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Registration number: 11023122

Greenwich Pilates Ltd

Unaudited Filleted Financial Statements

for the Year Ended 31 October 2024

 

Greenwich Pilates Ltd

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 9

 

Greenwich Pilates Ltd

Company Information

Directors

Eloisa Brown

James Brown

Registered office

60 Ashburnham Grove
Greenwich
London
SE10 8UJ

Accountants

Field Sullivan Limited 9 Hare & Billet Road
Blackheath
SE3 0RB

 

Greenwich Pilates Ltd

(Registration number: 11023122)
Balance Sheet as at 31 October 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

5

9,779

5,043

Current assets

 

Debtors

6

13,719

12,901

Cash at bank and in hand

 

159,160

152,986

 

172,879

165,887

Creditors: Amounts falling due within one year

7

(52,059)

(56,520)

Net current assets

 

120,820

109,367

Net assets

 

130,599

114,410

Capital and reserves

 

Called up share capital

8

2

2

Retained earnings

130,597

114,408

Shareholders' funds

 

130,599

114,410

For the financial year ending 31 October 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.

 

Greenwich Pilates Ltd

(Registration number: 11023122)
Balance Sheet as at 31 October 2024

Approved and authorised by the Board on 25 April 2025 and signed on its behalf by:
 

.........................................
James Brown
Director

 

Greenwich Pilates Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2024

1

General information

The company is a private company limited by share capital, incorporated in England.

The address of its registered office is:
60 Ashburnham Grove
Greenwich
London
SE10 8UJ

These financial statements were authorised for issue by the Board on 25 April 2025.

2

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 smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

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.

Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the periods in which the estimate is revised where revisions affects only that period, or in the period of the revision and future periods where the revisions affects both current and future periods.

 

Greenwich Pilates Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2024

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 when the service is performed, if the service straddles more than one accounting period, income is recognised on a pro rata basis.

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.

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

Plant and machinery

20% straight line

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.

 

Greenwich Pilates Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2024

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.

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.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

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

 

Greenwich Pilates Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2024

4

Taxation

Tax charged/(credited) in the income statement

2024
£

2023
£

Current taxation

UK corporation tax

28,159

20,549

5

Tangible assets

Other tangible assets
£

Total
£

Cost or valuation

At 1 November 2023

16,167

16,167

Additions

7,816

7,816

At 31 October 2024

23,983

23,983

Depreciation

At 1 November 2023

11,124

11,124

Charge for the year

3,080

3,080

At 31 October 2024

14,204

14,204

Carrying amount

At 31 October 2024

9,779

9,779

At 31 October 2023

5,043

5,043

 

Greenwich Pilates Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2024

6

Debtors

Current

2024
£

2023
£

Trade debtors

1,272

872

Prepayments

464

-

Other debtors

11,983

12,029

 

13,719

12,901

7

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Directors loan account

10

1,458

14,287

Taxation and social security

 

49,301

40,983

Accruals and deferred income

 

1,300

1,250

 

52,059

56,520

8

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary shares of £1 each

2

2

2

2

       
 

Greenwich Pilates Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2024

9

Dividends

2024

2023

£

£

Interim dividend of £40,400.00 (2023 - £35,000.00) per ordinary share

80,800

70,000

 

 

10

Related party transactions

Directors' remuneration

The directors' remuneration for the year was as follows:

2024
£

2023
£

Remuneration

25,140

25,140

Contributions paid to money purchase schemes

60,000

60,000

85,140

85,140

Summary of transactions with other related parties

Eloisa and James Brown
(Directors)


During the year, they incurred business expenditure personally of £1,457 (2023: £6,889) and were repaid £14,286 (2022: £20,000l). At the year end, the directors were owed £1,457 (2023: £14,287) from the company.