Company registration number 12370386 (England and Wales)
TRUE FITNESS TECHNOLOGY UK LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023
PAGES FOR FILING WITH REGISTRAR
TRUE FITNESS TECHNOLOGY UK LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 6
TRUE FITNESS TECHNOLOGY UK LIMITED
BALANCE SHEET
AS AT 30 SEPTEMBER 2023
30 September 2023
- 1 -
2023
2022
Notes
$
$
$
$
Current assets
Stocks
361,550
953,939
Debtors
3
61,170
1,182,266
Cash at bank and in hand
670,590
145,869
1,093,310
2,282,074
Creditors: amounts falling due within one year
4
(1,488,947)
(2,599,871)
Net current liabilities
(395,637)
(317,797)
Capital and reserves
Called up share capital
5
131
131
Profit and loss reserves
(395,768)
(317,928)
Total equity
(395,637)
(317,797)

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

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

The financial statements were approved and signed by the director and authorised for issue on 19 March 2024
M Hacker
Director
Company Registration No. 12370386
TRUE FITNESS TECHNOLOGY UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023
- 2 -
1
Accounting policies
Company information

True Fitness Technology UK Limited is a private company limited by shares incorporated in England and Wales. The registered office is c/o Azets, Lulworth Close, Chandlers Ford, Southampton, Hampshire, SO53 3TL.

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 functional currency of the company is sterling. The financial statements are prepared in the presentation currency, which is US dollars ($). 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.

 

Summary of disclosure exemptions

The company has taken disclosure exemptions in relation to intra-group related party transactions adopted in line with paragraph 1AC.35 of FRS102.

1.2
Going concern

At the time of approving the financial statements, the director has a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The director has considered the likely future cash flows of the businesstrue for the coming months and has considered the balance sheet and facilities available at this point in time. The director considers that, with the continued support of the True Fitness group, the company can continue in business and on that basis, the financial statements are prepared on a going concern basis.

1.3
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

1.4
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

 

Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

TRUE FITNESS TECHNOLOGY UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2023
1
Accounting policies
(Continued)
- 3 -
1.5
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand and deposits held at call with banks.

1.6
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments. The company does not have any financial instruments that fall under Section 12.

 

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include trade and other debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including trade and other creditors and loans from fellow group companies, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

1.7
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.8
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

TRUE FITNESS TECHNOLOGY UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2023
1
Accounting policies
(Continued)
- 4 -
1.9

Change of presentation currency

The company changed its presentation currency from GPB to USD from 1 October 2022 The change is considered to be a change of accounting policy with retrospective application to the comparative figures. The change was made to reflect that USD is the predominant currency in the company.

 

Comparison figures in the statement of profit and loss have been re-presented to reflect average currency rate of transactions in foreign currencies during the reporting period.

 

The different components of assets and liabilities in USD correspond to the amount published in GPB translated at the USD/GPB closing rate applicable at the end of each reporting period. The same relates to the equity as a whole. As such, the change in presentation currency has not impacted the measurement of assets, liabilities, equity or any ratios between these components, such as debt to equity ratios. However, ratios that combine elements of profit and loss and the statement of financial position, may change when recalculated in USD as a result of different currency rates being applied to elements of profit and loss (average currency rate during the reporting period) and the statement of financial position (closing rates) respectively.

 

Translation adjustments and cumulative translation adjustments have been presented as if the company had used USD as the presentation currency also for the comparative figures. The company has no material effects relating to reclassification of accumulated currency translation adjustments from equity to profit and loss in the comparative figures.

2
Employees

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

2023
2022
Number
Number
Total
1
1
3
Debtors
2023
2022
Amounts falling due within one year:
$
$
Trade debtors
45,985
133,710
Amounts owed by group undertakings
14,685
1,048,556
Other debtors
500
-
0
61,170
1,182,266
TRUE FITNESS TECHNOLOGY UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2023
- 5 -
4
Creditors: amounts falling due within one year
2023
2022
$
$
Trade creditors
36,352
17,135
Amounts owed to group undertakings
1,354,853
2,367,077
Taxation and social security
11,410
14,733
Other creditors
86,332
200,926
1,488,947
2,599,871
5
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
$
$
Issued and fully paid
Ordinary shares of $1.31 each
100
100
131
131
6
Parent company

The parent company is True Fitness Technology Inc, incorporated in the United States of America. The registered office is 865 Hoff Road, O'Fallon, Missouri, 63366, United States of America.

7
Audit report information

As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:

The auditor's report was a disclaimer of opinion and the auditor reported as follows:

TRUE FITNESS TECHNOLOGY UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2023
7
Audit report information
(Continued)
- 6 -

Qualified opinion on the financial statements

We have audited the financial statements of True Fitness Technology UK Limited (the 'company') for the year ended 30 September 2023 which comprise , the balance sheet and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion, except for the effects of the matter described in the Basis for qualified opinion paragraph, the financial statements:

Basis for qualified opinion

The financial statements for the year ended 30 September 2022 include a disclaimer of opinion due to insufficient appropriate audit evidence being available concerning the completeness, existence and valuation of amounts owed by and to group undertakings, the occurrence and accuracy of related profit and loss account items, completeness and cut-off of accruals and the valuation and cut-off of stock. The comparative information included in these financial statements has not been amended from that included in the financial statements for the year ended 30 September 2022 and we have been unable to obtain sufficient appropriate audit evidence concerning the opening balance position at 1 October 2022.

 

Due to insufficient appropriate audit evidence concerning the opening balance at 1 October 2022 we have been unable to obtain sufficient appropriate audit evidence regarding the profit and loss account for the year ended 30 September 2023.

 

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standards, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our qualified opinion.

Senior Statutory Auditor:
Michael Wesley FCA
Statutory Auditor:
Azets Audit Services
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