Company Registration No. 06220301 (England and Wales)
ABSOLUTE FITNESS (UK) LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2017
PAGES FOR FILING WITH REGISTRAR
ABSOLUTE FITNESS (UK) LIMITED
COMPANY INFORMATION
Director
Mr C W Fletcher
Company number
06220301
Registered office
12 Bye Street
Ledbury
Herefordshire
HR8 2AA
Accountants
Ormerod Rutter Limited
The Oakley
Kidderminster Road
Droitwich
Worcestershire
WR9 9AY
Bankers
HSBC Bank plc
4 High Street
Ledbury
Herefordshire
HR8 1DS
ABSOLUTE FITNESS (UK) LIMITED
CONTENTS
Page
Accountants' report
1
Balance sheet
2 - 3
Notes to the financial statements
4 - 8
ABSOLUTE FITNESS (UK) LIMITED
ACCOUNTANTS' REPORT TO THE DIRECTOR ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF ABSOLUTE FITNESS (UK) LIMITED FOR THE YEAR ENDED 30 APRIL 2017
- 1 -

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Absolute Fitness (UK) Limited for the year ended 30 April 2017 which comprise, the Balance Sheet and the related notes from the company’s accounting records and from information and explanations you have given us.

 

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at http://www.icaew.com/en/members/regulations-standards-and-guidance.

This report is made solely to the Board of Directors of Absolute Fitness (UK) Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Absolute Fitness (UK) Limited and state those matters that we have agreed to state to the Board of Directors of Absolute Fitness (UK) Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Absolute Fitness (UK) Limited and its Board of Directors as a body, for our work or for this report.

It is your duty to ensure that Absolute Fitness (UK) Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Absolute Fitness (UK) Limited. You consider that Absolute Fitness (UK) Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Absolute Fitness (UK) Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

Ormerod Rutter Limited
17 January 2018
Chartered Accountants
The Oakley
Kidderminster Road
Droitwich
Worcestershire
WR9 9AY
ABSOLUTE FITNESS (UK) LIMITED
BALANCE SHEET
AS AT
30 APRIL 2017
30 April 2017
- 2 -
2017
2016
Notes
£
£
£
£
Fixed assets
Tangible assets
3
105,424
106,974
Current assets
Stocks
228
243
Debtors
4
3,313
3,313
Cash at bank and in hand
15,628
1,284
19,169
4,840
Creditors: amounts falling due within one year
5
(73,842)
(57,815)
Net current liabilities
(54,673)
(52,975)
Total assets less current liabilities
50,751
53,999
Creditors: amounts falling due after more than one year
6
(45,303)
(51,303)
Provisions for liabilities
(878)
-
Net assets
4,570
2,696
Capital and reserves
Called up share capital
9
10
10
Profit and loss reserves
4,560
2,686
Total equity
4,570
2,696

The director of the company have elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 30 April 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006.

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.

The member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

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

ABSOLUTE FITNESS (UK) LIMITED
BALANCE SHEET (CONTINUED)
AS AT
30 APRIL 2017
30 April 2017
- 3 -
The financial statements were approved and signed by the director and authorised for issue on 17 January 2018
Mr C W Fletcher
Director
Company Registration No. 06220301
ABSOLUTE FITNESS (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2017
- 4 -
1
Accounting policies
Company information

Absolute Fitness (UK) Limited is a private company limited by shares incorporated in England and Wales. The registered office is 12 Bye Street, Ledbury, Herefordshire, HR8 2AA.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.

These financial statements for the year ended 30 April 2017 are the first financial statements of Absolute Fitness (UK) Limited prepared in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland. The date of transition to FRS 102 was 1 May 2015. The reported financial position and financial performance for the previous period are not affected by the transition to FRS 102.

1.2
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, 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 contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that are recoverable.

1.3
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Short leasehold
Nil
Improvements to property
Nil
Equipment
25% on reducing balance
Fixtures and fittings
25% on reducing balance
Computer equipment
33% on cost

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

ABSOLUTE FITNESS (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2017
1
Accounting policies
(Continued)
- 5 -

No depreciation is provided on leasehold property and improvements thereon. This treatment may be a departure from the requirements of Companies Act 2006 concerning depreciation of fixed assets, however, the company follows a program of regular refurbishment and maintenance of its properties, which includes the reinstatement of the fabric of the buildings where necessary in order to maintain them to a high standard. Accordingly, in the opinion of the director, any element of depreciation would be immaterial and no provision has been made, as the residual value would be in excess of cost.

