Company registration number SC736175 (Scotland)
COLOSSEUM FITNESS (ABERDEEN) LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2024
PAGES FOR FILING WITH REGISTRAR
COLOSSEUM FITNESS (ABERDEEN) LTD
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 5
COLOSSEUM FITNESS (ABERDEEN) LTD
BALANCE SHEET
AS AT 31 MARCH 2024
31 March 2024
- 1 -
31 March 2024
30 June 2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
310,435
325,185
Current assets
Debtors
4
28,239
30,854
Cash at bank and in hand
983
1,227
29,222
32,081
Creditors: amounts falling due within one year
5
(603,316)
(531,909)
Net current liabilities
(574,094)
(499,828)
Net liabilities
(263,659)
(174,643)
Capital and reserves
Called up share capital
100
100
Profit and loss reserves
(263,759)
(174,743)
Total equity
(263,659)
(174,643)
For the financial period ended 31 March 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 of its financial statements for the period in question in accordance with section 476.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
The financial statements were approved by the board of directors and authorised for issue on 28 November 2024 and are signed on its behalf by:
G Henry
G Henry
Director
Company registration number SC736175 (Scotland)
COLOSSEUM FITNESS (ABERDEEN) LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2024
- 2 -
1
Accounting policies
Company information
Colosseum Fitness (Aberdeen) Ltd is a private company limited by shares incorporated in Scotland. The registered office is Pavilion 1 Aspect 32, Arnhall Business Park, Westhill, United Kingdom, AB32 6FE.
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
Going concern
At 3true1 March 2024 the company had net liabilities of £263,659 (2023 - £174,643) . Included within these liabilities is a loan from a related party of £499,145 (2023 - £463,796). The financial statements are prepared on a going concern basis, which assumes the company will continue to meet its liabilities as they fall due. The related party has confirmed they shall not seek repayment of amounts due to the detriment of other creditors. Furthermore, the related party has confirmed they shall continue to support the company to facilitate its ability to continue trading as a going concern for the foreseeable future.
As a consequence, the directors believe that the company is well placed to manage its business risk successfully. Thus, they continue to adopt the going concern basis of accounting in preparing the financial statements.
1.3
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. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.
1.4
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
COLOSSEUM FITNESS (ABERDEEN) LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 3 -
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:
Plant and equipment
5% Straight Line
Fixtures and fittings
5% Straight Line
Property renovations
5% Straight Line
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.
1.5
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 current liabilities.
1.6
Financial instruments
The Company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade debtors and creditors. These are measured at amortised cost and are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of comprehensive income.
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.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. 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.
COLOSSEUM FITNESS (ABERDEEN) LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 4 -
1.8
Retirement benefits
The company operates a defined contribution plan for it's employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further payment obligations. The contributions are recognised as an expense in the Statement of comprehensive income when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the company in independently administered funds.
2
Employees
The average monthly number of persons (including directors) employed by the company during the period was:
2024
2023
Number
Number
Total
4
2
3
Tangible fixed assets
Plant and equipment
Fixtures and fittings
Property renovations
Total
£
£
£
£
Cost
At 1 July 2023
156,074
1,968
177,777
335,819
Additions
2,192
2,192
Disposals
(4,500)
(4,500)
At 31 March 2024
153,766
1,968
177,777
333,511
Depreciation and impairment
At 1 July 2023
6,125
65
4,444
10,634
Depreciation charged in the period
5,926
74
6,667
12,667
Eliminated in respect of disposals
(225)
(225)
At 31 March 2024
11,826
139
11,111
23,076
Carrying amount
At 31 March 2024
141,940
1,829
166,666
310,435
At 30 June 2023
149,949
1,903
173,333
325,185
COLOSSEUM FITNESS (ABERDEEN) LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2024
- 5 -
4
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
4,395
5,676
Other debtors
6,347
6,898
Prepayments and accrued income
17,497
18,280
28,239
30,854
5
Creditors: amounts falling due within one year
2024
2023
£
£
Other borrowings
499,145
463,796
Trade creditors
33,103
9,768
Taxation and social security
2,326
2,787
Accruals and deferred income
68,742
55,558
603,316
531,909
6
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
£
£
Within one year
90,000
90,000
Between two and five years
360,000
360,000
In over five years
315,000
382,500
765,000
832,500
7
Related party note
During the period, the company received credits of £35,349 resulting in amounts due to related parties at the period end of £499,145 (2023 - £463,796).
There are no set repayment terms, nor is interest charged on the outstanding balance due.