Company registration number 12805235 (England and Wales)
PT PILATES LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024
PAGES FOR FILING WITH REGISTRAR
PT PILATES LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 5
PT PILATES LIMITED
BALANCE SHEET
AS AT
31 AUGUST 2024
31 August 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Intangible assets
3
11,092
675
Tangible assets
4
48,124
55,086
59,216
55,761
Current assets
Stocks
1,500
1,800
Debtors
5
-
0
500
Cash at bank and in hand
36,330
14,675
37,830
16,975
Creditors: amounts falling due within one year
6
(75,274)
(70,572)
Net current liabilities
(37,444)
(53,597)
Total assets less current liabilities
21,772
2,164
Provisions for liabilities
(6,069)
-
0
Net assets
15,703
2,164
Capital and reserves
Called up share capital
7
100
100
Profit and loss reserves
15,603
2,064
Total equity
15,703
2,164

The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 31 August 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The director acknowledges her responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved and signed by the director and authorised for issue on 29 November 2024
Ms J Gambarini
Director
Company registration number 12805235 (England and Wales)
PT PILATES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024
- 2 -
1
Accounting policies
Company information

PT Pilates Limited is a private company limited by shares incorporated in England and Wales. The registered office is Bradbury House, Mission Court, Newport, Gwent, United Kingdom, NP20 2DW.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
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.

1.3
Intangible fixed assets other than goodwill

Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

 

Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.

Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Software
20% on cost
1.4
Tangible fixed assets

Tangible fixed assets are measured at cost, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Leasehold improvement
10% on reducing balance
Fixtures and fittings
20% on reducing balance
Computers
33% on cost
1.5
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

PT PILATES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
1
Accounting policies
(Continued)
- 3 -
1.6
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

 

Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.

1.7
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Total
1
1
PT PILATES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
- 4 -
3
Intangible fixed assets
Software
£
Cost
At 1 September 2023
1,265
Additions
10,670
At 31 August 2024
11,935
Amortisation and impairment
At 1 September 2023
590
Amortisation charged for the year
253
At 31 August 2024
843
Carrying amount
At 31 August 2024
11,092
At 31 August 2023
675
4
Tangible fixed assets
Leasehold improvement
Fixtures and fittings
Computers
Total
£
£
£
£
Cost
At 1 September 2023 and 31 August 2024
55,158
15,424
2,132
72,714
Depreciation and impairment
At 1 September 2023
10,480
6,278
870
17,628
Depreciation charged in the year
4,466
1,830
666
6,962
At 31 August 2024
14,946
8,108
1,536
24,590
Carrying amount
At 31 August 2024
40,212
7,316
596
48,124
At 31 August 2023
44,678
9,146
1,262
55,086
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Other debtors
-
0
500
PT PILATES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
- 5 -
6
Creditors: amounts falling due within one year
2024
2023
£
£
Corporation tax
1,863
-
0
Other creditors
73,411
70,572
75,274
70,572
7
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
100 Ordinary of £1 each
100
100
100
100
2024-08-312023-09-01falsefalsefalse29 November 2024CCH SoftwareCCH Accounts Production 2024.310No description of principal activityMs J Gambarini128052352023-09-012024-08-31128052352024-08-31128052352023-08-3112805235core:ComputerSoftware2024-08-3112805235core:ComputerSoftware2023-08-3112805235core:LeaseholdImprovements2024-08-3112805235core:FurnitureFittings2024-08-3112805235core:ComputerEquipment2024-08-3112805235core:LeaseholdImprovements2023-08-3112805235core:FurnitureFittings2023-08-3112805235core:ComputerEquipment2023-08-3112805235core:CurrentFinancialInstrumentscore:WithinOneYear2024-08-3112805235core:CurrentFinancialInstrumentscore:WithinOneYear2023-08-3112805235core:CurrentFinancialInstruments2024-08-3112805235core:CurrentFinancialInstruments2023-08-3112805235core:ShareCapital2024-08-3112805235core:ShareCapital2023-08-3112805235core:RetainedEarningsAccumulatedLosses2024-08-3112805235core:RetainedEarningsAccumulatedLosses2023-08-3112805235bus:Director12023-09-012024-08-3112805235core:IntangibleAssetsOtherThanGoodwill2023-09-012024-08-3112805235core:ComputerSoftware2023-09-012024-08-3112805235core:LeaseholdImprovements2023-09-012024-08-3112805235core:FurnitureFittings2023-09-012024-08-3112805235core:ComputerEquipment2023-09-012024-08-31128052352022-09-012023-08-3112805235core:ComputerSoftware2023-08-3112805235core:ComputerSoftwarecore:ExternallyAcquiredIntangibleAssets2023-09-012024-08-3112805235core:LeaseholdImprovements2023-08-3112805235core:FurnitureFittings2023-08-3112805235core:ComputerEquipment2023-08-31128052352023-08-3112805235core:WithinOneYear2024-08-3112805235core:WithinOneYear2023-08-3112805235bus:PrivateLimitedCompanyLtd2023-09-012024-08-3112805235bus:SmallCompaniesRegimeForAccounts2023-09-012024-08-3112805235bus:FRS1022023-09-012024-08-3112805235bus:AuditExemptWithAccountantsReport2023-09-012024-08-3112805235bus:FullAccounts2023-09-012024-08-31xbrli:purexbrli:sharesiso4217:GBP