Company registration number 09958620 (England and Wales)
SAY FITNESS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2023
PAGES FOR FILING WITH REGISTRAR
SAY FITNESS LIMITED
CONTENTS
Page
Statement of financial position
1
Notes to the financial statements
2 - 5
SAY FITNESS LIMITED
STATEMENT OF FINANCIAL POSITION
AS AT
31 MAY 2023
31 May 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
4
328,324
332,731
Current assets
Debtors
5
315
286
Cash at bank and in hand
2,489
2,773
2,804
3,059
Creditors: amounts falling due within one year
6
(38,296)
(35,824)
Net current liabilities
(35,492)
(32,765)
Total assets less current liabilities
292,832
299,966
Creditors: amounts falling due after more than one year
7
(256,435)
(268,631)
Provisions for liabilities
(4,954)
(5,137)
Net assets
31,443
26,198
Capital and reserves
Called up share capital
8
100
100
Revaluation reserve
16,200
16,200
Profit and loss reserves
15,143
9,898
Total equity
31,443
26,198

The directors of the company have elected not to include a copy of the income statement within the financial statements.true

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

The directors acknowledge their 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 by the board of directors and authorised for issue on 14 November 2023 and are signed on its behalf by:
Mr P J Wetten
Director
Company Registration No. 09958620
SAY FITNESS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2023
- 2 -
1
Accounting policies
Company information

SAY Fitness Limited is a private company limited by shares incorporated in England and Wales. The registered office is Say House Units 2, 3 & Offices, Rudgate Business Centre, Rudgate Lane, Thorp Arch, Wetherby, LS23 7AT. The company registration number is 09958620.

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.

The financial statements have been prepared under the historical cost convention as modified for the revaluation to fair value of freehold property.

1.2
Going concern

Atruet the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The directors consider that it is appropriate to adopt the going concern basis of accounting in preparing the financial statements.

1.3
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.

1.4
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, 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:

Freehold land and buildings
1% straight line
Equipment
25% reducing balance

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.5
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss.

1.6
Cash and cash equivalents

Cash at bank and in hand are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts.

1.7
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 statement of financial position 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.

SAY FITNESS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2023
1
Accounting policies
(Continued)
- 3 -
Basic financial liabilities

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

1.8
Equity instruments

Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.9
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences.

 

Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled. Deferred tax is charged in the income statement, except when it relates to items charged directly to equity, in which case the deferred tax is also dealt with in equity.

1.10
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

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

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

There is an inherent risk when re-valuing property that the value may not reflect the sum agreed between a willing buyer and willing seller in a commercial transaction. The directors are satisfied that an appropriate valuation methodology is being adopted.

3
Employees

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

2023
2022
Number
Number
Total
2
2
SAY FITNESS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2023
- 4 -
4
Tangible fixed assets
Freehold land and buildings
Equipment
Total
£
£
£
Cost or valuation
At 1 June 2022 and 31 May 2023
348,012
12,104
360,116
Depreciation
At 1 June 2022
18,988
8,397
27,385
Depreciation charged in the year
3,481
926
4,407
At 31 May 2023
22,469
9,323
31,792
Carrying amount
At 31 May 2023
325,543
2,781
328,324
At 31 May 2022
329,024
3,707
332,731

Freehold land and buildings were revalued by the directors on 31 May 2020, and that revaluation is reflected in these accounts. The revaluation was based on a comparison of similar property in a similar location and condition.

Freehold land and buildings
2023
2022
£
£
Cost
328,012
328,012
Accumulated depreciation
(21,869)
(18,588)
Carrying value
306,143
309,424
5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Other debtors
315
286
6
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans
20,920
20,955
Taxation and social security
6,920
4,627
Other creditors
10,456
10,242
38,296
35,824
SAY FITNESS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2023
- 5 -
7
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
52,033
72,838
Other creditors
204,402
195,793
256,435
268,631
8
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary A of £1 each
1
1
1
1
Ordinary B of £1 each
99
99
99
99
100
100
100
100
9
Related party transactions
Transactions with related parties

During the year the company leased at will its freehold property to Legions Gym Limited at a market rent for the purposes of its trade as a gymnasium. Although Mr P J Wetten is not a controlling shareholder in Legions Gym Limited, he does have significant influence and control over the management decisions of Legions Gym Limited.

 

During the year, SAY Fitness Limited charged Legions Gym Limited rent of £18,000 (2022 - £18,000).

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