2 false false false false false false false false false false true false false false false false false No description of principal activity 2023-02-01 Sage Accounts Production Advanced 2023 - FRS102_2023 45,912 15,940 61,852 17,856 12,370 30,226 31,626 28,056 xbrli:pure xbrli:shares iso4217:GBP 11722039 2023-02-01 2024-01-31 11722039 2024-01-31 11722039 2023-01-31 11722039 2022-02-01 2023-01-31 11722039 2023-01-31 11722039 2022-01-31 11722039 core:PlantMachinery 2023-02-01 2024-01-31 11722039 bus:Director1 2023-02-01 2024-01-31 11722039 bus:Director2 2023-02-01 2024-01-31 11722039 core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2023-01-31 11722039 core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2024-01-31 11722039 core:PlantMachinery 2023-01-31 11722039 core:PlantMachinery 2024-01-31 11722039 core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2023-02-01 2024-01-31 11722039 core:WithinOneYear 2024-01-31 11722039 core:WithinOneYear 2023-01-31 11722039 core:AfterOneYear 2024-01-31 11722039 core:AfterOneYear 2023-01-31 11722039 core:ShareCapital 2024-01-31 11722039 core:ShareCapital 2023-01-31 11722039 core:RetainedEarningsAccumulatedLosses 2024-01-31 11722039 core:RetainedEarningsAccumulatedLosses 2023-01-31 11722039 core:BetweenOneFiveYears 2024-01-31 11722039 core:BetweenOneFiveYears 2023-01-31 11722039 core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2023-01-31 11722039 core:PlantMachinery 2023-01-31 11722039 bus:SmallEntities 2023-02-01 2024-01-31 11722039 bus:AuditExemptWithAccountantsReport 2023-02-01 2024-01-31 11722039 bus:SmallCompaniesRegimeForAccounts 2023-02-01 2024-01-31 11722039 bus:PrivateLimitedCompanyLtd 2023-02-01 2024-01-31 11722039 bus:FullAccounts 2023-02-01 2024-01-31 11722039 core:FurnitureFittingsToolsEquipment 2023-02-01 2024-01-31 11722039 core:FurnitureFittingsToolsEquipment 2024-01-31 11722039 core:FurnitureFittingsToolsEquipment 2023-01-31
COMPANY REGISTRATION NUMBER: 11722039
GYM EQUIPMENT SOLUTIONS LIMITED
FILLETED UNAUDITED FINANCIAL STATEMENTS
31 January 2024
GYM EQUIPMENT SOLUTIONS LIMITED
STATEMENT OF FINANCIAL POSITION
31 January 2024
2024
2023
Note
£
£
£
£
FIXED ASSETS
Intangible assets
5
31,626
28,056
Tangible assets
6
6,064
7,134
--------
--------
37,690
35,190
CURRENT ASSETS
Stocks
31,546
105,158
Debtors
7
4,385
19,189
Cash at bank and in hand
77,856
145,333
---------
---------
113,787
269,680
CREDITORS: amounts falling due within one year
8
53,729
61,586
---------
---------
NET CURRENT ASSETS
60,058
208,094
--------
---------
TOTAL ASSETS LESS CURRENT LIABILITIES
97,748
243,284
CREDITORS: amounts falling due after more than one year
9
17,624
28,657
--------
---------
NET ASSETS
80,124
214,627
--------
---------
CAPITAL AND RESERVES
Called up share capital fully paid
65
65
Profit and loss account
80,059
214,562
--------
---------
SHAREHOLDERS FUNDS
80,124
214,627
--------
---------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
For the year ending 31 January 2024 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 financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
GYM EQUIPMENT SOLUTIONS LIMITED
STATEMENT OF FINANCIAL POSITION (continued)
31 January 2024
These financial statements were approved by the board of directors and authorised for issue on 25 July 2024 , and are signed on behalf of the board by:
Mr W S Broome
Mr R F Dale
Director
Director
Company registration number: 11722039
GYM EQUIPMENT SOLUTIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 31 JANUARY 2024
1. GENERAL INFORMATION
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Headlands House, 1 Kings Court, Kettering Parkway, Kettering, Northamptonshire, NN15 6WJ.
2. STATEMENT OF COMPLIANCE
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. ACCOUNTING POLICIES
Basis of preparation
The financial statements have been prepared on the historical cost basis. The financial statements are prepared in sterling, which is the functional currency of the entity. Revenue recognition Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer, usually on despatch of the goods, the amount of revenue can be measured reliably, it is probable that the associated economic benefits will flow to the entity, and the costs incurred or to be incurred in respect of the transactions can be measured reliably. Income tax The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. 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 is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference. Operating leases Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis. Intangible assets Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses. Any intangible assets carried at revalued amounts, are recorded at the fair value at the date of revaluation, as determined by reference to an active market, less any subsequent accumulated amortisation and subsequent accumulated impairment losses.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Website Costs
-
5 years straight-line
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant and machinery
-
15% reducing balance
Equipment
-
15% reducing balance
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Financial instruments
Basic financial instruments are recognised at amortised cost, except for investments in non-convertible preference and non-puttable ordinary shares which are measured at fair value, with changes recognised in profit and loss. Derivative financial instruments are initially recorded at cost and thereafter at fair value with changes recognised in profit and loss.
4. EMPLOYEE NUMBERS
The average number of persons employed by the company during the year amounted to 2 (2023: 2 ).
5. INTANGIBLE ASSETS
Website costs
£
Cost
At 1 February 2023
45,912
Additions
15,940
--------
At 31 January 2024
61,852
--------
Amortisation
At 1 February 2023
17,856
Charge for the year
12,370
--------
At 31 January 2024
30,226
--------
Carrying amount
At 31 January 2024
31,626
--------
At 31 January 2023
28,056
--------
6. TANGIBLE ASSETS
Plant and machinery
Equipment
Total
£
£
£
Cost
At 1 February 2023 and 31 January 2024
1,255
8,085
9,340
-------
-------
-------
Depreciation
At 1 February 2023
348
1,858
2,206
Charge for the year
136
934
1,070
-------
-------
-------
At 31 January 2024
484
2,792
3,276
-------
-------
-------
Carrying amount
At 31 January 2024
771
5,293
6,064
-------
-------
-------
At 31 January 2023
907
6,227
7,134
-------
-------
-------
7. DEBTORS
2024
2023
£
£
Trade debtors
4,385
5,384
Other debtors
13,805
-------
--------
4,385
19,189
-------
--------
8. CREDITORS: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
10,648
9,424
Trade creditors
28,236
34,770
Social security and other taxes
8,808
9,440
Other creditors
6,037
7,952
--------
--------
53,729
61,586
--------
--------
9. CREDITORS: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
17,624
28,657
--------
--------
10. OPERATING LEASES
The total future minimum lease payments under non-cancellable operating leases are as follows:
2024
2023
£
£
Not later than 1 year
8,863
8,118
Later than 1 year and not later than 5 years
11,817
20,296
--------
--------
20,680
28,414
--------
--------
11. RELATED PARTY TRANSACTIONS