Silverfin false false 30/11/2024 01/12/2023 30/11/2024 J G Field D J Oliver 20 May 2025 no description of principal activity 06742510 2024-11-30 06742510 2023-11-30 06742510 core:CurrentFinancialInstruments 2024-11-30 06742510 core:CurrentFinancialInstruments 2023-11-30 06742510 core:Non-currentFinancialInstruments 2024-11-30 06742510 core:Non-currentFinancialInstruments 2023-11-30 06742510 core:ShareCapital 2024-11-30 06742510 core:ShareCapital 2023-11-30 06742510 core:RetainedEarningsAccumulatedLosses 2024-11-30 06742510 core:RetainedEarningsAccumulatedLosses 2023-11-30 06742510 core:PlantMachinery 2023-11-30 06742510 core:FurnitureFittings 2023-11-30 06742510 core:OfficeEquipment 2023-11-30 06742510 core:PlantMachinery 2024-11-30 06742510 core:FurnitureFittings 2024-11-30 06742510 core:OfficeEquipment 2024-11-30 06742510 2022-11-30 06742510 core:AcceleratedTaxDepreciationDeferredTax 2024-11-30 06742510 core:AcceleratedTaxDepreciationDeferredTax 2023-11-30 06742510 core:FurtherSpecificItem1DeferredTaxComponentTotalForDeferredTax 2024-11-30 06742510 core:FurtherSpecificItem1DeferredTaxComponentTotalForDeferredTax 2023-11-30 06742510 core:WithinOneYear 2024-11-30 06742510 core:WithinOneYear 2023-11-30 06742510 core:BetweenOneFiveYears 2024-11-30 06742510 core:BetweenOneFiveYears 2023-11-30 06742510 2023-12-01 2024-11-30 06742510 bus:FilletedAccounts 2023-12-01 2024-11-30 06742510 bus:SmallEntities 2023-12-01 2024-11-30 06742510 bus:AuditExemptWithAccountantsReport 2023-12-01 2024-11-30 06742510 bus:PrivateLimitedCompanyLtd 2023-12-01 2024-11-30 06742510 bus:Director1 2023-12-01 2024-11-30 06742510 bus:Director2 2023-12-01 2024-11-30 06742510 core:PlantMachinery core:TopRangeValue 2023-12-01 2024-11-30 06742510 core:FurnitureFittings core:TopRangeValue 2023-12-01 2024-11-30 06742510 core:OfficeEquipment core:TopRangeValue 2023-12-01 2024-11-30 06742510 2022-12-01 2023-11-30 06742510 core:PlantMachinery 2023-12-01 2024-11-30 06742510 core:FurnitureFittings 2023-12-01 2024-11-30 06742510 core:OfficeEquipment 2023-12-01 2024-11-30 iso4217:GBP xbrli:pure

Company No: 06742510 (England and Wales)

FIELD OF FITNESS LIMITED

UNAUDITED FINANCIAL STATEMENTS
FOR THE FINANCIAL YEAR ENDED 30 NOVEMBER 2024
PAGES FOR FILING WITH THE REGISTRAR

FIELD OF FITNESS LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 30 NOVEMBER 2024

Contents

FIELD OF FITNESS LIMITED

COMPANY INFORMATION

FOR THE FINANCIAL YEAR ENDED 30 NOVEMBER 2024
FIELD OF FITNESS LIMITED

COMPANY INFORMATION (continued)

FOR THE FINANCIAL YEAR ENDED 30 NOVEMBER 2024
DIRECTORS J G Field
D J Oliver
REGISTERED OFFICE Wey Court West
Union Road
Farnham
GU9 7PT
United Kingdom
COMPANY NUMBER 06742510 (England and Wales)
ACCOUNTANT Shaw Gibbs Limited
Wey Court West
Union Road
Farnham
Surrey
GU9 7PT
FIELD OF FITNESS LIMITED

BALANCE SHEET

AS AT 30 NOVEMBER 2024
FIELD OF FITNESS LIMITED

BALANCE SHEET (continued)

AS AT 30 NOVEMBER 2024
Note 2024 2023
£ £
Fixed assets
Tangible assets 3 32,114 24,624
32,114 24,624
Current assets
Debtors 4 28,209 92,280
Cash at bank and in hand 5 22,504 16,928
50,713 109,208
Creditors: amounts falling due within one year 6 ( 63,600) ( 81,688)
Net current (liabilities)/assets (12,887) 27,520
Total assets less current liabilities 19,227 52,144
Creditors: amounts falling due after more than one year 7 ( 10,842) ( 44,448)
Provision for liabilities 8 ( 7,298) ( 6,103)
Net assets 1,087 1,593
Capital and reserves
Called-up share capital 1,000 1,000
Profit and loss account 87 593
Total shareholders' funds 1,087 1,593

