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REGISTERED NUMBER: 09095319 (England and Wales)














FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2024

FOR

G&L FITNESS LTD

G&L FITNESS LTD (REGISTERED NUMBER: 09095319)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


G&L FITNESS LTD

COMPANY INFORMATION
FOR THE YEAR ENDED 30 JUNE 2024







DIRECTORS: Dr G Gibson
K P Lamb





REGISTERED OFFICE: Unit 3
3 Chapell Lane
Wynyard park Business Village
Wynyard
Billingham
TS22 5FG





REGISTERED NUMBER: 09095319 (England and Wales)





ACCOUNTANTS: RMT Ribchesters
Accountants and Business Advisors
Finchale House
Belmont Business Park
Durham
DH1 1TW

G&L FITNESS LTD (REGISTERED NUMBER: 09095319)

BALANCE SHEET
30 JUNE 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 5,373 26,103

CURRENT ASSETS
Stocks 500 500
Debtors 5 14,932 7,672
Cash at bank and in hand 53,066 3,188
68,498 11,360
CREDITORS
Amounts falling due within one year 6 137,570 138,915
NET CURRENT LIABILITIES (69,072 ) (127,555 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

(63,699

)

(101,452

)

CREDITORS
Amounts falling due after more than one
year

7

190,092

138,089
NET LIABILITIES (253,791 ) (239,541 )

CAPITAL AND RESERVES
Called up share capital 9 278 278
Share premium 369,914 369,914
Retained earnings (623,983 ) (609,733 )
SHAREHOLDERS' FUNDS (253,791 ) (239,541 )

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 June 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 June 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

G&L FITNESS LTD (REGISTERED NUMBER: 09095319)

BALANCE SHEET - continued
30 JUNE 2024


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

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 12 December 2024 and were signed on its behalf by:




Dr G Gibson - Director



K P Lamb - Director


G&L FITNESS LTD (REGISTERED NUMBER: 09095319)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

1. STATUTORY INFORMATION

G&L Fitness Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover represents net invoices sales of goods, excluding value added tax. Income in respect of gym membership, personal training and related services is recognised in the profit and loss account when it is earned. Cafe income is recognised at point of sale.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Improvements to property - 10% on cost
Plant and machinery - 25% on cost
Fixtures and fittings - 20% on cost
Computer equipment - 33% on cost

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

A deferred tax asset has been recognised in respect of historic tax losses as the directors consider it probable that the company will generate future taxable profits against which losses will reverse. The asset is treated as non-current to reflect the probable reversal period.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

G&L FITNESS LTD (REGISTERED NUMBER: 09095319)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2024

2. ACCOUNTING POLICIES - continued

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 4 (2023 - 4 ) .

4. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 July 2023 288,678
Additions 1,972
At 30 June 2024 290,650
DEPRECIATION
At 1 July 2023 262,575
Charge for year 22,702
At 30 June 2024 285,277
NET BOOK VALUE
At 30 June 2024 5,373
At 30 June 2023 26,103

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 2,960 2,423
Other debtors 11,972 5,249
14,932 7,672

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts 19,334 64,000
Trade creditors 11,238 7,203
Taxation and social security 5,439 6,139
Other creditors 101,559 61,573
137,570 138,915

G&L FITNESS LTD (REGISTERED NUMBER: 09095319)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2024

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2024 2023
£    £   
Bank loans 15,000 30,000
Other creditors 175,092 108,089
190,092 138,089

A historic operating lease liability of £109,601 has been reclassified as a long term liability as the directors no longer believe that it fits the criteria of a current liability (under FRS 102).

8. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
2024 2023
£    £   
Within one year 12,500 53,998
Between one and five years - 12,500
12,500 66,498

9. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
228 A Shares £1 228 228
50 B Shares £1 50 50
278 278

10. RELATED PARTY DISCLOSURES

During the year the directors maintained an interest free loans to the company. As at the year-end the balance on these loans totalled £54,832 (2023: £42,364).