Silverfin false false 31/03/2024 01/04/2023 31/03/2024 C Stevens 20/03/2013 K Stevens 07/03/2022 02 December 2024 The principal activity of the Company during the financial year was that of the provision of gym services. 07186660 2024-03-31 07186660 bus:Director1 2024-03-31 07186660 bus:Director2 2024-03-31 07186660 2023-03-31 07186660 core:CurrentFinancialInstruments 2024-03-31 07186660 core:CurrentFinancialInstruments 2023-03-31 07186660 core:Non-currentFinancialInstruments 2024-03-31 07186660 core:Non-currentFinancialInstruments 2023-03-31 07186660 core:ShareCapital 2024-03-31 07186660 core:ShareCapital 2023-03-31 07186660 core:CapitalRedemptionReserve 2024-03-31 07186660 core:CapitalRedemptionReserve 2023-03-31 07186660 core:RetainedEarningsAccumulatedLosses 2024-03-31 07186660 core:RetainedEarningsAccumulatedLosses 2023-03-31 07186660 core:LandBuildings 2023-03-31 07186660 core:PlantMachinery 2023-03-31 07186660 core:Vehicles 2023-03-31 07186660 core:LandBuildings 2024-03-31 07186660 core:PlantMachinery 2024-03-31 07186660 core:Vehicles 2024-03-31 07186660 core:FurtherRelatedPartyRelationshipType2ComponentAllOtherRelatedParties core:CurrentFinancialInstruments 2024-03-31 07186660 core:FurtherRelatedPartyRelationshipType2ComponentAllOtherRelatedParties core:CurrentFinancialInstruments 2023-03-31 07186660 core:CurrentFinancialInstruments core:Secured 2024-03-31 07186660 bus:OrdinaryShareClass1 2024-03-31 07186660 bus:OrdinaryShareClass2 2024-03-31 07186660 2023-04-01 2024-03-31 07186660 bus:FilletedAccounts 2023-04-01 2024-03-31 07186660 bus:SmallEntities 2023-04-01 2024-03-31 07186660 bus:AuditExemptWithAccountantsReport 2023-04-01 2024-03-31 07186660 bus:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 07186660 bus:Director1 2023-04-01 2024-03-31 07186660 bus:Director2 2023-04-01 2024-03-31 07186660 core:LandBuildings core:BottomRangeValue 2023-04-01 2024-03-31 07186660 core:LandBuildings core:TopRangeValue 2023-04-01 2024-03-31 07186660 core:PlantMachinery core:TopRangeValue 2023-04-01 2024-03-31 07186660 core:Vehicles 2023-04-01 2024-03-31 07186660 2022-04-01 2023-03-31 07186660 core:LandBuildings 2023-04-01 2024-03-31 07186660 core:PlantMachinery 2023-04-01 2024-03-31 07186660 core:CurrentFinancialInstruments 2023-04-01 2024-03-31 07186660 core:Non-currentFinancialInstruments 2023-04-01 2024-03-31 07186660 bus:OrdinaryShareClass1 2023-04-01 2024-03-31 07186660 bus:OrdinaryShareClass1 2022-04-01 2023-03-31 07186660 bus:OrdinaryShareClass2 2023-04-01 2024-03-31 07186660 bus:OrdinaryShareClass2 2022-04-01 2023-03-31 iso4217:GBP xbrli:pure xbrli:shares

Company No: 07186660 (England and Wales)

THE WORKOUT BRISTOL LIMITED

Unaudited Financial Statements
For the financial year ended 31 March 2024
Pages for filing with the registrar

THE WORKOUT BRISTOL LIMITED

Unaudited Financial Statements

For the financial year ended 31 March 2024

Contents

THE WORKOUT BRISTOL LIMITED

STATEMENT OF FINANCIAL POSITION

As at 31 March 2024
THE WORKOUT BRISTOL LIMITED

STATEMENT OF FINANCIAL POSITION (continued)

As at 31 March 2024
Note 2024 2023
£ £
Fixed assets
Tangible assets 3 322,562 365,257
322,562 365,257
Current assets
Debtors 4 184,911 14,294
Cash at bank and in hand 59,781 162,806
244,692 177,100
Creditors: amounts falling due within one year 5 ( 154,150) ( 139,924)
Net current assets 90,542 37,176
Total assets less current liabilities 413,104 402,433
Creditors: amounts falling due after more than one year 6 ( 21,667) ( 41,996)
Provision for liabilities ( 39,948) ( 44,555)
Net assets 351,489 315,882
Capital and reserves
Called-up share capital 7 104 104
Capital redemption reserve 1 1
Profit and loss account 351,384 315,777
Total shareholders' funds 351,489 315,882

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 financial statements of The Workout Bristol Limited (registered number: 07186660) were approved and authorised for issue by the Board of Directors on 02 December 2024. They were signed on its behalf by:

C Stevens
Director
THE WORKOUT BRISTOL LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 2024
THE WORKOUT BRISTOL LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

The Workout Bristol Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Brewery Court North Street, Bedminster, Bristol, BS3 1JS, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

The directors have assessed the Statement of Financial Position and likely future cash flows at the date of approving these financial statements. The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

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.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

Employee benefits

Defined contribution schemes
The Company operates a defined contribution scheme. The amount charged to the Statement of Income and Retained Earnings in respect of pension costs and other post-retirement benefits is the contributions payable in the financial year. Differences between contributions payable in the financial year and contributions actually paid are included as either accruals or prepayments in the Statement of Financial Position.

