REGISTERED NUMBER: |
Financial Statements |
for the Period 22 May 2023 to 31 May 2024 |
for |
BIG BOX LEISURE CLUB LIMITED |
REGISTERED NUMBER: |
Financial Statements |
for the Period 22 May 2023 to 31 May 2024 |
for |
BIG BOX LEISURE CLUB LIMITED |
BIG BOX LEISURE CLUB LIMITED (REGISTERED NUMBER: 14884135) |
Contents of the Financial Statements |
for the Period 22 May 2023 to 31 May 2024 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 3 |
BIG BOX LEISURE CLUB LIMITED |
Company Information |
for the Period 22 May 2023 to 31 May 2024 |
Directors: |
Registered office: |
Registered number: |
Auditors: |
Northern Assurance Buildings |
9-21 Princess Street |
Manchester |
M2 4DN |
BIG BOX LEISURE CLUB LIMITED (REGISTERED NUMBER: 14884135) |
Balance Sheet |
31 May 2024 |
Notes | £ | £ |
Fixed assets |
Intangible assets | 5 |
Tangible assets | 6 |
Current assets |
Debtors | 7 |
Cash at bank and in hand |
Creditors |
Amounts falling due within one year | 8 |
Net current liabilities | ( |
) |
Total assets less current liabilities |
Creditors |
Amounts falling due after more than one year |
9 |
( |
) |
Accruals and deferred income | ( |
) |
Net assets |
Capital and reserves |
Called up share capital | 11 |
Share premium |
Retained earnings | ( |
) |
Shareholders' funds |
The financial statements were approved by the Board of Directors and authorised for issue on |
BIG BOX LEISURE CLUB LIMITED (REGISTERED NUMBER: 14884135) |
Notes to the Financial Statements |
for the Period 22 May 2023 to 31 May 2024 |
1. | Statutory information |
Big Box Leisure Club Limited is a |
2. | Statement of compliance |
3. | Accounting policies |
Basis of preparing the financial statements |
As at 31 May 2024, the entity has net current liabilities of £872,575 but net assets of £2,174,648. |
In assessing the appropriateness of the going concern basis of accounting, the directors have taken into account a number of factors including post year-end funding received, current operating performance and cash liquidity. They have prepared forecasts up to May 2026, and based on those forecasts and current performance have a reasonable expectation that there are adequate resources for a period of at least 12 months from the date of approval of the financial statements. Therefore, the financial statements have been prepared on a going concern basis. |
Significant judgements and estimates |
In preparing these financial statements, the directors have had to make the following judgements: |
- Determine whether leases entered into by the company either as a lessor or a lessee are operating leases or finance leases. These decisions depend on an assessment of whether the risks and rewards of ownership have been transferred from the lessor to the lessee on a lease by lease basis. |
- Determine whether there are indicators of impairment of the company's tangible fixed assets. Factors taken into consideration in reaching such a decision include the economic viability and expected future financial performance of the asset and where it is a component of a larger cash-generating unit, the viability and expected future performance of that unit. |
Other key sources of estimation uncertainty |
Tangible fixed assets |
Tangible fixed assets are depreciated over their useful lives taking into account residual values, where appropriate. The actual lives of the assets and residual values are assessed annually and may vary depending on a number of factors. In re-assessing asset lives, factors such as technological innovation, product life cycles and maintenance programmes are taken into account. Residual value assessments consider issues such as future market conditions, the remaining life of the asset and projected disposal values. |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
Membership dues are included in turnover on an accruals basis. |
Sales of food and beverage are recognised as revenue on the date of the sale. |
Intangible assets |
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses. |
BIG BOX LEISURE CLUB LIMITED (REGISTERED NUMBER: 14884135) |
Notes to the Financial Statements - continued |
for the Period 22 May 2023 to 31 May 2024 |
3. | Accounting policies - continued |
Tangible fixed assets |
Tangible fixed assets are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management. |
The company adds to the carrying amount of an item of fixed assets the cost of replacing part of such an item when that cost is incurred, if the replacement part is expected to provide incremental future benefits to the company. The carrying amount of the replaced part is derecognised. Repairs and maintenance are charged to profit or loss during the period in which they are incurred. |
Depreciation is provided on the following basis: |
Improvements to property - over 15 years |
Plant and machinery - 20% straight line |
