Company Registration No. 10612898 (England and Wales)
CORINIUM GYM VENTURES HOLDINGS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2020
PAGES FOR FILING WITH REGISTRAR
CORINIUM GYM VENTURES HOLDINGS LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 4
CORINIUM GYM VENTURES HOLDINGS LIMITED
BALANCE SHEET
AS AT
30 JUNE 2020
30 June 2020
- 1 -
2020
2019
Notes
£
£
£
£
Fixed assets
Investments
3
200
200
Current assets
Debtors
4
787,620
782,268
Cash at bank and in hand
18,099
16,073
805,719
798,341
Creditors: amounts falling due within one year
5
(749,705)
(738,243)
Net current assets
56,014
60,098
Total assets less current liabilities
56,214
60,298
Capital and reserves
Called up share capital
6
250
250
Share premium account
73,155
73,155
Profit and loss reserves
(17,191)
(13,107)
Total equity
56,214
60,298
The directors of the company have 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 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.
The financial statements were approved by the board of directors and authorised for issue on 11 February 2021 and are signed on its behalf by:
A Phillips
Director
Company Registration No. 10612898
CORINIUM GYM VENTURES HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2020
- 2 -
1
Accounting policies
Company information
Corinium Gym Ventures Holdings 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.
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
At the time of approving the financial statements, the directors have a assessed the company’s situation regarding the COVID-19 pandemic and the likely impact on the company. The directors have a reasonable expectation that the company has adequate resources and working capital to continue in operational existence for the foreseeable future to deal with the issues arising from the COVID-19 pandemic. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
1.3
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.
1.4
Cash and cash equivalents
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.
CORINIUM GYM VENTURES HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2020
1
Accounting policies
(Continued)
- 3 -
1.5
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.
1.6
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.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2020
2019
Number
Number
Total
2
2
3
Fixed asset investments
2020
2019
£
£
Investments
200
200
Movements in fixed asset investments
Shares in group undertakings
£
Cost or valuation
At 1 July 2019 & 30 June 2020
200
Carrying amount
At 30 June 2020
200
At 30 June 2019
200
CORINIUM GYM VENTURES HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2020
- 4 -
4
Debtors
2020
2019
Amounts falling due within one year:
£
£
Amounts owed by group undertakings
787,620
781,891
Other debtors
-
377
787,620
782,268
5
Creditors: amounts falling due within one year
2020
2019
£
£
Taxation and social security
37,737
-
Other creditors
598,385
665,051
Accruals and deferred income
113,583
73,192
749,705
738,243
Other creditors include loans due to the directors of £598,385 (2019: £665,051) which incur interest at a rate of 5% per annum which is being accrued in accruals and deferred income. The loan and interest balances are payable on demand.
6
Called up share capital
2020
2019
£
£
Ordinary share capital
Issued and fully paid
200,100 Ordinary A Shares of 0.1p each
200
200
50,025 Ordinary B Shares of 0.1p each
50
50
250
250
7
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. The directors anticipate that this will have an adverse impact on the turnover of the company's subsidiaries. It is not currently possible to reliably estimate the full financial effect on the company, especially on a long term basis.
8
Related party transactions
The company has taken advantage of the exemption under the terms of FRS 102 not to disclose related party transactions with wholly owned subsidiaries within the group.