Company registration number 12805235 (England and Wales)
PT PILATES LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023
PAGES FOR FILING WITH REGISTRAR
PT PILATES LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 4
PT PILATES LIMITED
BALANCE SHEET
AS AT
31 AUGUST 2023
31 August 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Intangible assets
3
675
928
Tangible assets
4
55,086
63,036
55,761
63,964
Current assets
Stocks
1,800
2,000
Debtors
5
500
8,124
Cash at bank and in hand
14,675
24,576
16,975
34,700
Creditors: amounts falling due within one year
6
(70,572)
(95,676)
Net current liabilities
(53,597)
(60,976)
Net assets
2,164
2,988
Capital and reserves
Called up share capital
7
100
100
Profit and loss reserves
2,064
2,888
Total equity
2,164
2,988

The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 31 August 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The director acknowledges her responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

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

The financial statements were approved and signed by the director and authorised for issue on 14 November 2023
Ms J Gambarini
Director
Company registration number 12805235 (England and Wales)
PT PILATES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023
- 2 -
1
Accounting policies
Company information

PT Pilates Limited is a private company limited by shares incorporated in England and Wales. The registered office is Bradbury House, Mission Court, Newport, Gwent, NP20 2DW.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes.

1.3
Intangible fixed assets other than goodwill

Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

 

Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.

Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Software
20% on cost
1.4
Tangible fixed assets

Tangible fixed assets are measured at cost, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Leasehold improvement
10% on reducing balance
Fixtures and fittings
20% on reducing balance
Computers
33% on cost
1.5
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

PT PILATES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2023
1
Accounting policies
(Continued)
- 3 -
1.6
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

 

Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.

1.7
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2023
2022
Number
Number
Total
1
1
3
Intangible fixed assets
Software
£
Cost
At 1 September 2022 and 31 August 2023
1,265
Amortisation and impairment
At 1 September 2022
337
Amortisation charged for the year
253
At 31 August 2023
590
Carrying amount
At 31 August 2023
675
At 31 August 2022
928
PT PILATES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2023
- 4 -
4
Tangible fixed assets
Leasehold improvement
Fixtures and fittings
Computers
Total
£
£
£
£
Cost
At 1 September 2022 and 31 August 2023
55,158
15,424
2,132
72,714
Depreciation and impairment
At 1 September 2022
5,516
3,995
167
9,678
Depreciation charged in the year
4,964
2,283
703
7,950
At 31 August 2023
10,480
6,278
870
17,628
Carrying amount
At 31 August 2023
44,678
9,146
1,262
55,086
At 31 August 2022
49,642
11,429
1,965
63,036
5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Other debtors
500
8,124
6
Creditors: amounts falling due within one year
2023
2022
£
£
Other creditors
70,572
95,676
7
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
100 Ordinary of £1 each
100
100
100
100
8
Directors' transactions

Dividends totalling £5,300 (2022 - £0) were paid in the year in respect of shares held by the company's director.

The director operates a current loan amount with the company, which is debited with payments made by the company on behalf of the director and credited with funds introduced and undrawn director's fees. At the year end the amount outstanding to the director was £68,982 (2022 - £94,098). This amount being included in creditors amounts falling due within one year.

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