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Registration number: 08316207

Mad Lab Fitness Ltd

Unaudited Filleted Financial Statements

for the Year Ended 31 March 2023

 

Mad Lab Fitness Ltd

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 9

 

Mad Lab Fitness Ltd

Company Information

Director

Rosie Nye Davies

Registered office

Unit 74-75 Queens Circus 326-342
Queenstown Road
London
SW11 8NE

Accountants

Carbon Accountancy Limited
Chartered Accountants
80-83 Long Lane
London
EC1A 9ET

 

Mad Lab Fitness Ltd

(Registration number: 08316207)
Balance Sheet as at 31 March 2023

Note

2023
£

(As restated)

2022
£

Fixed assets

 

Tangible assets

4

60,644

119,573

Current assets

 

Debtors

5

23,533

13,627

Cash at bank and in hand

 

63,206

50,364

 

86,739

63,991

Creditors: Amounts falling due within one year

6

(448,333)

(444,015)

Net current liabilities

 

(361,594)

(380,024)

Total assets less current liabilities

 

(300,950)

(260,451)

Creditors: Amounts falling due after more than one year

6

(23,333)

(34,008)

Net liabilities

 

(324,283)

(294,459)

Capital and reserves

 

Called up share capital

7

400

400

Retained earnings

(324,683)

(294,859)

Shareholders' deficit

 

(324,283)

(294,459)

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

Director's 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 director acknowledges 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.

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 director on 15 February 2024
 

.........................................
Rosie Nye Davies
Director

 

Mad Lab Fitness Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

1

General information

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

The address of its registered office is:
Unit 74-75 Queens Circus 326-342
Queenstown Road
London
SW11 8NE
United Kingdom

These financial statements were authorised for issue by the director on 15 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 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 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

There was a net deficiency of assets of £324,283 (2022: £294,459) at the balances sheet date, which included an amount of £195,570 owed to group undertakings and related company. The director of related company have indicated that they will not demand repayment and continue support for the foreseeable future.

The directors having carefully reviewed the future prospects of the company and its future cash flows, continue to adopt the going concern basis in preparing the finanacial statements which assumes that the company will continue in operation for the foreseeable future,being at least the next 12 months from signing of these financial statements.

 

Mad Lab Fitness Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

Prior period errors

The prior period errors represented adjustments required to correctly report understated rent accruals and overstated direct cost.

 

2023
£

2022
£

2021
£

Direct cost

-

(31,713)

-

VAT Laibilities

-

31,713

-

Rent

-

141,422

-

Accruals

-

(141,422)

-

    

Revenue recognition

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
• the amount of revenue can be measured reliably;
• it is probable that the company will receive the consideration due under the contract;
• the stage of completion of the contract at the end of the reporting period can be
• measured reliably; and
• the costs incurred and the costs to complete the contract can be measured reliably.

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

Furniture, Fixtures and Equipments

25% Reducing method

Leasehold improvement

Straight line over lease term

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.

 

Mad Lab Fitness Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

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

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.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 3 (2022 - 2).

 

Mad Lab Fitness Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

4

Tangible assets

Short leasehold land and buildings
£

Fixtures and fittings
£

Plant and machinery
£

Office equipment
£

Cost or valuation

At 1 April 2022

175,858

102,846

138,115

10,248

Additions

-

-

655

136

At 31 March 2023

175,858

102,846

138,770

10,384

Depreciation

At 1 April 2022

109,911

92,604

97,305

7,673

Charge for the year

43,965

3,125

11,981

650

At 31 March 2023

153,876

95,729

109,286

8,323

Carrying amount

At 31 March 2023

21,982

7,117

29,484

2,061

At 31 March 2022

65,947

10,242

40,810

2,574

Total
£

Cost or valuation

At 1 April 2022

427,067

Additions

791

At 31 March 2023

427,858

Depreciation

At 1 April 2022

307,493

Charge for the year

59,721

At 31 March 2023

367,214

Carrying amount

At 31 March 2023

60,644

At 31 March 2022

119,573

Included within the net book value of land and buildings above is £21,982 (2022 - £65,947) in respect of short leasehold land and buildings.
 

 

Mad Lab Fitness Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

5

Debtors

Current

2023
£

2022
£

Trade debtors

480

2,340

Prepayments

14,482

-

Other debtors

8,571

11,287

 

23,533

13,627

 

Mad Lab Fitness Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

6

Creditors

Creditors: amounts falling due within one year

Note

2023
£

(As restated)

2022
£

Due within one year

 

Loans and borrowings

8

10,000

9,676

Trade creditors

 

39,282

5,454

Amounts owed to group undertakings and undertakings in which the company has a participating interest

10

195,570

250,834

Taxation and social security

 

26,935

14,222

Accruals and deferred income

 

152,684

163,620

Other creditors

 

23,862

209

 

448,333

444,015

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

8

23,333

34,008

7

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary Share of £1 each

400

400

400

400

         

8

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Bank borrowings

23,333

34,008

 

Mad Lab Fitness Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

2023
£

2022
£

Current loans and borrowings

Bank borrowings

10,000

9,676

9

Obligations under leases and hire purchase contracts

Operating leases

The total of future minimum lease payments is as follows:

2023
£

2022
£

Not later than one year

140,740

129,500

Later than one year and not later than five years

562,960

562,960

703,700

692,460

10

Related party transactions

Summary of transactions with parent

District Fitness Group Limited

At the balance sheet date the amount owed to parent was £68,292 (2022: £68,292). These loan are unsecured, interest free and repayable on demand.

 

Summary of transactions with entities with joint control or significant interest

District Wandsworth Fitness Limited

At the balance sheet date the amount owed to District Wandsworth Fitness Limited was £127,278 (2022: £182,542). The loan is unsecured, interest free and repayable on demand.

 

11

Parent and ultimate parent undertaking

The company's immediate parent is District Fitness Group Limited (11726075), incorporated in England and Wales .