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Company No: 10426611 (England and Wales)

THE NORWICH FITNESS ACADEMY LIMITED

Unaudited Financial Statements
For the financial year ended 31 October 2023
Pages for filing with the registrar

THE NORWICH FITNESS ACADEMY LIMITED

Unaudited Financial Statements

For the financial year ended 31 October 2023

Contents

THE NORWICH FITNESS ACADEMY LIMITED

STATEMENT OF FINANCIAL POSITION

As at 31 October 2023
THE NORWICH FITNESS ACADEMY LIMITED

STATEMENT OF FINANCIAL POSITION (continued)

As at 31 October 2023
Note 2023 2022
£ £
Fixed assets
Tangible assets 3 3,198 6,235
3,198 6,235
Current assets
Debtors 4 6,556 5,141
Cash at bank and in hand 7,936 22,181
14,492 27,322
Creditors: amounts falling due within one year 5 ( 18,757) ( 26,652)
Net current (liabilities)/assets (4,265) 670
Total assets less current liabilities (1,067) 6,905
Net (liabilities)/assets ( 1,067) 6,905
Capital and reserves
Called-up share capital 2 2
Profit and loss account ( 1,069 ) 6,903
Total shareholders' (deficit)/funds ( 1,067) 6,905

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 financial statements of The Norwich Fitness Academy Limited (registered number: 10426611) were approved and authorised for issue by the Board of Directors. They were signed on its behalf by:

Katharine Appleton
Director

24 February 2024

THE NORWICH FITNESS ACADEMY LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 October 2023
THE NORWICH FITNESS ACADEMY LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 October 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

The Norwich Fitness Academy Limited (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 8 Chamberlin Court, Blofield, Norwich, NR13 4JF, 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 £.

Going concern

The directors have assessed the Statement of Financial Position and likely future cash flows at the date of approving these financial statements. The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

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. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Statement of Financial Position date.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Plant and machinery 4 years straight line
Vehicles 33 % reducing balance

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

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.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders.

The directors acknowledge the dividend was not illegal as they had been based on accounts and projections which showed there were sufficient profits available for distribution at the time the dividends were paid. The directors acknowledges that no further distributions can be made until there are sufficient profits available for that purpose.

2. Employees

2023 2022
Number Number
Monthly average number of persons employed by the Company during the year, including directors 2 2

3. Tangible assets

Plant and machinery Vehicles Total
£ £ £
Cost
At 01 November 2022 21,465 4,600 26,065
At 31 October 2023 21,465 4,600 26,065
Accumulated depreciation
At 01 November 2022 17,295 2,535 19,830
Charge for the financial year 2,356 681 3,037
At 31 October 2023 19,651 3,216 22,867
Net book value
At 31 October 2023 1,814 1,384 3,198
At 31 October 2022 4,170 2,065 6,235

4. Debtors

2023 2022
£ £
Prepayments 4,726 5,141
Other debtors 1,830 0
6,556 5,141

5. Creditors: amounts falling due within one year

2023 2022
£ £
Corporation tax 3,105 3,065
Other creditors 15,652 23,587
18,757 26,652

6. Financial commitments

Other financial commitments

2023 2022
£ £
Not later than 1 year 22,838 17,665
Later than 1 year and not later than 5 years 0 23,553
22,838 41,218

At 31 October 2023 the Company had future minimum lease payments due under non-cancellable operating leases for each of the above periods.