Silverfin false false 31/12/2023 01/01/2023 31/12/2023 Charles Milne 19/12/2016 Shawn Milne 04/11/2015 15 August 2024 The principal activity of the company during the financial year was that of operating a gym. SC515744 2023-12-31 SC515744 bus:Director1 2023-12-31 SC515744 bus:Director2 2023-12-31 SC515744 2022-12-31 SC515744 core:CurrentFinancialInstruments 2023-12-31 SC515744 core:CurrentFinancialInstruments 2022-12-31 SC515744 core:Non-currentFinancialInstruments 2023-12-31 SC515744 core:Non-currentFinancialInstruments 2022-12-31 SC515744 core:ShareCapital 2023-12-31 SC515744 core:ShareCapital 2022-12-31 SC515744 core:RetainedEarningsAccumulatedLosses 2023-12-31 SC515744 core:RetainedEarningsAccumulatedLosses 2022-12-31 SC515744 core:ComputerSoftware 2022-12-31 SC515744 core:ComputerSoftware 2023-12-31 SC515744 core:LandBuildings 2022-12-31 SC515744 core:PlantMachinery 2022-12-31 SC515744 core:FurnitureFittings 2022-12-31 SC515744 core:ComputerEquipment 2022-12-31 SC515744 core:LandBuildings 2023-12-31 SC515744 core:PlantMachinery 2023-12-31 SC515744 core:FurnitureFittings 2023-12-31 SC515744 core:ComputerEquipment 2023-12-31 SC515744 core:MoreThanFiveYears 2023-12-31 SC515744 core:MoreThanFiveYears 2022-12-31 SC515744 2021-12-31 SC515744 bus:OrdinaryShareClass1 2023-12-31 SC515744 2023-01-01 2023-12-31 SC515744 bus:FilletedAccounts 2023-01-01 2023-12-31 SC515744 bus:SmallEntities 2023-01-01 2023-12-31 SC515744 bus:AuditExemptWithAccountantsReport 2023-01-01 2023-12-31 SC515744 bus:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 SC515744 bus:Director1 2023-01-01 2023-12-31 SC515744 bus:Director2 2023-01-01 2023-12-31 SC515744 core:ComputerSoftware core:TopRangeValue 2023-01-01 2023-12-31 SC515744 core:LandBuildings core:TopRangeValue 2023-01-01 2023-12-31 SC515744 core:PlantMachinery core:TopRangeValue 2023-01-01 2023-12-31 SC515744 core:FurnitureFittings core:TopRangeValue 2023-01-01 2023-12-31 SC515744 core:ComputerEquipment core:TopRangeValue 2023-01-01 2023-12-31 SC515744 2022-01-01 2022-12-31 SC515744 core:LandBuildings 2023-01-01 2023-12-31 SC515744 core:PlantMachinery 2023-01-01 2023-12-31 SC515744 core:FurnitureFittings 2023-01-01 2023-12-31 SC515744 core:ComputerEquipment 2023-01-01 2023-12-31 SC515744 core:CurrentFinancialInstruments 2023-01-01 2023-12-31 SC515744 core:Non-currentFinancialInstruments 2023-01-01 2023-12-31 SC515744 bus:OrdinaryShareClass1 2023-01-01 2023-12-31 SC515744 bus:OrdinaryShareClass1 2022-01-01 2022-12-31 iso4217:GBP xbrli:pure xbrli:shares

Company No: SC515744 (Scotland)

MOTION FITNESS (SCOTLAND) LIMITED

UNAUDITED FINANCIAL STATEMENTS
FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2023
PAGES FOR FILING WITH THE REGISTRAR

MOTION FITNESS (SCOTLAND) LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2023

Contents

MOTION FITNESS (SCOTLAND) LIMITED

BALANCE SHEET

AS AT 31 DECEMBER 2023
MOTION FITNESS (SCOTLAND) LIMITED

BALANCE SHEET (continued)

AS AT 31 DECEMBER 2023
Note 2023 2022
£ £
Fixed assets
Tangible assets 4 209,490 215,267
209,490 215,267
Current assets
Stocks 500 500
Debtors 5 2,323 2,446
Cash at bank and in hand 31,637 15,306
34,460 18,252
Creditors: amounts falling due within one year 6 ( 37,201) ( 27,554)
Net current liabilities (2,741) (9,302)
Total assets less current liabilities 206,749 205,965
Creditors: amounts falling due after more than one year 7 ( 100,666) ( 117,306)
Provision for liabilities 8 ( 1,037) ( 735)
Net assets 105,046 87,924
Capital and reserves
Called-up share capital 9 1 1
Profit and loss account 105,045 87,923
Total shareholder's funds 105,046 87,924

For the financial 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.

