Team Fitness Cycling Studio Ltd

	Page
Statement of Financial Position	1—2
Notes to the Financial Statements	3—6

1. General Information

Team Fitness Cycling Studio Ltd is a private company, limited by shares, incorporated in Scotland, registered number SC752492 . The registered office is 1 Marischal Square, Broad Street, Aberdeen, Scotland, AB10 1BL.

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. Going Concern Disclosure

The directors have identified material uncertainties related to events or conditions that may cast significant doubt about the company's ability to continue as a going concern, however, the going concern basis remains appropriate.

2.3. Significant judgements and estimations

In the application of the company’s accounting policies, the director is required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

2.4. 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.

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.

2.5. Intangible Fixed Assets and Amortisation - Other Intangible

Other intangible assets are Software. It is amortised to income statement over its estimated economic life of 5 years.

2.6. 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	No Depreciation charged
Plant & Machinery	20% Reducing balance method
Fixtures & Fittings	20% Reducing balance method
Computer Equipment	20% Reducing balance method

2.7. 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 income statement 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 income statement as incurred.

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Team Fitness Cycling Studio Ltd

Notes to the Financial Statements (continued)

For The Year Ended 31 December 2024

2.8. Financial Instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of 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 set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabililities.

Basic financial liabilities

Basic financial liabilities including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitiutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabiilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised ost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as noncurrent liabilties. Trade creditors are recognised initally at transaction price and subsequently measured at amortised cost using the effective interest method.

2.9. 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 years 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 assets reflect 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 and deferred tax are recognised in profit or loss for the year, except when they relate to items that are recognised in other comprehensive income or directly in equity, in which case current and deferred tax are recognised in other comprehensive income or directly in equity respectively.

3. Average Number of Employees

Average number of employees, including directors, during the year was: 1 (2023: 1)

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Team Fitness Cycling Studio Ltd

Notes to the Financial Statements (continued)

For The Year Ended 31 December 2024

4. Intangible Assets

	Other	Development Costs	Total
	£	£	£
Cost
As at 1 January 2024	24,960	2,944	27,904

As at 31 December 2024	24,960	2,944	27,904

Amortisation
As at 1 January 2024	6,240	589	6,829
Provided during the period	6,240	471	6,711

As at 31 December 2024	12,480	1,060	13,540

Net Book Value
As at 31 December 2024	12,480	1,884	14,364

As at 1 January 2024	18,720	2,355	21,075

5. Tangible Assets

	Land & Property
	Freehold	Plant & Machinery	Fixtures & Fittings	Computer Equipment	Total
	£	£	£	£	£
Cost
As at 1 January 2024	22,019	32,487	5,279	916	60,701
Additions	312	-	-	-	312

As at 31 December 2024	22,331	32,487	5,279	916	61,013

Depreciation
As at 1 January 2024	-	6,497	1,056	183	7,736
Provided during the period	-	5,198	845	147	6,190

As at 31 December 2024	-	11,695	1,901	330	13,926

Net Book Value
As at 31 December 2024	22,331	20,792	3,378	586	47,087

As at 1 January 2024	22,019	25,990	4,223	733	52,965

6. Debtors

	31 December 2024	31 December 2023
	£	£
Due within one year
Other debtors	4,917	20,032

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Team Fitness Cycling Studio Ltd

Notes to the Financial Statements (continued)

For The Year Ended 31 December 2024

7. Creditors: Amounts Falling Due Within One Year

	31 December 2024	31 December 2023
	£	£
Bank loans and overdrafts	11,202	10,292
Other creditors	117,062	84,071
Taxation and social security	857	-

	129,121	94,363

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

	31 December 2024	31 December 2023
	£	£
Bank loan - Long term	28,529	39,731
Other creditors	21,267	28,922

	49,796	68,653

9. Share Capital

	31 December 2024	31 December 2023
	£	£
Allotted, Called up and fully paid	100	100

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		31 December 2024		31 December 2023
	Notes	£	£	£	£
FIXED ASSETS
Intangible Assets	4		14,364		21,075
Tangible Assets	5		47,087		52,965

			61,451		74,040
CURRENT ASSETS
Debtors	6	4,917		20,032
Cash at bank and in hand		9,572		10,232

		14,489		30,264
Creditors: Amounts Falling Due Within One Year	7	(129,121 )		(94,363 )

NET CURRENT ASSETS (LIABILITIES)			(114,632 )		(64,099 )

TOTAL ASSETS LESS CURRENT LIABILITIES			(53,181 )		9,941

Creditors: Amounts Falling Due After More Than One Year	8		(49,796 )		(68,653 )

PROVISIONS FOR LIABILITIES
Deferred Taxation			(4,704 )		(5,880 )

NET LIABILITIES			(107,681 )		(64,592 )

CAPITAL AND RESERVES
Called up share capital	9		100		100
Income Statement			(107,781 )		(64,692 )

SHAREHOLDERS' FUNDS			(107,681)		(64,592)