Finance costs

Finance costs are charged to the Statement of Income and Retained Earnings over the term of the debt using the effective interest method so the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Statement of Financial Position date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Tangible fixed assets

Tangible fixed assets are stated at cost (or deemed cost) or valuation less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended. Depreciation is provided on all tangible fixed assets, other than investment properties and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Land and buildings 4 - 15 years straight line
Plant and machinery 4 years straight line
Vehicles 25 % reducing balance

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

Borrowing costs

Borrowing costs that are directly attributable to acquisition, construction or production of qualifying assets, are capitalised as part of the cost of those assets. Capitalisation begins when both finance costs and expenditures for the asset are being incurred and activities that are necessary to get the asset ready for use are in progress. Capitalisation ceases when substantially all the activities that are necessary to get the asset ready for use are complete.

All other borrowing costs are recognised in profit or loss in the period in which they are incurred.

Leases

The Company as lessee
Assets held under finance leases, hire purchase contracts and other similar arrangements, which confer rights and obligations similar to those attached to owned assets, are capitalised as tangible fixed assets at the fair value of the leased asset (or, if lower, the present value of the minimum lease payments as determined at the inception of the lease) and are depreciated over the shorter of the lease terms and their useful lives. The capital elements of future lease obligations are recorded as liabilities, while the interest elements are charged to the Statement of Income and Retained Earnings over the period of the leases to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Statement of Financial Position date. If there is objective evidence of impairment, an impairment loss is recognised in the Statement of Income and Retained Earnings as described below.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

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 creditors: amounts falling due within one year.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Statement of Financial Position date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

Ordinary share capital

The ordinary share capital of the Company is presented as equity.

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including directors 15 11

3. Tangible assets

Land and buildings Plant and machinery Vehicles Total
£ £ £ £
Cost
At 01 April 2023 408,565 154,574 27,997 591,136
Additions 3,160 16,254 0 19,414
Disposals 0 ( 7,730) 0 ( 7,730)
At 31 March 2024 411,725 163,098 27,997 602,820
Accumulated depreciation
At 01 April 2023 90,649 125,569 9,661 225,879
Charge for the financial year 40,599 11,450 4,584 56,633
Disposals 0 ( 2,254) 0 ( 2,254)
At 31 March 2024 131,248 134,765 14,245 280,258
Net book value
At 31 March 2024 280,477 28,333 13,752 322,562
At 31 March 2023 317,916 29,005 18,336 365,257

4. Debtors

2024 2023
£ £
Trade debtors 11,206 9,461
Amounts owed by joint ventures 15,608 0
Amounts owed by connected companies 151,639 0
Amounts owed by directors ( 418) 0
Prepayments 1,876 0
Other debtors 5,000 4,833
184,911 14,294

5. Creditors: amounts falling due within one year

2024 2023
£ £
Bank loans (secured) 20,000 20,000
Trade creditors 16,040 9,056
Amounts owed to associates 0 2,862
Amounts owed to directors 0 25
Accruals 8,400 3,500
Corporation tax 46,791 38,113
Other taxation and social security 42,065 27,807
Obligations under finance leases and hire purchase contracts (secured) 329 17,455
Other creditors 20,525 21,106
154,150 139,924

Obligations under finance leases and hire purchase contract shown above are secured under the assets to which they relate. Bank loans are secured by way of a fixed and floating charge over the assets of the company.

Amounts owed to Group undertakings are repayable on demand and do not bear interest.

6. Creditors: amounts falling due after more than one year

2024 2023
£ £
Bank loans (secured) 21,667 41,667
Obligations under finance leases and hire purchase contracts (secured) 0 329
21,667 41,996

Obligations under finance leases and hire purchase contract shown above are secured under the assets to which they relate. Bank loans are secured by way of a fixed and floating charge over the assets of the company.

7. Called-up share capital

2024 2023
£ £
Allotted, called-up and fully-paid
99 Ordinary shares of £ 1.00 each 99 99
5 B Ordinary shares of £ 1.00 each 5 5
104 104

8. Financial commitments

Commitments

Total future minimum lease payments under non-cancellable operating leases are as follows:

2024 2023
£ £
within one year 0 17,785

Pensions

The Company operates a defined contribution pension scheme for the directors and employees. The assets of the scheme are held separately from those of the Company in an independently administered fund.

2024 2023
£ £
Unpaid contributions due to the fund (inc. in other creditors) 2,015 816

9. Related party transactions

At year end, the company owed the director £418 (2023 - £25). No interest is charged on the loans and it is repayable on demand.

During the year, dividends of £63,750 (2023 - £56,000) were paid to the directors.

Companies under common control owed £167,247 to the company at year end (2023 - were owed £2,862 by the company). This amount is interest free with no fixed date for repayment.