Company Registration No. 12539053 (England and Wales)
ERB FITNESS LTD
Unaudited accounts
for the year ended 31 March 2023
ERB FITNESS LTD
Unaudited accounts
Contents
ERB FITNESS LTD
Company Information
for the year ended 31 March 2023
Company Number
12539053 (England and Wales)
Registered Office
14 Hillyfields
Nursling
SOUTHAMPTON
HAMPSHIRE
SO16 0XQ
ENGLAND
Accountants
The Accounting Studio (Consulting) Ltd
23 Downscroft Gardens
Hedge End
Southampton
Hampshire
SO30 4RR
Chartered Accountants' report to the board of directors on the preparation of the unaudited statutory accounts of ERB FITNESS LTD for the year ended 31 March 2023
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of
ERB FITNESS LTD for the year ended
31 March 2023 as set out on pages
5 -
8 from the company's accounting records and from information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at icaew.com/membershandbook.
This report is made solely to the Board of Directors of ERB FITNESS LTD, as a body, in accordance with the terms of our engagement letter dated 1 January 2022. Our work has been undertaken solely to prepare for your approval the accounts of ERB FITNESS LTD and state those matters that we have agreed to state to the Board of Directors of ERB FITNESS LTD, as a body, in this report in accordance with AAF 07/16 as detailed at icaew.com/compilation. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than ERB FITNESS LTD and its Board of Directors as a body for our work or for this report.
It is your duty to ensure that ERB FITNESS LTD has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of ERB FITNESS LTD. You consider that ERB FITNESS LTD is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the accounts of ERB FITNESS LTD. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.
The Accounting Studio (Consulting) Ltd
Chartered Accountants
23 Downscroft Gardens
Hedge End
Southampton
Hampshire
SO30 4RR
12 September 2023
ERB FITNESS LTD
Statement of financial position
as at 31 March 2023
Tangible assets
1,284
1,077
Cash at bank and in hand
921,537
229,208
Creditors: amounts falling due within one year
(212,467)
(364,847)
Net current assets
920,762
687,802
Net assets
1,265,967
688,879
Called up share capital
1
1
Profit and loss account
1,265,966
688,878
Shareholders' funds
1,265,967
688,879
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 director acknowledges her 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 and authorised for issue on 10 October 2023 and were signed on its behalf by
Emma Rose BURGE
Director
Company Registration No. 12539053
ERB FITNESS LTD
Notes to the Accounts
for the year ended 31 March 2023
ERB FITNESS LTD is a private company, limited by shares, registered in England and Wales, registration number 12539053. The registered office is 14 Hillyfields, Nursling, SOUTHAMPTON, HAMPSHIRE, SO16 0XQ, ENGLAND.
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.
These financial statements for the year ended
31 March 2023 are the first financial statements that comply with FRS 102 Section 1A Small Entities. The date of transition is 1 April 2021.
The transition to FRS 102 Section 1A Small Entities has resulted in a small number of changes in accounting policies to those used previously.
The nature of these changes and their impact on opening equity and profit for the comparative period are explained in note
10 below.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
The accounts are presented in £ sterling.
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. 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.
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:
Fixtures & fittings
3 years
Computer equipment
Between 2 and 3 years
Investments in shares are included at fair value.
Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rates of exchange ruling at the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
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.
ERB FITNESS LTD
Notes to the Accounts
for the year ended 31 March 2023
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
Fixtures & fittings
Computer equipment
Total
Cost or valuation
At cost
At cost
At 1 April 2022
857
1,255
2,112
Disposals
-
(1,988)
(1,988)
At 31 March 2023
857
2,494
3,351
At 1 April 2022
572
463
1,035
Charge for the year
285
1,906
2,191
On disposals
-
(1,159)
(1,159)
At 31 March 2023
857
1,210
2,067
At 31 March 2023
-
1,284
1,284
At 31 March 2022
285
792
1,077
5
Investments
Other investments
Valuation at 1 April 2022
-
Fair value adjustments
(6,102)
Valuation at 31 March 2023
343,921
The fair value of the investments at the year end is based on the market value.
Amounts falling due within one year
Trade debtors
105,729
75,531
Other debtors
28,521
194,402
Amounts falling due after more than one year
Other debtors
77,442
553,508
ERB FITNESS LTD
Notes to the Accounts
for the year ended 31 March 2023
7
Creditors: amounts falling due within one year
2023
2022
Taxes and social security
165,636
309,087
Brought
Forward
Advance/
credit
Repaid
Carried
Forward
Directors Loan
553,508
84,882
560,948
77,442
553,508
84,882
560,948
77,442
During the year Ms E Burge, a director of the company was loaned a maximum amount of £561,236. The balance outstanding at the year end was £77,442. Interest is charged on the loan at 2.25%. The loan is repayable on 3rd December 2031.
9
Average number of employees
During the year the average number of employees was 2 (2022: 2).
10
Reconciliations on adoption of FRS 102