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Registered number: 7572705
FITKIT UK LIMITED
Unaudited Financial Statements
For The Year Ended 31 January 2025
AMCI ASSOCIATES LTD
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—6
Page 1
Balance Sheet
Registered number: 7572705
2025 2024
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 2,152,587 2,024,958
2,152,587 2,024,958
CURRENT ASSETS
Stocks 5 756,080 556,400
Debtors 6 52,405 112,963
Cash at bank and in hand 29,233 230,029
837,718 899,392
Creditors: Amounts Falling Due Within One Year 7 (274,994 ) (167,091 )
NET CURRENT ASSETS (LIABILITIES) 562,724 732,301
TOTAL ASSETS LESS CURRENT LIABILITIES 2,715,311 2,757,259
Creditors: Amounts Falling Due After More Than One Year 8 (1,067,156 ) (1,092,894 )
NET ASSETS 1,648,155 1,664,365
CAPITAL AND RESERVES
Called up share capital 10 100 100
Profit and Loss Account 1,648,055 1,664,265
SHAREHOLDERS' FUNDS 1,648,155 1,664,365
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For the year ending 31 January 2025 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The member has not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr Abid Khan
Director
17/04/2025
The notes on pages 3 to 6 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
Fitkit UK Limited Register Number 7572705 is a limited by shares company incorporated in England and Wales. The Registered Office is Unit 2 Chedar Business Park, Wedmore Road, Chedar, Somerset, BS27 3EB.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements are prepared under the historical cost convention and in accordance with the Financial Reporting Standard 102 applicable to small companies regime.
2.2. Going Concern Disclosure
The directors have not identified any material uncertainties related to events or conditions that may cast significant doubt about the company's ability to continue as a going concern.
2.3. Turnover
Turnover comprises the invoiced value of goods and services supplied by the company, net of Value Added Tax and trade discounts.
2.4. Tangible Fixed Assets and Depreciation
Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Freehold 0%
Plant & Machinery 20%
Motor Vehicles 20%
Fixtures & Fittings 20%
Computer Equipment 20%
2.5. Leasing and Hire Purchase Contracts
Assets obtained under hire purchase contracts and finance leases are capitalised as tangible fixed assets. Assets acquired under finance leases are depreciated over the shorter of the lease term and their useful lives. Assets acquired under hire purchase contracts are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in the creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to profit and loss account as incurred.
2.6. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
2.7. Taxation
The charge for taxation takes into account taxation deferred as a result of timing differences between the treatment of certain items for taxation and accounting purposes. In general, deferred taxation is recognised in respect of timing differences that have originated but not reversed at the balance sheet date. However, deferred tax assets are recognised only to the extent that the directors consider that it is more likely than not that there will be suitable taxable profits from which the future reversal of the underlying timing differences can be deducted. Deferred taxation is measured on a non-discounted basis at the tax rates that are expected to apply in periods in which the timing differences reverse, based on tax rates and the law enacted or substantively enacted at the balance sheet date.
2.8. Pensions
The company operates a defined pension contribution scheme. Contributions are charged to the profit and loss account as they become payable in accordance with the rules of the scheme.
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2.9. Government Grant
Government grants are recognised in the profit and loss account in an appropriate manner that matches them with the expenditure towards which they are intended to contribute.
Grants for immediate financial support or to cover costs already incurred are recognised immediately in the profit and loss account. Grants towards general activities of the entity over a specific period are recognised in the profit and loss account over that period.
Grants towards fixed assets are recognised over the expected useful lives of the related assets and are treated as deferred income and released to the profit and loss account over the useful life of the asset concerned.
All grants in the profit and loss account are recognised when all conditions for receipt have been complied with.
2.10. Registrar Filing Requirements
The company has taken advantage of Companies Act 2006 section 444(1) and opted not to file the profit and loss account, directors report, and notes to the financial statements relating to the profit and loss account. The notes which are not included have been hidden but original note numbering has remained the same for those that are present.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 25 (2024: 20)
25 20
4. Tangible Assets
Land & Property
Freehold Plant & Machinery Motor Vehicles Fixtures & Fittings
£ £ £ £
Cost
As at 1 February 2024 1,937,829 21,183 171,478 124,469
Additions 79,301 - 117,500 14,790
As at 31 January 2025 2,017,130 21,183 288,978 139,259
Depreciation
As at 1 February 2024 - 19,523 136,488 78,242
Provided during the period - 1,472 57,796 27,852
As at 31 January 2025 - 20,995 194,284 106,094
Net Book Value
As at 31 January 2025 2,017,130 188 94,694 33,165
As at 1 February 2024 1,937,829 1,660 34,990 46,227
Computer Equipment Total
£ £
Cost
As at 1 February 2024 6,323 2,261,282
Additions 5,529 217,120
As at 31 January 2025 11,852 2,478,402
Depreciation
As at 1 February 2024 2,071 236,324
Provided during the period 2,371 89,491
As at 31 January 2025 4,442 325,815
...CONTINUED
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Net Book Value
As at 31 January 2025 7,410 2,152,587
As at 1 February 2024 4,252 2,024,958
5. Stocks
2025 2024
£ £
Finished goods 756,080 556,400
6. Debtors
2025 2024
£ £
Due within one year
Trade debtors 42,187 92,630
Other debtors 10,218 20,333
52,405 112,963
7. Creditors: Amounts Falling Due Within One Year
2025 2024
£ £
Net obligations under finance lease and hire purchase contracts 56,242 -
Trade creditors 130,706 49,906
Other taxes and social security 19,623 33,221
VAT 64,994 75,781
Net wages 1,469 -
Other creditors 1,960 8,183
274,994 167,091
8. Creditors: Amounts Falling Due After More Than One Year
2025 2024
£ £
Net obligations under finance lease and hire purchase contracts 38,895 -
Bank loans 1,028,261 1,092,894
1,067,156 1,092,894
9. Obligations Under Finance Leases and Hire Purchase
2025 2024
£ £
The future minimum finance lease payments are as follows:
Not later than one year 56,242 -
Later than one year and not later than five years 38,895 -
95,137 -
95,137 -
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10. Share Capital
2025 2024
£ £
Allotted, Called up and fully paid 100 100
11. Ultimate Controlling Party
The company's ultimate controlling party is Abid Khan by virtue of his ownership of 90% of the issued share capital in the company.
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