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Registration number: 05916695

PHYSICALS LTD

Unaudited Filleted Abridged Financial Statements

for the Year Ended 31 January 2023

 

PHYSICALS LTD

Contents

Company Information

1

Abridged Balance Sheet

2 to 3

Notes to the Unaudited Abridged Financial Statements

4 to 7

 

PHYSICALS LTD

Company Information

Directors

Baldev Krishain Battu

Kenneth Richard Jones

Neil Withington

Registered office

5/6 The Shrubberies
George Lane
South Woodford
London
E18 1BG

Accountants

ACCOUNTING 2 TREND LTD
3 The Shrubberies
George Lane
London
E18 1BD

 

PHYSICALS LTD

(Registration number: 05916695)
Abridged Balance Sheet as at 31 January 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

45,584

69,115

Current assets

 

Debtors

22,219

21,638

Cash at bank and in hand

 

2,462

24,283

 

24,681

45,921

Prepayments and accrued income

 

3,109

1,800

Creditors: Amounts falling due within one year

(303,162)

(260,895)

Net current liabilities

 

(275,372)

(213,174)

Total assets less current liabilities

 

(229,788)

(144,059)

Creditors: Amounts falling due after more than one year

(22,381)

(25,015)

Provisions for liabilities

(7,999)

(12,324)

Accruals and deferred income

 

-

(1,700)

Net liabilities

 

(260,168)

(183,098)

Capital and reserves

 

Called up share capital

5

100

100

Retained earnings

(260,268)

(183,198)

Shareholders' deficit

 

(260,168)

(183,098)

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

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

All of the company’s members have consented to the preparation of an Abridged Balance Sheet in accordance with Section 444(2A) of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 2 February 2024 and signed on its behalf by:
 

 

PHYSICALS LTD

(Registration number: 05916695)
Abridged Balance Sheet as at 31 January 2023

.........................................
Baldev Krishain Battu
Director

.........................................
Neil Withington
Director

 

PHYSICALS LTD

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 January 2023

1

General information

The company is a private company limited by share capital, incorporated in England.

The address of its registered office is:
5/6 The Shrubberies
George Lane
South Woodford
London
E18 1BG
England

These financial statements were authorised for issue by the Board on 2 February 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These abridged financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These abridged financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

 

PHYSICALS LTD

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 January 2023

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered 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 the reporting date and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Improvements to property

over the period of the lease

Plant and machinery

20% on reducing balance

Fixture and fittings

33% on cost

Computer equipment

33% on cost

Long leasehold

over the period of the lease

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

 

PHYSICALS LTD

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 January 2023

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 9 (2022 - 11).

4

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 February 2022

329,519

326,453

655,972

Additions

-

2,886

2,886

At 31 January 2023

329,519

329,339

658,858

Depreciation

At 1 February 2022

291,780

295,077

586,857

Charge for the year

19,492

6,925

26,417

At 31 January 2023

311,272

302,002

613,274

Carrying amount

At 31 January 2023

18,247

27,337

45,584

At 31 January 2022

37,739

31,376

69,115

Included within the net book value of land and buildings above is £18,247 (2022 - £37,739) in respect of long leasehold land and buildings.
 

 

PHYSICALS LTD

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 January 2023

5

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary shares of £1 each

100

100

100

100

         

6

Related party transactions

Loans from related parties

2023

Other related parties
£

Total
£

At start of period

38,532

38,532

Advanced

42,340

42,340

At end of period

80,872

80,872

2022

Other related parties
£

Total
£

At start of period

38,532

38,532

At end of period

38,532

38,532

Terms of loans from related parties

Directors' loan, interest free.