REGISTERED NUMBER: |
Unaudited Financial Statements |
for the Year Ended 30 September 2023 |
for |
Physique Management Company Limited |
REGISTERED NUMBER: |
Unaudited Financial Statements |
for the Year Ended 30 September 2023 |
for |
Physique Management Company Limited |
Physique Management Company Limited (Registered number: 03580515) |
Contents of the Financial Statements |
for the Year Ended 30 SEPTEMBER 2023 |
Page |
Balance Sheet | 1 |
Notes to the Financial Statements | 3 |
Physique Management Company Limited (Registered number: 03580515) |
Balance Sheet |
30 SEPTEMBER 2023 |
30.9.23 | 30.9.22 |
Notes | £ | £ |
FIXED ASSETS |
Intangible assets | 4 |
Tangible assets | 5 |
CURRENT ASSETS |
Stocks | 6 |
Debtors | 7 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 8 | ( |
) | ( |
) |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
9 |
( |
) |
( |
) |
PROVISIONS FOR LIABILITIES | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital |
Share premium |
Retained earnings |
SHAREHOLDERS' FUNDS |
The director acknowledges his responsibilities for: |
(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
Physique Management Company Limited (Registered number: 03580515) |
Balance Sheet - continued |
30 SEPTEMBER 2023 |
In accordance with Section 444 of the Companies Act 2006, the Profit and loss account has not been delivered. |
The financial statements were approved by the director and authorised for issue on |
Physique Management Company Limited (Registered number: 03580515) |
Notes to the Financial Statements |
for the Year Ended 30 SEPTEMBER 2023 |
1. | STATUTORY INFORMATION |
Physique Management Company Limited is a private company, limited by shares, registered in England and Wales, registration number 03580515. The registered office is Solar House, PF 915 High Road, North Finchley, London N12 8QJ. |
The presentation currency of the financial statements is pound sterling (£) and the level of rounding is the nearest £1. |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Turnover |
Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Company and the turnover can be reliably measured. Turnover 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: |
Sale of goods |
Turnover 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 turnover 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. |
Intangible assets |
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses. |
Patents and licences are being amortised evenly over their estimated useful life of 10 years on cost. |
Development costs are being amortised on 25% reducing balance. |
Tangible fixed assets |
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, on a straight line and reducing balance basis. |
Depreciation is provided on the following basis: |
Plant and machinery - 25% on reducing balance |
Fixtures and fittings - 20% on reducing balance |
Motor vehicles - 25% on cost |
Long leasehold - 15 years on cost |
Improvement to property - 15 years on cost |
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 the Profit and loss account. |
Physique Management Company Limited (Registered number: 03580515) |
Notes to the Financial Statements - continued |
for the Year Ended 30 SEPTEMBER 2023 |
2. | ACCOUNTING POLICIES - continued |
Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a FIFO basis. |
At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss. |
Financial instruments |
The company has entered into basic financial instruments and transactions that result in the recognition of financial assets and liabilities like other debtors,creditors and loans to related parties. |
Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is fund, an impairment loss is recognised in the profit and loss. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and loss account, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
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. |
Foreign currencies |
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result. |
Leasing commitments |
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
Pension costs and other post-retirement benefits |
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate. |
Physique Management Company Limited (Registered number: 03580515) |
Notes to the Financial Statements - continued |
for the Year Ended 30 SEPTEMBER 2023 |
2. | ACCOUNTING POLICIES - continued |
Debtors |
Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment. |
Cash |
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. |
Creditors |
Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
4. | INTANGIBLE FIXED ASSETS |
Other |
intangible |
assets |
£ |
COST |
Additions |
At 30 September 2023 |
AMORTISATION |
Charge for year |
At 30 September 2023 |
NET BOOK VALUE |
At 30 September 2023 |
5. | TANGIBLE FIXED ASSETS |
Improvements |
Long | to | Plant and |
leasehold | property | machinery |
£ | £ | £ |
COST |
At 1 October 2022 |
Additions |
At 30 September 2023 |
DEPRECIATION |
At 1 October 2022 |
Charge for year |
At 30 September 2023 |
NET BOOK VALUE |
At 30 September 2023 |
At 30 September 2022 |
Physique Management Company Limited (Registered number: 03580515) |
Notes to the Financial Statements - continued |
for the Year Ended 30 SEPTEMBER 2023 |
5. | TANGIBLE FIXED ASSETS - continued |
Fixtures |
and | Motor |
fittings | vehicles | Totals |
£ | £ | £ |
COST |
At 1 October 2022 |
Additions |
At 30 September 2023 |
DEPRECIATION |
At 1 October 2022 |
Charge for year |
At 30 September 2023 |
NET BOOK VALUE |
At 30 September 2023 |
At 30 September 2022 |
6. | STOCKS |
30.9.23 | 30.9.22 |
£ | £ |
Stocks |
7. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
30.9.23 | 30.9.22 |
£ | £ |
Trade debtors |
Other debtors |
8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
30.9.23 | 30.9.22 |
£ | £ |
Trade creditors |
Amounts owed to group undertakings |
Taxation and social security |
Other creditors |
9. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
30.9.23 | 30.9.22 |
£ | £ |
Other creditors |
10. | LEASING AGREEMENTS |
Minimum lease payments under non-cancellable operating leases fall due as follows: |
30.9.23 | 30.9.22 |
£ | £ |
Within one year |
Between one and five years |