Acorah Software Products - Accounts Production 15.0.600 false true 31 December 2022 1 January 2022 false 1 January 2023 31 December 2023 31 December 2023 7726583 Ms Jyosna Patel Mr Satish Parmar Mrs Nita Patel Mrs Anita Parmar Mr Suresh Patel Mrs Rajeshri Rajani Mr Ketan Patel iso4217:GBP iso4217:EUR iso4217:USD xbrli:shares xbrli:pure xbrli:pure 7726583 2022-12-31 7726583 2023-12-31 7726583 2023-01-01 2023-12-31 7726583 frs-core:CurrentFinancialInstruments 2023-12-31 7726583 frs-core:Non-currentFinancialInstruments 2023-12-31 7726583 frs-core:BetweenOneFiveYears 2023-12-31 7726583 frs-core:FurnitureFittings 2023-12-31 7726583 frs-core:FurnitureFittings 2023-01-01 2023-12-31 7726583 frs-core:FurnitureFittings 2022-12-31 7726583 frs-core:LandBuildings frs-core:OwnedOrFreeholdAssets 2023-12-31 7726583 frs-core:LandBuildings frs-core:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 7726583 frs-core:LandBuildings frs-core:OwnedOrFreeholdAssets 2022-12-31 7726583 frs-core:WithinOneYear 2023-12-31 7726583 frs-core:ShareCapital 2023-12-31 7726583 frs-core:RetainedEarningsAccumulatedLosses 2023-01-01 2023-12-31 7726583 frs-core:RetainedEarningsAccumulatedLosses 2023-12-31 7726583 frs-bus:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 7726583 frs-bus:FilletedAccounts 2023-01-01 2023-12-31 7726583 frs-bus:SmallEntities 2023-01-01 2023-12-31 7726583 frs-bus:AuditExempt-NoAccountantsReport 2023-01-01 2023-12-31 7726583 frs-bus:SmallCompaniesRegimeForAccounts 2023-01-01 2023-12-31 7726583 frs-bus:Director1 2023-01-01 2023-12-31 7726583 frs-bus:Director2 2023-01-01 2023-12-31 7726583 frs-bus:Director3 2023-01-01 2023-12-31 7726583 frs-bus:Director4 2023-01-01 2023-12-31 7726583 frs-bus:Director5 2023-01-01 2023-12-31 7726583 frs-bus:Director6 2023-01-01 2023-12-31 7726583 frs-bus:Director7 2023-01-01 2023-12-31 7726583 frs-core:CurrentFinancialInstruments 3 2023-12-31 7726583 frs-core:CurrentFinancialInstruments 4 2023-12-31 7726583 frs-core:CurrentFinancialInstruments 5 2023-12-31 7726583 frs-core:CurrentFinancialInstruments 6 2023-12-31 7726583 frs-core:CurrentFinancialInstruments 7 2023-12-31 7726583 frs-core:CurrentFinancialInstruments 8 2023-12-31 7726583 frs-countries:EnglandWales 2023-01-01 2023-12-31 7726583 2021-12-31 7726583 2022-12-31 7726583 2022-01-01 2022-12-31 7726583 frs-core:CurrentFinancialInstruments 2022-12-31 7726583 frs-core:Non-currentFinancialInstruments 2022-12-31 7726583 frs-core:BetweenOneFiveYears 2022-12-31 7726583 frs-core:WithinOneYear 2022-12-31 7726583 frs-core:ShareCapital 2021-12-31 7726583 frs-core:ShareCapital 2022-12-31 7726583 frs-core:RetainedEarningsAccumulatedLosses 2022-01-01 2022-12-31 7726583 frs-core:RetainedEarningsAccumulatedLosses frs-core:PreviouslyStatedAmount 2021-12-31 7726583 frs-core:RetainedEarningsAccumulatedLosses 2022-12-31 7726583 frs-core:Non-currentFinancialInstruments 1 2022-12-31 7726583 frs-core:Non-currentFinancialInstruments 2 2022-12-31 7726583 frs-core:CurrentFinancialInstruments 3 2022-12-31 7726583 frs-core:CurrentFinancialInstruments 4 2022-12-31 7726583 frs-core:CurrentFinancialInstruments 5 2022-12-31 7726583 frs-core:CurrentFinancialInstruments 6 2022-12-31 7726583 frs-core:CurrentFinancialInstruments 7 2022-12-31 7726583 frs-core:CurrentFinancialInstruments 8 2022-12-31
Registered number: 7726583
Finedon Road Fitness Club Ltd
Unaudited Financial Statements
For The Year Ended 31 December 2023
Contents
Page
Balance Sheet 1—2
Statement of Changes in Equity 3
Notes to the Financial Statements 4—8
Page 1
Balance Sheet
Registered number: 7726583
2023 2022
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 1,235,496 1,038,662
1,235,496 1,038,662
CURRENT ASSETS
Stocks 5 5,250 175
Debtors 6 57,370 42,015
Cash at bank and in hand 54,640 6,807
117,260 48,997
Creditors: Amounts Falling Due Within One Year 7 (350,693 ) (359,803 )
NET CURRENT ASSETS (LIABILITIES) (233,433 ) (310,806 )
