Company Registration No. 02521198 (England and Wales)
ALTERED IMAGES FITNESS CLUBS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 29 JULY 2021
PAGES FOR FILING WITH REGISTRAR
ALTERED IMAGES FITNESS CLUBS LIMITED
COMPANY INFORMATION
Directors
Mr J H Costello
Mr P A Costello
Mrs L J Costello
(Appointed 25 November 2022)
Company number
02521198
Registered office
80 Worcester Road
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 - 7
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 PERIOD ENDED 29 JULY 2021
- 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 period ended 29 July 2021 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 period.
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
17 April 2023
Chartered Accountants
The Oakley
Kidderminster Road
Droitwich
Worcestershire
WR9 9AY
ALTERED IMAGES FITNESS CLUBS LIMITED
BALANCE SHEET
AS AT 29 JULY 2021
29 July 2021
- 2 -
2021
2020
Notes
£
£
£
£
Fixed assets
Tangible assets
3
957,559
994,468
Current assets
Debtors
4
79,078
92,760
Cash at bank and in hand
43,051
32,744
122,129
125,504
Creditors: amounts falling due within one year
5
(498,325)
(517,255)
Net current liabilities
(376,196)
(391,751)
Total assets less current liabilities
581,363
602,717
Creditors: amounts falling due after more than one year
6
(178,809)
(192,580)
Provisions for liabilities
7
(112,070)
(107,122)
Net assets
290,484
303,015
Capital and reserves
Called up share capital
8
200
200
Profit and loss reserves
290,284
302,815
Total equity
290,484
303,015
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 period ended 29 July 2021 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.
The members have not required the company to obtain an audit of its financial statements for the period 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 29 JULY 2021
29 July 2021
- 3 -
The financial statements were approved by the board of directors and authorised for issue on 17 April 2023 and are signed on its behalf by:
Mr P A Costello
Director
Company Registration No. 02521198
ALTERED IMAGES FITNESS CLUBS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 29 JULY 2021
- 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, 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 PERIOD ENDED 29 JULY 2021
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.
1.7
Government grants
Government grants are recognised at the fair value of the asset received 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 period was 2 (2020 - 2).
ALTERED IMAGES FITNESS CLUBS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 29 JULY 2021
- 6 -
3
Tangible fixed assets
Freehold land and buildings
Improvements to property
Fixtures, fittings and equipment
Total
£
£
£
£
Cost
At 1 August 2020 and 29 July 2021
1,200,000
319,966
756,710
2,276,676
Depreciation and impairment
At 1 August 2020
478,000
99,191
705,017
1,282,208
Depreciation charged in the period
24,000
6,399
6,510
36,909
At 29 July 2021
502,000
105,590
711,527
1,319,117
Carrying amount
At 29 July 2021
698,000
214,376
45,183
957,559
At 31 July 2020
722,000
220,775
51,693
994,468
The net carrying value of tangible fixed assets includes the following in respect of assets held under finance leases or hire purchase contracts.
2021
2020
£
£
Fixtures, fittings and equipment
22,673
25,916
4
Debtors
2021
2020
Amounts falling due within one year:
£
£
Trade debtors
75,189
Other debtors
79,078
17,571
79,078
92,760
5
Creditors: amounts falling due within one year
2021
2020
£
£
Bank loans and overdrafts
13,093
7,475
Trade creditors
7,669
16,893
Taxation and social security
7,335
8,800
Other creditors
470,228
484,087
498,325
517,255
ALTERED IMAGES FITNESS CLUBS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 29 JULY 2021
- 7 -
6
Creditors: amounts falling due after more than one year
2021
2020
£
£
Bank loans and overdrafts
169,233
174,441
Other creditors
9,576
18,139
178,809
192,580
7
Provisions for liabilities
2021
2020
£
£
Deferred tax liabilities
112,070
107,122
8
Called up share capital
2021
2020
£
£
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
9
Secured debts
The following secured debts are included within creditors:
2021
2020
£
£
Hire purchase contracts
18,645
27,208
Bank loans
182,326
181,916
200,971
209,124
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.
2021-07-292020-08-01false17 April 2023CCH SoftwareCCH Accounts Production 2022.300No description of principal activityMr J H CostelloMr P A CostelloMrs L J Costello025211982020-08-012021-07-2902521198bus:Director12020-08-012021-07-2902521198bus:Director22020-08-012021-07-2902521198bus:Director32020-08-012021-07-2902521198bus:RegisteredOffice2020-08-012021-07-2902521198bus:Agent12020-08-012021-07-29025211982021-07-29025211982020-07-3102521198core:LandBuildingscore:OwnedOrFreeholdAssets2021-07-2902521198core:LeaseholdImprovements2021-07-2902521198core:FurnitureFittings2021-07-2902521198core:LandBuildingscore:OwnedOrFreeholdAssets2020-07-3102521198core:LeaseholdImprovements2020-07-3102521198core:FurnitureFittings2020-07-3102521198core:CurrentFinancialInstrumentscore:WithinOneYear2021-07-2902521198core:CurrentFinancialInstrumentscore:WithinOneYear2020-07-3102521198core:CurrentFinancialInstruments2021-07-2902521198core:CurrentFinancialInstruments2020-07-3102521198core:Non-currentFinancialInstruments2021-07-2902521198core:Non-currentFinancialInstruments2020-07-3102521198core:ShareCapital2021-07-2902521198core:ShareCapital2020-07-3102521198core:RetainedEarningsAccumulatedLosses2021-07-2902521198core:RetainedEarningsAccumulatedLosses2020-07-3102521198core:ShareCapitalOrdinaryShares2021-07-2902521198core:ShareCapitalOrdinaryShares2020-07-3102521198core:LandBuildingscore:OwnedOrFreeholdAssets2020-08-012021-07-2902521198core:LeaseholdImprovementscore:LeasedAssetsHeldAsLessee2020-08-012021-07-2902521198core:FurnitureFittings2020-08-012021-07-2902521198core:LandBuildingscore:OwnedOrFreeholdAssets2020-07-3102521198core:LeaseholdImprovements2020-07-3102521198core:FurnitureFittings2020-07-31025211982020-07-3102521198core:LeaseholdImprovements2020-08-012021-07-2902521198bus:OrdinaryShareClass12020-08-012021-07-2902521198bus:OrdinaryShareClass32020-08-012021-07-2902521198bus:OrdinaryShareClass12021-07-2902521198bus:OrdinaryShareClass32021-07-2902521198bus:OrdinaryShareClass42021-07-2902521198bus:OrdinaryShareClass42020-08-012021-07-2902521198bus:PrivateLimitedCompanyLtd2020-08-012021-07-2902521198bus:SmallCompaniesRegimeForAccounts2020-08-012021-07-2902521198bus:FRS1022020-08-012021-07-2902521198bus:AuditExemptWithAccountantsReport2020-08-012021-07-2902521198bus:FullAccounts2020-08-012021-07-29xbrli:purexbrli:sharesiso4217:GBP