REGISTERED NUMBER: |
Unaudited Financial Statements for the Year Ended 31 January 2025 |
for |
Think Fitness Limited |
REGISTERED NUMBER: |
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: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
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 |
CURRENT ASSETS |
Inventories |
Debtors | 5 |
Cash in hand |
CREDITORS |
Amounts falling due within one year | 6 |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
7 |
( |
) |
( |
) |
PROVISIONS FOR LIABILITIES | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital |
Revaluation reserve |
Retained earnings | ( |
) | ( |
) |
SHAREHOLDERS' FUNDS |
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 were approved by the director and authorised for issue on |
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 |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Turnover |
Turnover is represented predominately by net members subcriptions and miscellaneous sales of goods, excluding value added tax. |
Tangible fixed assets |
Plant and machinery | - |
Fixtures and fittings | - |
Computer equipment | - |
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 |
4. | PROPERTY, PLANT AND EQUIPMENT |
Plant and |
Land and | machinery |
buildings | etc | Totals |
£ | £ | £ |
COST OR VALUATION |
At 1 February 2024 |
Additions |
At 31 January 2025 |
DEPRECIATION |
At 1 February 2024 |
Charge for year | ( |
) | ( |
) |
At 31 January 2025 |
NET BOOK VALUE |
At 31 January 2025 |
At 31 January 2024 |
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 |
Additions |
At 31 January 2025 |
DEPRECIATION |
At 1 February 2024 |
Charge for year | ( |
) |
At 31 January 2025 |
NET BOOK VALUE |
At 31 January 2025 |
At 31 January 2024 |
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 |
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 |
Hire purchase contracts |
Trade creditors |
Taxation and social security |
Other creditors |
7. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
31/1/25 | 31/1/24 |
£ | £ |
Bank loans |
Hire purchase contracts |
Other creditors |
Amounts falling due in more than five years: |
Repayable by instalments |
RBS Loan - > 5 years | 64,385 | 62,397 |