Registered number
07556354
The Climbing Gym Limited
Filleted Accounts
31 March 2023
The Climbing Gym Limited
Registered number: 07556354
Balance Sheet
as at 31 March 2023
Notes 2023 2022
£ £
Fixed assets
Intangible assets 3 32,880 -
Tangible assets 4 264,206 314,014
Investments 5 110 110
297,196 314,124
Current assets
Stocks 16,056 10,420
Debtors 6 38,227 113,232
Cash at bank and in hand 176,198 402,934
230,481 526,586
Creditors: amounts falling due within one year 7 (198,032) (255,838)
Net current assets 32,449 270,748
Total assets less current liabilities 329,645 584,872
Creditors: amounts falling due after more than one year 8 - (24,355)
Provisions for liabilities (59,710) (61,497)
Net assets 269,935 499,020
Capital and reserves
Called up share capital 100 100
Share premium 117,750 117,750
Profit and loss account 152,085 381,170
Shareholders' funds 269,935 499,020
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Mr P Barden
Director
Approved by the board on 18 October 2023
The Climbing Gym Limited
Notes to the Accounts
for the year ended 31 March 2023
1 Accounting policies
Basis of preparation
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).
Turnover
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. 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.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Plant and machinery 25% reducing balance
Bloc equipment 10% reducing balance
Clip and Climb equipment 12% reducing balance
Original holds 0% reducing balance
Office equipment 50% reducing balance
Fixtures and fittings 25% reducing balance
Computer equipment over 3 years
Investments
Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Listed investments are measured at fair value. Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the profit and loss account.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
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.
Creditors
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.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 29 28
3 Intangible fixed assets £
Website
Cost
Additions 41,100
At 31 March 2023 41,100
Amortisation
Provided during the year 8,220
At 31 March 2023 8,220
Net book value
At 31 March 2023 32,880
The costs to create the new website are being written off in equal annual instalments over its estimated economic life of 5 years.
4 Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 April 2022 787,988
Additions 263
At 31 March 2023 788,251
Depreciation
At 1 April 2022 473,974
Charge for the year 50,071
At 31 March 2023 524,045
Net book value
At 31 March 2023 264,206
At 31 March 2022 314,014
5 Investments
Investments in
subsidiary Other
undertakings investments Total
£ £ £
1 Cost
1 At 1 April 2022 110 - 110
1
1 At 31 March 2023 110 - 110
1
1 The company holds 20% or more of the share capital of the following companies:
1 Company Shares held class % Capital and reserves Proft/ (loss) for the year
1 £ £
1 Bloc Climbing Ltd Ordinary 100 10 -
1 Clip n Climb Bristol Ltd Ordinary 100 100 -
1
1
6 Debtors 2023 2022
£ £
Trade debtors 5,795 11,028
Other debtors 32,432 102,204
38,227 113,232
7 Creditors: amounts falling due within one year 2023 2022
£ £
Bank loans and overdrafts 16,930 16,930
Trade creditors 1,980 20,583
Taxation and social security costs 159,460 176,655
Other creditors 19,662 41,670
198,032 255,838
8 Creditors: amounts falling due after one year 2023 2022
£ £
Bank loans - 24,355
9 Loans 2023 2022
£ £
Creditors include:
Secured bank loans 16,930 41,285
The loan is secured against Mr and Mrs P Barden's personal property.
10 Related party transactions
2023 2022
Mr P and Mrs S Barden £ £
Directors
During the year the directors provided an interest free loan to the company.
At the balance sheet date the amount due to Mr and Mrs Barden was: (500) (3,560)
11 Controlling party
Mr P Barden and Mrs S Barden do not own more than 50% of the shares and voting rights in the company as individuals, but as they are married they are indirectly the controlling parties of the company.
12 Other information
The Climbing Gym Limited is a private company limited by shares and incorporated in England. Its registered office is:
Old Bank Building
East Street
Ilminster
Somerset
TA19 0AJ
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