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Registration number: 14822755

ReFit Group Ltd

Unaudited Financial Statements

for the Period from 24 April 2023 to 31 March 2024

 

ReFit Group Ltd

Contents

Balance Sheet

1 to 2

Notes to the Unaudited Financial Statements

3 to 8

 

ReFit Group Ltd

(Registration number: 14822755)
Balance Sheet as at 31 March 2024

Note

2024
£

Fixed assets

 

Intangible assets

4

3,127

Tangible assets

5

11,113

 

14,240

Current assets

 

Stocks

6

2,000

Debtors

7

98,074

Cash at bank and in hand

 

117,768

 

217,842

Creditors: Amounts falling due within one year

8

(135,974)

Net current assets

 

81,868

Total assets less current liabilities

 

96,108

Provisions for liabilities

18,417

Net assets

 

114,525

Capital and reserves

 

Called up share capital

1

Share premium reserve

219,926

Retained earnings

(105,402)

Shareholders' funds

 

114,525

For the financial period 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 members have not required the company to obtain an audit of its accounts for the period in question in accordance with section 476; and

The directors acknowledge their 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 and 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 directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 12 November 2024 and signed on its behalf by:
 

 

ReFit Group Ltd

(Registration number: 14822755)
Balance Sheet as at 31 March 2024

.........................................
Mr S Duda
Director

.........................................
Mr P J L Lorimer-Wing
Director

 
     
 

ReFit Group Ltd

Notes to the Unaudited Financial Statements for the Period from 24 April 2023 to 31 March 2024

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:
86-90 Paul Street
London
England
EC2A 4NE
United Kingdom

These financial statements were authorised for issue by the Board on 12 November 2024.

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.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Judgements

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

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.

 

ReFit Group Ltd

Notes to the Unaudited Financial Statements for the Period from 24 April 2023 to 31 March 2024

Tax

The tax expense for the period comprises deferred 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.

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

Computer Equipment

25% Straight Line

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Website costs

10% Straight Line

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits.

Trade debtors

Trade debtors are amounts due from customers for services performed in the ordinary course of business.

Trade debtors are recognised at the transaction price.

Trade debtors are reviewed for bad debts on an annual basis. Any adjustment is made accordingly through the profit and loss account.

 

ReFit Group Ltd

Notes to the Unaudited Financial Statements for the Period from 24 April 2023 to 31 March 2024

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

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 at the transaction price.

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.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the period, was 2.

 

ReFit Group Ltd

Notes to the Unaudited Financial Statements for the Period from 24 April 2023 to 31 March 2024

4

Intangible assets

Website costs
 £

Total
£

Cost or valuation

Additions acquired separately

3,292

3,292

At 31 March 2024

3,292

3,292

Amortisation

Amortisation charge

165

165

At 31 March 2024

165

165

Carrying amount

At 31 March 2024

3,127

3,127

5

Tangible assets

Office Equipment
£

Total
£

Cost or valuation

Additions

12,021

12,021

At 31 March 2024

12,021

12,021

Depreciation

Charge for the period

(908)

(908)

At 31 March 2024

(908)

(908)

Carrying amount

At 31 March 2024

11,113

11,113

6

Stocks

2024
£

Vending machine stock

2,000

 

ReFit Group Ltd

Notes to the Unaudited Financial Statements for the Period from 24 April 2023 to 31 March 2024

7

Debtors

Current

2024
£

Trade debtors

91,846

Prepayments

6,228

 

98,074

8

Creditors

Creditors: amounts falling due within one year

2024
£

Due within one year

Trade creditors

1,479

Taxation and social security

6,525

Accruals and deferred income

126,963

Other creditors

1,007

135,974

9

Share capital

Allotted, called up and fully paid shares

 

2024

 

No.

£

Ordinary shares of £0.00001 each

143,390

1.43

     
 

ReFit Group Ltd

Notes to the Unaudited Financial Statements for the Period from 24 April 2023 to 31 March 2024

10

Financial commitments, guarantees and contingencies

Amounts not provided for in the balance sheet

The total amount of financial commitments not included in the balance sheet is £11,250. This is in relation to the business' premises. The lease requires 3 months rent to be paid up front and afterwards, the lease is on a one month rolling contract.

11

Related party transactions

Transactions with directors

2024

At 24 April 2023
£

Advances to director
£

Repayments by director
£

At 31 March 2024
£

Mr S Duda

Directors loan account

-

12,104

(12,312)

(207)

Mr H Sims

Directors loan account

-

-

(182)

(182)

Mr P J L Lorimer-Wing

Directors loan account

-

-

(26)

(26)

These loans are provided interest free and are repayble on demand.

12

Ultimate controlling party

The ultimate controlling party is Mr S Duda, by virtue of his majority shareholding.