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Kokoro Fitness Ltd

Registered Number
12879987
(England and Wales)

Unaudited Financial Statements for the Year ended
30 September 2023

Kokoro Fitness Ltd
Company Information
for the year from 1 October 2022 to 30 September 2023

Directors

Mr J P Cook
Mr P A Stott

Registered Address

Vale View Broad Lane
Yate
Bristol
BS37 7BE

Registered Number

12879987 (England and Wales)
Kokoro Fitness Ltd
Statement of Financial Position
30 September 2023

Notes

2023

2022

£

£

£

£

Fixed assets
Intangible assets378,75063,000
Tangible assets433,97632,947
112,72695,947
Current assets
Stocks5639415
Debtors12,5357,933
Cash at bank and on hand7,6692,600
20,84310,948
Creditors amounts falling due within one year6(61,192)(65,172)
Net current assets (liabilities)(40,349)(54,224)
Total assets less current liabilities72,37741,723
Creditors amounts falling due after one year7(36,333)-
Provisions for liabilities8(6,455)(6,260)
Net assets29,58935,463
Capital and reserves
Called up share capital100100
Profit and loss account29,48935,363
Shareholders' funds29,58935,463
The financial statements were approved and authorised for issue by the Board of Directors on 25 March 2024, and are signed on its behalf by:
Mr P A Stott
Director
Registered Company No. 12879987
Kokoro Fitness Ltd
Notes to the Financial Statements
for the year ended 30 September 2023

1.Accounting policies
Statutory information
The company is a private company limited by shares and registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page. The company is not part of a group.
Statement of compliance
The financial statements have been prepared in compliance with FRS 102 Section 1A as it applies to the financial statements for the period and there were no material departures from the reporting standard.
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, the financial reporting standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Revenue from sale of goods
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised. Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all the following conditions are satisfied: - the amount of revenue can be measured reliably; - it is probable that the company will receive the consideration due under the contract; - the stage of completion of the contract at the end of the reporting period can be measured reliably; and - the costs incurred and the costs to complete the contract can be measured reliably. Revenue from the sale of goods is recognised when all of the following conditions are satisfied: - the company has transferred the significant risks and rewards of ownership to the buyer; - the company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold; - the amount of revenue can be measured reliably; - it is probable that the company will receive the consideration due under the transaction; and - the costs incurred or to be incurred in respect of the transaction can be measured reliably.
Employee benefits
The company operates a defined contributions plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further payment obligations. The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the company in independently administered funds.
Current taxation
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
Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only 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 and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Intangible assets
Intangible fixed assets are stated at historical cost less accumulated amortisation and any accumulated impairment losses. Amortisation is charged so as to allocate the cost of assets over their estimated useful lives. Amortisation is provided on the following basis: Goodwill - 5 years straight line The assets are reviewed annually for impairment and adjusted as necessary.
Tangible fixed assets and depreciation
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management. Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives. Depreciation is provided on the following basis: Gym equipment - 3-10 years straight line Plant and equipment - 5 years straight line The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date. Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
Stocks and work in progress
Inventories are valued at the lower of cost and estimated selling price (less any associated costs to enable such sales to complete).
Government grants or assistance
Grants are accounted for under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible assets are credited to profit or loss at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income. Grants of a revenue nature are recognised in the Statement of Income and Retained Earnings in the same period as the related expenditure.
2.Average number of employees

20232022
Average number of employees during the year66
3.Intangible assets

Goodwill

Total

££
Cost or valuation
At 01 October 2270,00070,000
Additions35,00035,000
At 30 September 23105,000105,000
Amortisation and impairment
At 01 October 227,0007,000
Charge for year19,25019,250
At 30 September 2326,25026,250
Net book value
At 30 September 2378,75078,750
At 30 September 2263,00063,000
4.Tangible fixed assets

Plant & machinery

Office Equipment

Total

£££
Cost or valuation
At 01 October 2239,083-39,083
Additions5,2921,0526,344
At 30 September 2344,3751,05245,427
Depreciation and impairment
At 01 October 226,136-6,136
Charge for year5,1401755,315
At 30 September 2311,27617511,451
Net book value
At 30 September 2333,09987733,976
At 30 September 2232,947-32,947
5.Stocks

2023

2022

££
Finished goods639415
Total639415
6.Creditors: amounts due within one year

2023

2022

££
Trade creditors / trade payables51110,326
Taxation and social security16,09713,369
Other creditors27,90933,389
Accrued liabilities and deferred income16,6758,088
Total61,19265,172
Short term creditors are measured at transaction price. Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
7.Creditors: amounts due after one year

2023

2022

££
Other creditors36,333-
Total36,333-
8.Provisions for liabilities

2023

2022

££
Net deferred tax liability (asset)6,4556,260
Total6,4556,260
9.Other commitments
The company had commitments under non-cancellable operating leases of £22,617 (2022 - £20,541).
10.Related party transactions
During the year the company operated loan accounts with the directors of the company. The amount payable to the directors of the company at the year end was £10,735 (2022 - £27,202). These loans are interest free and payable on demand.