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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
Page
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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
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Code Fitness Limited Statement of financial position as at 31 December 2023
2023 
2022 
Notes
£ 
£ 
Fixed assets
Tangible assets
1,254,155 
1,203,250 
Current assets
Debtors
22,406 
17,624 
Cash at bank and in hand
40,631 
47,664 
63,037 
65,288 
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 
Capital and reserves
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
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Code Fitness Limited Notes to the Accounts for the year ended 31 December 2023
1
Statutory information
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.
3
Accounting policies
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.
Basis of preparation
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
Presentation currency
The accounts are presented in £ sterling.
Going concern
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:
Land & buildings
Nil
Plant & machinery
15% Reducing Balance
Motor vehicles
20% Reducing Balance
Fixtures & fittings
15% Reducing Balance
Computer equipment
15% Reducing Balance
Turnover
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
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.
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Code Fitness Limited Notes to the Accounts for the year ended 31 December 2023
Deferred taxation
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
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.
Pension costs
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 
Depreciation
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 
Net book value
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 
5
Debtors
2023 
2022 
£ 
£ 
Amounts falling due within one year
Trade debtors
2,250 
400 
Accrued income and prepayments
20,156 
17,224 
22,406 
17,624 
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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 
Trade creditors
8,049 
826 
Taxes and social security
52,065 
40,093 
Other creditors
69,922 
98,899 
Accruals
1,488 
1,871 
Deferred income
2,993 
1,847 
154,401 
162,556 
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).
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