Fixtures and fittings - 25% straight line |
Office equipment - 25% straight line |
The assets residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate. |
Financial instruments |
The company has chosen to adopt Sections 11 and 12 of FRS 102 in respect of financial statements. |
(i) Financial assets |
Basic financial assets, including trade and other debtors and cash and bank balances, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. |
Such assets are subsequently carried at amortised cost using the effective interest method. |
There are no assets which are initially measured at fair value. |
(ii) Financial liabilities |
Basic financial liabilities, including trade and other creditors, bank loans, that are classified as debt, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. |
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method. |
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 payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method. |
Taxation |
Taxation for the period comprises current and deferred tax. Tax is recognised in the Profit and Loss Account, 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. |
BIG BOX LEISURE CLUB LIMITED (REGISTERED NUMBER: 14884135) |
Notes to the Financial Statements - continued |
for the Period 22 May 2023 to 31 May 2024 |
3. | Accounting policies - continued |
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 period 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. |
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. |
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. |
4. | Employees and directors |
The average number of employees during the period was |
5. | Intangible fixed assets |
Other |
intangible |
assets |
£ |
Cost |
Additions |
At 31 May 2024 |
Amortisation |
Charge for period |
At 31 May 2024 |
Net book value |
At 31 May 2024 |
BIG BOX LEISURE CLUB LIMITED (REGISTERED NUMBER: 14884135) |
Notes to the Financial Statements - continued |
for the Period 22 May 2023 to 31 May 2024 |
6. | Tangible fixed assets |
Improvements | Fixtures |
to | Plant and | and | Computer |
property | machinery | fittings | equipment | Totals |
£ | £ | £ | £ | £ |
Cost |
Additions |
Disposals | ( |
) | ( |
) |
At 31 May 2024 |
Depreciation |
Charge for period |
At 31 May 2024 |
Net book value |
At 31 May 2024 |
Assets held under finance leases have cost of £359,638, depreciation of £12,948 and a net book value of £346,690. |
7. | Debtors |
£ |
Amounts falling due within one year: |
Trade debtors |
Other debtors |
Amounts falling due after more than one year: |
Other debtors |
Aggregate amounts |
8. | Creditors: amounts falling due within one year |
£ |
Finance leases (see note 10) |
Trade creditors |
Social security and other taxes |
Other creditors |
Accruals and deferred income |
9. | Creditors: amounts falling due after more than one year |
£ |
Loan notes |
Finance leases (see note 10) |
The loan notes are 10% fixed rate unsecured loan notes repayable in 2026. |
BIG BOX LEISURE CLUB LIMITED (REGISTERED NUMBER: 14884135) |
Notes to the Financial Statements - continued |
for the Period 22 May 2023 to 31 May 2024 |
10. | Leasing agreements |
Minimum lease payments fall due as follows: |
Finance |
leases |
£ |
Net obligations repayable: |
Within one year |
Between one and five years |
Non-cancellable | operating leases |
£ |
Within one year |
Between one and five years |
In more than five years |
11. | Called up share capital |
Allotted, issued and fully paid: |
Number: | Class: | Nominal |
value: | £ |
A Ordinary | 0.5p | 25,455 |
B Ordinary | 0.5p | 9,545 |
C1 Ordinary | 0.5p | 10,000 |
C2 Ordinary | 0.5p | 5,000 |
50,000 |
Shares were issued during the period as follows: |
Cash at par |
2,000,000 C1 Ordinary shares of 0.5p for £ |
1,000,000 C2 Ordinary shares of 0.5p for £ |
Cash at premium |
5,091,008 A Ordinary shares of 0.5p for £ |
1,908,992 B Ordinary shares of 0.5p for £ |
The shares are ranked pari passu. |
12. | Disclosure under Section 444(5B) of the Companies Act 2006 |
The Report of the Auditors was unqualified. |
for and on behalf of |
BIG BOX LEISURE CLUB LIMITED (REGISTERED NUMBER: 14884135) |
Notes to the Financial Statements - continued |
for the Period 22 May 2023 to 31 May 2024 |
13. | Pension commitments |
The company operates a defined contribution pension scheme. The pension cost charge for the year represents contributions payable by the company to the scheme and amount to £2,842. |
Contributions totalling £6,632 were payable to the scheme at the year-end and are included in creditors. |
14. | Related party disclosures |
Within other creditors, there is a balance of £112,158 from a related party arising from a balance transferred with no loan agreement. The balance carries no interest.The parties are connected through common directors. |