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REGISTERED NUMBER: 11206333 (England and Wales)












UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2024

FOR

CORE THE GYM LTD

CORE THE GYM LTD (REGISTERED NUMBER: 11206333)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


CORE THE GYM LTD

COMPANY INFORMATION
FOR THE YEAR ENDED 31 MARCH 2024







DIRECTOR: Mr J B Atkins





REGISTERED OFFICE: Unit 7d, 56 King Street
Maidstone
Kent
ME14 1BW





REGISTERED NUMBER: 11206333 (England and Wales)





ACCOUNTANTS: Mackenzies Accountants Limited
Chartered Accountants
1 Langley Court
Pyle Street
Newport
Isle of Wight
PO30 1LA

CORE THE GYM LTD (REGISTERED NUMBER: 11206333)

BALANCE SHEET
31 MARCH 2024

2024 2023
Notes £ £ £ £
FIXED ASSETS
Intangible assets 4 6,000 7,500
Tangible assets 5 21,517 22,811
27,517 30,311

CURRENT ASSETS
Stocks 4,000 2,035
Debtors 6 252,632 164,448
Cash at bank 1,413 262
258,045 166,745
CREDITORS
Amounts falling due within one year 7 212,970 147,520
NET CURRENT ASSETS 45,075 19,225
TOTAL ASSETS LESS CURRENT
LIABILITIES

72,592

49,536

CREDITORS
Amounts falling due after more than one
year

8

(33,374

)

(42,990

)

PROVISIONS FOR LIABILITIES 10 (2,072 ) (2,057 )
NET ASSETS 37,146 4,489

CAPITAL AND RESERVES
Called up share capital 11 200 100
Share premium 3,700 -
Retained earnings 33,246 4,389
SHAREHOLDERS' FUNDS 37,146 4,489

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2024 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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.

CORE THE GYM LTD (REGISTERED NUMBER: 11206333)

BALANCE SHEET - continued
31 MARCH 2024


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 director and authorised for issue on 19 August 2024 and were signed by:





Mr J B Atkins - Director


CORE THE GYM LTD (REGISTERED NUMBER: 11206333)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024


1. STATUTORY INFORMATION

Core The Gym Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

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.

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

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2019, is being amortised evenly over its estimated useful life of ten years.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Improvements to property - 10% on cost
Plant and machinery - 25% on reducing balance
Fixtures and fittings - 25% on reducing balance
Computer equipment - 25% on reducing balance

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss Account, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


CORE THE GYM LTD (REGISTERED NUMBER: 11206333)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024


2. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 6 (2023 - 7 ) .

4. INTANGIBLE FIXED ASSETS
Goodwill
£
COST
At 1 April 2023
and 31 March 2024 15,000
AMORTISATION
At 1 April 2023 7,500
Amortisation for year 1,500
At 31 March 2024 9,000
NET BOOK VALUE
At 31 March 2024 6,000
At 31 March 2023 7,500

Goodwill represents the purchase of an initial customer base of gym memberships.

CORE THE GYM LTD (REGISTERED NUMBER: 11206333)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024


5. TANGIBLE FIXED ASSETS
Long Improvements Plant and
leasehold to property machinery
£ £ £
COST
At 1 April 2023 2,855 13,690 15,000
Additions - - 2,448
At 31 March 2024 2,855 13,690 17,448
DEPRECIATION
At 1 April 2023 - 4,563 6,765
Charge for year - 1,369 2,515
At 31 March 2024 - 5,932 9,280
NET BOOK VALUE
At 31 March 2024 2,855 7,758 8,168
At 31 March 2023 2,855 9,127 8,235

Fixtures
and Computer
fittings equipment Totals
£ £ £
COST
At 1 April 2023 1,267 4,246 37,058
Additions 973 - 3,421
At 31 March 2024 2,240 4,246 40,479
DEPRECIATION
At 1 April 2023 966 1,953 14,247
Charge for year 258 573 4,715
At 31 March 2024 1,224 2,526 18,962
NET BOOK VALUE
At 31 March 2024 1,016 1,720 21,517
At 31 March 2023 301 2,293 22,811

6. DEBTORS
2024 2023
£ £
Amounts falling due within one year:
Other debtors 3,750 -
Directors' current accounts 186,913 123,785
190,663 123,785

CORE THE GYM LTD (REGISTERED NUMBER: 11206333)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024


6. DEBTORS - continued
2024 2023
£ £
Amounts falling due after more than one year:
S455 CTA 2010 tax recoverable 61,969 40,663

Aggregate amounts 252,632 164,448

Other debtors includes share issues of £3750.

Interest has been charged on the overdrawn director's loan account at the market rate.

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£ £
Bank loans and overdrafts 9,616 7,010
Tax 72,996 53,287
Social security and other taxes 27,899 15,901
VAT 96,051 57,624
Other creditors 578 402
Accrued expenses 5,830 13,296
212,970 147,520

Other creditors consists of an amount of £578 (2023: £374) due in respect of pension contribution, and an amount of £Nil (2023: £28) due to Paypal.

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2024 2023
£ £
Bank loans - 1-2 years 9,923 9,616
Bank loans - 2-5 years 23,451 33,374
33,374 42,990

9. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
2024 2023
£ £
Within one year 45,358 37,265
Between one and five years 129,179 120,000
In more than five years 265,000 265,000
439,537 422,265

CORE THE GYM LTD (REGISTERED NUMBER: 11206333)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024


10. PROVISIONS FOR LIABILITIES
2024 2023
£ £
Deferred tax 2,072 2,057

Deferred tax
£
Balance at 1 April 2023 2,057
Provided during year 15
Balance at 31 March 2024 2,072

11. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £ £
NIL Ordinary £1 - 100
150 Ordinary A £1 150 -
25 Ordinary B £1 25 -
25 Ordinary C £1 25 -
200 100

Shares were issued during the year as follows:

Cash at par
50 Ordinary A shares of £1 for £ 50

Cash at premium
25 Ordinary B shares of £1 for £ 1,875
25 Ordinary C shares of £1 for £ 1,875

12. ULTIMATE CONTROLLING PARTY

The controlling party is Mr J B Atkins.