Company registration number 09780636 (England and Wales)
CORINIUM GYM VENTURES 2 LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2022
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 2022
30 June 2022
- 1 -
2022
2021
as restated
Notes
£
£
£
£
Fixed assets
Tangible assets
4
387,551
413,968
387,551
413,968
Current assets
Debtors
5
99,101
137,199
Cash at bank and in hand
24,026
30,982
123,127
168,181
Creditors: amounts falling due within one year
6
(469,125)
(591,266)
Net current liabilities
(345,998)
(423,085)
Total assets less current liabilities
41,553
(9,117)
Creditors: amounts falling due after more than one year
7
(9,281)
(82,840)
Provisions for liabilities
(44,572)
(25,417)
Net liabilities
(12,300)
(117,374)
Capital and reserves
Called up share capital
8
100
100
Profit and loss reserves
(12,400)
(117,474)
Total equity
(12,300)
(117,374)
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.
true
For the financial year ended 30 June 2022 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 2022
30 June 2022
- 2 -
The financial statements were approved and signed by the director and authorised for issue on 31 March 2023
A Phillips
Director
Company Registration No. 09780636
CORINIUM GYM VENTURES 2 LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2022
- 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
The financial statements have been prepared on a going concern basis as the director has confirmed that they and the group are willing to continue to support the company with working capital as and when required for the foreseeable future and will not request repayment of any loans until the financial circumstances of the company permit.
true
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:
Land and buildings Leasehold
25 years straight line
Fixtures, fittings and equipment
7.5% 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
.
CORINIUM GYM VENTURES 2 LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2022
1
Accounting policies
(Continued)
- 4 -
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 2022
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:
2022
2021
Number
Number
Total
6
5
CORINIUM GYM VENTURES 2 LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2022
- 6 -
3
Intangible fixed assets
Other
£
Cost
At 1 July 2021 and 30 June 2022
25,000
Amortisation and impairment
At 1 July 2021 and 30 June 2022
25,000
Carrying amount
At 30 June 2022
At 30 June 2021
4
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 July 2021
183,134
354,995
538,129
Additions
426
426
At 30 June 2022
183,134
355,421
538,555
Depreciation and impairment
At 1 July 2021
29,301
94,860
124,161
Depreciation charged in the year
7,325
19,518
26,843
At 30 June 2022
36,626
114,378
151,004
Carrying amount
At 30 June 2022
146,508
241,043
387,551
At 30 June 2021
153,833
260,135
413,968
5
Debtors
2022
2021
Amounts falling due within one year:
£
£
Trade debtors
754
355
Amounts owed by group undertakings
23,650
23,650
Prepayments and accrued income
39,000
47,229
63,404
71,234
Deferred tax asset
35,697
65,965
99,101
137,199
CORINIUM GYM VENTURES 2 LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2022
- 7 -
6
Creditors: amounts falling due within one year
2022
2021
£
£
Other borrowings
73,559
69,113
Trade creditors
9,058
26,350
Amounts owed to group undertakings
317,634
321,845
Taxation and social security
10,141
6,425
Other creditors
2,098
632
Accruals and deferred income
56,635
166,901
469,125
591,266
Within other borrowings is a loan of £73,559 (2021: £69,113) 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
2022
2021
Notes
£
£
Other borrowings
9,281
82,840
Other
borrowings
are secured by fixed and floating charges over the property or undertaking of the company.
8
Called up share capital
2022
2021
2022
2021
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
100
100
100
100
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:
2022
2021
£
£
346,667
411,667
10
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.
CORINIUM GYM VENTURES 2 LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2022
- 8 -
11
Prior period adjustment
The prior period adjustment relates to the correction of the treatment of depreciation on fixtures and fittings and leasehold property
Changes to the balance sheet
As previously reported
Adjustment
As restated at 30 Jun 2021
£
£
£
Fixed assets
Tangible assets
289,080
124,888
413,968
Capital and reserves
Profit and loss reserves
(242,362)
124,888
(117,474)