Company registration number 09913254 (England and Wales)
SYNC GYMS LIMITED
(FORMERLY KNOWN AS RIDE GYMS LIMITED)
UNAUDITED FINANCIAL STATEMENTS
FOR THE PERIOD ENDED
30 DECEMBER 2023
PAGES FOR FILING WITH REGISTRAR
6th Floor Kings House
9-10 Haymarket
London
United Kingdom
SW1Y 4BP
SYNC GYMS LIMITED
(FORMERLY KNOWN AS RIDE GYMS LIMITED)
CONTENTS
Page
Company information
1
Balance sheet
2
Notes to the financial statements
3 - 5
SYNC GYMS LIMITED
(FORMERLY KNOWN AS RIDE GYMS LIMITED)
COMPANY INFORMATION
- 1 -
Directors
Mr Philip Burns
Mr Paul Askew
Mr Peter Kearney
Mr J F W Sanderson
Company number
09913254
Registered office
6th Floor Kings House
9-10 Haymarket
London
United Kingdom
SW1Y 4BP
Accountants
TC Group
6th Floor Kings House
9-10 Haymarket
London
United Kingdom
SW1Y 4BP
SYNC GYMS LIMITED
(FORMERLY KNOWN AS RIDE GYMS LIMITED)
BALANCE SHEET
AS AT
30 DECEMBER 2023
30 December 2023
- 2 -
2023
2022
Notes
£
£
£
£
Current assets
Debtors
4
1,034
1,034
Cash at bank and in hand
446
505
1,480
1,539
Creditors: amounts falling due within one year
5
(305,865)
(303,790)
Net current liabilities
(304,385)
(302,251)
Capital and reserves
Called up share capital
6
144
143
Share premium account
228,817
228,817
Profit and loss reserves
(533,346)
(531,211)
Total equity
(304,385)
(302,251)

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

For the financial Period ended 30 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The members have not required the company to obtain an audit of its financial statements for the Period in question in accordance with section 476.

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

The financial statements were approved by the board of directors and authorised for issue on 19 September 2024 and are signed on its behalf by:
Mr Philip Burns
Director
Company Registration No. 09913254
SYNC GYMS LIMITED
(FORMERLY KNOWN AS RIDE GYMS LIMITED)
BALANCE SHEET (CONTINUED)
AS AT 30 DECEMBER 2023
30 December 2023
- 3 -
1
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

 

In the opinion of the directors there are no significant judgements or areas of estimation uncertainty.

 

2
Accounting policies
Company information

Sync Gyms Limited is a private company limited by shares incorporated in England and Wales. The registered office is 6th Floor Kings House, 9-10 Haymarket, London, United Kingdom, SW1Y 4BP.

2.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

2.2
Reporting period

These financial statements are for a period of less than 12 months whereas the comparative figures are for a full year. As a result, the comparative figures are not entirely comparable.

2.3
Cash at bank and in hand

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

SYNC GYMS LIMITED
(FORMERLY KNOWN AS RIDE GYMS LIMITED)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 DECEMBER 2023
2
Accounting policies
(Continued)
- 4 -
2.4
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally 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.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method 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. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities

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.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, 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. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

2.5
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

SYNC GYMS LIMITED
(FORMERLY KNOWN AS RIDE GYMS LIMITED)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 DECEMBER 2023
- 5 -
3
Employees

The average monthly number of persons (including directors) employed by the company during the Period was:

2023
2022
Number
Number
Total
2
2
4
Debtors
2023
2022
Amounts falling due within one year:
£
£
Other debtors
1,034
1,034
5
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
6,344
6,269
Other creditors
299,521
297,521
305,865
303,790
6
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of 1p each
14,360
14,360
144
144
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