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Registration number: 15072177

Sobo Fitness Ltd

Unaudited Filleted Financial Statements

for the Year Ended 31 August 2024

 

Sobo Fitness Ltd

Contents

Company Information

1

Profit and Loss Account and Statement of Retained Earnings

2

Balance Sheet

3

Notes to the Unaudited Financial Statements

4 to 9

 

Sobo Fitness Ltd

Company Information

Director

Elizabeth Astin-Gregory

Registered office

104 Arnewood Road
Southbourne
Bournemouth
BH6 5DW

Accountants

AWG Accountants Ltd
Chartered AccountantKemp House
City Road
London
EC1V 2NX

 

Sobo Fitness Ltd

Profit and Loss Account and Statement of Retained Earnings for the Year Ended 31 August 2024

Note

2024
£

Turnover

 

49,684

Cost of sales

 

(20,481)

Gross profit

 

29,203

Distribution costs

 

(9,095)

Administrative expenses

 

(49,039)

Other operating income

 

4,234

Operating loss

 

(24,697)

Loss before tax

(24,697)

Loss for the financial year

 

(24,697)

Retained earnings brought forward

 

-

Retained earnings carried forward

 

(24,697)

 

Sobo Fitness Ltd

(Registration number: 15072177)
Balance Sheet as at 31 August 2024

Note

2024
£

Fixed assets

 

Tangible assets

4

33,577

Current assets

 

Debtors

5

107

Cash at bank and in hand

 

530

 

637

Creditors: Amounts falling due within one year

6

(46,566)

Net current liabilities

 

(45,929)

Total assets less current liabilities

 

(12,352)

Creditors: Amounts falling due after more than one year

6

(12,344)

Net liabilities

 

(24,696)

Capital and reserves

 

Called up share capital

7

1

Retained earnings

(24,697)

Shareholders' deficit

 

(24,696)

For the financial year ending 31 August 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 their 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 and delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 21 March 2025
 

.........................................
Elizabeth Astin-Gregory
Director

 

Sobo Fitness Ltd

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

1

General information

The company is a private company limited by share capital, incorporated in England.

The address of its registered office is:
104 Arnewood Road
Southbourne
Bournemouth
BH6 5DW
England

These financial statements were authorised for issue by the director on 21 March 2025.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

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.

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.

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:

 

Sobo Fitness Ltd

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

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

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 the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

 

Sobo Fitness Ltd

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

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 1.

4

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

Additions

14,772

27,900

42,672

At 31 August 2024

14,772

27,900

42,672

Depreciation

Charge for the year

-

9,095

9,095

At 31 August 2024

-

9,095

9,095

Carrying amount

At 31 August 2024

14,772

18,805

33,577

Included within the net book value of land and buildings above is £14,772 in respect of long leasehold land and buildings.
 

 

Sobo Fitness Ltd

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

5

Debtors

Current

2024
£

Other debtors

107

 

107

6

Creditors

Creditors: amounts falling due within one year

Note

2024
£

Due within one year

 

Loans and borrowings

17,805

Accruals and deferred income

 

850

Other creditors

 

27,911

 

46,566

Creditors: amounts falling due after more than one year

Note

2024
£

Due after one year

 

Loans and borrowings

12,344

7

Share capital

Allotted, called up and fully paid shares

2024

No.

£

Ordinary shares of £1 each

1

1

   

8

Obligations under leases and hire purchase contracts

Finance leases

The total of future minimum lease payments is as follows:

2024
£

Not later than one year

8,088

Later than one year and not later than five years

12,344

20,432

 

Sobo Fitness Ltd

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

9

Related party transactions

 

Sobo Fitness Ltd

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

Director's remuneration

The director's remuneration for the year was as follows:

2024
£

Remuneration

6,822