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Registered number: 7572705
FITKIT UK LIMITED
Unaudited Financial Statements
For The Year Ended 31 January 2024
AMCI ASSOCIATES LTD
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: 7572705
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 2,024,958 1,946,089
2,024,958 1,946,089
CURRENT ASSETS
Stocks 5 556,400 665,492
Debtors 6 112,963 184,151
Cash at bank and in hand 230,029 183,788
899,392 1,033,431
Creditors: Amounts Falling Due Within One Year 7 (167,091 ) (117,539 )
NET CURRENT ASSETS (LIABILITIES) 732,301 915,892
TOTAL ASSETS LESS CURRENT LIABILITIES 2,757,259 2,861,981
Creditors: Amounts Falling Due After More Than One Year 8 (1,092,894 ) (1,155,517 )
NET ASSETS 1,664,365 1,706,464
CAPITAL AND RESERVES
Called up share capital 9 100 100
Profit and Loss Account 1,664,265 1,706,364
SHAREHOLDERS' FUNDS 1,664,365 1,706,464
Page 1
Page 2
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.
The member has not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his 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 Abid Khan
Director
24/05/2024
The notes on pages 3 to 5 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
Fitkit UK Limited Register Number 7572705 is a limited by shares company incorporated in England and Wales. The Registered Office is Unit 2 Chedar Business Park, Wedmore Road, Chedar, Somerset, BS27 3EB.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements are prepared under the historical cost convention and in accordance with the Financial Reporting Standard 102 applicable to small companies regime.
2.2. Going Concern Disclosure
The directors have not identified any material uncertainties related to events or conditions that may cast significant doubt about the company's ability to continue as a going concern.
2.3. Turnover
Turnover comprises the invoiced value of goods and services supplied by the company, net of Value Added Tax and trade discounts.
2.4. Tangible Fixed Assets and Depreciation
Tangible fixed assets are stated at cost less depreciation. 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:
Freehold 0%
Plant & Machinery 20%
Motor Vehicles 20%
Fixtures & Fittings 20%
Computer Equipment 20%
2.5. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
2.6. Taxation
The charge for taxation takes into account taxation deferred as a result of timing differences between the treatment of certain items for taxation and accounting purposes. In general, deferred taxation is recognised in respect of timing differences that have originated but not reversed at the balance sheet date. However, deferred tax assets are recognised only to the extent that the directors consider that it is more likely than not that there will be suitable taxable profits from which the future reversal of the underlying timing differences can be deducted. Deferred taxation is measured on a non-discounted basis at the tax rates that are expected to apply in periods in which the timing differences reverse, based on tax rates and the law enacted or substantively enacted at the balance sheet date.
2.7. Pensions
The company operates a defined pension contribution scheme. Contributions are charged to the profit and loss account as they become payable in accordance with the rules of the scheme.
2.8. Government Grant
Government grants are recognised in the profit and loss account in an appropriate manner that matches them with the expenditure towards which they are intended to contribute.
Grants for immediate financial support or to cover costs already incurred are recognised immediately in the profit and loss account. Grants towards general activities of the entity over a specific period are recognised in the profit and loss account over that period.
Grants towards fixed assets are recognised over the expected useful lives of the related assets and are treated as deferred income and released to the profit and loss account over the useful life of the asset concerned.
All grants in the profit and loss account are recognised when all conditions for receipt have been complied with.
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2.9. Registrar Filing Requirements
The company has taken advantage of Companies Act 2006 section 444(1) and opted not to file the profit and loss account, directors report, and notes to the financial statements relating to the profit and loss account. The notes which are not included have been hidden but original note numbering has remained the same for those that are present.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 20 (2023: 19)
20 19
4. Tangible Assets
Land & Property
Freehold Plant & Machinery Motor Vehicles Fixtures & Fittings
£ £ £ £
Cost
As at 1 February 2023 1,877,829 21,183 171,478 87,383
Additions 60,000 - - 37,086
As at 31 January 2024 1,937,829 21,183 171,478 124,469
Depreciation
As at 1 February 2023 - 19,108 127,741 66,685
Provided during the period - 415 8,747 11,557
As at 31 January 2024 - 19,523 136,488 78,242
Net Book Value
As at 31 January 2024 1,937,829 1,660 34,990 46,227
As at 1 February 2023 1,877,829 2,075 43,737 20,698
Computer Equipment Total
£ £
Cost
As at 1 February 2023 2,759 2,160,632
Additions 3,564 100,650
As at 31 January 2024 6,323 2,261,282
Depreciation
As at 1 February 2023 1,009 214,543
Provided during the period 1,062 21,781
As at 31 January 2024 2,071 236,324
Net Book Value
As at 31 January 2024 4,252 2,024,958
As at 1 February 2023 1,750 1,946,089
5. Stocks
2024 2023
£ £
Finished goods 556,400 665,492
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6. Debtors
2024 2023
£ £
Due within one year
Trade debtors 92,630 90,542
Other debtors 20,333 93,609
112,963 184,151
7. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 49,906 19,494
Corporation tax - 11,629
Other taxes and social security 33,221 14,459
VAT 75,781 70,999
Other creditors 8,183 958
167,091 117,539
8. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Bank loans 1,092,894 1,155,517
9. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 100 100
10. Ultimate Controlling Party
The company's ultimate controlling party is Abid Khan by virtue of his ownership of 90% of the issued share capital in the company.
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