Company Registration No. 10905725 (England and Wales)
LUXE FITNESS SW LTD
Unaudited accounts
for the year ended 31 August 2024
LUXE FITNESS SW LTD
Unaudited accounts
Contents
LUXE FITNESS SW LTD
Company Information
for the year ended 31 August 2024
Directors
P Narendran
J McMahon
Company Number
10905725 (England and Wales)
Registered Office
UNITS 1 - 3 BEACON TOWER
BRISTOL
BS1 4UB
ENGLAND
Accountants
FARQUHAR PARTNERSHIP LIMITED
151 WHITELADIES ROAD
CLIFTON
BRISTOL
BS8 2RA
LUXE FITNESS SW LTD
Statement of financial position
as at 31 August 2024
Intangible assets
296,185
117,296
Tangible assets
2,504,436
1,941,135
Inventories
181,749
33,896
Cash at bank and in hand
21,280
34,797
Creditors: amounts falling due within one year
(381,047)
(386,528)
Net current liabilities
(57,720)
(216,459)
Total assets less current liabilities
2,742,901
1,841,972
Creditors: amounts falling due after more than one year
(953,031)
(1,793,395)
Provisions for liabilities
Deferred tax
(73,024)
(42,669)
Net assets
1,716,846
5,908
Called up share capital
654,900
4,900
Revaluation reserve
820,000
-
Profit and loss account
241,946
1,008
Shareholders' funds
1,716,846
5,908
For the year ending 31 August 2024 the company was entitled to exemption from audit 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 and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board of Directors and authorised for issue on 28 October 2024 and were signed on its behalf by
P Narendran
Director
Company Registration No. 10905725
LUXE FITNESS SW LTD
Notes to the Accounts
for the year ended 31 August 2024
LUXE FITNESS SW LTD is a private company, limited by shares, registered in England and Wales, registration number 10905725. The registered office is UNITS 1 - 3 BEACON TOWER, BRISTOL, BS1 4UB, ENGLAND.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
The accounts have been prepared under the historical cost convention.
The accounts are presented in £ sterling.
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Turnover from the sale of goods is recognised when goods have been delivered to customers such that risks and rewards of ownership have transferred to them. 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.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Land & buildings
6% and 7% on cost
Plant & machinery
10% and 20% straight line
Fixtures & fittings
20% straight line
Computer equipment
33.33% straight line
Intangible fixed assets are included at cost less accumulated amortisation. Amortisation will begin upon completion of the intangible fixed asset.
Inventories have been valued at the lower of cost and estimated selling price less costs to complete and sell. In respect of work in progress and finished goods, cost includes a relevant proportion of overheads according to the stage of manufacturing/completion.
LUXE FITNESS SW LTD
Notes to the Accounts
for the year ended 31 August 2024
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged against profit on a straight line basis over the lease term.
Assets held under finance leases and hire purchase contracts are capitalised and depreciated over their useful lives. The corresponding lease or hire purchase obligation is treated in the balance sheet as a liability. The interest element of rental obligations is charged to the profit and loss account over the period of the lease at a constant proportion of the outstanding balance of capital repayments.
The company operates a defined contribution scheme for the benefit of its employees. Contributions payable are recognised in the profit and loss account when due.
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the company's accounts. Deferred tax is provided in full on timing differences which result in an obligation to pay more (or less) tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws.
Deferred tax assets and liabilities are not discounted.
4
Intangible fixed assets
Other
At 1 September 2023
117,296
LUXE FITNESS SW LTD
Notes to the Accounts
for the year ended 31 August 2024
5
Tangible fixed assets
Land & buildings
Plant & machinery
Fixtures & fittings
Computer equipment
Total
Cost or valuation
At cost
At cost
At cost
At cost
At 1 September 2023
1,043,093
1,444,637
26,347
17,922
2,531,999
Additions
832,604
20,889
-
2,297
855,790
At 31 August 2024
1,875,697
1,465,526
26,347
20,219
3,387,789
At 1 September 2023
199,182
369,554
15,360
6,768
590,864
Charge for the year
62,245
219,409
5,269
5,566
292,489
At 31 August 2024
261,427
588,963
20,629
12,334
883,353
At 31 August 2024
1,614,270
876,563
5,718
7,885
2,504,436
At 31 August 2023
843,911
1,075,083
10,987
11,154
1,941,135
Raw materials
23,433
18,870
Work in progress
158,316
15,026
Amounts falling due within one year
Accrued income and prepayments
79,574
25,623
Other debtors
1,347
68,328
Amounts falling due after more than one year
Other debtors
36,250
6,250
8
Creditors: amounts falling due within one year
2024
2023
Bank loans and overdrafts
10,000
10,000
Obligations under finance leases and hire purchase contracts
139,689
158,254
Trade creditors
184,726
136,174
Taxes and social security
24,070
46,409
Other creditors
1,628
1,911
LUXE FITNESS SW LTD
Notes to the Accounts
for the year ended 31 August 2024
9
Creditors: amounts falling due after more than one year
2024
2023
Obligations under finance leases and hire purchase contracts
356,615
489,789
Amounts owed to group undertakings and other participating interests
588,083
1,285,273
10
Deferred taxation
2024
2023
Accelerated capital allowances
198,077
249,004
Tax losses carried forward
(124,931)
(206,222)
Other deferred taxation
(122)
(113)
Provision at start of year
42,669
(25,902)
Charged to the profit and loss account
30,355
68,571
Provision at end of year
73,024
42,669
Allotted, called up and fully paid:
6,549,000 Ordinary shares of £0.10 each
654,900
4,900
Shares issued during the period:
6,500,000 Ordinary shares of £0.10 each
650,000
12
Operating lease commitments
2024
2023
At 31 August 2024 the company had the following future minimum lease payments under non-cancellable operating leases for each of the following periods:
Not later than one year
137,436
139,290
Later than one year and not later than five years
609,248
601,184
Later than five years
551,667
697,167
The parent undertaking is Alphabet Gym Ltd whose registered office is Units 1 - 3 Beacon Tower, Bristol, England, BS1 4UB.
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Average number of employees
During the year the average number of employees was 26 (2023: 22).