ELITE GYM ACADEMY CIC

Company limited by guarantee

Company Registration Number:
NI667427 (Northern Ireland)

Unaudited statutory accounts for the year ended 29 February 2024

Period of accounts

Start date: 1 March 2023

End date: 29 February 2024

ELITE GYM ACADEMY CIC

Contents of the Financial Statements

for the Period Ended 29 February 2024

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

ELITE GYM ACADEMY CIC

Directors' report period ended 29 February 2024

The directors present their report with the financial statements of the company for the period ended 29 February 2024

Directors

The directors shown below have held office during the whole of the period from
1 March 2023 to 29 February 2024

John Shannon
Christine Shannon


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
28 November 2024

And signed on behalf of the board by:
Name: John Shannon
Status: Director

ELITE GYM ACADEMY CIC

Profit And Loss Account

for the Period Ended 29 February 2024

2024 2023


£

£
Turnover: 75,710 67,698
Cost of sales: ( 17,799 ) ( 17,027 )
Gross profit(or loss): 57,911 50,671
Distribution costs: 0 0
Administrative expenses: ( 52,705 ) ( 53,930 )
Other operating income: 2,000 0
Operating profit(or loss): 7,206 (3,259)
Interest receivable and similar income: 0 0
Interest payable and similar charges: 0 0
Profit(or loss) before tax: 7,206 (3,259)
Tax: 0 0
Profit(or loss) for the financial year: 7,206 (3,259)

ELITE GYM ACADEMY CIC

Balance sheet

As at 29 February 2024

Notes 2024 2023


£

£
Fixed assets
Intangible assets:   0 0
Tangible assets: 3 41,606 47,888
Investments:   0 0
Total fixed assets: 41,606 47,888
Current assets
Stocks: 4 550 300
Debtors:   0 0
Cash at bank and in hand: 11,641 19,837
Investments:   0 0
Total current assets: 12,191 20,137
Net current assets (liabilities): 12,191 20,137
Total assets less current liabilities: 53,797 68,025
Creditors: amounts falling due after more than one year: 5 ( 15,970 ) ( 37,404 )
Provision for liabilities: 0 0
Accruals and deferred income: 0 0
Total net assets (liabilities): 37,827 30,621
Members' funds
Profit and loss account: 37,827 30,621
Total members' funds: 37,827 30,621

The notes form part of these financial statements

ELITE GYM ACADEMY CIC

Balance sheet statements

For the year ending 29 February 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 28 November 2024
and signed on behalf of the board by:

Name: Christine Shannon
Status: Director

The notes form part of these financial statements

ELITE GYM ACADEMY CIC

Notes to the Financial Statements

for the Period Ended 29 February 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 are 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 capital and reserves, 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 capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss. 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: Fittings fixtures and equipment 10% straight line If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.

    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. Stocks Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition.

ELITE GYM ACADEMY CIC

Notes to the Financial Statements

for the Period Ended 29 February 2024

  • 2. Employees

    2024 2023
    Average number of employees during the period 1 1

ELITE GYM ACADEMY CIC

Notes to the Financial Statements

for the Period Ended 29 February 2024

3. Tangible assets

Land & buildings Plant & machinery Fixtures & fittings Office equipment Motor vehicles Total
Cost £ £ £ £ £ £
At 1 March 2023 62,815 62,815
Additions 0 0
Disposals 0 0
Revaluations 0 0
Transfers 0 0
At 29 February 2024 62,815 62,815
Depreciation
At 1 March 2023 14,927 14,927
Charge for year 6,282 6,282
On disposals 0 0
Other adjustments 0 0
At 29 February 2024 21,209 21,209
Net book value
At 29 February 2024 41,606 41,606
At 28 February 2023 47,888 47,888

ELITE GYM ACADEMY CIC

Notes to the Financial Statements

for the Period Ended 29 February 2024

4. Stocks

2024 2023
£ £
Stocks 550 300
Total 550 300

ELITE GYM ACADEMY CIC

Notes to the Financial Statements

for the Period Ended 29 February 2024

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

2024 2023
£ £
Other creditors 15,970 37,404
Total 15,970 37,404

COMMUNITY INTEREST ANNUAL REPORT

ELITE GYM ACADEMY CIC

Company Number: NI667427 (Northern Ireland)

Year Ending: 29 February 2024

Company activities and impact

The company’s activities have benefitted the local community of Toome and the surrounding areas by providing opportunities for all ages to participate in gymnastics - from baby and toddler sessions to recreational classes for school aged children, competitive squad activities and classes for adults. The Gymability programme for children and young adults with additional needs continues to meet each week and is attracting participants from across the region. The club membership has continued to increase during the year including babies, toddlers, children, teenagers and adults. We have continued to add classes and sessions to the timetable to offer members more opportunity to participate in the sport. Gymnasts from our teams competed throughout the year in both Regional and National competitions with success at various levels including at British Championship level. In January 2024 the club celebrated its fourth birthday and we marked the occasion by welcoming team GB Olympic medalist Alice Kinsella to the club. She led a training session with our squad gymnasts and spent much time meeting other club members. We also offered discounted fees to families and disadvantaged members.

Consultation with stakeholders

The company’s stakeholders are the members of the club. Members and their families are encouraged to talk to coaches at any time and the coaches welcome any opportunity to talk with stakeholders. The club uses direct communication and social media to engage with members and share information, and also regularly updates members on events and activities taking place in the club. A Parent’s Committee continues to meet to discuss and share ideas to then feedback to the coaches.

Directors' remuneration

The directors received £13,000 in remuneration during the year

Transfer of assets

No transfer of assets other than for full consideration

This report was approved by the board of directors on
28 November 2024

And signed on behalf of the board by:
Name: Christine Shannon
Status: Director