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Registration number: 06978088

Fitness Equipment Services Limited

Unaudited Financial Statements

for the Year Ended 31 October 2024

 

Fitness Equipment Services Limited

Contents

Balance Sheet

1 to 2

Notes to the Unaudited Financial Statements

3 to 7

 

Fitness Equipment Services Limited

(Registration number: 06978088)
Balance Sheet as at 31 October 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

5

122,426

126,147

Current assets

 

Stocks

14,178

16,708

Debtors

6

96,246

112,083

Cash at bank and in hand

 

229,864

240,859

 

340,288

369,650

Creditors: Amounts falling due within one year

7

(122,727)

(158,804)

Net current assets

 

217,561

210,846

Total assets less current liabilities

 

339,987

336,993

Provisions for liabilities

(22,682)

(23,612)

Net assets

 

317,305

313,381

Capital and reserves

 

Called up share capital

100

100

Retained earnings

317,205

313,281

Shareholders' funds

 

317,305

313,381

For the financial year ending 31 October 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

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

The director acknowledges his 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 in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

 

Fitness Equipment Services Limited

(Registration number: 06978088)
Balance Sheet as at 31 October 2024

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account and Director's Report has been taken.

Approved and authorised by the director on 27 March 2025
 

Mr M S Taylor

Director

 

Fitness Equipment Services Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 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:
7-9 Macon Court
Crewe
Cheshire
CW1 6EA

The principal place of business is:
12/13 Whieldon Industrial Estate
Whieldon Road
Stoke on Trent
Staffordshire
ST4 4JP

2

Accounting policies

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.

These financial statements are prepared in Sterling, which is the functional currency of the company. All monetary amounts are rounded to the nearest £.

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.

 

Fitness Equipment Services Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2024

Tax

The tax expense for the period comprises current and deferred tax.

The current tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

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

Improvements to property

not depreciated

Fixtures, fittings and computer equipment

20% reducing balance/straight line over 3 years

Motor vehicles

15% reducing balance

Plant and equipment

15% reducing balance

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

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

Goodwill

straight line over 10 years

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

 

Fitness Equipment Services Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2024

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 16 (2023 - 17).

4

Intangible assets

Goodwill
 £

Internally generated software development costs
 £

Total
£

Cost or valuation

At 1 November 2023

30,000

32,296

62,296

At 31 October 2024

30,000

32,296

62,296

Amortisation

At 1 November 2023

30,000

32,296

62,296

At 31 October 2024

30,000

32,296

62,296

Carrying amount

At 31 October 2024

-

-

-

At 31 October 2023

-

-

-

 

Fitness Equipment Services Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2024

5

Tangible assets

Improvements to property
£

Fixtures, fittings and computer equipment
 £

Motor vehicles
 £

Plant and machinery
£

Total
£

Cost or valuation

At 1 November 2023

31,700

34,042

144,425

3,549

213,716

Additions

-

677

35,000

-

35,677

Disposals

-

-

(32,350)

-

(32,350)

At 31 October 2024

31,700

34,719

147,075

3,549

217,043

Depreciation

At 1 November 2023

-

28,562

56,280

2,727

87,569

Charge for the year

-

2,696

15,276

123

18,095

Eliminated on disposal

-

-

(11,047)

-

(11,047)

At 31 October 2024

-

31,258

60,509

2,850

94,617

Carrying amount

At 31 October 2024

31,700

3,461

86,566

699

122,426

At 31 October 2023

31,700

5,480

88,145

822

126,147

 

Fitness Equipment Services Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2024

6

Debtors

Current

2024
£

2023
£

Trade debtors

81,643

96,666

Other debtors

14,603

15,417

 

96,246

112,083

7

Creditors

Creditors: amounts falling due within one year

2024
£

2023
£

Due within one year

Trade creditors

16,053

21,529

Amounts owed to group undertakings

5,000

22,500

Taxation and social security

30,064

36,192

Other creditors

71,610

78,583

122,727

158,804