ELITE GYM ACADEMY CIC

Company limited by guarantee

Company Registration Number:
NI667427 (Northern Ireland)

Unaudited statutory accounts for the year ended 28 February 2023

Period of accounts

Start date: 1 March 2022

End date: 28 February 2023

ELITE GYM ACADEMY CIC

Contents of the Financial Statements

for the Period Ended 28 February 2023

Directors report
Profit and loss
Balance sheet
Additional notes
Balance sheet notes
Community Interest Report

ELITE GYM ACADEMY CIC

Directors' report period ended 28 February 2023

The directors present their report with the financial statements of the company for the period ended 28 February 2023

Directors

The directors shown below have held office during the whole of the period from
1 March 2022 to 28 February 2023

John Shannon
Christine Shannon


The above report has been prepared in accordance with the special provisions in part 15 of the Companies Act 2006

This report was approved by the board of directors on
16 November 2023

And signed on behalf of the board by:
Name: John Shannon
Status: Director

ELITE GYM ACADEMY CIC

Profit And Loss Account

for the Period Ended 28 February 2023

2023 2022


£

£
Turnover: 67,698 65,969
Cost of sales: ( 17,027 ) ( 11,740 )
Gross profit(or loss): 50,671 54,229
Distribution costs: 0 0
Administrative expenses: ( 53,930 ) ( 65,058 )
Other operating income: 0 9,965
Operating profit(or loss): (3,259) (864)
Interest receivable and similar income: 0 0
Interest payable and similar charges: 0 0
Profit(or loss) before tax: (3,259) (864)
Tax: 0 0
Profit(or loss) for the financial year: (3,259) (864)

ELITE GYM ACADEMY CIC

Balance sheet

As at 28 February 2023

Notes 2023 2022


£

£
Fixed assets
Intangible assets:   0 0
Tangible assets: 3 47,888 36,940
Investments:   0 0
Total fixed assets: 47,888 36,940
Current assets
Stocks: 4 300 200
Debtors:   0 0
Cash at bank and in hand: 19,837 7,992
Investments:   0 0
Total current assets: 20,137 8,192
Prepayments and accrued income: 0 0
Creditors: amounts falling due within one year: 5 ( 37,404 ) ( 11,252 )
Net current assets (liabilities): (17,267) (3,060)
Total assets less current liabilities: 30,621 33,880
Creditors: amounts falling due after more than one year:   0 0
Provision for liabilities: 0 0
Accruals and deferred income: 0 0
Total net assets (liabilities): 30,621 33,880
Members' funds
Profit and loss account: 30,621 33,880
Total members' funds: 30,621 33,880

The notes form part of these financial statements

ELITE GYM ACADEMY CIC

Balance sheet statements

For the year ending 28 February 2023 the company was entitled to exemption 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 directors acknowledge their 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.

This report was approved by the board of directors on 16 November 2023
and signed on behalf of the board by:

Name: John Shannon
Status: Director

The notes form part of these financial statements

ELITE GYM ACADEMY CIC

Notes to the Financial Statements

for the Period Ended 28 February 2023

  • 1. Accounting policies

    Basis of measurement and preparation

    These financial statements have been prepared in accordance with the provisions of Section 1A (Small Entities) of Financial Reporting Standard 102

    Turnover policy

    Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

    Tangible fixed assets depreciation policy

    Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:Fittings fixtures and equipment - 10% straight line If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.

    Other accounting policies

    Basis of preparationThe financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.The financial statements are prepared in sterling, which is the functional currency of the entity.TaxationThe taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In thiscase, tax is recognised in other comprehensive income or directly in capital and reserves, respectively.Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date. Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will berecovered 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 thereporting date that are expected to apply to the reversal of the timing difference.Tangible assetsTangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses.Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves inrespect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.ImpairmentA review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets. StocksStocks are measured at the lower of cost and estimated selling price less costs to complete and sell.Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition.Government grantsGovernment grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received.Government grants are recognised using the accrual model and the performance model.Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable.Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income and not deducted from the carrying amount of the asset.Under the performance model, where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received orreceivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met.Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a liability.

ELITE GYM ACADEMY CIC

Notes to the Financial Statements

for the Period Ended 28 February 2023

  • 2. Employees

    2023 2022
    Average number of employees during the period 1 1

ELITE GYM ACADEMY CIC

Notes to the Financial Statements

for the Period Ended 28 February 2023

3. Tangible assets

Land & buildings Plant & machinery Fixtures & fittings Office equipment Motor vehicles Total
Cost £ £ £ £ £ £
At 1 March 2022 45,585 45,585
Additions 17,230 17,230
Disposals 0 0
Revaluations 0 0
Transfers 0 0
At 28 February 2023 62,815 62,815
Depreciation
At 1 March 2022 8,645 8,645
Charge for year 6,282 6,282
On disposals 0 0
Other adjustments 0 0
At 28 February 2023 14,927 14,927
Net book value
At 28 February 2023 47,888 47,888
At 28 February 2022 36,940 36,940

ELITE GYM ACADEMY CIC

Notes to the Financial Statements

for the Period Ended 28 February 2023

4. Stocks

2023 2022
£ £
Stocks 300 200
Payments on account 0 0
Total 300 200

ELITE GYM ACADEMY CIC

Notes to the Financial Statements

for the Period Ended 28 February 2023

5. Creditors: amounts falling due within one year note

2023 2022
£ £
Trade creditors 4,096 0
Taxation and social security 243 2,739
Accruals and deferred income 0 0
Other creditors 33,065 8,513
Total 37,404 11,252

COMMUNITY INTEREST ANNUAL REPORT

ELITE GYM ACADEMY CIC

Company Number: NI667427 (Northern Ireland)

Year Ending: 28 February 2023

Company activities and impact

The company’s activities have benefitted the local community of Toome and the surrounding areas by providing opportunities for all ages to participate in gymnastics - from baby and toddler sessions to recreational classes for school aged children, competitive squad activities and classes for adults. In January 2023 the club launched a Gymability programme for children and young adults with additional needs. The club membership has continued to increase during the year including babies, toddlers, children, teenagers and adults. We have continued to add classes and sessions to the timetable to offer members more opportunity to participate in the sport. Gymnasts from our teams competed throughout the year in both Regional and National competitions with success at various levels. We also offered discounted fees to families and disadvantaged members

Consultation with stakeholders

The company’s stakeholders are the members of the club. Members and their families are encouraged to talk to coaches at any time and the coaches welcome any opportunity to talk with stakeholders. The club uses direct communication and social media to engage with members and share information, and also regularly updates members on events and activities taking place in the club. A Parent’s Committee continues to meet to discuss and share ideas to then feedback to the coaches.

Directors' remuneration

The directors received £14,731 in remuneration during the year

Transfer of assets

No transfer of assets other than for full consideration

This report was approved by the board of directors on
16 November 2023

And signed on behalf of the board by:
Name: John Shannon
Status: Director