Company registration number 08310156 (England and Wales)
PLAYGATE (CHERTSEY) LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
PAGES FOR FILING WITH REGISTRAR
PLAYGATE (CHERTSEY) LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 7
PLAYGATE (CHERTSEY) LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2023
31 December 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
4
326,888
322,704
Current assets
Stocks
1,009
1,750
Debtors
5
11,488
22,243
Cash at bank and in hand
116,253
105,791
128,750
129,784
Creditors: amounts falling due within one year
6
(601,533)
(766,174)
Net current liabilities
(472,783)
(636,390)
Total assets less current liabilities
(145,895)
(313,686)
Creditors: amounts falling due after more than one year
7
(774,974)
(649,773)
Provisions for liabilities
(3,476)
(584)
Net liabilities
(924,345)
(964,043)
Capital and reserves
Called up share capital
100
100
Profit and loss reserves
(924,445)
(964,143)
Total equity
(924,345)
(964,043)

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

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

PLAYGATE (CHERTSEY) LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 DECEMBER 2023
31 December 2023
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 13 February 2025 and are signed on its behalf by:
A Turner
Director
Company registration number 08310156 (England and Wales)
PLAYGATE (CHERTSEY) LIMITED
NOTES TO THE  FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 3 -
1
Accounting policies
Company information

Playgate (Chertsey) Limited is a private company limited by shares incorporated in England and Wales. The registered office is 2 Leman Street, London, United Kingdom, E1W 9US.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Going concern

Atruet the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for gym memberships and other income derived from the health clubs provided in the normal course of business, and is shown net of VAT and other sales related taxes.

Revenue from contracts for the provision of gym memberships is recognised by reference to the term of the contract.

1.4
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Land and buildings
Straight line over life of lease
Plant and machinery etc
3, 5 and 10 years straight line
Fixtures, fittings & equipment
3, 5 and 10 years straight line

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

PLAYGATE (CHERTSEY) LIMITED
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 4 -
1.5
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include trade and other receivables and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method.

Other financial assets

The company does not enter into any transactions that can be classified as other financial assets, including equity instruments which are not subsidiaries, associates or joint ventures.

Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

 

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

 

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities, including trade and other payables, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price.

 

Trade payables 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 payment is due within one year or less. If not, they are presented as non-current liabilities.

PLAYGATE (CHERTSEY) LIMITED
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 5 -
Other financial liabilities

Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments and the company did not enter into any such transactions that can be classified as other financial liabilities.

Derecognition of financial liabilities

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2023
2022
Number
Number
Total
42
48
3
Intangible fixed assets
Goodwill
£
Cost
At 1 January 2023 and 31 December 2023
105,392
Amortisation and impairment
At 1 January 2023 and 31 December 2023
105,392
Carrying amount
At 31 December 2023
-
0
At 31 December 2022
-
0
PLAYGATE (CHERTSEY) LIMITED
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 6 -
4
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 January 2023
287,010
705,399
992,409
Additions
24,739
40,785
65,524
At 31 December 2023
311,749
746,184
1,057,933
Depreciation and impairment
At 1 January 2023
105,407
564,298
669,705
Depreciation charged in the year
13,381
47,959
61,340
At 31 December 2023
118,788
612,257
731,045
Carrying amount
At 31 December 2023
192,961
133,927
326,888
At 31 December 2022
181,603
141,101
322,704
5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
1,189
-
0
Other debtors
10,299
22,243
11,488
22,243
6
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans
72,025
71,951
Obligations under finance leases
-
0
5,270
Trade creditors
66,605
91,238
Taxation and social security
158,181
235,922
Other creditors
55,904
47,120
Accruals and deferred income
248,818
314,673
601,533
766,174

 

PLAYGATE (CHERTSEY) LIMITED
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 7 -
7
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
234,313
274,537
Shareholder loans
540,661
375,236
774,974
649,773
8
Operating lease commitments
Lessee

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:

2023
2022
£
£
4,350,000
4,650,000
9
Financial commitments, guarantees and contingent liabilities

Barclays Bank Plc has a fixed and floating charge on all assets and undertakings of the company.

10
Related party transactions

At the year end, the company owed £155,527 (2022 - £101,500) to A Turner, a director of the company in respect of a non-interest bearing loan.

 

At the year end, the company also owed £385,134 (2022 - £273,736) to other shareholders of the company in respect of non-interest bearing loans.

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