Company registration number 09882896 (England and Wales)
PHYSIQUE FINANCE LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023
PAGES FOR FILING WITH REGISTRAR
PHYSIQUE FINANCE LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 5
PHYSIQUE FINANCE LIMITED
BALANCE SHEET
AS AT 30 NOVEMBER 2023
30 November 2023
- 1 -
2023
2022
Notes
£
£
£
£
Current assets
Debtors
3
168,947
270,758
Cash at bank and in hand
136,229
34,138
305,176
304,896
Creditors: amounts falling due within one year
4
(11,689)
(15,245)
Net current assets
293,487
289,651
Provisions for liabilities
(21,537)
(30,655)
Net assets
271,950
258,996
Capital and reserves
Called up share capital
2
2
Profit and loss reserves
271,948
258,994
Total equity
271,950
258,996

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 30 November 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

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.

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

The financial statements were approved by the board of directors and authorised for issue on 14 August 2024 and are signed on its behalf by:
Mr M S Johnson
Director
Company registration number 09882896 (England and Wales)
PHYSIQUE FINANCE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023
- 2 -
1
Accounting policies
Company information

Physique Finance Limited is a private company limited by shares incorporated in England and Wales. The registered office is Bridge House, Newbridge Lane, Stockport, Cheshire, SK1 2NA.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Turnover

Turnover represents interest charged on leased asset contracts together with associated fees

1.3
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.4
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.5
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

PHYSIQUE FINANCE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2023
1
Accounting policies
(Continued)
- 3 -
Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.6
Hire purchase and finance lease contracts - lessee accounting

Assets held under finance leases, which are leases where substantially all the risks and rewards of

ownership of the asset have passed to the Company, are capitalised in the balance sheet as tangible fixed assets and are depreciated over their useful lives. The capital elements of future obligation is charged to the profit or loss over the period of the lease and represents a constant proportion of the balance of capital repayments outstanding.

 

Assets held under hire purchase agreements are capitalised as tangible fixed asset and are depreciated over their useful lives. The capital element of future finance payments is included within creditors. Finance charges are allocated to accounting periods over the length of the contract.

 

PHYSIQUE FINANCE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2023
1
Accounting policies
(Continued)
- 4 -
1.7
Finance lease contracts and income - lessor accounting

Assets leased to customers under arrangements that transfer substantially all the risks and rewards of ownership of the assets to the lessee, other than legal title, are classified as finance leases.

 

The gross earnings from a finance lease (including any items of income incidental to the leases) are allocated to accounting periods using the sum of digits method as a proxy to approximate to a constant periodic rate of return on the Company’s net cash investment in the lease and is included in turnover. Under the sum of digits method, the total gross earnings are apportioned over the term of the lease in proportion to the number of rentals outstanding. This method is considered immaterially different to the actuarial approach required by FRS 102.

 

Initial direct costs, which are incremental to the Company and are directly associated with negotiating and consuming the lease transactions are included in the net investment in finance leases and reflected in the calculation of the lease income. Other costs and income are recognised in the profit or loss when incurred.

 

Net investment in finance leases at the financial position date represents the minimum lease rentals accruing to the Company less the gross earnings allocated to future periods. There are no guaranteed residual values available to the Company at the end of any leases and as unguaranteed residual values are not considered to be material to the Company, they are not reflected in the net investment in finance leases.

 

Any gain or loss on disposal of assets arising at the end of the lease is included in turnover when all the risks and rewards have been transferred by the Company.

 

Any gain or loss on early termination of leases, calculated as the difference between the total net sums recovered and the book value of net investment in finance leases, is included in the profit or loss when such terminations arise.

 

Secondary rentals are recognised in the profit or loss as they accrue, after taking account of the possibility of bad debts.

 

Specific provisions is made in respect of finance leases, which have been identified as impaired. Further, a general provision is made in respect of amounts not specifically identified, but considered to be impaired based on past experience, taking into account current economic conditions and the level of specific provisions. Any provisions for bad debts is set against the net investments in finance leases.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2023
2022
Number
Number
Total
2
2
3
Debtors
2023
2022
Amounts falling due within one year:
£
£
Other debtors
168,947
270,758
PHYSIQUE FINANCE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2023
- 5 -
4
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
33
1,231
Taxation and social security
9,267
10,582
Other creditors
2,389
3,432
11,689
15,245
5
Related party transactions

At the balance sheet date, the amount due to the related parties was £1,080 (2022: £1,740). This amount is on an interest free basis and repayable upon demand.

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