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Registration number: 10932273

Evolution Fitness Studio Ltd

Unaudited Filleted Financial Statements

for the Year Ended 31 December 2024

 

Evolution Fitness Studio Ltd

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 12

 

Evolution Fitness Studio Ltd

Company Information

Directors

Mr Nicholas Edward Evans

Miss Emma Louise Talbott

Registered office

40 Sheen Lane
London
SW14 8LW

 

Evolution Fitness Studio Ltd

(Registration number: 10932273)
Balance Sheet as at 31 December 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

82,034

113,367

Current assets

 

Stocks

5

2,198

2,177

Debtors

6

11,700

11,400

Cash at bank and in hand

 

109,697

90,023

 

123,595

103,600

Creditors: Amounts falling due within one year

7

(81,062)

(89,126)

Net current assets

 

42,533

14,474

Total assets less current liabilities

 

124,567

127,841

Creditors: Amounts falling due after more than one year

7

(72,025)

(93,711)

Provisions for liabilities

(15,587)

(21,540)

Net assets

 

36,955

12,590

Capital and reserves

 

Called up share capital

9

139

139

Share premium reserve

412,431

412,431

Retained earnings

(375,615)

(399,980)

Shareholders' funds

 

36,955

12,590

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 in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been 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 11 July 2025 and signed on its behalf by:
 

 

Evolution Fitness Studio Ltd

(Registration number: 10932273)
Balance Sheet as at 31 December 2024

.........................................
Mr Nicholas Edward Evans
Director

 

Evolution Fitness Studio Ltd

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

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:
40 Sheen Lane
London
SW14 8LW

These financial statements were authorised for issue by the Board on 11 July 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.

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.

Tax

The tax expense for the period comprises deferred 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.

 

Evolution Fitness Studio Ltd

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

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

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

Office equipment

33% Straight Line

Furniture and fittings

20% Straight Line

Leasehold improvements

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.

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.

 

Evolution Fitness Studio Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 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.

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.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

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.

 

Evolution Fitness Studio Ltd

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

Financial instruments

Classification
The Company has chosen to adopt sections 11 and 12 of FRS 102 in respect of financial statements.
 Recognition and measurement
Financial instruments are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Such assets are subsequently carried at amortised cost using the effective interest method.
 Impairment
At the end of each reporting period, financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset's original effective interest rate.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 10 (2023 - 10).

4

Tangible assets

Long leasehold land and buildings
£

Fixtures and fittings
£

Plant and machinery
£

Office equipment
£

Cost or valuation

At 1 January 2024

259,127

2,432

156,857

6,802

Additions

7,725

8,048

18,375

1,230

At 31 December 2024

266,852

10,480

175,232

8,032

Depreciation

At 1 January 2024

214,566

1,528

91,572

4,184

Charge for the year

33,544

1,836

29,116

2,216

At 31 December 2024

248,110

3,364

120,688

6,400

Carrying amount

At 31 December 2024

18,742

7,116

54,544

1,632

At 31 December 2023

44,561

904

65,284

2,618

 

Evolution Fitness Studio Ltd

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

Total
£

Cost or valuation

At 1 January 2024

425,218

Additions

35,378

At 31 December 2024

460,596

Depreciation

At 1 January 2024

311,850

Charge for the year

66,712

At 31 December 2024

378,562

Carrying amount

At 31 December 2024

82,034

At 31 December 2023

113,367

Included within the net book value of land and buildings above is £18,743 (2023 - £44,561) in respect of long leasehold land and buildings.
 

5

Stocks

2024
£

2023
£

Other inventories

2,198

2,177

6

Debtors

Current

2024
£

2023
£

Trade debtors

-

2,400

Other debtors

11,700

9,000

 

11,700

11,400

 

Evolution Fitness Studio Ltd

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

7

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

10

21,326

21,326

Trade creditors

 

3,795

14,931

Taxation and social security

 

43,978

30,957

Accruals and deferred income

 

1,200

500

Other creditors

 

10,763

21,412

 

81,062

89,126

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

10

72,025

93,711

 

Evolution Fitness Studio Ltd

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

8

Provisions for liabilities

Tax charged/(credited) in the profit and loss account

2024
£

2023
£

Deferred taxation

Deferred tax adjustments relating to previous years

(5,953)

(6,278)

Deferred tax

Deferred tax assets and liabilities

2024

Asset
£

Liability
£

Accelerated tax depreciation

-

15,587

-

15,587

2023

Asset
£

Liability
£

Accelerated tax depreciation

-

21,540

-

21,540

9

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary A of £1 each of £1 each

75

75

75

75

Ordinary B of £1 each of £1 each

64

64

64

64

139

139

139

139

 

Evolution Fitness Studio Ltd

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

10

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

4,771

14,782

Other borrowings

67,254

78,929

72,025

93,711

Current loans and borrowings

2024
£

2023
£

Bank borrowings

10,221

10,221

Other borrowings

11,105

11,105

21,326

21,326

 

Evolution Fitness Studio Ltd

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

11

Related party transactions

During the year Nicholas Edward Evans was paid £98,000 (2023 £79,000) gross salary and £NIL (2023 £19,250) for sales and marketing consultancy.

During the year Emma Louise Talbott was paid £67,000 (2023 £47,875) gross salary and £NIL (2023 £9,405) for financial, facilities management and coaching services.

Transactions with directors

2024

At 1 January 2024
£

At 31 December 2024
£

2023

At 1 January 2023
£

Advances to director
£

At 31 December 2023
£

Mr Nicholas Edward Evans

Nicholas Edward Evans

(3,149)

3,149

-

Directors' remuneration

The directors' remuneration for the year was as follows:

2024
£

2023
£

Remuneration

165,000

126,875

In respect of the highest paid director:

2024
£

2023
£

Remuneration

98,000

79,000