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Registration number: 08277382

EP Iron Jungle Limited

Unaudited Filleted Financial Statements

for the Year Ended 30 November 2023

 

EP Iron Jungle Limited

Contents

Balance Sheet

1

Notes to the Unaudited Financial Statements

2 to 8

 

EP Iron Jungle Limited

(Registration number: 08277382)
Balance Sheet as at 30 November 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

175,159

97,813

Current assets

 

Debtors

5

44,058

13,504

Cash at bank and in hand

 

-

2,160

 

44,058

15,664

Creditors: Amounts falling due within one year

6

(156,681)

(58,759)

Net current liabilities

 

(112,623)

(43,095)

Total assets less current liabilities

 

62,536

54,718

Creditors: Amounts falling due after more than one year

6

(42,281)

(31,742)

Provisions for liabilities

(18,585)

(18,585)

Net assets

 

1,670

4,391

Capital and reserves

 

Called up share capital

7

100

100

Retained earnings

1,570

4,291

Shareholders' funds

 

1,670

4,391

For the financial year ending 30 November 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's 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 director acknowledges his 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 director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 30 November 2024
 


Mr A Brown
Director

 

EP Iron Jungle Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023

1

General information

The company is a private company limited by share capital, incorporated in England and Wales .

The address of its registered office is:
Welkin Mill
Welkin Road
Bredbury
Stockport
Cheshire
SK6 2BH

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

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.

Going concern

The financial statements have been prepared on a going concern basis.

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 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.

 

EP Iron Jungle Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023

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.

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

Fixtures and fittings

33.3% reducing balance

Plant and machinery

Over 7 years - straight line

Leasehold improvements

Over 7 years - straight line

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

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.

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.

 

EP Iron Jungle Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023

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.

Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 1 (2022 - 1).

 

EP Iron Jungle Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023

4

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 December 2022

-

289,243

289,243

Additions

87,238

36,858

124,096

Disposals

-

(9,387)

(9,387)

At 30 November 2023

87,238

316,714

403,952

Depreciation

At 1 December 2022

-

191,430

191,430

Charge for the year

5,193

37,031

42,224

Eliminated on disposal

-

(4,861)

(4,861)

At 30 November 2023

5,193

223,600

228,793

Carrying amount

At 30 November 2023

82,045

93,114

175,159

At 30 November 2022

-

97,813

97,813

Included within the net book value of land and buildings above is £82,045 (2022 - £Nil) in respect of short leasehold land and buildings.
 

5

Debtors

Current

2023
£

2022
£

Other debtors

44,058

13,504

 

44,058

13,504

 

EP Iron Jungle Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023

6

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

8

76,606

19,311

Trade creditors

 

17,104

-

Taxation and social security

 

11,965

13,941

Other creditors

 

51,006

25,507

 

156,681

58,759

 

EP Iron Jungle Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

8

42,281

31,742

The company took out a Bounce Back Loan during the year. As per the loan terms, The Government will make a Business Interruption Payment (BIP) to cover the first 12 months of interest payments. The company does not have to make any repayments for the first 12 months, the first being in May 2021.

7

Share capital

Allotted, called up and fully paid shares

2023

2022

No.

£

No.

£

Ordinary shares of £1 each

100

100

100

100

       

8

Loans and borrowings

Non-current loans and borrowings

2023
£

2022
£

Bank borrowings

6,263

10,310

Other borrowings

26,825

-

HP and finance lease liability 1 (1-2 yrs)

9,193

10,029

HP and finance lease liability 1 (2-5 yrs)

-

8,358

HP and finance lease liability 2 (1-2 yrs)

-

3,045

42,281

31,742

Current loans and borrowings

2023
£

2022
£

Bank borrowings

4,066

3,878

HP and finance lease liabilities

40,567

15,433

Other borrowings

14,551

-

Bank overdrafts

17,422

-

76,606

19,311

 

EP Iron Jungle Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023

9

Parent and ultimate parent undertaking

The ultimate controlling party is the director.