Statutory Information
Fitness 2 U Limited is a private limited company, limited by shares, domiciled in England and Wales, registration number 04988440, registration address Philae, Pharaohs Island, Shepperton, TW17 9LN, England.
The presentation currency is £ sterling.
| 1. |
Accounting Policies
Basis of accounting
The financial statements have been prepared under the historical cost convention and in accordance with Section 1A of FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland.
Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates and sales taxes.
Turnover from the sale of goods is recognised when all of the following conditions are satisfied:
• the Company has transferred the significant risks and rewards of ownership to the buyer;
• the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
• the amount of revenue can be measured reliably;
• it is probable that the Company will receive the consideration due under the transaction; and
• the costs incurred or to be incurred in respect of the transaction can be measured reliably.
Rendering of services
Turnover from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
• the amount of revenue can be measured reliably;
• it is probable that the Company will receive the consideration due under the contract.
• the stage of completion of the contract at the end of the reporting period can be measured reliably; and
• the costs incurred and the costs to complete the contract can be measured reliably.
Where a contract has only been partially completed at the Balance Sheet date, turnover represents the fair value of the service provided to date based on the stage of completion of the contract activity at the Balance Sheet date.
Where payments are received from customers in advance of services provided, the amounts are recorded as deferred income and included as part of creditors due within one year.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past
periods. A current tax asset is recognised in respect of a tax loss that can be carried back to
recover tax paid in a previous period. Deferred tax is not recognised in respect of all timing
differences between the recognition of income and expenses in the financial statements and their
inclusion in tax assessments is not material
Dividends
Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.
Proposed dividends are only included as liabilities in the financial statements when their payment has been approved by the shareholders prior to the balance sheet date.
Tangible fixed assets
Tangible fixed assets, other than freehold land, are stated at historical cost or valuation less depreciation and any provision for impairment. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management. Depreciation is provided at rates calculated to write off the cost or valuation of fixed assets, less their estimated residual value, over their expected useful lives on the following basis:
Employee benefits
Short-term employee benefits are recognised as an expense in the period in which they are incurred.
Long-term employee benefits are measured at the present value of the benefit obligation at the reporting date.
Termination benefits are recognised as an expense when the Company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
Finance costs
Finance costs are charged to the Profit and Loss account over the term of the debt using the effective interest method, so the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.
Trade and other debtors
Short-term debtors are measured at the transaction price less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases, the receivables are stated at cost less impairment losses for bad and doubtful debts.
Cash and cash equivalents
Cash and cash equivalents are highly liquid investments and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.
Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.
Trade and other creditors
Short-term creditors are measured at the transaction price. The other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, unless the effect of discounting would be immaterial, in which case they are stated at cost.
Equity instruments
Equity instruments issued by the Company are recorded at the fair value of cash or other resources received or receivable, net of direct issue costs. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of The Company.
|
| 2. |
Tangible fixed assets
| Cost or Valuation |
|
Other |
|
Total |
| |
|
£ |
|
£ |
| At 01 January 2025 |
|
46,661 |
|
46,661 |
| At 31 December 2025 |
|
46,661 |
|
46,661 |
| Depreciation |
| At 01 January 2025 |
|
39,415 |
|
39,415 |
| Charge for year |
|
1,220 |
|
1,220 |
| At 31 December 2025 |
|
40,635 |
|
40,635 |
| Net book values |
| Closing balance as at 31 December 2025 |
|
6,026 |
|
6,026 |
| Opening balance as at 01 January 2025 |
|
7,246 |
|
7,246 |
|
| 3. |
Debtors: amounts falling due within one year
|
2025
£ |
|
2024
£ |
| S455 tax |
4,139 |
|
3,187 |
| Directors' current accounts |
0 |
|
4,424 |
|
4,139 |
|
7,611 |
|
|
Debtors: amounts falling due after more than one year
|
2025
£ |
|
2024
£ |
| Directors' loan accounts |
5,835 |
|
0 |
|
5,835 |
|
0 |
|
| 4. |
Creditors: amount falling due within one year
|
2025
£ |
|
2024
£ |
| Accrued expenses |
420 |
|
0 |
| Bank account 2 |
0 |
|
69 |
| Bank Account: Business Current Account |
789 |
|
0 |
| Bank Account: BONCE BACK LOAN |
7,781 |
|
0 |
| Corporation tax |
6,934 |
|
2,832 |
|
15,924 |
|
2,901 |
|
| 5. |
Creditors: amount falling due after more than one year
|
2025
£ |
|
2024
£ |
| Bounce back loan |
0 |
|
9,363 |
|
0 |
|
9,363 |
|
| 6. |
Profit and loss account
| |
2025
£ |
| Balance at 01 January 2025 |
2,542 |
| Profit for the year |
23,484 |
| Equity dividend paid |
(25,952) |
| Balance at 31 December 2025 |
74 |
|
| 7. |
Average number of employees
Average number of employees during the year were 2 (2024: 2).
|
2
|