1.4
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

 

Stocks held for distribution at no or nominal consideration are measured at the lower of replacement cost and cost, adjusted where applicable for any loss of service potential.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.5
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes 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 reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date 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 is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was 1 (2016 - 1).

ABSOLUTE FITNESS (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2017
- 6 -
3
Tangible fixed assets
Short leasehold
Improvements to property
Equipment
Fixtures and fittings
Computer equipment
Total
£
£
£
£
£
£
Cost
At 1 May 2016 and 30 April 2017
98,353
2,448
23,993
7,308
2,032
134,134
Depreciation and impairment
At 1 May 2016
-
-
18,665
6,464
2,031
27,160
Depreciation charged in the year
-
-
1,336
214
-
1,550
At 30 April 2017
-
-
20,001
6,678
2,031
28,710
Carrying amount
At 30 April 2017
98,353
2,448
3,992
630
1
105,424
At 30 April 2016
98,353
2,448
5,328
844
1
106,974
ABSOLUTE FITNESS (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2017
- 7 -
4
Debtors
2017
2016
Amounts falling due within one year:
£
£
Other debtors
3,313
3,313
5
Creditors: amounts falling due within one year
2017
2016
£
£
Bank loans and overdrafts
6,000
5,652
Trade creditors
26,898
26,598
Corporation tax
2,067
3,924
Other creditors
38,877
21,641
73,842
57,815
6
Creditors: amounts falling due after more than one year
2017
2016
£
£
Bank loans and overdrafts
45,303
51,303
7
Secured debts
The following secured debts are included within creditors:
2017
2016
£
£
Bank loans
51,303
56,955
8
Provisions for liabilities
2017
2016
£
£
Deferred tax liabilities
878
-
878
-
9
Called up share capital
2017
2016
£
£
Ordinary share capital
Issued and fully paid
10 Ordinary A shares of £1 each
10
10
ABSOLUTE FITNESS (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2017
- 8 -
10
Ultimate controlling party

The ultimate controlling party is Mr C W Fletcher.

2017-04-302016-05-01falseCCH SoftwareCCH Accounts Production 2017.400No description of principal activity17 January 2018062203012016-05-012017-04-3006220301bus:Director12016-05-012017-04-3006220301bus:RegisteredOffice2016-05-012017-04-3006220301bus:Agent12016-05-012017-04-30062203012017-04-30062203012016-04-3006220301core:LandBuildingscore:LeasedAssetsHeldAsLessee2017-04-3006220301core:LeaseholdImprovements2017-04-3006220301core:PlantMachinery2017-04-3006220301core:FurnitureFittings2017-04-3006220301core:ComputerEquipment2017-04-3006220301core:LandBuildingscore:LeasedAssetsHeldAsLessee2016-04-3006220301core:LeaseholdImprovements2016-04-3006220301core:PlantMachinery2016-04-3006220301core:FurnitureFittings2016-04-3006220301core:ComputerEquipment2016-04-3006220301core:CurrentFinancialInstruments2017-04-3006220301core:CurrentFinancialInstruments2016-04-3006220301core:Non-currentFinancialInstruments2017-04-3006220301core:Non-currentFinancialInstruments2016-04-3006220301core:ShareCapital2017-04-3006220301core:ShareCapital2016-04-3006220301core:RetainedEarningsAccumulatedLosses2017-04-3006220301core:RetainedEarningsAccumulatedLosses2016-04-3006220301core:HedgingReservecore:RestatedAmount2015-04-3006220301core:LandBuildingscore:LeasedAssetsHeldAsLessee2016-05-012017-04-3006220301core:LeaseholdImprovementscore:LeasedAssetsHeldAsLessee2016-05-012017-04-3006220301core:PlantMachinery2016-05-012017-04-3006220301core:FurnitureFittings2016-05-012017-04-3006220301core:ComputerEquipment2016-05-012017-04-3006220301core:LandBuildingscore:LeasedAssetsHeldAsLessee2016-04-3006220301core:LeaseholdImprovements2016-04-3006220301core:PlantMachinery2016-04-3006220301core:FurnitureFittings2016-04-3006220301core:ComputerEquipment2016-04-30062203012016-04-3006220301bus:PrivateLimitedCompanyLtd2016-05-012017-04-3006220301bus:FRS1022016-05-012017-04-3006220301bus:AuditExemptWithAccountantsReport2016-05-012017-04-3006220301bus:SmallCompaniesRegimeForAccounts2016-05-012017-04-3006220301bus:FullAccounts2016-05-012017-04-30xbrli:purexbrli:sharesiso4217:GBP