Silverfin false false 31/03/2024 01/04/2023 31/03/2024 E Bryan 06/08/2019 M Silverman 04/11/2011 S Stafford 15/03/2010 S Sullivan 26/03/2012 16 November 2024 The principal activity of the company is that of a high - end sports conditioning and performance gym. 07189706 2024-03-31 07189706 bus:Director1 2024-03-31 07189706 bus:Director2 2024-03-31 07189706 bus:Director3 2024-03-31 07189706 bus:Director4 2024-03-31 07189706 2023-03-31 07189706 core:CurrentFinancialInstruments 2024-03-31 07189706 core:CurrentFinancialInstruments 2023-03-31 07189706 core:Non-currentFinancialInstruments 2024-03-31 07189706 core:Non-currentFinancialInstruments 2023-03-31 07189706 core:ShareCapital 2024-03-31 07189706 core:ShareCapital 2023-03-31 07189706 core:SharePremium 2024-03-31 07189706 core:SharePremium 2023-03-31 07189706 core:RetainedEarningsAccumulatedLosses 2024-03-31 07189706 core:RetainedEarningsAccumulatedLosses 2023-03-31 07189706 core:LeaseholdImprovements 2023-03-31 07189706 core:PlantMachinery 2023-03-31 07189706 core:FurnitureFittings 2023-03-31 07189706 core:LeaseholdImprovements 2024-03-31 07189706 core:PlantMachinery 2024-03-31 07189706 core:FurnitureFittings 2024-03-31 07189706 bus:OrdinaryShareClass1 2024-03-31 07189706 2023-04-01 2024-03-31 07189706 bus:FilletedAccounts 2023-04-01 2024-03-31 07189706 bus:SmallEntities 2023-04-01 2024-03-31 07189706 bus:AuditExemptWithAccountantsReport 2023-04-01 2024-03-31 07189706 bus:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 07189706 bus:Director1 2023-04-01 2024-03-31 07189706 bus:Director2 2023-04-01 2024-03-31 07189706 bus:Director3 2023-04-01 2024-03-31 07189706 bus:Director4 2023-04-01 2024-03-31 07189706 core:LeaseholdImprovements core:BottomRangeValue 2023-04-01 2024-03-31 07189706 core:LeaseholdImprovements core:TopRangeValue 2023-04-01 2024-03-31 07189706 core:PlantMachinery core:TopRangeValue 2023-04-01 2024-03-31 07189706 core:FurnitureFittings core:TopRangeValue 2023-04-01 2024-03-31 07189706 2022-04-01 2023-03-31 07189706 core:LeaseholdImprovements 2023-04-01 2024-03-31 07189706 core:PlantMachinery 2023-04-01 2024-03-31 07189706 core:FurnitureFittings 2023-04-01 2024-03-31 07189706 bus:OrdinaryShareClass1 2023-04-01 2024-03-31 07189706 bus:OrdinaryShareClass1 2022-04-01 2023-03-31 iso4217:GBP xbrli:pure xbrli:shares

Company No: 07189706 (England and Wales)

CITY ATHLETIC LIMITED

Unaudited Financial Statements
For the financial year ended 31 March 2024
Pages for filing with the registrar

CITY ATHLETIC LIMITED

Unaudited Financial Statements

For the financial year ended 31 March 2024

Contents

CITY ATHLETIC LIMITED

STATEMENT OF FINANCIAL POSITION

As at 31 March 2024
CITY ATHLETIC LIMITED

STATEMENT OF FINANCIAL POSITION (continued)

