STOTT FITNESS CIC

Company limited by guarantee

Company Registration Number:
10544997 (England and Wales)

Unaudited statutory accounts for the year ended 31 January 2024

Period of accounts

Start date: 1 February 2023

End date: 31 January 2024

STOTT FITNESS CIC

Contents of the Financial Statements

for the Period Ended 31 January 2024

Directors report
Profit and loss
Balance sheet
Additional notes
Balance sheet notes
Community Interest Report

STOTT FITNESS CIC

Directors' report period ended 31 January 2024

The directors present their report with the financial statements of the company for the period ended 31 January 2024

Directors

The directors shown below have held office during the whole of the period from
1 February 2023 to 31 January 2024

P R Hewitson
C McClean
L R Stott
N Quinlan


The director shown below has held office during the whole of the period from
1 February 2023 to 31 January 2024

S Robson


The above report has been prepared in accordance with the special provisions in part 15 of the Companies Act 2006

This report was approved by the board of directors on
30 October 2024

And signed on behalf of the board by:
Name: P R Hewitson
Status: Director

STOTT FITNESS CIC

Profit And Loss Account

for the Period Ended 31 January 2024

2024 2023


£

£
Turnover: 54,572 62,836
Cost of sales: ( 12,967 ) ( 18,908 )
Gross profit(or loss): 41,605 43,928
Administrative expenses: ( 51,286 ) ( 59,904 )
Other operating income: 6,582 6,582
Operating profit(or loss): (3,099) (9,394)
Interest payable and similar charges: ( 640 ) ( 796 )
Profit(or loss) before tax: (3,739) (10,190)
Profit(or loss) for the financial year: (3,739) (10,190)

STOTT FITNESS CIC

Balance sheet

As at 31 January 2024

Notes 2024 2023


£

£
Fixed assets
Tangible assets: 3 153,061 163,260
Total fixed assets: 153,061 163,260
Current assets
Cash at bank and in hand: 5,047 3,047
Total current assets: 5,047 3,047
Creditors: amounts falling due within one year: 4 ( 149,108 ) ( 153,568 )
Net current assets (liabilities): (144,061) (150,521)
Total assets less current liabilities: 9,000 12,739
Creditors: amounts falling due after more than one year: 5 ( 25,555 ) ( 25,555 )
Total net assets (liabilities): (16,555) (12,816)
Members' funds
Profit and loss account: (16,555) ( 12,816)
Total members' funds: ( 16,555) (12,816)

The notes form part of these financial statements

STOTT FITNESS CIC

Balance sheet statements

For the year ending 31 January 2024 the company was entitled to exemption 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.

This report was approved by the board of directors on 30 October 2024
and signed on behalf of the board by:

Name: P R Hewitson
Status: Director

The notes form part of these financial statements

STOTT FITNESS CIC

Notes to the Financial Statements

for the Period Ended 31 January 2024

  • 1. Accounting policies

    Basis of measurement and preparation

    These financial statements have been prepared in accordance with the provisions of Section 1A (Small Entities) of Financial Reporting Standard 102

    Turnover policy

    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.

    Tangible fixed assets depreciation policy

    Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss. 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: Leasehold Property 5% straight line Fixtures, Fittings & Equipment 25% straight line

    Other accounting policies

    Basis of preparation The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss. The financial statements are prepared in sterling, which is the functional currency of the entity. Government grants Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accrual model and the performance model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable. Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income and not deducted from the carrying amount of the asset. Under the performance model, where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a liability. Company limited by guarantee The company is limited by guarantee and has no share capital. The liability of each member is £1.

STOTT FITNESS CIC

Notes to the Financial Statements

for the Period Ended 31 January 2024

  • 2. Employees

    2024 2023
    Average number of employees during the period 1 1

STOTT FITNESS CIC

Notes to the Financial Statements

for the Period Ended 31 January 2024

3. Tangible assets

Land & buildings Plant & machinery Fixtures & fittings Office equipment Motor vehicles Total
Cost £ £ £ £ £ £
At 1 February 2023 177,861 5,223 183,084
Additions
Disposals
Revaluations
Transfers
At 31 January 2024 177,861 5,223 183,084
Depreciation
At 1 February 2023 17,786 2,038 19,824
Charge for year 8,893 1,306 10,199
On disposals
Other adjustments
At 31 January 2024 26,679 3,344 30,023
Net book value
At 31 January 2024 151,182 1,879 153,061
At 31 January 2023 160,075 3,185 163,260

STOTT FITNESS CIC

Notes to the Financial Statements

for the Period Ended 31 January 2024

4. Creditors: amounts falling due within one year note

2024 2023
£ £
Bank loans and overdrafts 5,357 5,357
Taxation and social security 96 96
Accruals and deferred income 120,589 127,601
Other creditors 23,066 20,514
Total 149,108 153,568

STOTT FITNESS CIC

Notes to the Financial Statements

for the Period Ended 31 January 2024

5. Creditors: amounts falling due after more than one year note

2024 2023
£ £
Bank loans and overdrafts 25,555 25,555
Total 25,555 25,555

COMMUNITY INTEREST ANNUAL REPORT

STOTT FITNESS CIC

Company Number: 10544997 (England and Wales)

Year Ending: 31 January 2024

Company activities and impact

The company’s activities will provide benefit to : The Hartlepool community by offering an alternative to expensive mainstream fitness centres and gym establishments. Stott Fitness CIC services will reach and provide benefit to children, adults and families encouraging them to take part in physical fitness including running, hill walking, sport, dodgeball, exercise classes, health and wellbeing, nutritional therapy and social interaction. These services will be delivered at both a fixed town centre location and via outreach within local schools, residential homes, day and community centres. Appropriately priced sessions will encourage those in areas of deprivation or on low income to take part in looking after their health and fitness, thus reaching all levels of ability and income.

Consultation with stakeholders

Stakeholders include the general community and organisations including Community Centres etc. Statistical information is collated and used to inform stakeholders.

Directors' remuneration

Directors remuneration for the year amounted to £12,864

Transfer of assets

No transfer of assets other than for full consideration

This report was approved by the board of directors on
30 October 2024

And signed on behalf of the board by:
Name: P R Hewitson
Status: Director