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Registration number: 08270145

React Fitness Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 December 2024

 

React Fitness Limited

Contents
__________________________________________________________________________

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 7

 

React Fitness Limited

Company Information
__________________________________________________________________________

Directors

Mr D A Morrell

Mrs T S Morrell

Company secretary

Mrs T S Morrell

Registered office

Abbey House
342 Regents Park Road
London
N3 2LJ


 

Accountants

Brooks Green
Chartered AccountantsAbbey House
342 Regents Park Road
London
N3 2LJ

 

React Fitness Limited

(Registration number: 08270145)
Balance Sheet as at 31 December 2024
__________________________________________________________________________

Note

2024
£

2023
£

           

Fixed assets

   

 

Tangible assets

3

 

2,105

 

1,351

Current assets

   

 

Stocks

4

41,614

 

32,970

 

Debtors

5

197,308

 

50,498

 

Cash at bank and in hand

 

67,221

 

11

 

 

306,143

 

83,479

 

Creditors: Amounts falling due within one year

6

(224,195)

 

(115,643)

 

Net current assets/(liabilities)

   

81,948

 

(32,164)

Total assets less current liabilities

   

84,053

 

(30,813)

Creditors: Amounts falling due after more than one year

6

 

(14,005)

 

(17,116)

Net assets/(liabilities)

   

70,048

 

(47,929)

Capital and reserves

   

 

Called up share capital

7

100

 

100

 

Retained earnings

69,948

 

(48,029)

 

Shareholders' funds/(deficit)

   

70,048

 

(47,929)

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

Directors' 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 directors acknowledge 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 directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 6 May 2025 and signed on its behalf by:



Mr D A Morrell

Director

 

React Fitness Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024
__________________________________________________________________________

1

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 - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

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.

Going concern

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.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income 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.

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.

 

React Fitness Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024
__________________________________________________________________________

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

Fixtures, fittings and equipment

25% on reducing balance basis

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.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

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.

 

React Fitness Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024
__________________________________________________________________________

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.

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.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

2

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2023 - 2).

 

React Fitness Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024
__________________________________________________________________________

3

Tangible assets

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 January 2024

3,077

3,077

Additions

1,455

1,455

At 31 December 2024

4,532

4,532

Depreciation

At 1 January 2024

1,726

1,726

Charge for the year

701

701

At 31 December 2024

2,427

2,427

Carrying amount

At 31 December 2024

2,105

2,105

At 31 December 2023

1,351

1,351

4

Stocks

2024
£

2023
£

Other inventories

41,614

32,970

5

Debtors

Current

2024
£

2023
£

Trade debtors

197,308

45,765

Prepayments

-

4,733

 

197,308

50,498

 

React Fitness Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024
__________________________________________________________________________

6

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Bank overdraft and loans

3,108

15,975

Trade creditors

 

179

8,993

Taxation and social security

 

185,074

42,637

Accruals and deferred income

 

1,500

4,450

Other creditors

 

34,334

43,588

 

224,195

115,643

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Bank loans

14,005

17,116

7

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary of £1 each

100

100

100

100