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REGISTERED NUMBER: 07331822 (England and Wales)















24/7 Gym Limited

Unaudited Financial Statements for the Year Ended 31 December 2023






24/7 Gym Limited (Registered number: 07331822)






Contents of the Financial Statements
for the Year Ended 31 December 2023




Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 4


24/7 Gym Limited

Company Information
for the Year Ended 31 December 2023







DIRECTORS: H Dhillon
J S Rakar





REGISTERED OFFICE: 152 Robin Hood Lane
Chatham
Kent
ME5 9LB





REGISTERED NUMBER: 07331822 (England and Wales)





ACCOUNTANTS: Aggarwal & Co Limited
Chartered Accountants
5 London Road
Rainham
Gillingham
Kent
ME8 7RG

24/7 Gym Limited (Registered number: 07331822)

Statement of Financial Position
31 December 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 30,357 34,555
Investments 5 100 -
30,457 34,555

CURRENT ASSETS
Debtors 6 171,876 110,237
Cash at bank 9,992 2,192
181,868 112,429
CREDITORS
Amounts falling due within one year 7 219,916 268,455
NET CURRENT LIABILITIES (38,048 ) (156,026 )
TOTAL ASSETS LESS CURRENT LIABILITIES (7,591 ) (121,471 )

CREDITORS
Amounts falling due after more than one
year

8

(17,424

)

(26,515

)

PROVISIONS FOR LIABILITIES (7,589 ) (6,565 )
NET LIABILITIES (32,604 ) (154,551 )

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings (32,704 ) (154,651 )
SHAREHOLDERS' FUNDS (32,604 ) (154,551 )

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their 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.

24/7 Gym Limited (Registered number: 07331822)

Statement of Financial Position - continued
31 December 2023


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 5 July 2024 and were signed on its behalf by:




H Dhillon - Director



J S Rakar - Director


24/7 Gym Limited (Registered number: 07331822)

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

1. STATUTORY INFORMATION

24/7 Gym Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

At the year end the company had net liabilities of £32,604. The directors expect the company to increase revenues and become profitable in the near future. On this basis the directors consider it appropriate to prepare the financial statements on the going concern basis.

Preparation of consolidated financial statements
The financial statements contain information about 24/7 Gym Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 399(2A) of the Companies Act 2006 from the requirements to prepare consolidated financial statements.

Income recognition
Income is measured at the fair value of the consideration received or receivable and represents net invoiced
sales of memberships and use of gym facilities, excluding value added tax. Income is recognised when the
company becomes entitled to it.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.
Plant and machinery etc - 25% on reducing balance

Investments in subsidiaries
Investments in subsidiary undertakings are recognised at cost.

Financial instruments
The Company enters into basic financial instruments that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable, loans from banks and other third parties and loans to related parties. Basic financial instruments are recognised at amortised cost.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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 statement of financial position date.


24/7 Gym Limited (Registered number: 07331822)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

2. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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.

Hire purchase and 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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 4 (2022 - 4 ) .

4. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 January 2023 58,174
Additions 5,049
At 31 December 2023 63,223
DEPRECIATION
At 1 January 2023 23,619
Charge for year 9,247
At 31 December 2023 32,866
NET BOOK VALUE
At 31 December 2023 30,357
At 31 December 2022 34,555

24/7 Gym Limited (Registered number: 07331822)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

5. FIXED ASSET INVESTMENTS
Shares in
group
undertakings
£   
COST
Additions 100
At 31 December 2023 100
NET BOOK VALUE
At 31 December 2023 100

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Other debtors 171,876 110,237

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 9,091 9,091
Trade creditors 49,440 141,902
Amounts owed to group undertakings 100 -
Taxation and social security 134,073 96,463
Other creditors 27,212 20,999
219,916 268,455

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2023 2022
£    £   
Bank loans 17,424 26,515

9. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31 December 2023 and 31 December 2022:

2023 2022
£    £   
J S Rakar
Balance outstanding at start of year - -
Amounts advanced 1,805 -
Amounts repaid - -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 1,805 -