Balbirnie Fitness Centre Ltd SC237084 false 2022-11-01 2023-10-31 2023-10-31 The principal activity of the company is has been provision of fitness training facilities and associated products to members of the public Digita Accounts Production Advanced 6.30.9574.0 true true SC237084 2022-11-01 2023-10-31 SC237084 2023-10-31 SC237084 bus:OrdinaryShareClass1 2023-10-31 SC237084 core:CurrentFinancialInstruments 2023-10-31 SC237084 core:CurrentFinancialInstruments core:WithinOneYear 2023-10-31 SC237084 core:Non-currentFinancialInstruments 2023-10-31 SC237084 core:Non-currentFinancialInstruments core:AfterOneYear 2023-10-31 SC237084 core:FurnitureFittingsToolsEquipment 2023-10-31 SC237084 bus:SmallEntities 2022-11-01 2023-10-31 SC237084 bus:AuditExemptWithAccountantsReport 2022-11-01 2023-10-31 SC237084 bus:FullAccounts 2022-11-01 2023-10-31 SC237084 bus:SmallCompaniesRegimeForAccounts 2022-11-01 2023-10-31 SC237084 bus:RegisteredOffice 2022-11-01 2023-10-31 SC237084 bus:CompanySecretary1 2022-11-01 2023-10-31 SC237084 bus:Director1 2022-11-01 2023-10-31 SC237084 bus:Director2 2022-11-01 2023-10-31 SC237084 bus:OrdinaryShareClass1 2022-11-01 2023-10-31 SC237084 bus:PrivateLimitedCompanyLtd 2022-11-01 2023-10-31 SC237084 bus:Agent1 2022-11-01 2023-10-31 SC237084 core:FurnitureFittingsToolsEquipment 2022-11-01 2023-10-31 SC237084 countries:Scotland 2022-11-01 2023-10-31 SC237084 2022-10-31 SC237084 core:FurnitureFittingsToolsEquipment 2022-10-31 SC237084 2021-11-01 2022-10-31 SC237084 2022-10-31 SC237084 bus:OrdinaryShareClass1 2022-10-31 SC237084 core:CurrentFinancialInstruments 2022-10-31 SC237084 core:CurrentFinancialInstruments core:WithinOneYear 2022-10-31 SC237084 core:Non-currentFinancialInstruments 2022-10-31 SC237084 core:Non-currentFinancialInstruments core:AfterOneYear 2022-10-31 SC237084 core:FurnitureFittingsToolsEquipment 2022-10-31 iso4217:GBP xbrli:pure xbrli:shares

Registration number: SC237084

image-name

Balbirnie Fitness Centre Ltd

Unaudited Filleted Financial Statements

for the Year Ended 31 October 2023

 

Balbirnie Fitness Centre Ltd

Contents

Company Information

1

Accountants' Report

2

Balance Sheet

3

Notes to the Financial Statements

4 to 7

 

Balbirnie Fitness Centre Ltd

Company Information

Directors

Grant Duncan

Caroline Stewart

Company secretary

Roderick Brian Gunkel fcca

Registered office

Balbirnie Gym
Alburne Park
Glenrothes
KY7 5RB

Bankers

Royal Bank of Scotland plc
3 Falkland Gate
Glenrothes
KY7 5NS

Accountants

Roderick Gunkel & Associates Ltd
Chartered Accountants
Orchardlea
Callander
FK17 8BG

 

Chartered Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
Balbirnie Fitness Centre Ltd
for the Year Ended 31 October 2023

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Balbirnie Fitness Centre Ltd for the year ended 31 October 2023 as set out on pages 3 to 7 from the company's accounting records and from information and explanations you have given us.
 

This report is made solely to the Board of Directors of Balbirnie Fitness Centre Ltd , as a body, in accordance with the terms of our engagement. Our work has been undertaken solely to prepare for your approval the accounts of Balbirnie Fitness Centre Ltd and state those matters that we have agreed to state to the Board of Directors of Balbirnie Fitness Centre Ltd, as a body, in this report.

This is in accordance with the requirements of such bodies as the ACCA, ICAS and ICAEW, to the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Balbirnie Fitness Centre Ltd and its Board of Directors as a body for our work or for this report.
 

It is your duty to ensure that Balbirnie Fitness Centre Ltd has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Balbirnie Fitness Centre Ltd. You consider that Balbirnie Fitness Centre Ltd is exempt from the statutory audit requirement for the year.
 

We have not been instructed to carry out an audit or a review of the accounts of Balbirnie Fitness Centre Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.

image-name

....................................................................

Roderick Gunkel & Associates Ltd
Chartered Accountants
Orchardlea
Callander
FK17 8BG


 

13 February 2024

 

Balbirnie Fitness Centre Ltd

(Registration number: SC237084)
Balance Sheet as at 31 October 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

5

8,420

11,240

Current assets

 

Debtors

6

223,143

138,558

Cash at bank and in hand

 

43,955

116,585

 

267,098

255,143

Creditors: Amounts falling due within one year

7

(118,712)

(115,631)

Net current assets

 

148,386

139,512

Total assets less current liabilities

 

156,806

150,752

Creditors: Amounts falling due after more than one year

7

(41,415)

(47,627)

Provisions for liabilities

(1,600)

(1,001)

Net assets

 

113,791

102,124

Capital and reserves

 

Called up share capital

8

100

100

Retained earnings

113,691

102,024

Shareholders' funds

 

113,791

102,124

For the financial year ending 31 October 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 13 February 2024 and signed on its behalf by:
 

.........................................
Grant Duncan
Director

 

Balbirnie Fitness Centre Ltd

Notes to the Financial Statements for the Year Ended 31 October 2023

1

General information

The company is a private company limited by share capital, incorporated in Scotland.

The address of its registered office is:
Balbirnie Gym
Alburne Park
Glenrothes
KY7 5RB

These financial statements were authorised for issue by the Board on 13 February 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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.

 

Balbirnie Fitness Centre Ltd

Notes to the Financial Statements for the Year Ended 31 October 2023

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Fixtures, fittings, equipment

20-50% p.a reducing balance basis

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

 

Balbirnie Fitness Centre Ltd

Notes to the Financial Statements for the Year Ended 31 October 2023

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 10 (2022 - 10).

4

Profit before tax

Arrived at after charging/(crediting)

2023
£

2022
£

Depreciation expense

2,820

3,760

5

Tangible assets

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 November 2022

266,413

266,413

At 31 October 2023

266,413

266,413

Depreciation

At 1 November 2022

255,173

255,173

Charge for the year

2,820

2,820

At 31 October 2023

257,993

257,993

Carrying amount

At 31 October 2023

8,420

8,420

At 31 October 2022

11,240

11,240

6

Debtors

Current

Note

2023
£

2022
£

Inter-company loans

213,850

128,050

Prepayments

 

9,293

10,508

   

223,143

138,558

 

Balbirnie Fitness Centre Ltd

Notes to the Financial Statements for the Year Ended 31 October 2023

7

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

9

60,993

43,962

Trade creditors

 

180

617

Taxation and social security

 

26,396

23,015

Accruals and deferred income

 

800

800

Other creditors

 

30,343

47,237

 

118,712

115,631

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

9

41,415

47,627

8

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary shares of £1 each

100

100

100

100

         

9

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Bank borrowings

41,415

47,627

2023
£

2022
£

Current loans and borrowings

Bank borrowings

6,212

6,212

Director current account

54,781

37,750

60,993

43,962