2023 and were signed on its behalf by:





S D Oliver - Director


Think Fitness Limited (Registered number: SC215323)

Notes to the Financial Statements
for the Year Ended 31 January 2023

1. STATUTORY INFORMATION

Think Fitness Limited is a private company, limited by shares , registered in Scotland. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover is represented predominately by net members subcriptions and miscellaneous sales of goods, excluding value added tax.


Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Plant and machinery - 20% on cost and Over the remaining life of the lease
Fixtures and fittings - 20% on cost
Computer equipment - 20% on cost

The directors consider that the residual value of the property is the same as the fair value that has been stated in the accounts and therefore the property has not been depreciated in the current year.

Stocks
Inventories are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Think Fitness Limited (Registered number: SC215323)

Notes to the Financial Statements - continued
for the Year Ended 31 January 2023

2. ACCOUNTING POLICIES - continued

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over the term of the lease to provide a realistic net book value at the end of the lease as provided by the asset supplier.

The interest element of these obligations is charged to the profit and loss account over the relevant period. The capital element of the future payments is treated as a liability.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 5 (2022 - 5 ) .

4. PROPERTY, PLANT AND EQUIPMENT
Fixtures
Freehold Plant and and Computer
property machinery fittings equipment Totals
£    £    £    £    £   
COST
At 1 February 2022 300,000 243,489 14,775 180 558,444
Additions - 10,232 3,851 - 14,083
At 31 January 2023 300,000 253,721 18,626 180 572,527
DEPRECIATION
At 1 February 2022 - 173,805 13,681 87 187,573
Charge for year - 21,093 962 36 22,091
At 31 January 2023 - 194,898 14,643 123 209,664
NET BOOK VALUE
At 31 January 2023 300,000 58,823 3,983 57 362,863
At 31 January 2022 300,000 69,684 1,094 93 370,871

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Plant and
machinery
£   
COST
At 1 February 2022
and 31 January 2023 19,623
DEPRECIATION
At 1 February 2022 2,714
Charge for year 3,925
At 31 January 2023 6,639
NET BOOK VALUE
At 31 January 2023 12,984
At 31 January 2022 16,909

Think Fitness Limited (Registered number: SC215323)

Notes to the Financial Statements - continued
for the Year Ended 31 January 2023

4. PROPERTY, PLANT AND EQUIPMENT - continued

The depreciation figures for leased plant and machinery have been calculated by taking into account the residual values of the plant and machinery.


5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31/1/23 31/1/22
£    £   
Trade debtors - 167
Tax - 586
- 753

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31/1/23 31/1/22
£    £   
Bank loans and overdrafts 21,043 12,102
Other loans 78,943 85,324
Hire purchase contracts 12,240 13,631
Trade creditors 2,543 713
Tax 16,884 9,870
Social security and other taxes (418 ) 613
VAT 10,759 6,170
Credit card 4,642 4,637
Directors' loan accounts 356 420
Deferred income 12,727 13,658
Accrued expenses 2,307 2,917
162,026 150,055

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31/1/23 31/1/22
£    £   
RBS Loan - 1-2 years 9,805 8,283
RBS Loan - 3-5 years 19,610 24,849
RBS Loan - > 5 years 75,953 83,562
Hire purchase contracts 15,272 15,979
120,640 132,673

Amounts falling due in more than five years:

Repayable by instalments
RBS Loan - > 5 years 75,953 83,562

8. RESERVES
Revaluation
reserve
£   
At 1 February 2022
and 31 January 2023 123,849