Finedon Road Fitness Club Ltd

	Page
Balance Sheet	1—2
Statement of Changes in Equity	3
Notes to the Financial Statements	4—8

	Share Capital	Profit and Loss Account	Total
	£	£	£
As at 1 January 2023	506,408	141,433	647,841
Profit for the year and total comprehensive income	-	10,505	10,505

As at 31 December 2023 and 1 January 2024	506,408	151,938	658,346


Profit for the year and total comprehensive income	-	102,967	102,967

As at 31 December 2024	506,408	254,905	761,313

1. General Information

Finedon Road Fitness Club Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 7726583 . The registered office is 109E Finedon Road, Wellingborough, Northants, NN8 4AL.

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:

Freehold	Nil
Fixtures & Fittings	10% RB

2.4. Stocks and Work in Progress

Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.

2.5. Financial Instruments

A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument.Basic financial instruments are initially recognised at transaction price and measured at amortised cost using the effective interest method. Where investments in non-derivative financial instruments are publicly traded, or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value through profit and loss. All other investments are subsequently measured at cost less impairment. Debtors and creditors that fall due within one year are recorded in the financial statements at transaction price and then subsequently measured at amortised cost. If the effects of the time value of money are immaterial, they are measured at cost (less impairment for trade debtors). Debtors are reviewed for impairment at each reporting date and any impairments are recorded within profit or loss and shown within administrative expenses when there is objective evidence that a debtor is impaired. Objective evidence that a debtor is impaired arises when the customer is unable to settle amounts owing to the company or the customer becomes bankrupt.Debtors do not carry interest and are stated at their nominal value. Trade creditors are not interest-bearing and are stated at their nominal value.Financial assets which are measured at cost or amortised cost are reviewed for objective evidence of impairment at each balance sheet date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. All equity instruments, regardless of significance, and other financial assets that are individually significant, are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset which exceeds what the carrying amount would have been had the impairment loss not previously been recognised.

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Finedon Road Fitness Club Ltd

Notes to the Financial Statements (continued)

For The Year Ended 31 December 2024

2.6. Taxation

Income tax expense represents the sum of the tax currently payable and deferred tax.

The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other year and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.

Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.

Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and asset reflects the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.

Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.

2.7. Pensions

The company operates a defined pension contribution scheme. Contributions are charged to the profit and loss account as they become payable in accordance with the rules of the scheme.

2.8. Government Grant

Government grants are recognised in the profit and loss account in an appropriate manner that matches them with the expenditure towards which they are intended to contribute.

Grants for immediate financial support or to cover costs already incurred are recognised immediately in the profit and loss account. Grants towards general activities of the entity over a specific period are recognised in the profit and loss account over that period.

Grants towards fixed assets are recognised over the expected useful lives of the related assets and are treated as deferred income and released to the profit and loss account over the useful life of the asset concerned.

All grants in the profit and loss account are recognised when all conditions for receipt have been complied with.

3. Average Number of Employees

Average number of employees, including directors, during the year was:

	2024	2023
Office and administration	4	3
Sales, marketing and distribution	33	30

	37	33

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Finedon Road Fitness Club Ltd

Notes to the Financial Statements (continued)

For The Year Ended 31 December 2024

4. Tangible Assets

	Land & Property
	Freehold	Fixtures & Fittings	Total
	£	£	£
Cost
As at 1 January 2024	871,559	475,655	1,347,214
Additions	18,150	131,057	149,207

As at 31 December 2024	889,709	606,712	1,496,421

Depreciation
As at 1 January 2024	-	111,718	111,718
Provided during the period	-	33,226	33,226

As at 31 December 2024	-	144,944	144,944

Net Book Value
As at 31 December 2024	889,709	461,768	1,351,477

As at 1 January 2024	871,559	363,937	1,235,496

Cost or valuation as at 31 December 2024 represented by:

	Land & Property
	Freehold	Fixtures & Fittings	Total
	£	£	£
At cost	889,709	606,712	1,496,421

	889,709	606,712	1,496,421

5. Stocks

	2024	2023
	£	£
Stock	1,000	3,830
Materials	-	1,420

	1,000	5,250

6. Debtors

	2024	2023
	£	£
Due within one year
Trade debtors	580	400
Prepayments and accrued income	21,695	14,049
Other debtors	-	1,218
Deferred tax current asset	25,961	41,703

	48,236	57,370

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Finedon Road Fitness Club Ltd

Notes to the Financial Statements (continued)

For The Year Ended 31 December 2024

7. Creditors: Amounts Falling Due Within One Year

	2024	2023
	£	£
Net obligations under finance lease and hire purchase contracts	38,083	21,918
Trade creditors	22,909	39,288
Bank loans and overdrafts	43,139	43,237
P.A.Y.E	6,882	8,461
VAT	40,792	54,417
S Patel Loan < 1 year	-	5,684
Deferred Income	44,513	42,868
Pension Control Account	3,601	1,509
Kilby Motors Loan < 1 yr	-	10,490
K Patel Loan < 1 yr	-	3,005
Finedon Road Leisure Limited	31,494	39,044
Other creditors (8)	-	91
Accruals	13,780	16,681
Directors' loan accounts	64,000	64,000

	309,193	350,693

8. Creditors: Amounts Falling Due After More Than One Year

	2024	2023
	£	£
Net obligations under finance lease and hire purchase contracts	89,843	54,832
Bank loans	212,881	233,415

	302,724	288,247

9. Obligations Under Finance Leases and Hire Purchase

	2024	2023
	£	£
The future minimum finance lease payments are as follows:
Not later than one year	38,083	21,918
Later than one year and not later than five years	89,843	54,832

	127,926	76,750

	127,926	76,750

10. Share Capital

	2024	2023
	£	£
Allotted, Called up and fully paid	506,408	506,408

11. Financial Instruments

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Finedon Road Fitness Club Ltd

Notes to the Financial Statements (continued)

For The Year Ended 31 December 2024

12. Capital Commitments

At the end of the period, the company had capital commitments contracted for but not provided in these financial statements

13. Other Commitments

The total of future minimum lease payments under non-cancellable operating leases are as following:

	2024	2023
	£	£
Not later than one year	13,496	-
Later than one year and not later than five years	66,025	-

	79,521	-

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		2024		2023
	Notes	£	£	£	£
FIXED ASSETS
Tangible Assets	4		1,351,477		1,235,496

			1,351,477		1,235,496
CURRENT ASSETS
Stocks	5	1,000		5,250
Debtors	6	48,236		57,370
Cash at bank and in hand		36,402		54,640

		85,638		117,260
Creditors: Amounts Falling Due Within One Year	7	(309,193 )		(350,693 )

NET CURRENT ASSETS (LIABILITIES)			(223,555 )		(233,433 )

TOTAL ASSETS LESS CURRENT LIABILITIES			1,127,922		1,002,063

Creditors: Amounts Falling Due After More Than One Year	8		(302,724 )		(288,247 )

PROVISIONS FOR LIABILITIES
Deferred Taxation			(63,885 )		(55,470 )

NET ASSETS			761,313		658,346

CAPITAL AND RESERVES
Called up share capital	10		506,408		506,408
Profit and Loss Account			254,905		151,938

SHAREHOLDERS' FUNDS			761,313		658,346