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REGISTERED NUMBER: 13158661 (England and Wales)















Unaudited Financial Statements

for the Year Ended 31 January 2023

for

Titan Performance Gyms Ltd

Titan Performance Gyms Ltd (Registered number: 13158661)

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


Titan Performance Gyms Ltd

Company Information
for the Year Ended 31 January 2023







DIRECTORS: Mrs L Caton
B E A Caton





REGISTERED OFFICE: HATS Gloucester Ltd
48 Hucclecote Road
Gloucester
GL3 3RS





REGISTERED NUMBER: 13158661 (England and Wales)





ACCOUNTANTS: HATS Gloucester Ltd
48 Hucclecote Road
Gloucester
Gloucestershire
GL3 3RS

Titan Performance Gyms Ltd (Registered number: 13158661)

Statement of Financial Position
31 January 2023

31/1/23 31/1/22
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 34,041 38,613

CURRENT ASSETS
Stocks 100 100
Debtors 5 11,427 11,343
Cash at bank 4,049 3,018
15,576 14,461
CREDITORS
Amounts falling due within one year 6 101,993 84,981
NET CURRENT LIABILITIES (86,417 ) (70,520 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

(52,376

)

(31,907

)

CREDITORS
Amounts falling due after more than one
year

7

11,403

14,251
NET LIABILITIES (63,779 ) (46,158 )

CAPITAL AND RESERVES
Called up share capital 2 2
Retained earnings (63,781 ) (46,160 )
SHAREHOLDERS' FUNDS (63,779 ) (46,158 )

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.

Titan Performance Gyms Ltd (Registered number: 13158661)

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 5 October 2023 and were signed on its behalf by:





B E A Caton - Director


Titan Performance Gyms Ltd (Registered number: 13158661)

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


1. STATUTORY INFORMATION

Titan Performance Gyms Ltd is a private company, limited by shares , registered in England and Wales. 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 measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

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 - 25% on reducing balance
Fixtures and fittings - 25% on reducing balance
Computer equipment - 33% on cost

Government grants
Government grants are recognised based on the accrual model and are measured at the fair value of the amount receivable. Grants relating to revenue are recognised in income over the period in which the income is receivable. The company received a grant in relation to the Coronavirus Small Business Grant scheme which is accounted as a revenue grant. £2,667 (2022 - £Nil) has been credited to the income statement in relation to this grant.

Stocks
Stocks 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 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 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.

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 their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

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

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Titan Performance Gyms Ltd (Registered number: 13158661)

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


2. ACCOUNTING POLICIES - continued

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Going concern
There was a net deficiency of assets of £63,779 at the balance sheet date, however the director has confirmed continued support and considers the company retains sufficient working capital to continue trading for the foreseeable future.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 7 (2022 - 5 ) .

4. TANGIBLE FIXED ASSETS
Fixtures
Plant and and Computer
machinery fittings equipment Totals
£    £    £    £   
Cost
At 1 February 2022 24,230 27,107 167 51,504
Additions 5,430 1,381 - 6,811
At 31 January 2023 29,660 28,488 167 58,315
Depreciation
At 1 February 2022 6,058 6,777 56 12,891
Charge for year 5,900 5,428 55 11,383
At 31 January 2023 11,958 12,205 111 24,274
Net book value
At 31 January 2023 17,702 16,283 56 34,041
At 31 January 2022 18,172 20,330 111 38,613

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 24,000
Depreciation
At 1 February 2022 6,000
Charge for year 4,500
At 31 January 2023 10,500
Net book value
At 31 January 2023 13,500
At 31 January 2022 18,000

Titan Performance Gyms Ltd (Registered number: 13158661)

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


5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31/1/23 31/1/22
£    £   
Other debtors 11,427 11,343

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31/1/23 31/1/22
£    £   
Hire purchase contracts (see note 8) 2,848 2,848
Trade creditors 2,220 16,505
Taxation and social security 8,488 1,133
Other creditors 88,437 64,495
101,993 84,981

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31/1/23 31/1/22
£    £   
Hire purchase contracts (see note 8) 11,403 14,251

8. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts
31/1/23 31/1/22
£    £   
Net obligations repayable:
Within one year 2,848 2,848
Between one and five years 11,403 14,251
14,251 17,099

Non-cancellable operating leases
31/1/23 31/1/22
£    £   
Within one year 24,300 24,300
Between one and five years 3,150 27,450
27,450 51,750

9. RELATED PARTY DISCLOSURES

At 31 January 2023, the company owed the directors B E Caton and Mrs L Caton £38,854 (2022 - £23,648). The balance owed, included within other creditors, is made of business expenses not yet reimbursed. The loan balance is repayable to the directors on demand.

N Adkins
A loan of £43,500 was made to the company during the period from a family member, included in other creditors, with no fixed repayment terms and interest paid of 3% per annun. Interest paid by the company in period was £1,407 ( 2022 - £911).