37 false false false false false false false false false false true false false false false false false No description of principal activity 2023-04-01 Sage Accounts Production Advanced 2023 - FRS102_2023 104,000 22,810 9,300 32,110 71,890 81,190 xbrli:pure xbrli:shares iso4217:GBP 08829858 2023-04-01 2024-03-31 08829858 2024-03-31 08829858 2023-03-31 08829858 2022-04-01 2023-03-31 08829858 2023-03-31 08829858 2022-03-31 08829858 core:PlantMachinery 2023-04-01 2024-03-31 08829858 core:FurnitureFittings 2023-04-01 2024-03-31 08829858 bus:Director1 2023-04-01 2024-03-31 08829858 core:LandBuildings core:ShortLeaseholdAssets 2023-03-31 08829858 core:PlantMachinery 2023-03-31 08829858 core:FurnitureFittings 2023-03-31 08829858 core:LandBuildings core:ShortLeaseholdAssets 2024-03-31 08829858 core:PlantMachinery 2024-03-31 08829858 core:FurnitureFittings 2024-03-31 08829858 core:LandBuildings core:ShortLeaseholdAssets 2023-04-01 2024-03-31 08829858 core:WithinOneYear 2024-03-31 08829858 core:WithinOneYear 2023-03-31 08829858 core:AfterOneYear 2024-03-31 08829858 core:AfterOneYear 2023-03-31 08829858 core:ShareCapital 2024-03-31 08829858 core:ShareCapital 2023-03-31 08829858 core:RetainedEarningsAccumulatedLosses 2024-03-31 08829858 core:RetainedEarningsAccumulatedLosses 2023-03-31 08829858 core:CostValuation core:Non-currentFinancialInstruments 2024-03-31 08829858 core:Non-currentFinancialInstruments core:ProvisionsForImpairmentInvestments 2023-03-31 08829858 core:ImpairmentLossProvisionsForImpairmentInvestments core:Non-currentFinancialInstruments 2024-03-31 08829858 core:Non-currentFinancialInstruments core:ProvisionsForImpairmentInvestments 2024-03-31 08829858 core:Non-currentFinancialInstruments 2024-03-31 08829858 core:Non-currentFinancialInstruments 2023-03-31 08829858 core:LandBuildings core:ShortLeaseholdAssets 2023-03-31 08829858 core:PlantMachinery 2023-03-31 08829858 core:FurnitureFittings 2023-03-31 08829858 bus:SmallEntities 2023-04-01 2024-03-31 08829858 bus:AuditExemptWithAccountantsReport 2023-04-01 2024-03-31 08829858 bus:SmallCompaniesRegimeForAccounts 2023-04-01 2024-03-31 08829858 bus:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 08829858 bus:FullAccounts 2023-04-01 2024-03-31
COMPANY REGISTRATION NUMBER: 08829858
UNDERGROUND GYM LIMITED
FILLETED UNAUDITED FINANCIAL STATEMENTS
31 March 2024
UNDERGROUND GYM LIMITED
STATEMENT OF FINANCIAL POSITION
31 March 2024
2024
2023
Note
£
£
£
Fixed assets
Tangible assets
5
365,699
347,270
Investments
6
71,890
81,190
----------
----------
437,589
428,460
Current assets
Debtors
7
200,523
296,692
Cash at bank and in hand
12,220
13,453
----------
----------
212,743
310,145
Creditors: amounts falling due within one year
8
332,571
336,074
----------
----------
Net current liabilities
119,828
25,929
----------
----------
Total assets less current liabilities
317,761
402,531
Creditors: amounts falling due after more than one year
9
265,387
343,799
Provisions
24,724
20,950
----------
----------
Net assets
27,650
37,782
----------
----------
Capital and reserves
Called up share capital
102
102
Profit and loss account
27,548
37,680
---------
---------
Shareholders funds
27,650
37,782
---------
---------
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 income and retained earnings has not been delivered.
For the year ending 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's 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 director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
UNDERGROUND GYM LIMITED
STATEMENT OF FINANCIAL POSITION (continued)
31 March 2024
These financial statements were approved by the board of directors and authorised for issue on 15 July 2024 , and are signed on behalf of the board by:
A McGuinness
Director
Company registration number: 08829858
UNDERGROUND GYM LIMITED
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 31 MARCH 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 168 Church Road, Hove, East Sussex, BN3 2DL.
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, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
No material uncertainties that may cast significant doubt about the ability of the company to continue as a going concern have been identified by the director. The director considers that the uncertainty caused in the company's industry as a result of Coronavirus and the recovery from the restrictions put in place by the government should not affect the company's ability to continue as a going concern. This assumption has been continued as the economy is hit by the cost of living crisis, and world economic impact of the war in Ukraine.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership 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.
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:
Short leasehold property
-
over term of leases
Plant and machinery
-
10% straight line
Fixtures and fittings
-
25% straight line
Equipment
-
33% straight line
Property improvements
-
10% straight line
Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
Investments in associates
Investments in associates accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses. Investments in associates accounted for in accordance with the fair value model are initially recorded at the transaction price. At each reporting date, the investments are measured at fair value, with changes in fair value recognised in other comprehensive income/profit or loss. Where it is impracticable to measure fair value reliably without undue cost or effort, the cost model will be adopted. Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the associate arising before or after the date of acquisition.
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 37 (2023: 32 ).
5. Tangible assets
Short leasehold property
Plant and machinery
Fixtures and fittings
Equipment
Improvements to property
Total
£
£
£
£
£
£
Cost
At 1 Apr 2023
40,571
414,015
5,116
53,875
356,460
870,037
Additions
6,045
84,473
90,518
---------
----------
-------
---------
----------
----------
At 31 Mar 2024
40,571
420,060
5,116
53,875
440,933
960,555
---------
----------
-------
---------
----------
----------
Depreciation
At 1 Apr 2023
11,477
290,451
1,279
52,879
166,681
522,767
Charge for the year
3,444
24,896
959
363
42,427
72,089
---------
----------
-------
---------
----------
----------
At 31 Mar 2024
14,921
315,347
2,238
53,242
209,108
594,856
---------
----------
-------
---------
----------
----------
Carrying amount
At 31 Mar 2024
25,650
104,713
2,878
633
231,825
365,699
---------
----------
-------
---------
----------
----------
At 31 Mar 2023
29,094
123,564
3,837
996
189,779
347,270
---------
----------
-------
---------
----------
----------
6. Investments
Shares in group undertakings
£
Cost
At 1 April 2023 and 31 March 2024
104,000
----------
Impairment
At 1 April 2023
22,810
Impairment losses
9,300
----------
At 31 March 2024
32,110
----------
Carrying amount
At 31 March 2024
71,890
----------
At 31 March 2023
81,190
----------
7. Debtors
2024
2023
£
£
Trade debtors
39,355
38,491
Other debtors
161,168
258,201
----------
----------
200,523
296,692
----------
----------
8. Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
84,978
87,845
Trade creditors
147,990
154,818
Corporation tax
22,336
Social security and other taxes
32,249
23,331
Other creditors
45,018
70,080
----------
----------
332,571
336,074
----------
----------
9. Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
265,387
342,883
Other creditors
916
----------
----------
265,387
343,799
----------
----------
10. Director's advances, credits and guarantees
Included within creditors falling due in less than one year are directors' loans totalling £15,442(2023: £55,358). These loans are interest free and repayable on demand.