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Company No: 06688328 (England and Wales)

STARS GYMS LIMITED

Unaudited Financial Statements
For the financial year ended 31 December 2023
Pages for filing with the registrar

STARS GYMS LIMITED

Unaudited Financial Statements

For the financial year ended 31 December 2023

Contents

STARS GYMS LIMITED

BALANCE SHEET

As at 31 December 2023
STARS GYMS LIMITED

BALANCE SHEET (continued)

As at 31 December 2023
Note 2023 2022
£ £
Fixed assets
Tangible assets 3 186,149 93,977
186,149 93,977
Current assets
Debtors
- due within one year 4 90,211 94,389
- due after more than one year 4 30,635 0
Cash at bank and in hand 102,712 160,064
223,558 254,453
Creditors: amounts falling due within one year 5 ( 55,805) ( 35,755)
Net current assets 167,753 218,698
Total assets less current liabilities 353,902 312,675
Creditors: amounts falling due after more than one year 6 ( 2,544,957) ( 2,544,957)
Net liabilities ( 2,191,055) ( 2,232,282)
Capital and reserves
Called-up share capital 7 1,102 1,075
Share premium account 2,488,958 2,488,958
Capital redemption reserve 30 30
Profit and loss account ( 4,681,145 ) ( 4,722,345 )
Total shareholders' deficit ( 2,191,055) ( 2,232,282)

For the financial year ending 31 December 2023 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The financial statements of Stars Gyms Limited (registered number: 06688328) were approved and authorised for issue by the Board of Directors on 24 September 2024. They were signed on its behalf by:

Mr R Coates
Director
STARS GYMS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 December 2023
STARS GYMS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 December 2023
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.

Going concern

The directors have assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Turnover

Turnover is stated net of VAT and trade discounts and is recognised when the significant risks and rewards are considered to have been transferred to the buyer.

Revenue from services is recognised as they are delivered.

Employee benefits

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

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, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line basis over its expected useful life, as follows:

Leasehold improvements 5 years straight line
Fixtures and fittings 8.33 years straight line
Tools and equipment 5 years straight line
Office equipment 3 years straight line
Other property, plant and equipment 10 years straight line

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.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Profit and Loss Account as described below.

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

2023 2022
Number Number
Monthly average number of persons employed by the Company during the year, including directors 15 13

3. Tangible assets

Leasehold improve-
ments
Fixtures and fittings Tools and equipment Office equipment Other property, plant
and equipment
Total
£ £ £ £ £ £
Cost
At 01 January 2023 196,667 51,632 70,978 6,331 0 325,608
Additions 4,566 0 7,486 0 140,124 152,176
At 31 December 2023 201,233 51,632 78,464 6,331 140,124 477,784
Accumulated depreciation
At 01 January 2023 141,040 39,978 44,537 6,076 0 231,631
Charge for the financial year 39,485 2,506 15,492 127 2,394 60,004
At 31 December 2023 180,525 42,484 60,029 6,203 2,394 291,635
Net book value
At 31 December 2023 20,708 9,148 18,435 128 137,730 186,149
At 31 December 2022 55,627 11,654 26,441 255 0 93,977

4. Debtors

2023 2022
£ £
Debtors: amounts falling due within one year
Trade debtors 336 3,320
Prepayments 34,686 13,744
Other debtors 55,189 77,325
90,211 94,389
Debtors: amounts falling due after more than one year
Amounts owed by Group undertakings 30,635 0

5. Creditors: amounts falling due within one year

2023 2022
£ £
Trade creditors 15,953 9,039
Accruals 6,684 2,200
Other taxation and social security 30,130 22,114
Other creditors 3,038 2,402
55,805 35,755

6. Creditors: amounts falling due after more than one year

2023 2022
£ £
Amounts owed to directors 1,927,210 1,927,210
Accruals 617,747 617,747
2,544,957 2,544,957

There are no amounts included above in respect of which any security has been given by the small entity.

7. Called-up share capital

2023 2022
£ £
Allotted, called-up and fully-paid
1,102 Ordinary shares of £ 1.00 each (2022: 1,075 shares of £ 1.00 each) 1,102 1,075

27 Ordinary shares allotted to Elaine June Coulthard as on 14.12.2023