Directors' responsibilities:

The financial statements of Motion Fitness (Scotland) Limited (registered number: SC515744) were approved and authorised for issue by the Board of Directors on 15 August 2024. They were signed on its behalf by:

Charles Milne
Director
MOTION FITNESS (SCOTLAND) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2023
MOTION FITNESS (SCOTLAND) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 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

Motion Fitness (scotland) Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in Scotland. The address of the Company's registered office is 23 - 27 High Street, Buckie, AB56 1AL, Scotland, United Kingdom.

The financial statements have been prepared under the historical cost convention, 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 Balance Sheet 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

Employee benefits

Short term benefits
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Defined contribution schemes
The Company operates a defined contribution scheme. The amount charged to the Profit and Loss Account in respect of pension costs and other post-retirement benefits is the contributions payable in the financial year. Differences between contributions payable in the financial year and contributions actually paid are included as either accruals or prepayments in the Balance Sheet.

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 Balance Sheet date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Intangible assets

Intangible assets are stated at cost or valuation, net of amortisation and any provision for impairment. Amortisation is provided on all intangible assets at rates to write off the cost or valuation of each asset over its expected useful life as follows:

Computer software 3 years straight line
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:

Land and buildings 50 years straight line
Plant and machinery 5 years straight line
Fixtures and fittings 4 years straight line
Computer equipment 3 years straight line

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.

Leases

The Company as lessee
Assets held under finance leases, hire purchase contracts and other similar arrangements, which confer rights and obligations similar to those attached to owned assets, are capitalised as tangible fixed assets at the fair value of the leased asset (or, if lower, the present value of the minimum lease payments as determined at the inception of the lease) and are depreciated over the shorter of the lease terms and their useful lives. The capital elements of future lease obligations are recorded as liabilities, while the interest elements are charged to the Profit and Loss Account over the period of the leases to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Profit and Loss Account as described below.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value.

At each reporting date, an assessment is made for impairment.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand and deposits held at call with banks.

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.

Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Financial assets are derecognised when and only when the contractual rights to the cash flows from the financial asset expire or are settled, or the Company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or the Company, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.

Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

Equity instruments
Equity instruments issued by the Company are recorded at the fair value of cash or other resources received or receivable, net of direct issue costs. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the Company.

Government grants

Government grants are recognised based on the performance model and are measured at the fair value of the asset received or receivable when there is reasonable assurance that the company will comply with conditions attaching to them and the grants will be received.

A grant that specifies performance conditions is recognised in income only when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the grant proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Balance Sheet date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

2. Employees

2023 2022
Number Number
Monthly average number of persons employed by the Company during the year, including directors 6 7

3. Intangible assets

Computer software Total
£ £
Cost
At 01 January 2023 2,100 2,100
At 31 December 2023 2,100 2,100
Accumulated amortisation
At 01 January 2023 2,100 2,100
At 31 December 2023 2,100 2,100
Net book value
At 31 December 2023 0 0
At 31 December 2022 0 0

4. Tangible assets

Land and buildings Plant and machinery Fixtures and fittings Computer equipment Total
£ £ £ £ £
Cost
At 01 January 2023 232,795 62,245 4,247 2,936 302,223
Additions 0 1,675 0 0 1,675
At 31 December 2023 232,795 63,920 4,247 2,936 303,898
Accumulated depreciation
At 01 January 2023 24,770 55,602 3,719 2,865 86,956
Charge for the financial year 4,656 2,460 265 71 7,452
At 31 December 2023 29,426 58,062 3,984 2,936 94,408
Net book value
At 31 December 2023 203,369 5,858 263 0 209,490
At 31 December 2022 208,025 6,643 528 71 215,267

5. Debtors

2023 2022
£ £
Prepayments 2,323 2,446

6. Creditors: amounts falling due within one year

2023 2022
£ £
Bank loans 21,229 14,686
Trade creditors 1,626 348
Taxation and social security 7,598 2,312
Other creditors 6,748 10,208
37,201 27,554

Bank loans and overdrafts are secured by way of a floating charge over the company's assets, including land and buildings.

7. Creditors: amounts falling due after more than one year

2023 2022
£ £
Bank loans 100,666 117,306

Bank loans and overdrafts are secured by way of a floating charge over the company's assets, including land and buildings.

Amounts repayable after more than 5 years are included in creditors falling due over one year:

2023 2022
£ £
Bank loans 53,953 59,163

8. Deferred tax

2023 2022
£ £
At the beginning of financial year ( 735) ( 386)
Charged to the Profit and Loss Account ( 302) ( 349)
At the end of financial year ( 1,037) ( 735)

9. Called-up share capital

2023 2022
£ £
Allotted, called-up and fully-paid
1 Ordinary share of £ 1.00 1 1