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Registration number: 11811138

Grand Gyms Ltd

Unaudited Filleted Financial Statements

for the Year Ended 28 February 2025

 

Grand Gyms Ltd

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 10

 

Grand Gyms Ltd

Company Information

Directors

Edwin Igweh

Mr Vahram Papazyan

Registered office

21 Templars Square
Cowley
Oxford
Oxfordshire
OX4 3XQ

Accountants

Michaelides Warner & Co 102 Fulham Palace Road
London
W6 9PL

 

Grand Gyms Ltd

(Registration number: 11811138)
Balance Sheet as at 28 February 2025

Note

2025
£

(As restated)

2024
£

Fixed assets

 

Intangible assets

4

-

1,308

Tangible assets

5

9,926

120,276

 

9,926

121,584

Current assets

 

Debtors

6

105,795

55,940

Cash at bank and in hand

 

5,338

31,736

 

111,133

87,676

Creditors: Amounts falling due within one year

7

(195,570)

(162,120)

Net current liabilities

 

(84,437)

(74,444)

Total assets less current liabilities

 

(74,511)

47,140

Creditors: Amounts falling due after more than one year

7

(4,690)

(13,351)

Net (liabilities)/assets

 

(79,201)

33,789

Capital and reserves

 

Called up share capital

8

100

100

Retained earnings

(79,301)

33,689

Shareholders' (deficit)/funds

 

(79,201)

33,789

For the financial year ending 28 February 2025 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 18 June 2025 and signed on its behalf by:
 

 

Grand Gyms Ltd

(Registration number: 11811138)
Balance Sheet as at 28 February 2025

.........................................
Edwin Igweh
Director

 

Grand Gyms Ltd

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2025

1

General information

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

The address of its registered office is:
21 Templars Square
Cowley
Oxford
Oxfordshire
OX4 3XQ
England

These financial statements were authorised for issue by the Board on 18 June 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.

Going concern

The financial statements have been prepared on a going concern basis.

Judgements

The directors consider that there are no key judgements that management have made in the process of applying the company's accounting policies.

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.

 

Grand Gyms Ltd

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2025

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

25% straight line

Fixtures and fittings

20% straight line

Office equipment

25% straight line

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Other Intangibles

15% 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.

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.

 

Grand Gyms Ltd

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2025

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.

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.

Financial instruments

Classification
The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like investments, trade and other receivables, cash and bank balances, trade and other creditors.

Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or cash consolidation expected to be paid or received.

 

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 12 (2024 - 12).

 

Grand Gyms Ltd

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2025

4

Intangible assets

Other intangible assets
 £

Total
£

Cost or valuation

At 1 March 2024

9,842

9,842

At 28 February 2025

9,842

9,842

Amortisation

At 1 March 2024

8,534

8,534

Amortisation charge

1,308

1,308

At 28 February 2025

9,842

9,842

Carrying amount

At 28 February 2025

-

-

At 29 February 2024

1,308

1,308

 

Grand Gyms Ltd

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2025

5

Tangible assets

Furniture, fittings and equipment
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 March 2024

417,233

154,757

571,990

Additions

512

2,641

3,153

At 28 February 2025

417,745

157,398

575,143

Depreciation

At 1 March 2024

326,516

125,198

451,714

Charge for the year

83,394

30,109

113,503

At 28 February 2025

409,910

155,307

565,217

Carrying amount

At 28 February 2025

7,835

2,091

9,926

At 29 February 2024

90,717

29,559

120,276

6

Debtors

Current

2025
£

2024
£

Trade debtors

6,720

53,233

Prepayments

24,745

-

Other debtors

74,330

2,707

 

105,795

55,940

 

Grand Gyms Ltd

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2025

7

Creditors

Creditors: amounts falling due within one year

Note

2025
£

2024
£

Due within one year

 

Loans and borrowings

9

9,295

9,930

Trade creditors

 

53,440

30,616

Taxation and social security

 

24,689

108,014

Accruals and deferred income

 

12,645

2,400

Other creditors

 

95,501

11,160

 

195,570

162,120

Creditors: amounts falling due after more than one year

Note

2025
£

2024
£

Due after one year

 

Loans and borrowings

9

4,690

13,351

8

Share capital

Allotted, called up and fully paid shares

2025

2024

No.

£

No.

£

Ordinary shares of £1 each

100

100

100

100

       
 

Grand Gyms Ltd

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2025

9

Loans and borrowings

Non-current loans and borrowings

2025
£

2024
£

Bank borrowings

4,690

13,351

Current loans and borrowings

2025
£

2024
£

Bank borrowings

9,295

9,930

10

Related party transactions

Transactions with directors

2025

At 1 March 2024
£

Advances to director
£

At 28 February 2025
£

Mr Vahram Papazyan

Amount owed (to) / from director

2,707

(2,707)

-

2024

At 1 March 2023
£

Advances to director
£

At 29 February 2024
£

Mr Vahram Papazyan

Amount owed (to) / from director

5,450

(2,743)

2,707