2023-02-012024-01-312024-01-31false13167770NORTH 24FITNESS 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NORTH 24FITNESS LIMITED

Registered Number
13167770
(England and Wales)

Unaudited Financial Statements for the Year ended
31 January 2024

NORTH 24FITNESS LIMITED
Company Information
for the year from 1 February 2023 to 31 January 2024

Directors

PATEL, Uma
PATTANI, Ashish Mansukh

Registered Address

19 Barkby Lane Syston
Leicester
LE7 2BA

Registered Number

13167770 (England and Wales)
NORTH 24FITNESS LIMITED
Balance Sheet as at
31 January 2024

Notes

2024

2023

£

£

£

£

Fixed assets
Intangible assets311,00014,000
Tangible assets4631,469625,190
642,469639,190
Current assets
Debtors5150,932191,316
Cash at bank and on hand6,542-
157,474191,316
Creditors amounts falling due within one year6(370,492)(267,545)
Net current assets (liabilities)(213,018)(76,229)
Total assets less current liabilities429,451562,961
Creditors amounts falling due after one year7(267,725)(405,621)
Provisions for liabilities9(33,700)-
Net assets128,026157,340
Capital and reserves
Called up share capital200200
Share premium150,166150,166
Profit and loss account(22,340)6,974
Shareholders' funds128,026157,340
The financial statements were approved and authorised for issue by the Board of Directors on 30 October 2024, and are signed on its behalf by:
PATTANI, Ashish Mansukh
Director
Registered Company No. 13167770
NORTH 24FITNESS LIMITED
Notes to the Financial Statements
for the year ended 31 January 2024

1.Accounting policies
Statutory information
The company is a private company limited by shares and registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.
Statement of compliance
The financial statements have been prepared in compliance with FRS 102 Section 1A as it applies to the financial statements for the period and there were no material departures from the reporting standard.
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, the financial reporting standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover policy
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.
Revenue from sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. 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.
Employee benefits
Contributions to defined contribution plans are expensed in the period to which they relate.
Current taxation
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
Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortization and any accumulated impairment losses. Franchise Fees are being amortized evenly over their estimated useful life of five years.
Tangible fixed assets and depreciation
Tangible fixed assets are stated at cost or valuation less depreciation. Depreciation is provided on all tangible fixed assets as follows:

Reducing balance (%)
Land and buildings14
Plant and machinery14
Office Equipment14
Finance leases and hire purchase contracts
Assets held under finance leases which are leases where substantially all the risks and rewards of ownership of the asset have passed to the company, and hire purchase contracts are capitalised in the balance sheet. They are depreciated over the shorter of their useful lives or the term of the lease.
Financial instruments
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognized amounts and there is an intention to settle on a Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognized amounts and there is an intention to settle on a net basis or to realize the asset and settle the liability simultaneously Basic financial assets: Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs, and are subsequently carried at amortized cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortized. Classification of financial liabilities: 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. Basic financial liabilities: Basic financial liabilities, including creditors, bank loans, loans from fellow group companies, and preference shares that are classified as debt, are initially recognized at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortized. Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognized initially at transaction price and subsequently measured at amortized cost using the effective interest method
2.Average number of employees

20242023
Average number of employees during the year44
3.Intangible assets

Other

Total

££
Cost or valuation
At 01 February 2315,00015,000
At 31 January 2415,00015,000
Amortisation and impairment
At 01 February 231,0001,000
Charge for year3,0003,000
At 31 January 244,0004,000
Net book value
At 31 January 2411,00011,000
At 31 January 2314,00014,000
4.Tangible fixed assets

Land & buildings

Plant & machinery

Fixtures & fittings

Total

££££
Cost or valuation
At 01 February 2315,041245,541390,253650,835
Additions16,00065,90718,04099,947
At 31 January 2431,041311,448408,293750,782
Depreciation and impairment
At 01 February 231,1666,39518,08425,645
Charge for year3,61938,00252,04793,668
At 31 January 244,78544,39770,131119,313
Net book value
At 31 January 2426,256267,051338,162631,469
At 31 January 2313,875239,146372,169625,190
5.Debtors: amounts due within one year

2024

2023

££
Trade debtors / trade receivables130,553454
Other debtors150186,776
Prepayments and accrued income20,2294,086
Total150,932191,316
6.Creditors: amounts due within one year

2024

2023

££
Trade creditors / trade payables48,34377,403
Bank borrowings and overdrafts53,7835,506
Taxation and social security26,998815
Finance lease and HP contracts48,30337,485
Other creditors179,224129,373
Accrued liabilities and deferred income13,84116,963
Total370,492267,545
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
7.Creditors: amounts due after one year

2024

2023

££
Bank borrowings and overdrafts114,588261,928
Other creditors153,137143,693
Total267,725405,621
8.Obligations under finance leases

2024

2023

££
Finance lease and HP contracts153,137143,693
9.Provisions for liabilities

2024

2023

££
Net deferred tax liability (asset)33,700-
Total33,700-
10.Related party transactions
Other Creditors includes balance of Intercompany - 24Fitness Ltd - £195 (2023 - £555)