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Registered number: 09192589
Freedom Fitness Ltd
Unaudited Financial Statements
For The Year Ended 31 January 2024
Moneypad Ltd
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: 09192589
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 5 193,581 220,971
193,581 220,971
CURRENT ASSETS
Debtors 6 4,016 1,969
Cash at bank and in hand 30,093 14,091
34,109 16,060
Creditors: Amounts Falling Due Within One Year 7 (39,116 ) (30,649 )
NET CURRENT ASSETS (LIABILITIES) (5,007 ) (14,589 )
TOTAL ASSETS LESS CURRENT LIABILITIES 188,574 206,382
Creditors: Amounts Falling Due After More Than One Year 8 (19,211 ) (29,098 )
NET ASSETS 169,363 177,284
CAPITAL AND RESERVES
Called up share capital 9 100 100
Profit and Loss Account 169,263 177,184
SHAREHOLDERS' FUNDS 169,363 177,284
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 members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their 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 Andrew Jefcoate
Director
15/08/2024
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
Freedom Fitness Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 09192589 . The registered office is Anytime Fitness Hertford Marquee Centre, Railway Street, Hertford, Hertfordshire, SG14 1SH.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3. Intangible Fixed Assets and Amortisation - Other Intangible
Other intangible assets relates to a franchise fee. It is amortised to profit and loss account over its estimated economic life of 5 years.
2.4. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. 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:
Plant & Machinery 15% and 25% Reducing Balance
Motor Vehicles 25% Reducing Balance
Fixtures & Fittings 25% Reducing Balance
Computer Equipment 33% Reducing Balance
2.5. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other year and 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 end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period 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 assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and asset reflects the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
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3. Average Number of Employees
Average number of employees, including directors, during the year was: 8 (2023: 7)
8 7
4. Intangible Assets
Other
£
Cost
As at 1 February 2023 22,500
As at 31 January 2024 22,500
Amortisation
As at 1 February 2023 22,500
As at 31 January 2024 22,500
Net Book Value
As at 31 January 2024 -
As at 1 February 2023 -
5. Tangible Assets
Plant & Machinery Motor Vehicles Fixtures & Fittings Computer Equipment Total
£ £ £ £ £
Cost
As at 1 February 2023 315,947 42,240 3,815 4,509 366,511
Additions 6,191 - - 307 6,498
As at 31 January 2024 322,138 42,240 3,815 4,816 373,009
Depreciation
As at 1 February 2023 138,266 904 2,796 3,574 145,540
Provided during the period 22,608 10,628 255 397 33,888
As at 31 January 2024 160,874 11,532 3,051 3,971 179,428
Net Book Value
As at 31 January 2024 161,264 30,708 764 845 193,581
As at 1 February 2023 177,681 41,336 1,019 935 220,971
6. Debtors
2024 2023
£ £
Due within one year
Trade debtors 157 426
Prepayments and accrued income 3,859 1,543
4,016 1,969
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7. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 1,478 3
Bank loans and overdrafts 10,041 9,788
Corporation tax 11,245 9,514
Other taxes and social security 693 567
VAT 12,078 10,538
Net wages 229 239
Accruals and deferred income 3,280 -
Directors' loan accounts 72 -
39,116 30,649
8. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Bank loans 19,211 29,098
9. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 100 100
Page 5