Company Registration No. 09780636 (England and Wales)
CORINIUM GYM VENTURES 2 LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2020
PAGES FOR FILING WITH REGISTRAR
CORINIUM GYM VENTURES 2 LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 8
CORINIUM GYM VENTURES 2 LIMITED
BALANCE SHEET
AS AT
30 JUNE 2020
30 June 2020
- 1 -
2020
2019
Notes
£
£
£
£
Fixed assets
Intangible assets
3
2,500
7,500
Tangible assets
4
340,094
400,110
342,594
407,610
Current assets
Debtors
5
122,387
128,446
Cash at bank and in hand
4,215
12,672
126,602
141,118
Creditors: amounts falling due within one year
6
(504,962)
(548,452)
Net current liabilities
(378,360)
(407,334)
Total assets less current liabilities
(35,766)
276
Creditors: amounts falling due after more than one year
7
(125,933)
(158,255)
Provisions for liabilities
(28,926)
(32,840)
Net liabilities
(190,625)
(190,819)
Capital and reserves
Called up share capital
8
100
100
Profit and loss reserves
(190,725)
(190,919)
Total equity
(190,625)
(190,819)
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.
For the financial year ended 30 June 2020 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges his 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.
CORINIUM GYM VENTURES 2 LIMITED
BALANCE SHEET (CONTINUED)
AS AT
30 JUNE 2020
30 June 2020
- 2 -
The financial statements were approved and signed by the director and authorised for issue on 11 February 2021
A Phillips
Director
Company Registration No. 09780636
CORINIUM GYM VENTURES 2 LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2020
- 3 -
1
Accounting policies
Company information
Corinium Gym Ventures 2 Limited is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
3 Coventry Innovation Village, Cheetah Road, Coventry, CV1 2TL.
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.
1.2
Going concern
At the time of approving the financial statements, the director has assessed the company’s situation regarding the COVID-19 pandemic and the likely impact on the company. The director has confirmed that he will continue to support the company for the foreseeable future, by providing it with sufficient working capital as and when required to enable the company to continue in operational existence for the foreseeable future to deal with the issues arising from the COVID-19 pandemic. Thus the director continues 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
membership income
provided in the normal course of business
, and
is shown net of VAT and other sales related taxes
.
Membership income
is recognised
in the period to which it relates.
1.4
Intangible fixed assets other than goodwill
Intangible assets comprises franchise fees for the operation of gymnasiums and fitness centres, which
are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.
Amortisation is recognised so as to write off the cost of assets less their residual values over their useful lives on the following bases:
Franchise fees
Over the terms of the franchise agreement
1.5
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
15% reducing balance
CORINIUM GYM VENTURES 2 LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2020
1
Accounting policies
(Continued)
- 4 -
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
.
1.6
Impairment of fixed assets
At each reporting
period
end date, the
company
reviews the carrying amounts of its tangible
and intangible 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 belong
s.
1.7
Cash and cash equivalents
Cash and cash equivalents
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.
1.8
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.
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.
1.9
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.
1.10
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.
CORINIUM GYM VENTURES 2 LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 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.
1.11
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense
.
1.12
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.13
Leases
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.
1.14
Government grants
Government grants are recognised at the fair value of the asset receive
d
or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.
A grant that specifies performance conditions is recognised in income when the performance conditions are met
. Where a
grant does not specify performance conditions
it
is recognised in income when the proceeds are received or receivable
. A grant received before the recognition criteria are satisfied is recognised as a liability.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2020
2019
Number
Number
Total
6
5
CORINIUM GYM VENTURES 2 LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2020
- 6 -
3
Intangible fixed assets
Other
£
Cost
At 1 July 2019 and 30 June 2020
25,000
Amortisation and impairment
At 1 July 2019
17,500
Amortisation charged for the year
5,000
At 30 June 2020
22,500
Carrying amount
At 30 June 2020
2,500
At 30 June 2019
7,500
4
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 July 2019 and 30 June 2020
538,129
Depreciation and impairment
At 1 July 2019
138,019
Depreciation charged in the year
60,016
At 30 June 2020
198,035
Carrying amount
At 30 June 2020
340,094
At 30 June 2019
400,110
CORINIUM GYM VENTURES 2 LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2020
- 7 -
5
Debtors
2020
2019
Amounts falling due within one year:
£
£
Trade debtors
315
1,173
Amounts owed by group undertakings
23,650
23,650
Other debtors
615
-
Prepayments and accrued income
39,000
39,000
63,580
63,823
Deferred tax asset
58,807
64,623
122,387
128,446
6
Creditors: amounts falling due within one year
2020
2019
£
£
Other borrowings
53,833
66,667
Trade creditors
7,505
4,685
Amounts owed to group undertakings
348,254
369,285
Taxation and social security
657
17,831
Other creditors
151
-
Accruals and deferred income
94,562
89,984
504,962
548,452
Within other borrowings is a loan of £53,833 (2019: £66,667) which is secured by fixed and floating charges over the property or undertaking of the company.
7
Creditors: amounts falling due after more than one year
2020
2019
£
£
Other creditors
125,933
158,255
Other creditors are secured by fixed and floating charges over the property or undertaking of the company.
8
Called up share capital
2020
2019
£
£
Ordinary share capital
Issued and fully paid
100 Ordinary shares of £1 each
100
100
CORINIUM GYM VENTURES 2 LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2020
- 8 -
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:
2020
2019
£
£
476,667
536,250
10
Events after the reporting date
At the time of approval of the financial statements, the United Kingdom is subject to its third national lockdown due to the COVID-19 pandemic. This includes the closure of all gymnasiums and strict social distancing requirements. The director anticipates that this will have an adverse impact on the company's turnover during this period as operations have had to temporarily close. It is not currently possible to reliably estimate the full financial effect on the company, especially on a long term basis.
11
Related party transactions
The company has taken advantage of the exemption under FRS 102 not to disclose related party transactions with wholly owned subsidiaries within the group.
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