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REGISTERED NUMBER: SC448552 (Scotland)















Financial Statements for the Year Ended 30 April 2024

for

Silverback Gym and Fitness Ltd

Silverback Gym and Fitness Ltd (Registered number: SC448552)






Contents of the Financial Statements
for the Year Ended 30 April 2024




Page

Company Information 1

Abridged Balance Sheet 2

Notes to the Financial Statements 4


Silverback Gym and Fitness Ltd

Company Information
for the Year Ended 30 April 2024







DIRECTORS: J D Gagan
Mrs R E Gagan





REGISTERED OFFICE: Unit 4a
Blarliath Industrial Estate
Tain
Ross-shire
IV19 1EB





REGISTERED NUMBER: SC448552 (Scotland)





ACCOUNTANTS: Highland Accountancy Practice
Chartered Accountants
Suite 1A, Willow House
Stoneyfield Business Park
Inverness
Highland
IV2 7PA

Silverback Gym and Fitness Ltd (Registered number: SC448552)

Abridged Balance Sheet
30 April 2024

30.4.24 30.4.23
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 98,235 100,840

CURRENT ASSETS
Stocks 750 750
Cash at bank 975 1,443
1,725 2,193
CREDITORS
Amounts falling due within one year 160,946 206,658
NET CURRENT LIABILITIES (159,221 ) (204,465 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

(60,986

)

(103,625

)

CREDITORS
Amounts falling due after more than one
year

23,724

22,133
NET LIABILITIES (84,710 ) (125,758 )

CAPITAL AND RESERVES
Called up share capital 2 2
Retained earnings (84,712 ) (125,760 )
SHAREHOLDERS' FUNDS (84,710 ) (125,758 )

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

The members have not required the company to obtain an audit of its financial statements for the year ended 30 April 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.

Silverback Gym and Fitness Ltd (Registered number: SC448552)

Abridged Balance Sheet - continued
30 April 2024


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

All the members have consented to the preparation of an abridged Balance Sheet for the year ended 30 April 2024 in accordance with Section 444(2A) of the Companies Act 2006.

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

The financial statements were approved by the Board of Directors and authorised for issue on 24 January 2025 and were signed on its behalf by:





Mrs R E Gagan - Director


Silverback Gym and Fitness Ltd (Registered number: SC448552)

Notes to the Financial Statements
for the Year Ended 30 April 2024

1. STATUTORY INFORMATION

Silverback Gym and Fitness Ltd is a private company, limited by shares , registered in Scotland. 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.

As at the balance sheet date the company's liabilities exceeded its assets by £84,710 (2023 - £125,758). The company relied on the continued financial support of the directors and given this, the accounts have been prepared on the going concern basis.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Tenants Improvements - 20% on reducing balance
Plant and Machinery - 20% on reducing balance
Fixtures and Fittings - 33% on cost, 20% on reducing balance and 10% on reducing balance
Motor Vehicles - 20% on reducing balance
Gym Equipment - 15% on reducing balance

Tangible fixed assets are initially measured at cost and subsequently measured at cost, net of depreciation, impairment losses, and reversals of impairment losses (where applicable).

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 Income Statement, 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.

Silverback Gym and Fitness Ltd (Registered number: SC448552)

Notes to the Financial Statements - continued
for the Year Ended 30 April 2024

2. ACCOUNTING POLICIES - continued

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

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 5 (2023 - 6 ) .

4. TANGIBLE FIXED ASSETS
Totals
£   
COST
At 1 May 2023 265,079
Additions 17,151
At 30 April 2024 282,230
DEPRECIATION
At 1 May 2023 164,239
Charge for year 19,756
At 30 April 2024 183,995
NET BOOK VALUE
At 30 April 2024 98,235
At 30 April 2023 100,840

Silverback Gym and Fitness Ltd (Registered number: SC448552)

Notes to the Financial Statements - continued
for the Year Ended 30 April 2024

4. TANGIBLE FIXED ASSETS - continued

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Totals
£   
COST
At 1 May 2023 19,998
Additions 13,666
At 30 April 2024 33,664
DEPRECIATION
At 1 May 2023 4,000
Charge for year 5,316
At 30 April 2024 9,316
NET BOOK VALUE
At 30 April 2024 24,348
At 30 April 2023 15,998

5. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 30 April 2024 and 30 April 2023:

30.4.24 30.4.23
£    £   
J D Gagan and Mrs R E Gagan
Balance outstanding at start of year (188,618 ) (219,446 )
Amounts advanced 53,165 38,733
Amounts repaid (8,745 ) (7,905 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year (144,198 ) (188,618 )