Company Registration No. 02521198 (England and Wales)
ALTERED IMAGES FITNESS CLUBS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2019
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 Plc
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 2019
- 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 2019 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 profit 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 February 2020
Chartered Accountants
The Oakley
Kidderminster Road
Droitwich
Worcestershire
WR9 9AY
ALTERED IMAGES FITNESS CLUBS LIMITED
BALANCE SHEET
AS AT 31 JULY 2019
31 July 2019
- 2 -
2019
2018
Notes
£
£
£
£
Fixed assets
Tangible assets
3
1,004,011
1,030,598
Current assets
Debtors
4
76,646
10,463
Cash at bank and in hand
32,997
15,505
109,643
25,968
Creditors: amounts falling due within one year
5
(405,048)
(429,892)
Net current liabilities
(295,405)
(403,924)
Total assets less current liabilities
708,606
626,674
Creditors: amounts falling due after more than one year
6
(161,298)
(56,811)
Provisions for liabilities
7
(105,602)
(107,015)
Net assets
441,706
462,848
Capital and reserves
Called up share capital
9
200
200
Profit and loss reserves
441,506
462,648
Total equity
441,706
462,848
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 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.
ALTERED IMAGES FITNESS CLUBS LIMITED
BALANCE SHEET (CONTINUED)
AS AT 31 JULY 2019
31 July 2019
- 3 -
The financial statements were approved by the board of directors and authorised for issue on 28 February 2020 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 2019
- 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
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 2019
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 (2018 - 2).
ALTERED IMAGES FITNESS CLUBS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2019
- 6 -
3
Tangible fixed assets
Freehold land and buildings
Improvements to property
Fixtures, fittings and equipment
Total
£
£
£
£
Cost
At 1 August 2018
1,200,000
286,896
750,584
2,237,480
Additions
-
8,070
6,908
14,978
At 31 July 2019
1,200,000
294,966
757,492
2,252,458
Depreciation and impairment
At 1 August 2018
430,000
87,393
689,490
1,206,883
Depreciation charged in the year
24,000
5,899
11,665
41,564
At 31 July 2019
454,000
93,292
701,155
1,248,447
Carrying amount
At 31 July 2019
746,000
201,674
56,337
1,004,011
At 31 July 2018
770,000
199,503
61,095
1,030,598
The net carrying value of tangible fixed assets includes the following in respect of assets held under finance leases or hire purchase contracts.
2019
2018
£
£
Fixtures, fittings and equipment
32,389
38,862
4
Debtors
2019
2018
Amounts falling due within one year:
£
£
Trade debtors
55,297
-
Other debtors
21,349
10,463
76,646
10,463
ALTERED IMAGES FITNESS CLUBS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2019
- 7 -
5
Creditors: amounts falling due within one year
2019
2018
£
£
Bank loans and overdrafts
7,809
6,000
Trade creditors
10,017
35,100
Corporation tax
13,587
12,814
Other taxation and social security
1,180
138
Other creditors
372,455
375,840
405,048
429,892
6
Creditors: amounts falling due after more than one year
2019
2018
£
£
Bank loans and overdrafts
136,357
22,800
Other creditors
24,941
34,011
161,298
56,811
7
Provisions for liabilities
2019
2018
£
£
Deferred tax liabilities
105,602
107,015
8
Secured debts
The following secured debts are included within creditors:
2019
2018
£
£
Hire purchase contracts
34,010
46,182
Bank loans
144,166
28,800
178,176
74,982
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.
ALTERED IMAGES FITNESS CLUBS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2019
- 8 -
9
Called up share capital
2019
2018
£
£
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
10
Ultimate controlling party
The ultimate controlling party is Mr J H Costello.
2019-07-31
2018-08-01
false
28 February 2020
CCH Software
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Mr P A Costello
Mr P A Costello
Mr J H Costello
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