Company Registration No. NI623112 (Northern Ireland)
Core Gym N.i. Limited
Unaudited accounts
for the year ended 29 February 2024
Core Gym N.i. Limited
Statement of financial position
as at 29 February 2024
Tangible assets
42,529
53,161
Cash at bank and in hand
2,647
4,530
Creditors: amounts falling due within one year
(116,247)
(139,853)
Net current liabilities
(109,680)
(129,403)
Total assets less current liabilities
(67,151)
(76,242)
Creditors: amounts falling due after more than one year
(136,458)
(136,458)
Net liabilities
(203,609)
(212,700)
Called up share capital
100
100
Profit and loss account
(203,709)
(212,800)
Shareholders' funds
(203,609)
(212,700)
For the year ending 29 February 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 and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board of Directors and authorised for issue on 30 June 2024 and were signed on its behalf by
David Henderson
Director
Company Registration No. NI623112
Core Gym N.i. Limited
Notes to the Accounts
for the year ended 29 February 2024
Core Gym N.i. Limited is a private company, limited by shares, registered in Northern Ireland, registration number NI623112. The registered office is 24c Ballyrashane Road, Coleraine, County Londonderry, BT52 2NL, Northern Ireland.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
The accounts are presented in £ sterling.
The directors believe that the company Core Gym N.I. Limited has adequate resources available to enable it to continue to meet its ongoing obligations as and when they fall due for at least 12 months from the date of approval of the financial statements. Accordingly, the company continues to adopt the going concern basis in preparation of its financial statements.
Turnover comprises the invoice value of gym and coaching services supplied by the company, exclusive of trade discounts and value added tax. Revenue from a contract to provide gym and coaching services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when: the amount of revenue can be measured reliably; it is probable that the Company will receive the consideration due under the contract; the stage of completion of the contract can be measured reliably; and the costs incurred and the costs to complete the contract can be measured reliably.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Fixtures & fittings
20% Reducing Balance
Core Gym N.i. Limited
Notes to the Accounts
for the year ended 29 February 2024
4
Tangible fixed assets
Fixtures & fittings
At 29 February 2024
219,738
Charge for the year
10,632
At 29 February 2024
177,209
At 29 February 2024
42,529
At 28 February 2023
53,161
Amounts falling due within one year
6
Creditors: amounts falling due within one year
2024
2023
Bank loans and overdrafts
23,609
29,552
Other creditors
57,488
73,333
Loans from directors
32,636
33,953
7
Creditors: amounts falling due after more than one year
2024
2023
Bank loans
136,458
136,458
Allotted, called up and fully paid:
100 Ordinary shares of £1 each
100
100
9
Average number of employees
During the year the average number of employees was 0 (2023: 0).