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REGISTERED NUMBER: SC215323 (Scotland)















Unaudited Financial Statements for the Year Ended 31 January 2025

for

Think Fitness Limited

Think Fitness Limited (Registered number: SC215323)






Contents of the Financial Statements
for the Year Ended 31 January 2025




Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 4


Think Fitness Limited

Company Information
for the Year Ended 31 January 2025







DIRECTOR: S D Oliver





SECRETARY: S D Oliver





REGISTERED OFFICE: 3 O'Connell Street
Hawick
Roxburghshire
TD9 9HT





REGISTERED NUMBER: SC215323 (Scotland)





ACCOUNTANTS: EQ Accountants Ltd
47-49 The Square
Kelso
Roxburghshire
TD5 7HW

Think Fitness Limited (Registered number: SC215323)

Statement of Financial Position
31 January 2025

31/1/25 31/1/24
Notes £    £    £   
FIXED ASSETS
Property, plant and equipment 4 392,683 385,905

CURRENT ASSETS
Inventories 900 900
Debtors 5 930 174
Cash in hand - 170
1,830 1,244
CREDITORS
Amounts falling due within one year 6 119,220 111,748
NET CURRENT LIABILITIES (117,390 ) (110,504 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

275,293

275,401

CREDITORS
Amounts falling due after more than one
year

7

(160,265

)

(151,302

)

PROVISIONS FOR LIABILITIES (17,500 ) (18,000 )
NET ASSETS 97,528 106,099

CAPITAL AND RESERVES
Called up share capital 5,002 5,002
Revaluation reserve 123,849 123,849
Retained earnings (31,323 ) (22,752 )
SHAREHOLDERS' FUNDS 97,528 106,099

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 January 2025.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 January 2025 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

Think Fitness Limited (Registered number: SC215323)

Statement of Financial Position - continued
31 January 2025


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

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 7 May 2025 and were signed by:





S D Oliver - Director


Think Fitness Limited (Registered number: SC215323)

Notes to the Financial Statements
for the Year Ended 31 January 2025

1. STATUTORY INFORMATION

Think Fitness Limited is a private company, limited by shares , registered in Scotland. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Turnover
Turnover is represented predominately by net members subcriptions and miscellaneous sales of goods, excluding value added tax.


Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Plant and machinery - Straight line over 5 years, Over the remaining life of the lease and not provided
Fixtures and fittings - Straight line over 5 years
Computer equipment - Straight line over 5 years

The directors consider that the residual value of the property is the same as the fair value that has been stated in the accounts and therefore the property has not been depreciated in the current year.

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

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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 statement of financial position date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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 year 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.

Think Fitness Limited (Registered number: SC215323)

Notes to the Financial Statements - continued
for the Year Ended 31 January 2025

2. ACCOUNTING POLICIES - continued

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over the term of the lease to provide a realistic net book value at the end of the lease as provided by the asset supplier.

The interest element of these obligations is charged to the profit and loss account over the relevant period. The capital element of the future payments is treated as a liability.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 7 (2024 - 5 ) .

4. PROPERTY, PLANT AND EQUIPMENT
Plant and
Land and machinery
buildings etc Totals
£    £    £   
COST OR VALUATION
At 1 February 2024 300,000 222,435 522,435
Additions - 4,914 4,914
At 31 January 2025 300,000 227,349 527,349
DEPRECIATION
At 1 February 2024 - 136,530 136,530
Charge for year - (1,864 ) (1,864 )
At 31 January 2025 - 134,666 134,666
NET BOOK VALUE
At 31 January 2025 300,000 92,683 392,683
At 31 January 2024 300,000 85,905 385,905

Cost or valuation at 31 January 2025 is represented by:

Plant and
Land and machinery
buildings etc Totals
£    £    £   
Valuation in 2017 154,447 - 154,447
Valuation in 2024 - 96,808 96,808
Cost 145,553 130,541 276,094
300,000 227,349 527,349

Think Fitness Limited (Registered number: SC215323)

Notes to the Financial Statements - continued
for the Year Ended 31 January 2025

4. PROPERTY, PLANT AND EQUIPMENT - continued

If the premises and improvements had not been revalued they would have been included at the following historical cost:

31/1/25 31/1/24
£    £   
Cost 162,105 162,105
Aggregate depreciation 2,321 2,321

Value of land in freehold land and buildings 159,784 159,784

Premises and improvements were valued on an open market basis on 24 November 2004 by D M Hall .

The director carried out a review of plant and machinery on 31st January 2024. It was deemed that plant and machinery assets had been over depreciated by £45,045. The over depreciation was reversed against the profit & loss account in the year ending 31st January 2024.

A further review of plant and machinery was carried out on 31st January 2025. It was deemed that plant and machinery had been over depreciated by a further £24,361. The over depreciation was reversed against the profit & loss account in the current year.

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Plant and
machinery
etc
£   
COST OR VALUATION
At 1 February 2024 19,623
Additions 895
At 31 January 2025 20,518
DEPRECIATION
At 1 February 2024 10,563
Charge for year (1,432 )
At 31 January 2025 9,131
NET BOOK VALUE
At 31 January 2025 11,387
At 31 January 2024 9,060

The depreciation figures for leased plant and machinery have been calculated by taking into account the residual values of the plant and machinery.


5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31/1/25 31/1/24
£    £   
Trade debtors 930 174

Think Fitness Limited (Registered number: SC215323)

Notes to the Financial Statements - continued
for the Year Ended 31 January 2025

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31/1/25 31/1/24
£    £   
Bank loans and overdrafts 30,150 17,288
Hire purchase contracts 7,249 7,326
Trade creditors 598 3,544
Taxation and social security 21,848 29,473
Other creditors 59,375 54,117
119,220 111,748

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31/1/25 31/1/24
£    £   
Bank loans 116,710 97,581
Hire purchase contracts 7,221 7,826
Other creditors 36,334 45,895
160,265 151,302

Amounts falling due in more than five years:

Repayable by instalments
RBS Loan - > 5 years 64,385 62,397