Think Fitness Limited - Accounts to registrar (filleted)

REGISTERED NUMBER: SC215323 (Scotland)

Unaudited Financial Statements for the Year Ended 31 January 2026

for

Think Fitness Limited

Page

Company Information

1

Statement of Financial Position

2

Notes to the Financial Statements

4

DIRECTOR:

S D Oliver

SECRETARY:

S D Oliver

REGISTERED OFFICE:

3 O'Connell Street

Hawick

Roxburghshire

TD9 9HT

REGISTERED NUMBER:

SC215323 (Scotland)

ACCOUNTANTS:

EQ Accountants Ltd

47-49 The Square

Kelso

Roxburghshire

TD5 7HW

FIXED ASSETS

Property, plant and equipment

4

405,881

392,683

CURRENT ASSETS

Inventories

900

Debtors

5

1,438

930

Cash in hand

214

-

2,552

1,830

CREDITORS

Amounts falling due within one year

6

135,982

119,220

NET CURRENT LIABILITIES

(133,430

)

(117,390

)

TOTAL ASSETS LESS CURRENT
LIABILITIES

272,451

275,293

CREDITORS

Amounts falling due after more than one
year

7

(140,486

)

(160,265

)

PROVISIONS FOR LIABILITIES

(15,500

)

(17,500

)

NET ASSETS

116,465

97,528

CAPITAL AND RESERVES

Called up share capital

5,002

Revaluation reserve

123,849

Retained earnings

(12,386

)

(31,323

)

SHAREHOLDERS' FUNDS

116,465

97,528

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 January 2026.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 January 2026 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 8 May 2026 and were signed by:

S D Oliver - Director

1.	STATUTORY INFORMATION

Think Fitness Limited is a private company, limited by shares , registered in Scotland. The company's registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Turnover

Turnover is represented predominately by net members subcriptions and miscellaneous sales of goods, excluding value added tax.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Plant and machinery

-

Straight line over 5 years, Over the remaining life of the lease and not provided

Fixtures and fittings

-

Straight line over 5 years

Computer equipment

-

Straight line over 5 years

The directors consider that the residual value of the property is the same as the fair value that has been stated in the accounts and therefore the property has not been depreciated in the current year.

Stocks

Inventories are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

Hire purchase and leasing commitments

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over the term of the lease to provide a realistic net book value at the end of the lease as provided by the asset supplier.

The interest element of these obligations is charged to the profit and loss account over the relevant period. The capital element of the future payments is treated as a liability.

Going concern

The director has considered the Company's financial position for a period of 12 months from the date of signing these financial statements and have reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future. Accordingly, these financial statements have been prepared on the going concern basis.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 6 (2025 - 7 ) .

4.	PROPERTY, PLANT AND EQUIPMENT

Plant and

Land and

machinery

buildings

etc

Totals

£

COST OR VALUATION

At 1 February 2025

300,000

227,349

527,349

Additions

-

3,664

Disposals

-

(4,371

)

(4,371

)

At 31 January 2026

300,000

226,642

526,642

DEPRECIATION

At 1 February 2025

-

134,666

Charge for year

-

(10,034

)

(10,034

)

Eliminated on disposal

-

(3,871

)

(3,871

)

At 31 January 2026

-

120,761

NET BOOK VALUE

At 31 January 2026

300,000

105,881

405,881

At 31 January 2025

300,000

92,683

392,683

Cost or valuation at 31 January 2026 is represented by:

Plant and

Land and

machinery

buildings

etc

Totals

£

Valuation in 2017

154,447

-

154,447

Valuation in 2024

-

96,808

Cost

145,553

129,834

275,387

300,000

226,642

526,642

If the premises and improvements had not been revalued they would have been included at the following historical cost:

31/1/26

31/1/25

£

Cost

162,105

Aggregate depreciation

2,321

Value of land in freehold land and buildings

159,784

Premises and improvements were valued on an open market basis on 24 November 2004 by D M Hall .

The director carried out a review of plant and machinery on 31st January 2024. It was deemed that plant and machinery assets had been over depreciated by £45,045. The over depreciation was reversed against the profit & loss account in the year ending 31st January 2024.

A further review of plant and machinery was carried out on 31st January 2025. It was deemed that plant and machinery had been over depreciated by a further £24,361. The over depreciation was reversed against the profit & loss account in the current year.

Another review of fixed assets was carried out on 31st January 2026. It was deemed that plant and machinery had been over depreciated by a further £18,216. It was deemed that fixtures and fittings had been over depreciated by £5,005. The over depreciation was reversed against the profit & loss account in the current year.

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Plant and

machinery

etc

£

COST OR VALUATION

At 1 February 2025

and 31 January 2026

20,518

DEPRECIATION

At 1 February 2025

9,131

Charge for year

344

At 31 January 2026

9,475

NET BOOK VALUE

At 31 January 2026

11,043

At 31 January 2025

11,387

The depreciation figures for leased plant and machinery have been calculated by taking into account the residual values of the plant and machinery.

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31/1/26

31/1/25

£

Trade debtors

-

930

Other debtors

1,438

-

1,438

930

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31/1/26

31/1/25

£

Bank loans and overdrafts

32,242

30,150

Hire purchase contracts

5,218

7,249

Trade creditors

339

598

Taxation and social security

20,379

21,848

Other creditors

77,804

59,375

135,982

119,220

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR

31/1/26

31/1/25

£

Bank loans

108,586

116,710

Hire purchase contracts

4,976

7,221

Other creditors

26,924

36,334

140,486

160,265

Amounts falling due in more than five years:

Repayable by instalments

RBS Loan - > 5 years

56,261

64,385