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Registered number: 07679955
24/7 Fitness Ltd
Financial Statements
For The Year Ended 30 June 2024
Jaracs Limited
24 Suffolk Road
Lowestoft
Suffolk
NR32 1DZ
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: 07679955
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 78,243 91,193
78,243 91,193
CURRENT ASSETS
Debtors 5 - 16,831
Cash at bank and in hand 60,146 34,177
60,146 51,008
Creditors: Amounts Falling Due Within One Year 6 (116,268 ) (144,352 )
NET CURRENT ASSETS (LIABILITIES) (56,122 ) (93,344 )
TOTAL ASSETS LESS CURRENT LIABILITIES 22,121 (2,151 )
Creditors: Amounts Falling Due After More Than One Year 7 (30,169 ) (37,269 )
NET LIABILITIES (8,048 ) (39,420 )
CAPITAL AND RESERVES
Called up share capital 9 100 100
Revaluation reserve 10 - 150,000
Profit and Loss Account (8,148 ) (189,520 )
SHAREHOLDERS' FUNDS (8,048) (39,420)
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Page 2
For the year ending 30 June 2024 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 Mark Chivers
Director
5th August 2025
The notes on pages 3 to 5 form part of these financial statements.
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Notes to the Financial Statements
1. General Information
24/7 Fitness Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 07679955 . The registered office is Downend Road, Fareham, Hampshire, PO16 8TS.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. 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:
Leasehold Over 10 years
Plant & Machinery Over 5 years
2.4. Leasing and Hire Purchase Contracts
Assets obtained under 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 the profit and loss account as incurred.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 3 (2023: 3)
3 3
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4. Tangible Assets
Land & Property
Leasehold Plant & Machinery Total
£ £ £
Cost
As at 1 July 2023 127,149 263,307 390,456
Additions 1,686 8,101 9,787
As at 30 June 2024 128,835 271,408 400,243
Depreciation
As at 1 July 2023 70,505 228,758 299,263
Provided during the period 15,279 7,458 22,737
As at 30 June 2024 85,784 236,216 322,000
Net Book Value
As at 30 June 2024 43,051 35,192 78,243
As at 1 July 2023 56,644 34,549 91,193
5. Debtors
2024 2023
£ £
Due within one year
Prepayments and accrued income - 2,438
Other debtors - 14,393
- 16,831
6. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 776 379
Bank loans and overdrafts 7,200 7,464
Other taxes and social security 11,930 17,930
VAT 56,090 56,906
Other creditors 511 511
Accruals and deferred income 39,761 61,162
116,268 144,352
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7. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Bank loans 30,169 37,269
9. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 100 100
10. Reserves
Revaluation Reserve
£
As at 1 July 2023 150,000
Deficit on revaluation (150,000)
As at 30 June 2024 -
The revaluation reserve of £150,000 was transferred to retained earnings during the year, following the full depreciation and derecognition of the associated fixed assets.
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