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Company registration number: 09041514
B! Health and Fitness Ltd
Unaudited filleted financial statements
31 May 2023
B! HEALTH AND FITNESS LTD
DIRECTORS AND OTHER INFORMATION
Directors Mr C W Bernhardt
Mrs S L Bernhardt
Company number 09041514
Registered office Queens House
42-44 New Street
Honiton
Devon
EX14 1BJ
Business address St Georges House
Lyme Regis
Dorset
DT7 3LS
Accountants Westcotts
Queens House
42-44 New Street
Honiton
Devon
EX14 1BJ
B! HEALTH AND FITNESS LTD
STATEMENT OF FINANCIAL POSITION
31 MAY 2023
2023 2022
Note £ £ £ £
Fixed assets
Tangible assets 5 20,418 24,871
_______ _______
20,418 24,871
Current assets
Stocks 300 300
Debtors 6 8,664 161,485
Cash at bank and in hand 634 160
_______ _______
9,598 161,945
Creditors: amounts falling due
within one year 7 ( 27,067) ( 94,794)
_______ _______
Net current (liabilities)/assets ( 17,469) 67,151
_______ _______
Total assets less current liabilities 2,949 92,022
Creditors: amounts falling due
after more than one year 8 ( 50,384) ( 135,267)
_______ _______
Net liabilities ( 47,435) ( 43,245)
_______ _______
Capital and reserves
Called up share capital 200 200
Share premium account 9 149,960 149,960
Profit and loss account 9 ( 197,595) ( 193,405)
_______ _______
Shareholders deficit ( 47,435) ( 43,245)
_______ _______
For the year ending 31 May 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 financial statements for the year in question in accordance with section 476;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 04 March 2024 , and are signed on behalf of the board by:
Mr C W Bernhardt
Director
Company registration number: 09041514
B! HEALTH AND FITNESS LTD
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 31 MAY 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Queens House, 42-44 New Street, Honiton, Devon, EX14 1BJ.
Principal activity
The principal activity of the company was that of Fitness Facilities.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that 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 that are expected to apply to the reversal of the timing difference.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Long leasehold property - Straight line over the life of the lease
Plant and machinery - 25% reducing balance
Computer equipment - 25% straight line
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.
Cash and cash equivalents
Cash and cash equivalents comprise cash at bank and in hand, demand deposits with banks and other short-term, highly-liquid investments with original maturities of three months or less and bank overdrafts. In the statement of financial position, bank overdrafts are shown within borrowing or current liabilities.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.Debt instruments are subsequently measured at amortised cost.Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at theend of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised in finance costs in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 6 (2022: 6 ).
5. Tangible assets
Long leasehold property Plant and machinery Computer equipment Total
£ £ £ £
Cost
At 1 June 2022 17,780 116,332 1,517 135,629
Additions - 1,200 - 1,200
Disposals - ( 7,500) - ( 7,500)
_______ _______ _______ _______
At 31 May 2023 17,780 110,032 1,517 129,329
_______ _______ _______ _______
Depreciation
At 1 June 2022 10,200 99,678 880 110,758
Charge for the year 1,778 2,589 212 4,579
Disposals - ( 6,426) - ( 6,426)
_______ _______ _______ _______
At 31 May 2023 11,978 95,841 1,092 108,911
_______ _______ _______ _______
Carrying amount
At 31 May 2023 5,802 14,191 425 20,418
_______ _______ _______ _______
At 31 May 2022 7,580 16,654 637 24,871
_______ _______ _______ _______
6. Debtors
2023 2022
£ £
Other debtors 8,664 161,485
_______ _______
7. Creditors: amounts falling due within one year
2023 2022
£ £
Bank loans and overdrafts 15,004 41,715
Trade creditors 326 -
Accruals and deferred income 5,046 6,193
Social security and other taxes 4,380 3,306
Other creditors 2,311 43,580
_______ _______
27,067 94,794
_______ _______
The bank loans are secured on the assets of the company and assets owned by the company directors, except for £5,536 (2022: £5,397) due in respect of the COVID Bounce Back Loan, which is guaranteed by the government.
8. Creditors: amounts falling due after more than one year
2023 2022
£ £
Bank loans and overdrafts 36,920 118,310
Other creditors 13,464 16,957
_______ _______
50,384 135,267
_______ _______
The bank loans are secured on the assets of the company and assets owned by the company directors, except for £36,920 (2022: £42,541) due in respect of the COVID Bounce Back Loan, which is guaranteed by the government.
Included within creditors: amounts falling due after more than one year is an amount of £ 3,964 (2022 £ 11,718 ) in respect of liabilities payable or repayable by instalments which fall due for payment after more than five years from the reporting date.
9. Reserves
Profit and loss account:This reserve records retained earnings and accumulated losses.Share premium account:This reserve records the amount above the nominal value received for shares sold, less transaction costs.
10. Other financial commitments
At 31 May 2023 the company had operating lease commitments as follows:Due within one year: £513Due in more than one year: £85
11. Directors advances, credits and guarantees
During the year the directors entered into the following advances and credits with the company:
2023
Balance brought forward Advances /(credits) to the directors Amounts repaid Balance o/standing
£ £ £ £
Director ( 40,982) 48,467 - 7,485
Director - 70 - 70
_______ _______ _______ _______
( 40,982) 48,537 - 7,555
_______ _______ _______ _______
2022
Balance brought forward Advances /(credits) to the directors Amounts repaid Balance o/standing
£ £ £ £
Director ( 48,467) ( 150) 7,635 ( 40,982)
Director - - - -
_______ _______ _______ _______
Directors' loans are repayable on demand and subject to interest on overdrawn balances at the official rate.
12. Going concern
The financial statements have been prepared on a going concern basis which assumes that the company will continue in operational existence for the foreseeable future. The validity of this assumption depends on the continued support from the company's directors. If the company were unable to continue in operational existence for the foreseeable future, adjustments would have to be made to reduce the balance sheet value of assets to their recoverable amounts, and to provide for further liabilities that might arise, and to reclassify fixed assets as current assets. The directors believe that it is appropriate for the financial statements to be prepared on the going concern basis.