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Registered number: 10520388
Love Fitness (JM) Limited
Unaudited Financial Statements
For The Year Ended 31 December 2023
Chimes Accountancy Services Ltd
Unaudited Financial Statements
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: 10520388
2023 2022
Notes £ £ £ £
FIXED ASSETS
Intangible Assets 4 220 220
Tangible Assets 5 104,223 105,545
104,443 105,765
CURRENT ASSETS
Debtors 6 14,031 13,308
Cash at bank and in hand 3,210 9,637
17,241 22,945
Creditors: Amounts Falling Due Within One Year 7 (503,925 ) (530,339 )
NET CURRENT ASSETS (LIABILITIES) (486,684 ) (507,394 )
TOTAL ASSETS LESS CURRENT LIABILITIES (382,241 ) (401,629 )
Creditors: Amounts Falling Due After More Than One Year 8 (90,034 ) (87,930 )
NET LIABILITIES (472,275 ) (489,559 )
CAPITAL AND RESERVES
Called up share capital 9 100 100
Profit and Loss Account (472,375 ) (489,659 )
SHAREHOLDERS' FUNDS (472,275) (489,559)
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Page 2
For the year ending 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr Massimo Antinoro
Director
06/08/2024
The notes on pages 3 to 5 form part of these financial statements.
Page 2
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Notes to the Financial Statements
1. General Information
Love Fitness (JM) Limited is a private company, limited by shares, incorporated in England & Wales, registered number 10520388 . The registered office is 6 Vincents Way, Naphill, High Wycombe, Bucks, HP14 4RA.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3. Intangible Fixed Assets and Amortisation - Other Intangible
Other intangible assets are trademarks registered. There is no amortisation.
2.4. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Leasehold not depreciated
Plant & Machinery 25% straight line
Computer Equipment 25% straight line
3. Average Number of Employees
Average number of employees, including directors, during the year was: 2 (2022: 9)
2 9
4. Intangible Assets
Other
£
Cost
As at 1 January 2023 220
As at 31 December 2023 220
Net Book Value
As at 31 December 2023 220
As at 1 January 2023 220
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5. Tangible Assets
Land & Property
Leasehold Plant & Machinery Computer Equipment Total
£ £ £ £
Cost
As at 1 January 2023 89,095 27,044 2,317 118,456
Additions - 4,887 - 4,887
As at 31 December 2023 89,095 31,931 2,317 123,343
Depreciation
As at 1 January 2023 - 11,398 1,513 12,911
Provided during the period - 5,804 405 6,209
As at 31 December 2023 - 17,202 1,918 19,120
Net Book Value
As at 31 December 2023 89,095 14,729 399 104,223
As at 1 January 2023 89,095 15,646 804 105,545
6. Debtors
2023 2022
£ £
Due within one year
Trade debtors 6,371 11,058
Prepayments and accrued income 4,500 2,250
VAT 3,160 -
14,031 13,308
7. Creditors: Amounts Falling Due Within One Year
2023 2022
£ £
Trade creditors 12,376 18,722
Bank loans and overdrafts 27,900 27,905
Other taxes and social security 107 350
VAT - 4,217
Accruals and deferred income 1,178 660
Directors' loan accounts 462,364 478,485
503,925 530,339
8. Creditors: Amounts Falling Due After More Than One Year
2023 2022
£ £
Bank loans 90,034 87,930
90,034 87,930
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9. Share Capital
2023 2022
£ £
Allotted, Called up and fully paid 100 100
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