TOTAL ASSETS LESS CURRENT LIABILITIES 1,002,063 727,856
Creditors: Amounts Falling Due After More Than One Year 8 (288,247 ) (53,114 )
PROVISIONS FOR LIABILITIES
Deferred Taxation (55,470 ) (26,901 )
NET ASSETS 658,346 647,841
CAPITAL AND RESERVES
Called up share capital 11 506,408 506,408
Profit and Loss Account 151,938 141,433
SHAREHOLDERS' FUNDS 658,346 647,841
Page 1
Page 2
For the 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.
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 Ketan Patel
Director
12/08/2024
The notes on pages 4 to 8 form part of these financial statements.
Page 2
Page 3
Statement of Changes in Equity
Share Capital Profit and Loss Account Total
£ £ £
As at 1 January 2022 506,408 80,315 586,723
Profit for the year and total comprehensive income - 61,118 61,118
As at 31 December 2022 and 1 January 2023 506,408 141,433 647,841
Profit for the year and total comprehensive income - 10,505 10,505
As at 31 December 2023 506,408 151,938 658,346
Page 3
Page 4
Notes to the Financial Statements
1. General Information
Finedon Road Fitness Club Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 7726583 . The registered office is 109E Finedon Road, Wellingborough, Northants, NN8 4AL.
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. 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:
Freehold Nil
Fixtures & Fittings 10% RB
2.4. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
2.5. Financial Instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument.Basic financial instruments are initially recognised at transaction price and measured at amortised cost using the effective interest method. Where investments in non-derivative financial instruments are publicly traded, or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value through profit and loss. All other investments are subsequently measured at cost less impairment. Debtors and creditors that fall due within one year are recorded in the financial statements at transaction price and then subsequently measured at amortised cost. If the effects of the time value of money are immaterial, they are measured at cost (less impairment for trade debtors). Debtors are reviewed for impairment at each reporting date and any impairments are recorded within profit or loss and shown within administrative expenses when there is objective evidence that a debtor is impaired. Objective evidence that a debtor is impaired arises when the customer is unable to settle amounts owing to the company or the customer becomes bankrupt.Debtors do not carry interest and are stated at their nominal value. Trade creditors are not interest-bearing and are stated at their nominal value.Financial assets which are measured at cost or amortised cost are reviewed for objective evidence of impairment at each balance sheet date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. All equity instruments, regardless of significance, and other financial assets that are individually significant, are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset which exceeds what the carrying amount would have been had the impairment loss not previously been recognised.
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2.6. 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.
2.7. Pensions
The company operates a defined pension contribution scheme. Contributions are charged to the profit and loss account as they become payable in accordance with the rules of the scheme.
2.8. Government Grant
Government grants are recognised in the profit and loss account in an appropriate manner that matches them with the expenditure towards which they are intended to contribute.
Grants for immediate financial support or to cover costs already incurred are recognised immediately in the profit and loss account. Grants towards general activities of the entity over a specific period are recognised in the profit and loss account over that period.