As at 31 March 2024
Note 2024 2023
£ £
Fixed assets
Tangible assets 3 546,565 623,286
546,565 623,286
Current assets
Debtors 4 223,840 226,109
Cash at bank and in hand 27,208 49,857
251,048 275,966
Creditors: amounts falling due within one year 5 ( 759,767) ( 744,123)
Net current liabilities (508,719) (468,157)
Total assets less current liabilities 37,846 155,129
Creditors: amounts falling due after more than one year 6, 10 ( 396,982) ( 407,596)
Net liabilities ( 359,136) ( 252,467)
Capital and reserves
Called-up share capital 7 160 160
Share premium account 374,940 374,940
Profit and loss account 9 ( 734,236 ) ( 627,567 )
Total shareholders' deficit ( 359,136) ( 252,467)

For the financial year ending 31 March 2024 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The financial statements of City Athletic Limited (registered number: 07189706) were approved and authorised for issue by the Board of Directors on 16 November 2024. They were signed on its behalf by:

M Silverman
Director
CITY ATHLETIC LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 2024
CITY ATHLETIC LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

City Athletic Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is 2 Leman Street, , London, United Kingdom, E1W 9US, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

At the time of approving the financial statements, the directors believe that the company's financial statements should be prepared on a going concern basis on the grounds that the company continues to receive membership income and is in discussion with the company's landlords.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes.

Employee benefits

Short term benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised as an expense when the Company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Leasehold improvements 10 - 15 years straight line
Plant and machinery 4 years straight line
Fixtures and fittings 4 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Leases

The Company as lessee
Assets held under finance leases, hire purchase contracts and other similar arrangements, which confer rights and obligations similar to those attached to owned assets, are capitalised as tangible fixed assets at the fair value of the leased asset (or, if lower, the present value of the minimum lease payments as determined at the inception of the lease) and are depreciated over the shorter of the lease terms and their useful lives. The capital elements of future lease obligations are recorded as liabilities, while the interest elements are charged to the Statement of Comprehensive Income over the period of the leases to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Statement of Financial Position date. If there is objective evidence of impairment, an impairment loss is recognised in the Statement of Comprehensive Income as described below.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

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.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise 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 amortised 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 amortised.

Basic financial liabilities
Basic financial liabilities, including creditors and bank loans, are initially recognised 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 amortised.

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

Equity instruments
Equity instruments issued by the Company are recorded at the fair value of cash or other resources received or receivable, net of direct issue costs. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the Company.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including directors 13 13

3. Tangible assets

Leasehold improve-
ments
Plant and machinery Fixtures and fittings Total
£ £ £ £
Cost
At 01 April 2023 1,160,464 107,197 19,304 1,286,965
Additions 6,919 0 330 7,249
At 31 March 2024 1,167,383 107,197 19,634 1,294,214
Accumulated depreciation
At 01 April 2023 542,450 103,365 17,864 663,679
Charge for the financial year 81,607 1,432 931 83,970
At 31 March 2024 624,057 104,797 18,795 747,649
Net book value
At 31 March 2024 543,326 2,400 839 546,565
At 31 March 2023 618,014 3,832 1,440 623,286

4. Debtors

2024 2023
£ £
Trade debtors 18,871 25,018
Other debtors 204,969 201,091
223,840 226,109

5. Creditors: amounts falling due within one year

2024 2023
£ £
Bank loans 10,783 10,000
Trade creditors 185,031 212,642
Other taxation and social security 40,931 32,335
Other creditors 523,022 489,146
759,767 744,123

6. Creditors: amounts falling due after more than one year

2024 2023
£ £
Bank loans 21,982 32,596
Other creditors 375,000 375,000
396,982 407,596

7. Called-up share capital

2024 2023
£ £
Allotted, called-up and fully-paid
10,000 Ordinary shares of £ 0.016 each 160 160

8. Related party transactions

Other related party transactions

2024 2023
£ £
Key management personnel 400,000 400,000

During the year the company entered into the above transactions with related parties. The above amounts were outstanding at the reporting end date.

9. Reserves

Profit and loss reserves

Retained earnings represents accumulated comprehensive income for the year and prior periods less dividends paid.

10. Operating lease commitments

Lessee

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:

2024 2023
£ £
Operating lease 1,811,919 2,001,797