Silverfin false false 31/03/2024 01/04/2023 31/03/2024 Mrs S Benham 13/03/2017 19 September 2024 The principal activity of the Company during the financial year was that of a gymnastics club operated on a not-for-profit basis. 10666293 2024-03-31 10666293 bus:Director1 2024-03-31 10666293 2023-03-31 10666293 core:CurrentFinancialInstruments 2024-03-31 10666293 core:CurrentFinancialInstruments 2023-03-31 10666293 core:RetainedEarningsAccumulatedLosses 2024-03-31 10666293 core:RetainedEarningsAccumulatedLosses 2023-03-31 10666293 core:PlantMachinery 2023-03-31 10666293 core:OfficeEquipment 2023-03-31 10666293 core:PlantMachinery 2024-03-31 10666293 core:OfficeEquipment 2024-03-31 10666293 2023-04-01 2024-03-31 10666293 bus:FilletedAccounts 2023-04-01 2024-03-31 10666293 bus:SmallEntities 2023-04-01 2024-03-31 10666293 bus:AuditExemptWithAccountantsReport 2023-04-01 2024-03-31 10666293 bus:CompanyLimitedByGuarantee 2023-04-01 2024-03-31 10666293 bus:Director1 2023-04-01 2024-03-31 10666293 core:PlantMachinery 2023-04-01 2024-03-31 10666293 core:OfficeEquipment 2023-04-01 2024-03-31 10666293 2022-04-01 2023-03-31 iso4217:GBP xbrli:pure

Company No: 10666293 (England and Wales)

SPLITZ GYMNASTICS CLUB LIMITED

(A company limited by guarantee)

Unaudited Financial Statements
For the financial year ended 31 March 2024
Pages for filing with the registrar

SPLITZ GYMNASTICS CLUB LIMITED

Unaudited Financial Statements

For the financial year ended 31 March 2024

Contents

SPLITZ GYMNASTICS CLUB LIMITED

COMPANY INFORMATION

For the financial year ended 31 March 2024
SPLITZ GYMNASTICS CLUB LIMITED

COMPANY INFORMATION (continued)

For the financial year ended 31 March 2024
DIRECTOR Mrs S Benham
REGISTERED OFFICE Unit 1 Bw Estates
Oldmixon Crescent
Weston-Super-Mare
BS24 9BA
United Kingdom
COMPANY NUMBER 10666293 (England and Wales)
CHARTERED ACCOUNTANTS Francis Clark LLP
Blackbrook Gate 1
Blackbrook Business Park
Taunton
Somerset TA1 2PX
SPLITZ GYMNASTICS CLUB LIMITED

BALANCE SHEET

As at 31 March 2024
SPLITZ GYMNASTICS CLUB LIMITED

BALANCE SHEET (continued)

As at 31 March 2024
Note 2024 2023
£ £
Fixed assets
Tangible assets 3 17,766 18,888
17,766 18,888
Current assets
Stocks 3,000 3,500
Debtors 4 5,325 3,262
Cash at bank and in hand 21,774 21,802
30,099 28,564
Creditors: amounts falling due within one year 5 ( 23,505) ( 22,179)
Net current assets 6,594 6,385
Total assets less current liabilities 24,360 25,273
Provision for liabilities ( 2,490) ( 4,683)
Net assets 21,870 20,590
Reserves
Retained earnings 21,870 20,590
Total reserves 21,870 20,590

For the financial year ending 31 March 2024 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The financial statements of Splitz Gymnastics Club Limited (registered number: 10666293) were approved and authorised for issue by the Director on 19 September 2024. They were signed on its behalf by:

Mrs S Benham
Director
SPLITZ GYMNASTICS CLUB LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 2024
SPLITZ GYMNASTICS CLUB LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Splitz Gymnastics Club Limited (the Company) is a private company, limited by guarantee, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Unit 1 Bw Estates, Oldmixon Crescent, Weston-Super-Mare, BS24 9BA, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Turnover

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of returns, rebates and discounts.

The company recognises revenue when the amount of revenue can be reliably measured; it is probable that future economic benefits will flow to the entity and the provision of services or sales of goods has been completed.

Employee benefits

Defined contribution schemes
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on tax rates and laws substantively enacted at the balance sheet date. Deferred tax assets and liabilities are not discounted.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a reducing balance basis over its expected useful life, as follows:

Plant and machinery 25 % reducing balance
Office equipment 25 % reducing balance

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

Leases

The Company as lessee
Assets held under finance leases, hire purchase contracts and other similar arrangements, which confer rights and obligations similar to those attached to owned assets, are capitalised as tangible fixed assets at the fair value of the leased asset (or, if lower, the present value of the minimum lease payments as determined at the inception of the lease) and are depreciated over the shorter of the lease terms and their useful lives. The capital elements of future lease obligations are recorded as liabilities, while the interest elements are charged to the Profit and Loss Account over the period of the leases to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets receivable within one year, such as trade debtors and bank balances, are measured at transaction price less any impairment.

Basic financial assets receivable within more than one year are measured at amortised cost less any impairment.

Financial assets are derecognised when and only when the contractual rights to the cash flows from the financial asset expire or are settled, or the Company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or the Company, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.

Basic financial liabilities
Basic financial liabilities that have no stated interest rate and are payable within one year, such as trade creditors, are measured at transaction price.

Other basic financial liabilities are measured at amortised cost.

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including the director 14 9

3. Tangible assets

Plant and machinery Office equipment Total
£ £ £
Cost
At 01 April 2023 41,969 2,897 44,866
Additions 0 3,940 3,940
Disposals 0 ( 129) ( 129)
At 31 March 2024 41,969 6,708 48,677
Accumulated depreciation
At 01 April 2023 25,061 917 25,978
Charge for the financial year 4,227 761 4,988
Disposals 0 ( 55) ( 55)
At 31 March 2024 29,288 1,623 30,911
Net book value
At 31 March 2024 12,681 5,085 17,766
At 31 March 2023 16,908 1,980 18,888

4. Debtors

2024 2023
£ £
Amounts owed by director 2,145 0
Prepayments 3,180 3,262
5,325 3,262

5. Creditors: amounts falling due within one year

2024 2023
£ £
Trade creditors 6,595 7,012
Amounts owed to director 0 1,238
Accruals and deferred income 4,999 1,892
Other taxation and social security 2,788 5,522
Other creditors 9,123 6,515
23,505 22,179

6. Related party transactions

Transactions with the entity's director

2024 2023
£ £
Balance b/fwd (1,238) (1,702)
Advances 3,444 622
Repayments (61) (158)
Balance c/fwd 2,145 (1,238)

The loan is repayable on demand.