12 01/01/2023 31/12/2023 2023-12-31 false false false false false false false true false false true false false false false false true false No description of principal activities is disclosed 2023-01-01 Sage Accounts Production 23.0 - FRS102_2023 xbrli:pure xbrli:shares iso4217:GBP 08951466 2023-01-01 2023-12-31 08951466 2023-12-31 08951466 2022-12-31 08951466 2022-01-01 2022-12-31 08951466 2022-12-31 08951466 2021-12-31 08951466 core:LandBuildings core:ShortLeaseholdAssets 2023-01-01 2023-12-31 08951466 core:FurnitureFittingsToolsEquipment 2023-01-01 2023-12-31 08951466 bus:Director2 2023-01-01 2023-12-31 08951466 core:LandBuildings core:ShortLeaseholdAssets 2022-12-31 08951466 core:FurnitureFittingsToolsEquipment 2022-12-31 08951466 core:LandBuildings core:ShortLeaseholdAssets 2023-12-31 08951466 core:FurnitureFittingsToolsEquipment 2023-12-31 08951466 core:WithinOneYear 2023-12-31 08951466 core:WithinOneYear 2022-12-31 08951466 core:AfterOneYear 2023-12-31 08951466 core:AfterOneYear 2022-12-31 08951466 core:ShareCapital 2023-12-31 08951466 core:ShareCapital 2022-12-31 08951466 core:RetainedEarningsAccumulatedLosses 2023-12-31 08951466 core:RetainedEarningsAccumulatedLosses 2022-12-31 08951466 core:LandBuildings core:ShortLeaseholdAssets 2022-12-31 08951466 core:FurnitureFittingsToolsEquipment 2022-12-31 08951466 bus:SmallEntities 2023-01-01 2023-12-31 08951466 bus:AuditExempt-NoAccountantsReport 2023-01-01 2023-12-31 08951466 bus:SmallCompaniesRegimeForAccounts 2023-01-01 2023-12-31 08951466 bus:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 08951466 bus:FullAccounts 2023-01-01 2023-12-31
Company registration number: 08951466
MSB Fitness Limited
Unaudited filleted financial statements
31 December 2023
MSB Fitness Limited
Contents
Statement of financial position
Notes to the financial statements
MSB Fitness Limited
Statement of financial position
31 December 2023
2023 2022
Note £ £ £ £
Fixed assets
Tangible assets 5 141,932 150,749
_______ _______
141,932 150,749
Current assets
Debtors 6 44,698 42,025
Cash at bank and in hand 95,878 80,157
_______ _______
140,576 122,182
Creditors: amounts falling due
within one year 7 ( 364,558) ( 389,879)
_______ _______
Net current liabilities ( 223,982) ( 267,697)
_______ _______
Total assets less current liabilities ( 82,050) ( 116,948)
Creditors: amounts falling due
after more than one year 8 ( 29,366) ( 30,366)
_______ _______
Net liabilities ( 111,416) ( 147,314)
_______ _______
Capital and reserves
Called up share capital 100 100
Profit and loss account ( 111,516) ( 147,414)
_______ _______
Shareholders deficit ( 111,416) ( 147,314)
_______ _______
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.
Directors responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the income statement has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 25 September 2024 , and are signed on behalf of the board by:
S Brettell
Director
Company registration number: 08951466
MSB Fitness Limited
Notes to the financial statements
Year ended 31 December 2023
1. General information
The company is a private company limited by shares, registered in England. The address of the registered office is Redwood, Helford Passage, Falmouth, TR11 5LD.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared in accordance with FRS 102, the Financial Reporting Standard applicable in the UK and Republic of Ireland.The financial statements have been prepared on the historical cost basis.The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
The financial statements have been prepared on a going concern basis which assumes the continued support of the company directors and shareholders.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are initially recorded at cost, and is subsequently stated at cost less any accumulated depreciation and any accumulated impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Short leasehold property - 10 % straight line
Fittings fixtures and equipment - 20 % reducing balance
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.
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 the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately.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 that exceeds what the carrying amount would have been had the impairment not previously been recognised.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 12 (2022: 11 ).
5. Tangible assets
Short leasehold property Fixtures, fittings and equipment Total
£ £ £
Cost
At 1 January 2023 216,164 197,030 413,194
Additions - 19,443 19,443
_______ _______ _______
At 31 December 2023 216,164 216,473 432,637
_______ _______ _______
Depreciation
At 1 January 2023 163,213 99,232 262,445
Charge for the year 16,536 11,724 28,260
_______ _______ _______
At 31 December 2023 179,749 110,956 290,705
_______ _______ _______
Carrying amount
At 31 December 2023 36,415 105,517 141,932
_______ _______ _______
At 31 December 2022 52,951 97,798 150,749
_______ _______ _______
6. Debtors
2023 2022
£ £
Trade debtors 9,998 9,025
Other debtors 34,700 33,000
_______ _______
44,698 42,025
_______ _______
7. Creditors: amounts falling due within one year
2023 2022
£ £
Bank loans and overdrafts 5,800 10,800
Corporation tax 188 188
Social security and other taxes 12,869 15,771
Other creditors 345,701 363,120
_______ _______
364,558 389,879
_______ _______
8. Creditors: amounts falling due after more than one year
2023 2022
£ £
Bank loans and overdrafts 29,366 30,366
_______ _______