Silverfin false false 30/09/2023 01/10/2022 30/09/2023 M J Hughes 12/09/2013 10 April 2024 The principal activity of the company continued to be that of the sale of gym wear. 08687090 2023-09-30 08687090 bus:Director1 2023-09-30 08687090 2022-09-30 08687090 core:CurrentFinancialInstruments 2023-09-30 08687090 core:CurrentFinancialInstruments 2022-09-30 08687090 core:Non-currentFinancialInstruments 2023-09-30 08687090 core:Non-currentFinancialInstruments 2022-09-30 08687090 core:ShareCapital 2023-09-30 08687090 core:ShareCapital 2022-09-30 08687090 core:SharePremium 2023-09-30 08687090 core:SharePremium 2022-09-30 08687090 core:RetainedEarningsAccumulatedLosses 2023-09-30 08687090 core:RetainedEarningsAccumulatedLosses 2022-09-30 08687090 core:ComputerSoftware 2022-09-30 08687090 core:PatentsTrademarksLicencesConcessionsSimilar 2022-09-30 08687090 core:ComputerSoftware 2023-09-30 08687090 core:PatentsTrademarksLicencesConcessionsSimilar 2023-09-30 08687090 core:OfficeEquipment 2022-09-30 08687090 core:OfficeEquipment 2023-09-30 08687090 2022-10-01 2023-09-30 08687090 bus:FilletedAccounts 2022-10-01 2023-09-30 08687090 bus:SmallEntities 2022-10-01 2023-09-30 08687090 bus:AuditExemptWithAccountantsReport 2022-10-01 2023-09-30 08687090 bus:PrivateLimitedCompanyLtd 2022-10-01 2023-09-30 08687090 bus:Director1 2022-10-01 2023-09-30 08687090 core:OfficeEquipment 2022-10-01 2023-09-30 08687090 2021-10-01 2022-09-30 iso4217:GBP xbrli:pure

Company No: 08687090 (England and Wales)

PURSUE FITNESS LTD

Unaudited Financial Statements
For the financial year ended 30 September 2023
Pages for filing with the registrar

PURSUE FITNESS LTD

Unaudited Financial Statements

For the financial year ended 30 September 2023

Contents

PURSUE FITNESS LTD

BALANCE SHEET

As at 30 September 2023
PURSUE FITNESS LTD

BALANCE SHEET (continued)

As at 30 September 2023
Note 2023 2022
£ £
Fixed assets
Intangible assets 3 21,401 21,401
Tangible assets 4 13,229 11,089
34,630 32,490
Current assets
Stocks 1,212,994 1,046,463
Debtors 5 648,524 327,004
Cash at bank and in hand 1,853,412 1,223,107
3,714,930 2,596,574
Creditors: amounts falling due within one year 6 ( 887,694) ( 559,535)
Net current assets 2,827,236 2,037,039
Total assets less current liabilities 2,861,866 2,069,529
Creditors: amounts falling due after more than one year 7 ( 40,000) ( 57,998)
Provision for liabilities ( 3,307) ( 2,772)
Net assets 2,818,559 2,008,759
Capital and reserves
Called-up share capital 180 180
Share premium account 10,000 10,000
Profit and loss account 2,808,379 1,998,579
Total shareholder's funds 2,818,559 2,008,759

For the financial year ending 30 September 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 financial statements of Pursue Fitness Ltd (registered number: 08687090) were approved and authorised for issue by the Director on 10 April 2024. They were signed on its behalf by:

M J Hughes
Director
PURSUE FITNESS LTD

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 September 2023
PURSUE FITNESS LTD

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 September 2023
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Pursue Fitness Ltd (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Carlyle House, 78 Chorley New Road, Bolton, BL1 4BY, England, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Foreign currency

Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the Balance Sheet date are reported at the rates of exchange prevailing at that date.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes.

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.

Employee benefits

Short term benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Defined contribution schemes
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

Taxation

Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

Intangible assets

Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.

Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Computer software not amortised
Trademarks, patents and licences not amortised
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Office equipment 25 % reducing balance

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Impairment of assets

At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to 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.

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.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

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.

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 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.

Basic financial liabilities
Basic financial liabilities, including creditors, bank loans 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.

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.

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.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Balance Sheet date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

2. Employees

2023 2022
Number Number
Monthly average number of persons employed by the Company during the year, including the director 6 5

3. Intangible assets

Computer software Trademarks, patents
and licences
Total
£ £ £
Cost
At 01 October 2022 9,089 12,312 21,401
At 30 September 2023 9,089 12,312 21,401
Accumulated amortisation
At 01 October 2022 0 0 0
At 30 September 2023 0 0 0
Net book value
At 30 September 2023 9,089 12,312 21,401
At 30 September 2022 9,089 12,312 21,401

4. Tangible assets

Office equipment Total
£ £
Cost
At 01 October 2022 23,050 23,050
Additions 6,187 6,187
At 30 September 2023 29,237 29,237
Accumulated depreciation
At 01 October 2022 11,961 11,961
Charge for the financial year 4,047 4,047
At 30 September 2023 16,008 16,008
Net book value
At 30 September 2023 13,229 13,229
At 30 September 2022 11,089 11,089

5. Debtors

2023 2022
£ £
Corporation tax 128,925 0
Other debtors 519,599 327,004
648,524 327,004

6. Creditors: amounts falling due within one year

2023 2022
£ £
Bank loans 20,000 18,301
Trade creditors 149,980 67,480
Taxation and social security 624,687 316,932
Other creditors 93,027 156,822
887,694 559,535

7. Creditors: amounts falling due after more than one year

2023 2022
£ £
Bank loans 40,000 57,998

8. Related party transactions

Transactions with the entity's director

Advances

During the year, the Company made a loan to the Director of £382,000, of which no interest was charged.