For the financial year ending 30 November 2024 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

These financial statements have been prepared in accordance with the provisions of FRS 102 Section 1A – small entities. The financial statements of Field Of Fitness Limited (registered number: 06742510) were approved and authorised for issue by the Board of Directors on 20 May 2025. They were signed on its behalf by:

D J Oliver
Director
J G Field
Director
FIELD OF FITNESS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 30 NOVEMBER 2024
FIELD OF FITNESS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 30 NOVEMBER 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Field Of Fitness Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Wey Court West, Union Road, Farnham, GU9 7PT, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

Interest income

Interest income is recognised when it is probable that the economic benefits will flow to the Company and the amount of revenue can be measured reliably. Interest income is accrued on a time basis, by reference to the principal outstanding at the effective interest rate applicable, which is the rate that exactly discounts estimated future cash receipts through the expected life of the financial asset to that asset's net carrying amount on initial recognition.

Employee benefits

Defined contribution schemes
The Company operates a defined contribution scheme. The amount charged to the Statement of Income and Retained Earnings in respect of pension costs and other post-retirement benefits is the contributions payable in the financial year. Differences between contributions payable in the financial year and contributions actually paid are included as either accruals or prepayments in the Balance Sheet.

Finance costs

Finance costs are charged to the Statement of Income and Retained Earnings over the term of the debt using the effective interest method so the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

Taxation

Current tax
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 balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet 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.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Plant and machinery 10 years straight line
Fixtures and fittings 7 years straight line
Office equipment 3 years straight line

Depreciation methods, useful lives and residual values are reviewed at each balance sheet date. The selection of these residual values and estimated lives requires the exercise of judgement. The directors are required to assess whether there is an indication of impairment to the carrying value of assets. In making that assessment, judgements are made in estimating value in use. The directors consider that the individual carrying values of assets are supportable by their value in use.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Borrowing costs

Borrowing costs that are directly attributable to acquisition, construction or production of qualifying assets, are capitalised as part of the cost of those assets. Capitalisation begins when both finance costs and expenditures for the asset are being incurred and activities that are necessary to get the asset ready for use are in progress. Capitalisation ceases when substantially all the activities that are necessary to get the asset ready for use are complete.

All other borrowing costs are recognised in profit or loss in the period in which they are incurred.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.

Provisions

Provisions are recognised when the has a present obligation (legal or constructive) as a result of a past event, it is probable that the will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Balance Sheet date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including directors 9 8

3. Tangible assets

Plant and machinery Fixtures and fittings Office equipment Total
£ £ £ £
Cost
At 01 December 2023 163,720 13,814 13,029 190,563
Additions 12,402 1,728 299 14,429
At 30 November 2024 176,122 15,542 13,328 204,992
Accumulated depreciation
At 01 December 2023 144,146 11,992 9,801 165,939
Charge for the financial year 6,023 658 259 6,940
At 30 November 2024 150,168 12,650 10,060 172,878
Net book value
At 30 November 2024 25,954 2,892 3,268 32,114
At 30 November 2023 19,574 1,822 3,228 24,624

4. Debtors

2024 2023
£ £
Trade debtors 1,527 0
Prepayments 331 662
Other debtors 26,351 91,618
28,209 92,280

5. Cash and cash equivalents

2024 2023
£ £
Cash at bank and in hand 22,504 16,928
Less: Bank overdrafts 0 ( 20,530)
22,504 (3,602)

6. Creditors: amounts falling due within one year

2024 2023
£ £
Bank overdrafts 0 20,530
Trade creditors 4,938 512
Other loans 10,272 9,999
Accruals 0 20,000
Corporation tax 40,728 23,411
Other taxation and social security 6,784 5,017
Other creditors 878 2,219
63,600 81,688

7. Creditors: amounts falling due after more than one year

2024 2023
£ £
Bank loans 10,842 21,115
Other loans 0 23,333
10,842 44,448

8. Deferred tax

2024 2023
£ £
At the beginning of financial year ( 6,103) ( 8,694)
(Charged)/credited to the Statement of Income and Retained Earnings ( 1,195) 2,591
At the end of financial year ( 7,298) ( 6,103)

The deferred taxation balance is made up as follows:

2024 2023
£ £
Accelerated capital allowances ( 7,369) ( 6,156)
Pension surplus 71 53
( 7,298) ( 6,103)

9. Financial commitments

Commitments

Total future minimum lease payments under non-cancellable operating leases are as follows:

2024 2023
£ £
within one year 55,000 20,833
between one and five years 91,667 0
146,667 20,833

Pensions

The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £3,459 (2023 - £2,774). Contributions totalling £878 (2023 - £555) were payable to the fund at the reporting date.