Grants towards fixed assets are recognised over the expected useful lives of the related assets and are treated as deferred income and released to the profit and loss account over the useful life of the asset concerned.
All grants in the profit and loss account are recognised when all conditions for receipt have been complied with.
3. Average Number of Employees
Average number of employees, including directors, during the year was:
2023 2022
Office and administration 3 2
Sales, marketing and distribution 30 21
33 23
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4. Tangible Assets
Land & Property
Freehold Fixtures & Fittings Total
£ £ £
Cost
As at 1 January 2023 842,631 272,229 1,114,860
Additions 28,928 190,303 219,231
As at 31 December 2023 871,559 462,532 1,334,091
Depreciation
As at 1 January 2023 - 76,198 76,198
Provided during the period - 22,397 22,397
As at 31 December 2023 - 98,595 98,595
Net Book Value
As at 31 December 2023 871,559 363,937 1,235,496
As at 1 January 2023 842,631 196,031 1,038,662
Cost or valuation as at 31 December 2023 represented by:
Land & Property
Freehold Fixtures & Fittings Total
£ £ £
At cost 871,559 462,532 1,334,091
871,559 462,532 1,334,091
5. Stocks
2023 2022
£ £
Stock 3,830 -
Materials 1,420 175
5,250 175
6. Debtors
2023 2022
£ £
Due within one year
Trade debtors 400 1,091
Prepayments and accrued income 14,049 14,889
Other debtors 1,218 -
Deferred tax current asset 41,703 26,035
57,370 42,015
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7. Creditors: Amounts Falling Due Within One Year
2023 2022
£ £
Net obligations under finance lease and hire purchase contracts 21,918 -
Trade creditors 39,288 16,632
Bank loans and overdrafts 43,237 17,694
P.A.Y.E 8,461 6,029
VAT 54,417 89,147
S Patel Loan < 1 year 5,684 30,492
Deferred Income 42,868 55,701
Pension Control Account 1,509 1,239
Kilby Motors Loan < 1 yr 10,490 25,554
K Patel Loan < 1 yr 3,005 9,127
Finedon Road Leisure Limited 39,044 41,268
Other creditors (8) 91 32,179
Accruals 16,681 34,741
Directors' loan accounts 64,000 -
350,693 359,803
8. Creditors: Amounts Falling Due After More Than One Year
2023 2022
£ £
Net obligations under finance lease and hire purchase contracts 54,832 -
Bank loans 233,415 37,056
S Patel Loan - 4,449
Kilby Motors Loan > 1 yr - 9,069
K Patel Loan > 1 yr - 2,540
288,247 53,114
9. Secured Creditors
Of the creditors the following amounts are secured.
10. Obligations Under Finance Leases and Hire Purchase
2023 2022
£ £
The future minimum finance lease payments are as follows:
Not later than one year 21,918 -
Later than one year and not later than five years 54,832 -
76,750 -
76,750 -
11. Share Capital
2023 2022
£ £
Allotted, Called up and fully paid 506,408 506,408
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12. Financial Instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument.  Basic financial instruments are initially recognised at transaction price and measured at amortised cost using the effective interest method. Where investments in non-derivative financial instruments are publicly traded, or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value through profit and loss. All other investments are subsequently measured at cost less impairment. Debtors and creditors that fall due within one year are recorded in the financial statements at transaction price and do not carry interest and as such are stated at their nominal value, less any impairment on debtors.   
13. Related Party Transactions
Loans to the Company include related party transactions, as follows:
Kilby Motors LtdCommon DirectorsLong Term loan

Kilby Motors Ltd

Common Directors

Long Term loan

K & N PatelCommon DirectorsLong Term loan

K & N Patel

Common Directors

Long Term loan

S & J PatelDirectorLong term loan

S & J Patel

Director

Long term loan

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