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REGISTERED NUMBER: 00299638 (England and Wales)












UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 NOVEMBER 2023

FOR

GYMPHLEX LIMITED

GYMPHLEX LIMITED (REGISTERED NUMBER: 00299638)

CONTENTS OF THE FINANCIAL STATEMENTS
for the year ended 30 November 2023










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


GYMPHLEX LIMITED

COMPANY INFORMATION
for the year ended 30 November 2023







DIRECTORS: J R S Greenlees
V E Greenlees





SECRETARY: J R S Greenlees





REGISTERED OFFICE: Woodside House
218 London Road
Leicester
LE2 1NE





REGISTERED NUMBER: 00299638 (England and Wales)





ACCOUNTANTS: Magma Audit LLP
Unit 2 Charnwood Edge Business Park
Syston Road, Leicester
LE7 4UZ
Magma Audit LLP is part
Of the Dains Group

GYMPHLEX LIMITED (REGISTERED NUMBER: 00299638)

BALANCE SHEET
30 November 2023

2023 2022
Notes £    £   
FIXED ASSETS
Tangible assets 4 3,079 1,294

CURRENT ASSETS
Stocks 44,122 44,460
Debtors 5 453,460 1,968,795
Cash at bank and in hand 519,076 354,567
1,016,658 2,367,822
CREDITORS
Amounts falling due within one year 6 (32,330 ) (1,424,295 )
NET CURRENT ASSETS 984,328 943,527
TOTAL ASSETS LESS CURRENT
LIABILITIES

987,407

944,821

CREDITORS
Amounts falling due after more than one
year

7

(3,900

)

(3,900

)
NET ASSETS 983,507 940,921

CAPITAL AND RESERVES
Called up share capital 519,695 519,695
Retained earnings 463,812 421,226
983,507 940,921

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 November 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 November 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

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

In accordance with Section 444 of the Companies Act 2006, the Profit and loss account has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 29 August 2024 and were signed on its behalf by:





J R S Greenlees - Director


GYMPHLEX LIMITED (REGISTERED NUMBER: 00299638)

NOTES TO THE FINANCIAL STATEMENTS
for the year ended 30 November 2023


1. STATUTORY INFORMATION

Gymphlex Limited is a limited company, registered in England and Wales. Its registered office address is Woodside House, 218 London Road, Leicester, LE2 1NE and the registered number is 00299638.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Going concern

At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

Turnover
Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Other operating income
Other operating income is recognised in the accounts on an accruals basis and in relation to the period in which it relates.

Rendering of goods
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the
goods have passed to the buyer usually on dispatch of the goods.

Tangible fixed assets
Tangible fixed assets are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using either a straight line or reducing balance method, as indicated below.

Depreciation is provided on the following basis:

Plant & machinery - 10%straight line
Computer equipment- 25%straight line

The asset's residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

GYMPHLEX LIMITED (REGISTERED NUMBER: 00299638)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 30 November 2023


2. ACCOUNTING POLICIES - continued

Financial instruments
The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in profit or loss.

Financial assets and liabilities are offset and the net amount reported in the Balance Sheet when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Taxation
The tax expense for the year comprises current and deferred tax.

Tax is recognised in profit or loss except that a change attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the Balance Sheet date, except that:
- The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
- Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Both current and deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Operating leases
Assets obtained under hire purchase contracts and finance leases are capitalised as tangible assets and depreciated over the shorter of the lease term and their useful lives. Obligations under such agreements are included in creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Debtors
Basic financial assets, including trade and other debtors, are initially recognised at transaction price, 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. Such assets are subsequently carried at amortised cost using the effective interest method, less any impairment.

Cash and cash equivalents
Cash and cash equivalents are represented by cash in hand, deposits held at call with financial institutions, and other short-term highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

Creditors
Basic financial liabilities, including trade and other creditors, loans from third parties and loans from related parties, 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. Such instruments are subsequently carried at amortised cost using the effective interest method, less any impairment.

GYMPHLEX LIMITED (REGISTERED NUMBER: 00299638)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 30 November 2023


2. ACCOUNTING POLICIES - continued

Leasing and hire purchase commitments
Assets obtained under hire purchase contracts and finance leases are capitalised as tangible assets and depreciated over the shorter of the lease term and their useful lives. Obligations under such agreements are included in creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 3 (2022 - 2 ) .

4. TANGIBLE FIXED ASSETS
Fixtures
and Computer
fittings equipment Totals
£    £    £   
COST
At 1 December 2022 162,802 73,088 235,890
Additions - 2,850 2,850
At 30 November 2023 162,802 75,938 238,740
DEPRECIATION
At 1 December 2022 161,787 72,809 234,596
Charge for year 351 714 1,065
At 30 November 2023 162,138 73,523 235,661
NET BOOK VALUE
At 30 November 2023 664 2,415 3,079
At 30 November 2022 1,015 279 1,294

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 15,299 44,999
Amounts owed by group undertakings 229,267 1,736,362
Other debtors 175,682 163,596
VAT - 1,952
Deferred tax asset 8,600 10,999
Prepayments and accrued income 24,612 10,887
453,460 1,968,795

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts - 1,346,757
Trade creditors 13,953 54,607
Tax 921 -
Social security and other taxes 2,576 6,424
Other creditors - 2,310
Accruals and deferred income 14,880 14,197
32,330 1,424,295

GYMPHLEX LIMITED (REGISTERED NUMBER: 00299638)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 30 November 2023


7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2023 2022
£    £   
Preference shares 3,900 3,900

The above represents preference share capital treated as debt.

The rights attaching to the preference shares are as follows:

i) A fixed cumulative preferential dividend each year at the rate of 4.2% per annum on capital paid up;

ii) On a return of capital or liquidation the surplus assets of the company after payment of its liabilities shall be applied first in repayment to the holders of the preference shares the amounts paid up together with any dividend arrears; and

iii) To attend General Meetings of the company and have one vote for every ten preference shares held.

8. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£    £   
Bank overdraft - 1,346,757

The bank overdraft is secured by way of a fixed and floating charge over the undertaking and all property and assets, past and future.

9. CONTINGENT LIABILITIES

There is a guarantee in favour of the company's bankers for all and every sum owing at the date of demand given by Gymphlex Limited, Leicester Sports Limited, Grahame Gardner Limited and Ryland Dickson Limited, supported by a fixed and first floating charge over all assets and undertakings of these companies. At 30 November 2023 the contingent liability under this guarantee amounted to £Nil (2022 - £1,346,757).

10. OTHER FINANCIAL COMMITMENTS

Operating lease commitments not included in the balance sheet amount to £Nil (2021 - £1,229).

11. RELATED PARTY DISCLOSURES

The company has taken advantage of the exemption provided in FRS 102 Section 1A from disclosing transactions with members of the same group that are wholly owned.