2022-03-012023-02-282023-02-28false10037286Ravenhill Fitness 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Ravenhill Fitness Ltd

Registered Number
10037286
(England and Wales)

Unaudited Financial Statements for the Year ended
28 February 2023

Ravenhill Fitness Ltd
Company Information
for the year from 1 March 2022 to 28 February 2023

Directors

Hutchings, John
Roberts, Andrew

Registered Address

12 The Wharf 16 Bridge Street
Birmingham
B1 2JS

Registered Number

10037286 (England and Wales)
Ravenhill Fitness Ltd
Balance Sheet as at
28 February 2023

Notes

2023

2022

£

£

£

£

Fixed assets
Intangible assets711
Tangible assets8293,149327,358
293,150327,359
Current assets
Stocks5251,331
Debtors6,3183,772
Cash at bank and on hand23,62553,466
30,46858,569
Creditors amounts falling due within one year11(538,357)(624,269)
Net current assets (liabilities)(507,889)(565,700)
Total assets less current liabilities(214,739)(238,341)
Creditors amounts falling due after one year12(104,331)(146,486)
Net assets(319,070)(384,827)
Capital and reserves
Called up share capital9090
Profit and loss account(319,160)(384,917)
Shareholders' funds(319,070)(384,827)
The financial statements were approved and authorised for issue by the Board of Directors on 9 November 2023, and are signed on its behalf by:
Roberts, Andrew
Director
Registered Company No. 10037286
Ravenhill Fitness Ltd
Notes to the Financial Statements
for the year ended 28 February 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.
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 £nil (2022:£144,465). 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 year44
7.Intangible assets

Total

£
Cost or valuation
At 01 March 2230,000
At 28 February 2330,000
Amortisation and impairment
At 01 March 2229,999
At 28 February 2329,999
Net book value
At 28 February 231
At 28 February 221
8.Property, plant and equipment

Total

£
Cost or valuation
At 01 March 22475,076
Disposals(744)
At 28 February 23474,332
Depreciation and impairment
At 01 March 22147,718
Charge for year33,465
At 28 February 23181,184
Net book value
At 28 February 23293,149
At 28 February 22327,358
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 Belfast City Fitness Ltd. The company received loans from Belfast City Fitness Ltd of £36 (2022: £75,036), which are outstanding at the balance sheet date and included in creditors due within one year. These loans are interest free and repayable on demand. Mr. A Roberts, a director, advanced loans to the company. The amount due to Mr. A Roberts at the balance sheet date was £170,962 (2022: £188,462). These loans are repayable on demand and interest free. Mr. J Hutchings, a director, advanced loans to the company. The amount due to Mr. J Hutchings at the balance sheet date was £170,599 (2022: £170,599). These loans are repayable on demand and interest free.
10.Debtors within one year

2023

2022

££
Trade debtors / trade receivables2,9703,771
Other debtors-1
Prepayments and accrued income3,348-
Total6,3183,772
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.
11.Creditors within one year

2023

2022

££
Trade creditors / trade payables2,5962,792
Bank borrowings and overdrafts55,85055,850
Amounts owed to related parties3675,036
Taxation and social security24,3856,700
Other creditors367,864385,326
Accrued liabilities and deferred income87,62698,565
Total538,357624,269
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.
12.Creditors after one year

2023

2022

££
Bank borrowings and overdrafts104,331146,486
Total104,331146,486
Bank borrowings are secured by way of a fixed and floating charge over the company’s assets.