Company Registration No. 03772179 (England and Wales)
HELIO LEISURE LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED
30 NOVEMBER 2022
30 November 2022
PAGES FOR FILING WITH REGISTRAR
PM+M Solutions for Business LLP
Chartered Accountants
New Century House
Greenbank Technology Park
Challenge Way
Blackburn
Lancashire
BB1 5QB
HELIO LEISURE LTD
COMPANY INFORMATION
Directors
Mr K A Henshaw
Mr N A Henshaw
Mrs C Henshaw
Secretary
Mr N A Henshaw
Company number
03772179
Registered office
Helio Fitness, Newton Drive
Blackpool
Lancashire
FY3 8ER
Accountants
PM+M Solutions for Business LLP
New Century House
Greenbank Technology Park
Challenge Way
Blackburn
Lancashire
BB1 5QB
HELIO LEISURE LTD
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 6
HELIO LEISURE LTD
BALANCE SHEET
AS AT
30 NOVEMBER 2022
30 November 2022
- 1 -
2022
2021
Notes
£
£
£
£
Fixed assets
Intangible assets
3
69,760
78,665
Tangible assets
4
51,085
20,640
120,845
99,305
Current assets
Stocks
100
100
Debtors
5
5,402
6,142
Cash at bank and in hand
2,212
5,867
7,714
12,109
Creditors: amounts falling due within one year
6
(170,776)
(153,371)
Net current liabilities
(163,062)
(141,262)
Total assets less current liabilities
(42,217)
(41,957)
Creditors: amounts falling due after more than one year
7
(147,383)
(163,323)
Net liabilities
(189,600)
(205,280)
Capital and reserves
Called up share capital
100
100
Profit and loss reserves
(189,700)
(205,380)
Total equity
(189,600)
(205,280)

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

For the financial year ended 30 November 2022 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.

HELIO LEISURE LTD
BALANCE SHEET (CONTINUED)
AS AT
30 NOVEMBER 2022
30 November 2022
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 24 November 2023 and are signed on its behalf by:
Mr N A Henshaw
Director
Company registration number 03772179 (England and Wales)
HELIO LEISURE LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2022
- 3 -
1
Accounting policies
Company information

Helio Leisure Ltd is a private company limited by shares incorporated in England and Wales. The registered office is Helio Fitness, Newton Drive, Blackpool, Lancashire, FY3 8ER.

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
Going concern

The company meets its day to day working capital requirements through a bank loan and the continuing financial support of its directors.true

 

The directors consider that the company will continue to operate within the facilities currently agreed. However, the margin of facilities over requirements is not large and, inherently, there can be no certainty in relation to these matters.

 

The directors have confirmed that they will continue to support the company by way of their loan accounts.

 

On this basis, the directors consider it appropriate to prepare the financial statements on the going concern basis. The financial statements do not include any adjustments that would result from a withdrawal of the banking facility or the withdrawal of the directors' financial support.

1.3
Turnover

The company derives its income principally from the sale of fitness club memberships and associated joining and administration fees. Membership income is recognised on an accruals basis over the related membership period. Income relating to joining and administration fees is recognised immediately on the basis that the related service has been performed.

1.4
Intangible fixed assets - goodwill

Goodwill being the amount paid in connection with the acquisition of a business in 2010, is being amortised evenly over its estimated useful life of twenty years.

 

1.5
Tangible fixed assets

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

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

Leasehold improvements
5% on cost
Plant and equipment
25% reducing balance or period of lease
Computers
33% on cost or period of lease
HELIO LEISURE LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2022
1
Accounting policies
(Continued)
- 4 -

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.

1.6
Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

1.7
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.8
Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

 

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

1.9
Government grants

Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.

 

A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.

2
Employees

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

2022
2021
Number
Number
Total
4
4
HELIO LEISURE LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2022
- 5 -
3
Intangible fixed assets
Goodwill
£
Cost
At 1 December 2021 and 30 November 2022
178,105
Amortisation and impairment
At 1 December 2021
99,440
Amortisation charged for the year
8,905
At 30 November 2022
108,345
Carrying amount
At 30 November 2022
69,760
At 30 November 2021
78,665
4
Tangible fixed assets
Leasehold improvements
Plant and equipment
Computers
Total
£
£
£
£
Cost
At 1 December 2021
12,922
54,493
9,100
76,515
Additions
-
0
43,310
-
0
43,310
At 30 November 2022
12,922
97,803
9,100
119,825
Depreciation and impairment
At 1 December 2021
5,963
40,848
9,064
55,875
Depreciation charged in the year
646
12,183
36
12,865
At 30 November 2022
6,609
53,031
9,100
68,740
Carrying amount
At 30 November 2022
6,313
44,772
-
0
51,085
At 30 November 2021
6,959
13,645
36
20,640

 

5
Debtors
2022
2021
Amounts falling due within one year:
£
£
Other debtors
5,402
6,142
HELIO LEISURE LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2022
- 6 -
6
Creditors: amounts falling due within one year
2022
2021
£
£
Bank loans
14,427
9,193
Trade creditors
35,320
30,860
Taxation and social security
41,189
35,945
Other creditors
79,840
77,373
170,776
153,371
7
Creditors: amounts falling due after more than one year
2022
2021
£
£
Bank loans and overdrafts
76,600
92,127
Other creditors
70,783
71,196
147,383
163,323
8
Secured debts

The following secured debts are included within creditors:

 

Bank loans £91,027 (2021 - £101,320)

Finance lease £42,136 (2021 - £21,252)

Other loans £74,784 (2021 - £80,261)

 

The directors have given personal guarantees relating to the bank loans and other loans. The bank also holds a fixed and floating charge over the assets of the company.

 

The finance lease debt is secured over the assets to which it relates

9
Operating lease commitments
Lessee

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:

2022
2021
£
£
37,000
55,500
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