Optimus Gyms Ltd

Contents

Statement of Financial Position	1
Notes to the Unaudited Financial Statements	2 to 7
Prior Year Adjustment	7

Optimus Gyms Ltd

(Registration number: 11788136)
Statement of Financial Position as at 31 December 2024

	Note	2024 £	2023 £
Fixed assets
Tangible assets	4	99,581	99,837
Current assets
Stocks	5	2,400	1,800
Debtors	6	13,212	8,973
Cash at bank and in hand		12,950	20,731
		28,562	31,504
Creditors: Amounts falling due within one year	7	(128,165)	(168,031)
Net current liabilities		(99,603)	(136,527)
Net liabilities		(22)	(36,690)
Capital and reserves
Called up share capital		12	12
Profit and loss account		(34)	(36,702)
Shareholders' deficit		(22)	(36,690)

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.

Director's 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 director acknowledges his 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 director has not delivered to the registrar a copy of the Statement of Comprehensive Income.

Approved and authorised by the director on 8 September 2025
 

Mr Ross Elliott Director

Optimus Gyms 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:
7C Cranmere Road
Okehampton
Devon
EX20 1UE

Principal activity

The principal activity of the company is the provision of fitness facilities.

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.

The financial statements are prepared in sterling which is the functional currency of the entity.

Optimus Gyms Ltd

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

2	Accounting policies (continued)

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome.

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 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 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.

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 statement of financial position 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
Leasehold property	6 years straight line
Plant and machinery	10 years straight line
Fixtures and fittings	10 years straight line

Impairment

Optimus Gyms Ltd

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

2	Accounting policies (continued)

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.

Cash and cash equivalents

Cash and cash equivalents comprise cash at bank and in hand, demand deposits with banks, 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. In the statement of financial position, bank overdrafts are shown within borrowing or current liabilities

Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Costs include all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition. .

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.

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 statement of comprehensive income 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.

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.

Optimus Gyms Ltd

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

2	Accounting policies (continued)

Financial instruments

Recognition and measurement
A financial asset or a financial liability is recognised only when the company becomes party to the contractual provisions of the instrument.

Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

3	Staff numbers

The average number of persons employed by the company (including the director) during the year, was 14 (2023 - 11).

4	Tangible assets

	Long leasehold land and buildings £	Fixtures and fittings £	Plant and machinery £	Total £
Cost or valuation
At 1 January 2024	38,837	13,133	118,474	170,444
Additions	-	501	21,035	21,536
At 31 December 2024	38,837	13,634	139,509	191,980
Depreciation
At 1 January 2024	32,364	4,623	33,620	70,607
Charge for the year	6,473	1,366	13,953	21,792
At 31 December 2024	38,837	5,989	47,573	92,399
Carrying amount
At 31 December 2024	-	7,645	91,936	99,581
At 31 December 2023	6,473	8,510	84,854	99,837

Included within the net book value of land and buildings above is £Nil (2023 - £6,473) in respect of long leasehold land and buildings.
 

5

Stocks

	2024 £	2023 £
Merchandise	2,400	1,800

Optimus Gyms Ltd

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

6

Debtors

	2024 £	2023 £
Trade debtors	189	-
Other debtors	9,588	8,635
Prepayments	3,435	338
	13,212	8,973

7

Creditors

Creditors: amounts falling due within one year

	Note	2024 £	2023 £
Due within one year
Loans and borrowings	9	12,688	25,505
Trade creditors		10,470	25,979
Taxation and social security		18,738	16,284
Accruals and deferred income		20,484	12,517
Other creditors		65,785	87,746
		128,165	168,031

8

Reserves

Profit and loss account:

This reserve records retained earnings and accumulated losses.

Optimus Gyms Ltd

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

9	Loans and borrowings

Current loans and borrowings

	2024 £	2023 £
Bank borrowings	11,333	19,333
Bank overdrafts	1,355	6,172
	12,688	25,505

10	Prior Year Adjustment

The comparatives have been restated to reflect the correction of a fundamental accounting error in 2019. Tangible Fixed Assets not owned by the company were capitalised and subsequently depreciated.