NORTH 24FITNESS LIMITED


Directors	PATEL, Uma
	PATTANI, Ashish Mansukh


Registered Address	19 Barkby Lane Syston
	Leicester
	LE7 2BA


Registered Number	13167770 (England and Wales)

Notes to the Financial Statements
for the year ended 31 January 2025

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).

	Turnover policy
	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.

	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. 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.

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. 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.

	Employee benefits
	Contributions to defined contribution plans are expensed in the period to which they relate.

	Current taxation
	Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

	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.

	Intangible assets
	Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortization and any accumulated impairment losses. Franchise Fees are being amortized evenly over their estimated useful life of five years.

	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:


		Reducing balance (%)
	Land and buildings	14
	Plant and machinery	14
	Office Equipment	14

	Finance leases and hire purchase contracts
	Assets held under finance leases which are leases where substantially all the risks and rewards of ownership of the asset have passed to the company, and hire purchase contracts are capitalised in the balance sheet. They are depreciated over the shorter of their useful lives or the term of the lease.

	Financial instruments
	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 recognized amounts and there is an intention to settle on a 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 recognized amounts and there is an intention to settle on a net basis or to realize 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 amortized 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 amortized. 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 liabilities. 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 recognized at transaction price unless the arrangement constitutes 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 liabilities classified as payable within one year are not amortized. 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 non-current liabilities. Trade creditors are recognized initially at transaction price and subsequently measured at amortized cost using the effective interest method

Financial instruments

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 recognized amounts and there is an intention to
settle on a 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 recognized amounts and there is an intention to settle on a net basis or to realize 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 amortized 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 amortized.
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 liabilities.

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 recognized at transaction price unless the arrangement constitutes 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 liabilities classified as payable within one year are not amortized. 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 non-current liabilities. Trade creditors are recognized initially at transaction price and subsequently measured at amortized cost using the effective interest method

2.	Average number of employees


		2025		2024
	Average number of employees during the year	4		4

3.	Intangible assets

	Other	Total
	£	£
Cost or valuation
At 01 February 24	15,000	15,000
At 31 January 25	15,000	15,000
Amortisation and impairment
At 01 February 24	4,000	4,000
Charge for year	3,000	3,000
At 31 January 25	7,000	7,000
Net book value
At 31 January 25	8,000	8,000
At 31 January 24	11,000	11,000

4.	Tangible fixed assets

	Land & buildings	Plant & machinery	Fixtures & fittings	Total
	£	£	£	£
Cost or valuation
At 01 February 24	31,041	311,448	408,293	750,782
At 31 January 25	31,041	311,448	408,293	750,782
Depreciation and impairment
At 01 February 24	4,785	44,397	70,131	119,313
Charge for year	3,515	35,749	45,268	84,532
At 31 January 25	8,300	80,146	115,399	203,845
Net book value
At 31 January 25	22,741	231,302	292,894	546,937
At 31 January 24	26,256	267,051	338,162	631,469

5.	Debtors: amounts due within one year

	2025	2024
	£	£
Trade debtors / trade receivables	54,153	130,553
Other debtors	150	150
Prepayments and accrued income	18,102	20,229
Total	72,405	150,932

6.	Creditors: amounts due within one year

	2025	2024
	£	£
Trade creditors / trade payables	96,572	48,343
Bank borrowings and overdrafts	49,206	53,783
Taxation and social security	14,999	26,998
Finance lease and HP contracts	48,303	48,303
Other creditors	47,053	179,224
Accrued liabilities and deferred income	24,172	13,841
Total	280,305	370,492


	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.

7.	Creditors: amounts due after one year

	2025	2024
	£	£
Bank borrowings and overdrafts	73,682	114,588
Other creditors	104,653	153,137
Total	178,335	267,725

8.	Obligations under finance leases

		2025		2024
		£		£
	Finance lease and HP contracts	152,956		201,440

9.	Provisions for liabilities

	2025	2024
	£	£
Net deferred tax liability (asset)	53,389	33,700
Total	53,389	33,700

10.	Related party transactions
	Other Creditors includes balance of Intercompany - 24Fitness Ltd has a debit balance of £132,000 (2024 - credit of £195)

	Notes	2025		2024
		£	£	£	£
Fixed assets
Intangible assets	3		8,000		11,000
Tangible assets	4		546,937		631,469
			554,937		642,469
Current assets
Debtors	5	72,405		150,932
Cash at bank and on hand		22,701		6,542
		95,106		157,474
Creditors amounts falling due within one year	6	(280,305)		(370,492)
Net current assets (liabilities)			(185,199)		(213,018)
Total assets less current liabilities			369,738		429,451
Creditors amounts falling due after one year	7		(178,335)		(267,725)
Provisions for liabilities	9		(53,389)		(33,700)
Net assets			138,014		128,026
Capital and reserves
Called up share capital			200		200
Share premium			150,166		150,166
Profit and loss account			(12,352)		(22,340)
Shareholders' funds			138,014		128,026