Company Registration No. 08415834 (England and Wales)
Code Fitness Limited
Unaudited accounts
for the year ended 31 December 2023
Code Fitness Limited
Unaudited accounts
Contents
Code Fitness Limited
Company Information
for the year ended 31 December 2023
Directors
S J McClory
L S J Watson
Company Number
08415834 (England and Wales)
Registered Office
William Hall Way Fernwood Business Park
Fernwood
Newark
Nottinghamshire
NG24 3NG
England
Accountants
Future Cloud Accounting Limited
14 Halifax Court
Fernwood Business Centre
Newark
Nottinghamshire
NG24 3JP
Code Fitness Limited
Statement of financial position
as at 31 December 2023
Tangible assets
1,254,155
1,203,250
Cash at bank and in hand
40,631
47,664
Creditors: amounts falling due within one year
(154,401)
(162,556)
Net current liabilities
(91,364)
(97,268)
Total assets less current liabilities
1,162,791
1,105,982
Creditors: amounts falling due after more than one year
(558,708)
(578,760)
Provisions for liabilities
Deferred tax
(59,775)
(55,691)
Net assets
544,308
471,531
Called up share capital
2
2
Profit and loss account
544,306
471,529
Shareholders' funds
544,308
471,531
For the year ending 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board of Directors and authorised for issue on 8 April 2024 and were signed on its behalf by
S J McClory
Director
Company Registration No. 08415834
Code Fitness Limited
Notes to the Accounts
for the year ended 31 December 2023
Code Fitness Limited is a private company, limited by shares, registered in England and Wales, registration number 08415834. The registered office is William Hall Way Fernwood Business Park, Fernwood, Newark, Nottinghamshire, NG24 3NG, England.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
The accounts are presented in £ sterling.
At the year end the company's current liabilities exceeded its assets by £95,783 (2022: £97,268) .The shareholders have confirmed that they will continue to support the company to enable it to meet its liabilities. The financial statements have therefore been prepared on the going concern basis.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Plant & machinery
15% Reducing Balance
Motor vehicles
20% Reducing Balance
Fixtures & fittings
15% Reducing Balance
Computer equipment
15% Reducing Balance
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Turnover from the sale of goods is recognised when goods have been delivered to customers such that risks and rewards of ownership have transferred to them. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Inventories have been valued at the lower of cost and estimated selling price less costs to complete and sell. In respect of work in progress and finished goods, cost includes a relevant proportion of overheads according to the stage of manufacturing/completion.
Code Fitness Limited
Notes to the Accounts
for the year ended 31 December 2023
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the company's accounts. Deferred tax is provided in full on timing differences which result in an obligation to pay more (or less) tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws.
Deferred tax assets and liabilities are not discounted.
Government grants in relation to tangible fixed assets are credited to profit and loss account over the useful lives of the related assets, whereas those in relation to expenditure are credited when the expenditure is charged to profit and loss.
The company operates a defined contribution scheme for the benefit of its employees. Contributions payable are recognised in the profit and loss account when due.
4
Tangible fixed assets
Land & buildings
Plant & machinery
Fixtures & fittings
Computer equipment
Total
Cost or valuation
At cost
At cost
At cost
At cost
At 1 January 2023
1,086,222
203,184
23,993
7,559
1,320,958
Additions
34,752
10,610
26,189
2,385
73,936
Disposals
-
(3,430)
(2,326)
(2,352)
(8,108)
At 31 December 2023
1,120,974
210,364
47,856
7,592
1,386,786
At 1 January 2023
-
104,463
10,400
2,845
117,708
Charge for the year
-
15,417
4,866
832
21,115
On disposals
-
(2,595)
(1,885)
(1,712)
(6,192)
At 31 December 2023
-
117,285
13,381
1,965
132,631
At 31 December 2023
1,120,974
93,079
34,475
5,627
1,254,155
At 31 December 2022
1,086,222
98,721
13,593
4,714
1,203,250
Amounts falling due within one year
Accrued income and prepayments
20,156
17,224
Code Fitness Limited
Notes to the Accounts
for the year ended 31 December 2023
6
Creditors: amounts falling due within one year
2023
2022
Bank loans and overdrafts
19,884
19,020
Taxes and social security
52,065
40,093
Other creditors
69,922
98,899
Deferred income
2,993
1,847
7
Creditors: amounts falling due after more than one year
2023
2022
Bank loans
558,708
578,760
Aggregate of amounts that fall due for payment after five years
469,516
493,486
The bank loans are largely secured on the business premises but also partly by guarantees from S McClory and L Watson.
8
Average number of employees
During the year the average number of employees was 5 (2022: 7).