Registered number
11683465
Gym Factory Truro Ltd
Filleted Accounts
30 November 2024
Gym Factory Truro Ltd
Registered number: 11683465
Balance Sheet
as at 30 November 2024
Notes 2024 2023
£ £
Fixed assets
Intangible assets 3 132,781 164,532
Tangible assets 4 180,097 201,276
Investments 5 100 100
312,978 365,908
Current assets
Debtors 6 8,462 6,282
Cash at bank and in hand 37,767 3,667
46,229 9,949
Creditors: amounts falling due within one year 7 (144,058) (214,023)
Net current liabilities (97,829) (204,074)
Total assets less current liabilities 215,149 161,834
Creditors: amounts falling due after more than one year 8 (31,529) (38,932)
Provisions for liabilities (7,849) (8,039)
Net assets 175,771 114,863
Capital and reserves
Called up share capital 100 100
Profit and loss account 175,671 114,763
Shareholders' funds 175,771 114,863
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Peter Field
Director
Approved by the board on 8 August 2025
Gym Factory Truro Ltd
Notes to the Accounts
for the year ended 30 November 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
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 from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. 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.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Leasehold land and buildings over 14 years
Fixtures, fittings, tools and equipment 15% reducing balance
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that 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, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 9 8
3 Intangible fixed assets £
Goodwill:
Cost
At 1 December 2023 317,512
At 30 November 2024 317,512
Amortisation
At 1 December 2023 152,980
Provided during the year 31,751
At 30 November 2024 184,731
Net book value
At 30 November 2024 132,781
At 30 November 2023 164,532
Goodwill is being written off in equal annual instalments over its estimated economic life of 10 years.
4 Tangible fixed assets
Leasehold improvements Equipment. fixtures and fittings Total
£ £ £
Cost
At 1 December 2023 173,639 175,291 348,930
Additions - 3,136 3,136
At 30 November 2024 173,639 178,427 352,066
Depreciation
At 1 December 2023 54,159 93,495 147,654
Charge for the year 11,576 12,739 24,315
At 30 November 2024 65,735 106,234 171,969
Net book value
At 30 November 2024 107,904 72,193 180,097
At 30 November 2023 119,480 81,796 201,276
5 Investments
Investments in
subsidiary
undertakings
£
Cost
At 1 December 2023 100
At 30 November 2024 100
County of
Incorporation % Held
Parsons Project UK Ltd England 100
The company’s investment is in respect of its wholly owned subsidiary, Parsons Project UK Limited. The subsidiary is currently non-trading.
6 Debtors 2024 2023
£ £
Amounts owed by group undertakings 263 -
Other debtors 8,199 6,282
8,462 6,282
7 Creditors: amounts falling due within one year 2024 2023
£ £
Bank loans and overdrafts 10,946 32,536
Trade creditors 10,053 8,461
Amounts owed to group undertakings 36,341 95,790
Taxation and social security costs 75,213 75,197
Other creditors 11,505 2,039
144,058 214,023
8 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans 31,529 38,932
9 Loans 2024 2023
£ £
Creditors include:
Instalments falling due for payment after more than five years 3,377 10,664
10 Related party transactions
At the reporting date, the company owed £36,341 (2023: £36,341) to its immediate subsidiary, Parsons Project UK Ltd. The company also owed £263 to its parent, Buckfield Holdings Ltd (2023: amount receivable of £51,658). These amounts are unsecured, interest-free, and repayable on demand.
11 Controlling party
The company is a wholly owned subsidiary of Buckfield Holdings Ltd, who is also the ultimate parent controlling party of the group.
12 Other information
Gym Factory Truro Ltd is a private company limited by shares and incorporated in England. Its registered office is:
SHMS House
20 Little Park Farm Road
Fareham
Hampshire
PO15 5TD
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