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REGISTERED NUMBER: 08330427 (England and Wales)











Unaudited Financial Statements

for the Year Ended 30 March 2024

for

Functional Training Company Ltd

Functional Training Company Ltd (Registered number: 08330427)






Contents of the Financial Statements
for the Year Ended 30 March 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Functional Training Company Ltd

Company Information
for the Year Ended 30 March 2024







DIRECTOR: J P Grindrod





REGISTERED OFFICE: 44 White House Road
Ipswich
Suffolk
IP1 5LU





REGISTERED NUMBER: 08330427 (England and Wales)





ACCOUNTANTS: Knights Lowe Chartered Accountants
Eldo House
Kempson Way
Suffolk Business Park
Bury St Edmunds
Suffolk
IP32 7AR

Functional Training Company Ltd (Registered number: 08330427)

Balance Sheet
30 March 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 174,714 148,148

CURRENT ASSETS
Stocks 4,000 4,500
Debtors 5 5,190 2,000
Cash at bank and in hand 18,368 6,270
27,558 12,770
CREDITORS
Amounts falling due within one year 6 204,853 210,573
NET CURRENT LIABILITIES (177,295 ) (197,803 )
TOTAL ASSETS LESS CURRENT LIABILITIES (2,581 ) (49,655 )

CREDITORS
Amounts falling due after more than one
year

7

32,234

45,905
NET LIABILITIES (34,815 ) (95,560 )

CAPITAL AND RESERVES
Called up share capital 9 1,000 1,000
Share premium 139,463 139,463
Retained earnings (175,278 ) (236,023 )
SHAREHOLDERS' FUNDS (34,815 ) (95,560 )

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 March 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 March 2024 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

Functional Training Company Ltd (Registered number: 08330427)

Balance Sheet - continued
30 March 2024


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

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 25 September 2024 and were signed by:





J P Grindrod - Director


Functional Training Company Ltd (Registered number: 08330427)

Notes to the Financial Statements
for the Year Ended 30 March 2024

1. STATUTORY INFORMATION

Functional Training Company Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover is recognised to the extent that it is probable that the economic benefits will flow to the company and the turnover can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before turnover is recognised:

Sale of goods
Turnover from the sale of goods is recognised when all of the following conditions are satisfied:

1. The company has transferred the significant risks and rewards of ownership to the buyer;
2. The company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
3. The amount of turnover can be reliably measured;
4. It is probable that the company will receive the consideration due under the transaction; and
5. The costs incurred or to be incurred in respect of the transaction can be measured reliably.

Rendering of services
Turnover from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract and the amount of turnover can be reliably measured.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Long leasehold - 10% on cost
Plant and machinery - 25% on reducing balance
Fixtures and fittings - 20% on cost
Computer equipment - 25% on reducing balance

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Functional Training Company Ltd (Registered number: 08330427)

Notes to the Financial Statements - continued
for the Year Ended 30 March 2024

2. ACCOUNTING POLICIES - continued

Financial instruments
The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable, and loans from banks or other related parties.

Debt instruments, like loans and other accounts receivable and payable, are initially measured at present value of the future payments and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade payables or receivables, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration, expected to be paid or received. However if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or financed at a rate of interest that is not a market rate or in case of an outright short-term loan not at market rate, the financial asset or liability is measured, initially and subsequently, at the present value of the future payment discounted at a market rate of interest for a similar debt instrument.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of Comprehensive Income.

For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.

For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate, which is an approximation of the amount that the company would receive for the asset if it were to be sold at the balance sheet date.

Financial assets and liabilities are offset and the net amount reported in the Balance sheet when there is an 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.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Functional Training Company Ltd (Registered number: 08330427)

Notes to the Financial Statements - continued
for the Year Ended 30 March 2024

2. ACCOUNTING POLICIES - continued

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Impairment
At each reporting date, goodwill and other fixed assets, including tangible fixed assets and investments but excluding investment properties, are assessed to determine whether there is an indication that the carrying amount of an asset may be more than its recoverable amount and that the asset should be impaired. If there is an indication of possible impairment, the recoverable amount of an asset, which is the higher of its value in use and its net realisable value, is estimated and compared with its carrying amount. If the recoverable amount is lower, the carrying amount of the asset is written down to its estimated recoverable amount and an impairment loss is recognised in the income statement.

Going concern
In presenting the financial statements the director has taken the view that the company is a going concern. The company is currently reliant upon a significant level of support from the director. In making the assessment the director has considered the continuing support from that source in the next twelve months following the approval of the financial statements.

Government grants
Government grants are recognised based on the accrual model and are measured at the fair value of the asset received or receivable. Grants are classified as relating to either revenue or to assets. Grants relating to revenue are recognised in income over the period in which the related costs are recognised. Grants relating to assets are recognised over the expected useful life of the asset.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 14 (2023 - 14 ) .

Functional Training Company Ltd (Registered number: 08330427)

Notes to the Financial Statements - continued
for the Year Ended 30 March 2024

4. TANGIBLE FIXED ASSETS
Plant and
Land and machinery
buildings etc Totals
£    £    £   
COST
At 31 March 2023 225,231 109,392 334,623
Additions - 68,899 68,899
At 30 March 2024 225,231 178,291 403,522
DEPRECIATION
At 31 March 2023 119,988 66,487 186,475
Charge for year 22,524 19,809 42,333
At 30 March 2024 142,512 86,296 228,808
NET BOOK VALUE
At 30 March 2024 82,719 91,995 174,714
At 30 March 2023 105,243 42,905 148,148

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 3,252 2,000
Other debtors 1,938 -
5,190 2,000

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts 18,098 19,890
Trade creditors 52,978 39,983
Taxation and social security 26,581 32,495
Other creditors 107,196 118,205
204,853 210,573

Included in other creditors is an amount due to the director and interest has not been charged.

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2024 2023
£    £   
Bank loans 32,234 45,905

Functional Training Company Ltd (Registered number: 08330427)

Notes to the Financial Statements - continued
for the Year Ended 30 March 2024

8. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
2024 2023
£    £   
Within one year 32,017 46,813
Between one and five years - 32,017
32,017 78,830

9. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
885 Ordinary A shares £1 885 885
115 Ordinary B shares £1 115 115
1,000 1,000