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Registration number: 11811138

Grand Gyms Ltd

Unaudited Filleted Financial Statements

for the Year Ended 29 February 2024

 

Grand Gyms Ltd

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 10

 

Grand Gyms Ltd

Company Information

Directors

Edwin Igweh

Mr Vahram Papazyan

Registered office

21 Templar's Square
Oxford
Oxfordshire
OX4 3XQ

Accountants

Michaelides Warner & Co
102 Fulham Palace Road
London
W6 9PL

 

Grand Gyms Ltd

(Registration number: 11811138)
Balance Sheet as at 29 February 2024

Note

2024
£

2023
£

Fixed assets

 

Intangible assets

4

1,308

2,784

Tangible assets

5

120,276

241,606

 

121,584

244,390

Current assets

 

Debtors

6

55,940

604,550

Cash at bank and in hand

 

31,736

3,739

 

87,676

608,289

Creditors: Amounts falling due within one year

7

(162,120)

(771,231)

Net current liabilities

 

(74,444)

(162,942)

Total assets less current liabilities

 

47,140

81,448

Creditors: Amounts falling due after more than one year

7

(13,351)

(23,333)

Net assets

 

33,789

58,115

Capital and reserves

 

Called up share capital

8

100

100

Retained earnings

33,689

58,015

Shareholders' funds

 

33,789

58,115

For the financial year ending 29 February 2024 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 accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

 

Grand Gyms Ltd

(Registration number: 11811138)
Balance Sheet as at 29 February 2024

Approved and authorised by the Board on 15 October 2024 and signed on its behalf by:
 

.........................................
Edwin Igweh
Director

 

Grand Gyms Ltd

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
21 Templar's Square
Oxford
Oxfordshire
OX4 3XQ
England

These financial statements were authorised for issue by the Board on 15 October 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

Judgements

The directors consider that there are no key judgements that management have made in the process of applying the company's accounting policies.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

 

Grand Gyms Ltd

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

Tax

The tax expense for the period comprises tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant and machinery

25% straight line

Fixtures and fittings

20% straight line

Office equipment

25% straight line

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Other Intangibles

15% Straight Line

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

 

Grand Gyms Ltd

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

 

Grand Gyms Ltd

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

Financial instruments

Classification
The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like investments, trade and other receivables, cash and bank balances, trade and other creditors.

Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or cash consolidation expected to be paid or received.

 

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 12 (2023 - 11).

4

Intangible assets

Other intangible assets
 £

Total
£

Cost or valuation

At 1 March 2023

9,842

9,842

At 29 February 2024

9,842

9,842

Amortisation

At 1 March 2023

7,058

7,058

Amortisation charge

1,476

1,476

At 29 February 2024

8,534

8,534

Carrying amount

At 29 February 2024

1,308

1,308

At 28 February 2023

2,784

2,784

 

Grand Gyms Ltd

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

5

Tangible assets

Furniture, fittings and equipment
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 March 2023

416,671

154,757

571,428

Additions

562

-

562

At 29 February 2024

417,233

154,757

571,990

Depreciation

At 1 March 2023

243,313

86,509

329,822

Charge for the year

83,203

38,689

121,892

At 29 February 2024

326,516

125,198

451,714

Carrying amount

At 29 February 2024

90,717

29,559

120,276

At 28 February 2023

173,358

68,248

241,606

6

Debtors

Current

2024
£

2023
£

Trade debtors

53,233

820

Other debtors

2,707

603,730

 

55,940

604,550

 

Grand Gyms Ltd

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

7

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

9

9,930

10,000

Trade creditors

 

30,616

-

Taxation and social security

 

108,014

27,822

Accruals and deferred income

 

2,400

1,980

Other creditors

 

11,160

731,429

 

162,120

771,231

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

9

13,351

23,333

8

Share capital

Allotted, called up and fully paid shares

 

2024

2023

 

No.

£

No.

£

Ordinary shares of £1 each

100

100

100

100

         
 

Grand Gyms Ltd

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

9

Loans and borrowings

2024
£

2023
£

Non-current loans and borrowings

Bank borrowings

13,351

23,333

2024
£

2023
£

Current loans and borrowings

Bank borrowings

9,930

10,000

10

Related party transactions

Transactions with directors

2024

At 1 March 2023
£

Advances to director
£

At 29 February 2024
£

Mr Vahram Papazyan

Amount owed (to) / from director

5,450

(2,743)

2,707

       
     

 

2023

At 1 March 2022
£

Advances to director
£

At 28 February 2023
£

Mr Vahram Papazyan

Amount owed (to) / from director

4,900

550

5,450