Company Registration No. 03349377 (England and Wales)
FITNESS WAREHOUSE LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2019
PAGES FOR FILING WITH REGISTRAR
FITNESS WAREHOUSE LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 9
FITNESS WAREHOUSE LIMITED
BALANCE SHEET
AS AT
30 APRIL 2019
30 April 2019
- 1 -
2019
2018
Notes
£
£
£
£
Fixed assets
Tangible assets
3
146,008
103,778
Investments
4
100
100
146,108
103,878
Current assets
Stocks
585,718
575,506
Debtors
5
465,135
281,055
Cash at bank and in hand
214,535
213,077
1,265,388
1,069,638
Creditors: amounts falling due within one year
6
(532,646)
(508,024)
Net current assets
732,742
561,614
Total assets less current liabilities
878,850
665,492
Creditors: amounts falling due after more than one year
7
(30,365)
(6,411)
Provisions for liabilities
(23,770)
(14,568)
Net assets
824,715
644,513
Capital and reserves
Called up share capital
8
6
6
Profit and loss reserves
824,709
644,507
Total equity
824,715
644,513
The directors 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 2019 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
T
he members have 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.
FITNESS WAREHOUSE LIMITED
BALANCE SHEET (CONTINUED)
AS AT
30 APRIL 2019
30 April 2019
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 9 August 2019 and are signed on its behalf by:
Mr R Bulcock
Mr D J Bulcock
Director
Director
Mr R D Lambert
Director
Company Registration No. 03349377
FITNESS WAREHOUSE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2019
- 3 -
1
Accounting policies
Company information
Fitness Warehouse Limited is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
82 Roman Way Industrial Estate, Preston, PR2 5BE.
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 are prepared in
sterling
, which is the functional currency of the company.
Monetary a
mounts
in these financial statements are
rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
The company has taken advantage of the exemption under section
399
of the
Companies Act 2006 not to prepare consolidated accounts
, on the basis that the group of which this is the parent qualifies as a small group
. The financial statements present information about the company as an individual entity and not about its group
.
1.2
Going concern
A
t the time of approving the financial statements
,
t
he directors have a reasonable expectation that the
company
has adequate resources to continue in operational existence for the foreseeable future. Thus
t
he directors continue to adopt the going concern basis of accounting in preparing the financial statements.
1.3
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
, and
is shown net of VAT and other sales related taxes
.
The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
Turnover is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer, being on despatch or installation of the goods as appropriate.
1.4
Tangible fixed assets
Tangible fixed assets
are initially measured at cost and subsequently measured at cost, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost of assets less their residual values over their useful lives on the following bases:
Fixtures, fittings and equipment
25% reducing balance
Motor vehicles
25% reducing balance
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
.
FITNESS WAREHOUSE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2019
1
Accounting policies
(Continued)
- 4 -
1.5
Fixed asset investments
Interests in subsidiaries are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.
The investments are assessed for impairment at each reporting date
and
any
impairment
losses or reversals of impairment losses are recognised immediately in profit or loss.
A subsidiary is an entity controlled by the company
. Control is
the power to govern the financial and operating policies of
the
entity so as to obtain benefits from its activities.
1.6
Impairment of fixed assets
At each reporting
period
end date, the
company
reviews the carrying amounts of its tangible
assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company
estimates the recoverable amount of the cash-generating unit to which the asset belongs.
1.7
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.
Cost is calculated using the first in first out method of accounting.
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.
1.8
Cash at bank and in hand
Cash at bank and in hand
are basic financial assets
and
include cash in hand, deposits held at call with banks
and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.9
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.
Other financial assets
All of the company's financial assets are basic financial instruments.
FITNESS WAREHOUSE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2019
1
Accounting policies
(Continued)
- 5 -
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, are
initially recognised at transaction price unless the arrangement constitutes a
financing transaction, where the debt instrument is measured at the present value of
the future
paymen
ts discounted at a market rate of interest.
Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, 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. A
m
ounts 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 recognised initially at transaction price
and subsequently measured at amortised cost using the effective interest method.
Other financial liabilities
All of the company's financial liabilities are basic financial instruments.
1.10
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.11
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.
FITNESS WAREHOUSE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2019
1
Accounting policies
(Continued)
- 6 -
1.12
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.13
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.14
Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.
Assets held under finance leases are recognised as assets at the lower of the assets fair
value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.
Rentals payable under operating leases,
including
any lease incentives received, are charged to
profit or loss
on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the lease
s
asset are consumed.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was 24 (2018 - 22).
FITNESS WAREHOUSE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2019
- 7 -
3
Tangible fixed assets
Fixtures, fittings and equipment
Motor vehicles
Total
£
£
£
Cost
At 1 May 2018
155,428
56,475
211,903
Additions
5,556
97,151
102,707
Disposals
-
(41,180)
(41,180)
At 30 April 2019
160,984
112,446
273,430
Depreciation and impairment
At 1 May 2018
85,662
22,463
108,125
Depreciation charged in the year
18,210
18,384
36,594
Eliminated in respect of disposals
-
(17,297)
(17,297)
At 30 April 2019
103,872
23,550
127,422
Carrying amount
At 30 April 2019
57,112
88,896
146,008
At 30 April 2018
69,766
34,012
103,778
4
Fixed asset investments
2019
2018
£
£
Investments
100
100
Movements in fixed asset investments
Shares in group undertakings
£
Cost or valuation
At 1 May 2018 & 30 April 2019
100
Carrying amount
At 30 April 2019
100
At 30 April 2018
100
FITNESS WAREHOUSE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2019
- 8 -
5
Debtors
2019
2018
Amounts falling due within one year:
£
£
Trade debtors
382,341
219,466
Other debtors
82,794
61,589
465,135
281,055
6
Creditors: amounts falling due within one year
2019
2018
£
£
Trade creditors
231,565
230,207
Amounts owed to group undertakings
100
100
Taxation and social security
188,964
142,840
Other creditors
112,017
134,877
532,646
508,024
Creditors falling due within one year totalling £21,454 (2018: £11,711) have been secured by the company over the assets to which they relate.
7
Creditors: amounts falling due after more than one year
2019
2018
£
£
Other creditors
30,365
6,411
Creditors falling due after more than one year totalling £30,365 (2018: £6,411) have been secured by the company over the assets to which they relate.
8
Called up share capital
2019
2018
£
£
Ordinary share capital
Issued and fully paid
1 (2018: 0) A Ordinary shares of £1 each
1
-
1 (2018: 0) B Ordinary shares of £1 each
1
-
2 (2018: 0) C Ordinary shares of £1 each
2
-
2 (2018: 0) D Ordinary shares of £1 each
2
-
0 (2018: 6) Ordinary shares of £1 each
-
6
6
6
FITNESS WAREHOUSE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2019
8
Called up share capital
(Continued)
- 9 -
On 25 July 2018, 6 Ordinary £1 shares were reclassified into 1 A Ordinary £1 share, 1 B Ordinary £1 share, 2 C Ordinary £1 shares and 2 D Ordinary £1 shares.
Each class of shares has full voting rights and ranks pari passu in all other respects, other than having different rights to dividends.
9
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2019
2018
£
£
Within one year
55,034
36,000
Between two and five years
192,850
-
247,884
36,000
10
Related party transactions
Amounts owed to/by related parties
The following amounts were outstanding at the reporting end date:
Category
Amount owed to
Amounts owed by
2019
2018
2019
2018
£
£
£
£
Entities over which the entity has control, joint control or significant influence
100
100
Key management personnel
45,277
84,288
2019-04-30
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false
CCH Software
CCH Accounts Production 2019.200
No description of principal activity
09 August 2019
Mr R Bulcock
Mr D J Bulcock
Mr R D Lambert
Mrs C A Bulcock
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