Registered number
05076575
Reach Fitness Limited
Filleted Accounts
31 March 2024
Reach Fitness Limited
Registered number: 05076575
Balance Sheet
as at 31 March 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 4 93,030 105,345
Current assets
Stocks - 1,000
Debtors 5 3,250 5,045
Cash at bank and in hand - 165
3,250 6,210
Creditors: amounts falling due within one year 6 (28,397) (28,849)
Net current liabilities (25,147) (22,639)
Total assets less current liabilities 67,883 82,706
Creditors: amounts falling due after more than one year 7 (194,039) (210,174)
Net liabilities (126,156) (127,468)
Capital and reserves
Called up share capital 3 3
Profit and loss account (126,159) (127,471)
Shareholders' funds (126,156) (127,468)
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
A S Tosh H M Tosh
Director
Approved by the board on 30 June 2024
Reach Fitness Limited
Notes to the Accounts
for the year ended 31 March 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Plant and machinery over 10 years
Fixtures and fittings over 5 years
Computer equipment over 4 years
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 5 5
3 Intangible fixed assets £
Goodwill:
Cost
At 1 April 2023 35,000
At 31 March 2024 35,000
Amortisation
At 1 April 2023 35,000
At 31 March 2024 35,000
Net book value
At 31 March 2024 -
Goodwill is being written off in equal annual instalments over its estimated economic life of 15 years.
4 Tangible fixed assets
Plant and machinery Fixtures and fittings Computer equipment Total
£ £ £ £
Cost
At 1 April 2023 204,259 16,676 9,765 230,700
Additions - 3,451 - 3,451
At 31 March 2024 204,259 20,127 9,765 234,151
Depreciation
At 1 April 2023 108,224 8,436 8,695 125,355
Charge for the year 10,670 4,026 1,070 15,766
At 31 March 2024 118,894 12,462 9,765 141,121
Net book value
At 31 March 2024 85,365 7,665 - 93,030
At 31 March 2023 96,035 8,240 1,070 105,345
5 Debtors 2024 2023
£ £
Other debtors 3,250 5,045
6 Creditors: amounts falling due within one year 2024 2023
£ £
Bank loans and overdrafts 11,326 12,745
Trade creditors 4,110 3,203
Taxation and social security costs 218 -
Other creditors 12,743 12,901
28,397 28,849
7 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans 21,667 31,667
Directors loan 164,372 170,507
Other creditors 8,000 8,000
194,039 210,174
8 Contingent liabilities
The accounts have been prepared on the going concern basis which is dependent on the continuing financial support of the directors.
9 Controlling party
The company is controlled by the directors.
10 Other information
Reach Fitness Limited is a private company limited by shares and incorporated in England. Its registered office is:
Malvern View Business Park
Stella Way
Bishops Cleeve
Glos
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