Company Registration No. 02521198 (England and Wales)
ALTERED IMAGES FITNESS CLUBS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2020
PAGES FOR FILING WITH REGISTRAR
ALTERED IMAGES FITNESS CLUBS LIMITED
COMPANY INFORMATION
Directors
Mr J H Costello
Mr P A Costello
Secretary
Mr J H Costello
Company number
02521198
Registered office
80 Worcester Road
Bromsgrove
Worcestershire
B61 7AG
Accountants
Ormerod Rutter Limited
The Oakley
Kidderminster Road
Droitwich
Worcestershire
WR9 9AY
Bankers
Yorkshire Bank
7-11 High Street
Coventry
West Midlands
CV1 5SB
ALTERED IMAGES FITNESS CLUBS LIMITED
CONTENTS
Page
Accountants' report
1
Balance sheet
2 - 3
Notes to the financial statements
4 - 8
ALTERED IMAGES FITNESS CLUBS LIMITED
ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF ALTERED IMAGES FITNESS CLUBS LIMITED FOR THE YEAR ENDED 31 JULY 2020
- 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 Altered Images Fitness Clubs Limited for the year ended 31 July 2020 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 Altered Images Fitness Clubs 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 Altered Images Fitness Clubs Limited
and state those matters that we have agreed to state to the Board of Directors of Altered Images Fitness Clubs 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 Altered Images Fitness Clubs Limited and its Board of Directors as a body, for
our work or for this report.
It is your duty to ensure that Altered Images Fitness Clubs 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 loss of Altered Images Fitness Clubs Limited. You consider that Altered Images Fitness Clubs 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 Altered Images Fitness Clubs 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
28 June 2021
Chartered Accountants
The Oakley
Kidderminster Road
Droitwich
Worcestershire
WR9 9AY
ALTERED IMAGES FITNESS CLUBS LIMITED
BALANCE SHEET
AS AT 31 JULY 2020
31 July 2020
- 2 -
2020
2019
Notes
£
£
£
£
Fixed assets
Tangible assets
3
994,468
1,004,011
Current assets
Debtors
4
92,760
76,646
Cash at bank and in hand
32,744
32,997
125,504
109,643
Creditors: amounts falling due within one year
5
(517,255)
(405,048)
Net current liabilities
(391,751)
(295,405)
Total assets less current liabilities
602,717
708,606
Creditors: amounts falling due after more than one year
6
(192,580)
(161,298)
Provisions for liabilities
7
(107,122)
(105,602)
Net assets
303,015
441,706
Capital and reserves
Called up share capital
8
200
200
Profit and loss reserves
302,815
441,506
Total equity
303,015
441,706
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 31 July 2020 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.
ALTERED IMAGES FITNESS CLUBS LIMITED
BALANCE SHEET (CONTINUED)
AS AT 31 JULY 2020
31 July 2020
- 3 -
The financial statements were approved by the board of directors and authorised for issue on 28 June 2021 and are signed on its behalf by:
Mr J H Costello
Mr P A Costello
Director
Director
Company Registration No. 02521198
ALTERED IMAGES FITNESS CLUBS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2020
- 4 -
1
Accounting policies
Company information
Altered Images Fitness Clubs Limited is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
80 Worcester Road, Bromsgrove, Worcestershire, B61 7AG.
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.
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
.
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 the provision of services is recognised by reference to the stage of completion, when the costs incurred and costs to complete can be estimated reliably.
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:
Freehold land and buildings
2% on cost
Improvements to property
2% on cost
Fixtures, fittings and equipment
25% on cost and 10% 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
.
1.4
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.
ALTERED IMAGES FITNESS CLUBS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2020
1
Accounting policies
(Continued)
- 5 -
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.
1.5
Employee benefits
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
1.6
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 the profit and loss account 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 asset are consumed.
Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was 2
(2019 - 2).
ALTERED IMAGES FITNESS CLUBS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2020
- 6 -
3
Tangible fixed assets
Freehold land and buildings
Improvements to property
Fixtures, fittings and equipment
Total
£
£
£
£
Cost
At 1 August 2019
1,200,000
294,966
757,492
2,252,458
Additions
25,000
6,163
31,163
Disposals
(6,945)
(6,945)
At 31 July 2020
1,200,000
319,966
756,710
2,276,676
Depreciation and impairment
At 1 August 2019
454,000
93,292
701,154
1,248,446
Depreciation charged in the year
24,000
5,899
10,808
40,707
Eliminated in respect of disposals
(6,945)
(6,945)
At 31 July 2020
478,000
99,191
705,017
1,282,208
Carrying amount
At 31 July 2020
722,000
220,775
51,693
994,468
At 31 July 2019
746,000
201,674
56,337
1,004,011
The net carrying value of tangible fixed assets includes the following in respect of assets held under finance leases or hire purchase contracts.
2020
2019
£
£
Fixtures, fittings and equipment
25,916
32,389
4
Debtors
2020
2019
Amounts falling due within one year:
£
£
Trade debtors
75,189
55,297
Other debtors
17,571
21,349
92,760
76,646
ALTERED IMAGES FITNESS CLUBS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2020
- 7 -
5
Creditors: amounts falling due within one year
2020
2019
£
£
Bank loans and overdrafts
7,475
7,809
Trade creditors
16,893
10,017
Taxation and social security
8,800
14,767
Other creditors
484,087
372,455
517,255
405,048
6
Creditors: amounts falling due after more than one year
2020
2019
£
£
Bank loans and overdrafts
174,441
136,357
Other creditors
18,139
24,941
192,580
161,298
7
Provisions for liabilities
2020
2019
£
£
Deferred tax liabilities
107,122
105,602
8
Called up share capital
2020
2019
£
£
Ordinary share capital
Issued and fully paid
100 Ordinary A of £1 each
100
100
50 Ordinary Deferred of £1 each
50
50
50 Prdinary Preferred of £1 each
50
50
200
200
ALTERED IMAGES FITNESS CLUBS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2020
- 8 -
9
Secured debts
The following secured debts are included within creditors:
2020
2019
£
£
Hire purchase contracts
27,208
34,010
Bank loans
181,916
144,166
209,124
178,176
Hire purchase contracts are secured against the assets to which they relate.
Bank loans are secured by way of a fixed and floating charge over all assets of the company.
10
Ultimate controlling party
The ultimate controlling party is Mr J H Costello.
2020-07-31
2019-08-01
false
28 June 2021
CCH Software
CCH Accounts Production 2021.100
No description of principal activity
Mr P A Costello
Mr P A Costello
Mr J H Costello
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