Company registration number 07244576 (England and Wales)
RIG FITNESS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 MAY 2024
PAGES FOR FILING WITH REGISTRAR
RIG FITNESS LIMITED
CONTENTS
Page
Accountants' report
1
Balance sheet
2 - 3
Notes to the financial statements
4 - 8
RIG FITNESS LIMITED
ACCOUNTANTS' REPORT TO THE DIRECTOR ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF RIG FITNESS LIMITED FOR THE YEAR ENDED 29 MAY 2024
- 1 -
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Rig Fitness Limited for the year ended 29 May 2024 which comprise, the balance sheet and the related notes from the company’s accounting records and from information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at https://www.icaew.com/regulation.
This report is made solely to the board of directors of Rig Fitness Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Rig Fitness Limited and state those matters that we have agreed to state to the board of directors of Rig Fitness Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Rig Fitness Limited and its board of directors as a body, for our work or for this report.
It is your duty to ensure that Rig Fitness Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Rig Fitness Limited. You consider that Rig Fitness Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the financial statements of Rig Fitness Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
Ormerod Rutter Limited
26 March 2025
Chartered Accountants
The Oakley
Kidderminster Road
Droitwich
Worcestershire
WR9 9AY
RIG FITNESS LIMITED
BALANCE SHEET
AS AT 29 MAY 2024
29 May 2024
- 2 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
4
6,417
7,547
Current assets
Debtors
5
10,082
9,746
Cash at bank and in hand
239
406
10,321
10,152
Creditors: amounts falling due within one year
6
(11,973)
(9,013)
Net current (liabilities)/assets
(1,652)
1,139
Total assets less current liabilities
4,765
8,686
Creditors: amounts falling due after more than one year
7
(3,265)
(4,319)
Provisions for liabilities
8
(1,028)
(1,201)
Net assets
472
3,166
Capital and reserves
Called up share capital
10
102
102
Profit and loss reserves
370
3,064
Total equity
472
3,166
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 29 May 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges his 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.
RIG FITNESS LIMITED
BALANCE SHEET (CONTINUED)
AS AT 29 MAY 2024
29 May 2024
- 3 -
The financial statements were approved and signed by the director and authorised for issue on 26 March 2025
Mr G P M Convy
Director
Company registration number 07244576 (England and Wales)
RIG FITNESS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 MAY 2024
- 4 -
1
Accounting policies
Company information
Rig Fitness Limited is a private company limited by shares incorporated in England and Wales. The registered office is Flat 5, Westhill Lodge, Hagley Road, Stourbridge, DY8 1RH.
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 have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business.
Revenue from the provision of services is recognised by reference to the stage of completion, when the costs incurred and costs to complete can be estimated reliably.
1.3
Intangible fixed assets other than goodwill
Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.
Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.
Amortisation 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:
Other intangibles
5 years
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:
Plant and machinery
15% on reducing balance
Fixtures and fittings
15% on reducing balance
1.5
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
RIG FITNESS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 MAY 2024
1
Accounting policies
(Continued)
- 5 -
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.6
Employee benefits
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
1.7
Leases
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
1
1
RIG FITNESS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 MAY 2024
- 6 -
3
Intangible fixed assets
Other intangibles
£
Cost
At 30 May 2023 and 29 May 2024
3,000
Amortisation and impairment
At 30 May 2023 and 29 May 2024
3,000
Carrying amount
At 29 May 2024
At 29 May 2023
4
Tangible fixed assets
Plant and machinery
Fixtures and fittings
Total
£
£
£
Cost
At 30 May 2023 and 29 May 2024
23,724
4,050
27,774
Depreciation and impairment
At 30 May 2023
16,986
3,241
20,227
Depreciation charged in the year
1,008
122
1,130
At 29 May 2024
17,994
3,363
21,357
Carrying amount
At 29 May 2024
5,730
687
6,417
At 29 May 2023
6,738
809
7,547
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Other debtors
10,082
9,746
RIG FITNESS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 MAY 2024
- 7 -
6
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans
2,021
1,995
Trade creditors
1,908
1,583
Taxation and social security
6,544
3,954
Other creditors
1,500
1,481
11,973
9,013
7
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
3,265
4,319
8
Provisions for liabilities
2024
2023
£
£
Deferred tax liabilities
1,028
1,201
9
Secured debts
The following secured debts are included within creditors:
2024
2023
£
£
Bank loans
5,286
6,314
Bank loans are secured by way of a fixed and floating charge over all assets of the company.
10
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary A of £1 each
100
100
100
100
Ordinary B of £1 each
1
1
1
1
Ordinary C of £1 each
1
1
1
1
102
102
102
102
RIG FITNESS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 MAY 2024
- 8 -
11
Directors' transactions
Advances or credits have been granted by the company to its directors as follows:
Description
% Rate
Opening balance
Amounts advanced
Amounts repaid
Closing balance
£
£
£
£
Loan Account
-
9,746
12,125
(12,000)
9,871
9,746
12,125
(12,000)
9,871
The director’s loan account was repaid within nine months of the year end.
12
Ultimate controlling party
The ultimate controlling party is Mr G P M Convy.