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Registration number: 11633338

Gymspire Academy Ltd

Unaudited Filleted Financial Statements

for the Year Ended 31 March 2024

 

Gymspire Academy Ltd

Contents

Company Information

1

Directors' Report

2

Balance Sheet

3 to 4

Notes to the Unaudited Financial Statements

5 to 10

 

Gymspire Academy Ltd

Company Information

Directors

Mrs H L Carrington

Miss K L Borg

Registered office

Suite 102
Brewery House
Black Eagle Close
Westerham
TN6 1RG

Accountants

Cameron Alexander Accountants Limited
Chartered Certified Accountants
2 Western Street
Barnsley
S70 2BP

 

Gymspire Academy Ltd

Directors' Report for the Year Ended 31 March 2024

The directors present their report and the financial statements for the year ended 31 March 2024.

Directors of the company

The directors who held office during the year were as follows:

Mrs H L Carrington

Miss K L Borg

Small companies provision statement

This report has been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

Approved and authorised by the Board on 12 November 2024 and signed on its behalf by:
 

.........................................
Mrs H L Carrington
Director

.........................................
Miss K L Borg
Director

 

Gymspire Academy Ltd

(Registration number: 11633338)
Balance Sheet as at 31 March 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

3

106,425

26,379

Current assets

 

Stocks

4

1,500

1,400

Debtors

5

24,150

10,080

Cash at bank and in hand

 

46,418

49,026

 

72,068

60,506

Creditors: Amounts falling due within one year

6

(71,340)

(73,550)

Net current assets/(liabilities)

 

728

(13,044)

Total assets less current liabilities

 

107,153

13,335

Creditors: Amounts falling due after more than one year

6

(78,641)

-

Provisions for liabilities

(20,221)

(5,012)

Net assets

 

8,291

8,323

Capital and reserves

 

Called up share capital

7

4

4

Retained earnings

8,287

8,319

Shareholders' funds

 

8,291

8,323

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 members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 12 November 2024 and signed on its behalf by:
 

 

Gymspire Academy Ltd

(Registration number: 11633338)
Balance Sheet as at 31 March 2024

.........................................
Mrs H L Carrington
Director

.........................................
Miss K L Borg
Director

 

Gymspire Academy Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

1

Accounting policies

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

 

Gymspire Academy Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant & Machinery

25% reducing balance

Fixtures & Fittings

25% reducing balance

Computer Equipment

25% reducing balance

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

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

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

 

Gymspire Academy Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

2

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 9 (2023 - 7).

3

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 April 2023

9,400

-

34,607

44,007

Additions

6,190

83,479

3,167

92,836

At 31 March 2024

15,590

83,479

37,774

136,843

Depreciation

At 1 April 2023

3,395

-

14,233

17,628

Charge for the year

2,066

5,565

5,159

12,790

At 31 March 2024

5,461

5,565

19,392

30,418

Carrying amount

At 31 March 2024

10,129

77,914

18,382

106,425

At 31 March 2023

6,005

-

20,374

26,379

 

Gymspire Academy Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

4

Stocks

2024
£

2023
£

Other inventories

1,500

1,400

5

Debtors

Current

2024
£

2023
£

Trade debtors

2,940

972

Prepayments

7,695

5,936

Other debtors

13,515

3,172

 

24,150

10,080

6

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Bank loans and overdrafts

1,571

-

Trade creditors

 

15,538

3,777

Taxation and social security

 

27,396

23,207

Other creditors

 

17,379

46,566

HP and finance lease liabilities

 

9,456

-

 

71,340

73,550

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

78,641

-

 

Gymspire Academy Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

7

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary of £1 each

2

2

2

2

Ordinary A of £1 each

1

1

1

1

Ordinary B of £1 each

1

1

1

1

4

4

4

4

8

Related party transactions

Transactions with directors

2024

At 1 April 2023
£

Advances to director
£

At 31 March 2024
£

Miss K L Borg

Interest is not charged and there is no fixed date for repayment.

15,934

(15,351)

583

-

-

-

15,934

(15,351)

583

Mrs H L Carrington

Interest is not charged and there is no fixed date for repayment.

18,704

(18,012)

692

-

-

-

18,704

(18,012)

692

 

Gymspire Academy Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

2023

At 1 April 2022
£

Advances to director
£

Repayments by director
£

At 31 March 2023
£

Miss K L Borg

Interest is not charged and there is no fixed date for repayment.

19,744

(3,810)

-

15,934

-

-

-

-

19,744

(3,810)

-

15,934

Mrs H L Carrington

Interest is not charged and there is no fixed date for repayment.

19,697

(993)

-

18,704

-

-

-

-

19,697

(993)

-

18,704