EVOLVE LIFESTYLE ACADEMY LTD


Director	COSTIGAN, Russell James


Registered Address	Friths Farm Friths Court
	Hoghton
	Preston
	PR5 0EF


Place of Business	Unit 11 Kenyons Business Park
	Gough Lane
	Bamber Bridge
	PR5 6AR


Registered Number	09742341 (England and Wales)

Notes to the Financial Statements
for the year ended 31 December 2024

1.	Accounting policies

	Statutory information
	The company is a private company limited by shares and registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

	Statement of compliance
	The financial statements have been prepared in compliance with FRS 102 Section 1A as it applies to the financial statements for the period and there were no material departures from the reporting standard.

	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).

	Going concern
	The company made a small operating profit before depreciation. In November 2024 the business moved to larger premises and acquired additional equipment and members via referrals from the previous gym operating at those premises. The company has continued to grow membership and achieve an operating profit during 2025. As such, the accounts have been prepared on a going-concern basis.

	Turnover policy
	Turnover represents the value services, net of value added tax, provided to customers. Turnover includes revenue earned from the sale of goods and from the rendering of services. Revenue is recognised when the following conditions are satisfied: -the benefits of the services passes to the customers -it is probable that the economic benefits associated with the transaction will flow to the entity and -the costs incurred or to be incurred in respect of the transaction can be measured reliably

Turnover policy

Turnover represents the value services, net of value added tax, provided to customers. Turnover includes revenue earned from the sale of goods and from the rendering of services.  Revenue is recognised when the following conditions are satisfied:
-the benefits of the services passes to the customers
-it is probable that the economic benefits associated with the transaction will flow to the entity and
-the costs incurred or to be incurred in respect of the transaction can be measured reliably

	Revenue from sale of goods
	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.

	Foreign currency translation
	Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.

Foreign currency translation

Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.

	Deferred tax
	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.

Deferred tax

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.

	Tangible fixed assets and depreciation
	Tangible fixed assets are stated at cost or valuation less depreciation. Depreciation is provided on all tangible fixed assets as follows:


		Straight line (years)
	Plant and machinery	3
	Fixtures and fittings	3
	Office Equipment	3

	Stocks and work in progress
	Inventories are valued at the lower of cost and estimated selling price (less any associated costs to enable such sales to complete).

	Trade and other 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.

Trade and other 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.

	Financial instruments
	The company has elected to apply the provision of section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instruments' of FRS102 to all its financial instruments. Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument. Financial assets and liabilities are offset with the net amounts presented in the financial statements, when there is a legally enforceable right to offset the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Financial instruments

The company has elected to apply the provision of section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instruments' of FRS102 to all its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset with the net amounts presented in the financial statements, when there is a legally enforceable right to offset the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

2.	Average number of employees


		2024		2023
	Average number of employees during the year	1		1

3.	Tangible fixed assets

	Plant & machinery	Fixtures & fittings	Office Equipment	Total
	£	£	£	£
Cost or valuation
At 01 January 24	8,725	11,808	2,271	22,804
Additions	19,595	4,105	2,175	25,875
Disposals	(2,029)	(3,376)	-	(5,405)
At 31 December 24	26,291	12,537	4,446	43,274
Depreciation and impairment
At 01 January 24	6,667	11,808	2,113	20,588
Charge for year	1,984	-	-	1,984
On disposals	(2,029)	(3,376)	-	(5,405)
At 31 December 24	6,622	8,432	2,113	17,167
Net book value
At 31 December 24	19,669	4,105	2,333	26,107
At 31 December 23	2,058	-	158	2,216

4.	Fixed asset investments

5.	Stocks

	2024	2023
	£	£
Other stocks	174	252
Total	174	252

6.	Debtors: amounts due within one year

	2024	2023
	£	£
Other debtors	-	95
Prepayments and accrued income	186	181
Total	186	276


	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.

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.

7.	Debtors: amounts due after one year

	2024	2023
	£	£
Trade debtors / trade receivables	3,938	-
Total	3,938	-


	The debtors balance due after mode than one year qualifies as a basic financial instruments and has been measured at transaction price.

8.	Creditors: amounts due within one year

	2024	2023
	£	£
Trade creditors / trade payables	5,675	292
Bank borrowings and overdrafts	2,381	2,461
Amounts owed to related parties	5,880	6
Accrued liabilities and deferred income	1,295	-
Total	15,231	2,759


	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.

9.	Creditors: amounts due after one year

	2024	2023
	£	£
Bank borrowings and overdrafts	1,167	3,467
Amounts owed to related parties	25,000	5,000
Total	26,167	8,467


	Amounts owed to related parties a loan of 5,000 and a loan of 25,000, both from close family members of the Director. The loans are interest free and is to be repaid when the business returns to sufficient liquidity, the loan of 25,000 having a final settlement date of 30.04.30. 5,000 of this loan has been classified as falling due in less than one year and is included within the current liabilities balance. The loans qualifiy as a basic financial instrument and has been measured at transaction price.

Amounts owed to related parties a loan of 5,000 and a loan of 25,000, both from close family members of the Director. The loans are interest free and is to be repaid when the business returns to sufficient liquidity, the loan of 25,000 having a final settlement date of 30.04.30. 5,000 of this loan has been classified as falling due in less than one year and is included within the current liabilities balance.  The loans qualifiy as a basic financial instrument and has been measured at transaction price.

10.	Provisions for liabilities
	Provisions for liabilities are in respect of deferred tax.

	2024	2023
	£	£
Net deferred tax liability (asset)	289	289
Total	289	289

11.	Other commitments
	As at 31st December 2024 the company had the following future minimum lease payments under non-cancellable operating leases for each of the following periods: Payments due: 31.12.24 31.12.23 Not later than one year £14,162 £1,974 Later than one year and not later than five years £25,875 £0

	Notes	2024		2023
		£	£	£	£
Fixed assets
Tangible assets	3		26,107		2,216
			26,107		2,216
Current assets
Stocks	5	174		252
Debtors	6,7	4,123		276
Cash at bank and on hand		1,109		421
		5,406		949
Creditors amounts falling due within one year	8	(15,231)		(2,759)
Net current assets (liabilities)			(9,825)		(1,810)
Total assets less current liabilities			16,282		406
Creditors amounts falling due after one year	9		(26,167)		(8,467)
Provisions for liabilities	10		(289)		(289)
Net assets			(10,174)		(8,350)
Capital and reserves
Called up share capital			100		100
Profit and loss account			(10,274)		(8,450)
Shareholders' funds			(10,174)		(8,350)