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REGISTERED NUMBER: SC434972 (Scotland)





















Unaudited Financial Statements

For The Year Ended 31 March 2023

for

Outright Fitness Ltd

Outright Fitness Ltd (Registered number: SC434972)






Contents of the Financial Statements
For The Year Ended 31 March 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4

Chartered Accountants' Report 7

Outright Fitness Ltd

Company Information
For The Year Ended 31 March 2023







DIRECTORS: A Mackinnon
S Thomson





REGISTERED OFFICE: 63 Colvilles Place
East Kilbride
Glasgow
G75 0PZ





REGISTERED NUMBER: SC434972 (Scotland)





ACCOUNTANTS: Atkinson Donnelly LLP
1 Cambuslang Court
Cambuslang
Glasgow
Strathclyde
G32 8FH

Outright Fitness Ltd (Registered number: SC434972)

Balance Sheet
31 March 2023

31.3.23 31.3.22
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 47,438 67,910

CURRENT ASSETS
Stocks 600 600
Debtors 5 6,862 10,585
Cash at bank 8,374 7,646
15,836 18,831
CREDITORS
Amounts falling due within one year 6 47,652 36,418
NET CURRENT LIABILITIES (31,816 ) (17,587 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

15,622

50,323

CREDITORS
Amounts falling due after more than one
year

7

(19,200

)

(36,000

)

PROVISIONS FOR LIABILITIES 9 (6,005 ) (13,231 )
NET (LIABILITIES)/ASSETS (9,583 ) 1,092

CAPITAL AND RESERVES
Called up share capital 2 2
Retained earnings (9,585 ) 1,090
SHAREHOLDERS' FUNDS (9,583 ) 1,092

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

Outright Fitness Ltd (Registered number: SC434972)

Balance Sheet - continued
31 March 2023


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

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 29 November 2023 and were signed on its behalf by:





A Mackinnon - Director


Outright Fitness Ltd (Registered number: SC434972)

Notes to the Financial Statements
For The Year Ended 31 March 2023

1. STATUTORY INFORMATION

Outright Fitness Ltd is a private company, limited by shares , registered in Scotland. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
The accounts have been prepared on the going concern basis on the understanding that the bank and other lenders will continue to financially support the business through these uncertain times.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.
Short leasehold - 20% on cost
Plant and machinery - 20% on cost
Fixtures and fittings - 15% on reducing balance

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

Financial instruments
Debtors
Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

Creditors
Short term trade creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Cash and Bank Balances
Cash and bank balances are measured at the transaction price.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


Outright Fitness Ltd (Registered number: SC434972)

Notes to the Financial Statements - continued
For The Year Ended 31 March 2023

2. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2022 - 2 ) .

4. TANGIBLE FIXED ASSETS
Fixtures
Short Plant and and
leasehold machinery fittings Totals
£    £    £    £   
COST
At 1 April 2022 - 180,599 - 180,599
Additions - 1,641 268 1,909
At 31 March 2023 - 182,240 268 182,508
DEPRECIATION
At 1 April 2022 - 112,689 - 112,689
Charge for year 5,186 14,387 2,808 22,381
Reclassification/transfer (14,988 ) 33,436 (18,448 ) -
At 31 March 2023 (9,802 ) 160,512 (15,640 ) 135,070
NET BOOK VALUE
At 31 March 2023 9,802 21,728 15,908 47,438
At 31 March 2022 - 67,910 - 67,910

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.23 31.3.22
£    £   
Other debtors 6,862 10,585

Outright Fitness Ltd (Registered number: SC434972)

Notes to the Financial Statements - continued
For The Year Ended 31 March 2023

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.23 31.3.22
£    £   
Bank loans and overdrafts 14,400 12,000
Taxation and social security 4,397 4,594
Other creditors 28,855 19,824
47,652 36,418

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31.3.23 31.3.22
£    £   
Bank loans 19,200 36,000

8. SECURED DEBTS

The following secured debts are included within creditors:

31.3.23 31.3.22
£    £   
Bank loans 33,600 -

The Royal Bank of Scotland PLC holds a floating charge over all the assets of the business.

9. PROVISIONS FOR LIABILITIES
31.3.23 31.3.22
£    £   
Deferred tax 6,005 13,231

Deferred
tax
£   
Balance at 1 April 2022 13,231
Provided during year (7,226 )
Balance at 31 March 2023 6,005

Chartered Accountants' Report to the Board of Directors
on the Unaudited Financial Statements of
Outright Fitness Ltd

The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Outright Fitness Ltd for the year ended 31 March 2023 which comprise the Income Statement, Balance Sheet, Statement of Changes in Equity and the related notes from the company's accounting records and from information and explanations you have given us.

As a practising member firm of ICAS, we are subject to its ethical and other professional requirements which are detailed at http://www.icas.com/accountspreparationguidance.

This report is made solely to the Board of Directors of Outright Fitness Ltd, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Outright Fitness Ltd and state those matters that we have agreed to state to the Board of Directors of Outright Fitness Ltd, as a body, in this report in accordance with the requirements of ICAS as detailed at http://www.icas.com/accountspreparationguidance. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Outright Fitness Ltd has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of Outright Fitness Ltd. You consider that Outright Fitness Ltd is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Outright Fitness Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.






Atkinson Donnelly LLP
1 Cambuslang Court
Cambuslang
Glasgow
Strathclyde
G32 8FH


29 November 2023