Balance Leisure Fitness Ltd - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: NI624145 (Northern Ireland)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2019

FOR

BALANCE LEISURE FITNESS LTD

Page

Company Information

1

Balance Sheet

2

to

3

Notes to the Financial Statements

4

to

7

DIRECTOR:

M R Smyth

SECRETARY:

M R Smyth

REGISTERED OFFICE:

17 Clarendon Road

Clarendon Dock

Belfast

Co. Antrim

BT1 3BG

REGISTERED NUMBER:

NI624145 (Northern Ireland)

ACCOUNTANTS:

Baker Tilly Mooney Moore

17 Clarendon Road

Clarendon Dock

Belfast

Co. Antrim

BT1 3BG

BANKERS:

First Trust

425-427 Ormeau Road

Belfast

BT7 3GQ

FIXED ASSETS

Intangible assets

5

35,000

42,000

Tangible assets

6

29,623

39,500

64,623

81,500

CURRENT ASSETS

Stocks

14,625

15,000

Debtors

7

197,035

50,647

Cash at bank and in hand

6,554

5,967

218,214

71,614

CREDITORS

Amounts falling due within one year

8

187,639

92,925

NET CURRENT ASSETS/(LIABILITIES)

30,575

(21,311

)

TOTAL ASSETS LESS CURRENT LIABILITIES

95,198

60,189

CREDITORS

Amounts falling due after more than one year

9

(1,349

)

(8,313

)

PROVISIONS FOR LIABILITIES

(4,761

)

(6,715

)

NET ASSETS

89,088

45,161

CAPITAL AND RESERVES

Called up share capital

100

100

Retained earnings

88,988

45,061

SHAREHOLDERS' FUNDS

89,088

45,161

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 June 2019.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 June 2019 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were authorised for issue by the director on 6 November 2019 and were signed by:

M R Smyth - Director

1.	STATUTORY INFORMATION

Balance Leisure Fitness Ltd is a private company, limited by shares , registered in Northern Ireland. The

company's registered number and registered office address can be found on the Company Information page.

2.	STATEMENT OF COMPLIANCE

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006.

3.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The

Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The

financial statements have been prepared under the historical cost convention.

Significant judgements and estimates

In preparing these financial statements the directors have made the following judgements:

Establish whether there are indicators of impairment of the company's intangible and tangible assets. Factors

taken into consideration in reaching such a decision include the economic viability and expected future financial

performance of the asset and the business in general.

The directors also consider the amortisation and depreciation rates on an annual basis to ensure there is

sufficient evidence to support these and that the estimates remains reasonable.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates,

value added tax and other sales taxes.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2014, is being amortised evenly over its estimated useful life of ten years.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost

less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Plant and machinery

-

25% on reducing balance

Fixtures, fittings & equipment

-

25% on reducing balance

Motor vehicles

-

25% on reducing balance

Computer equipment

-

25% on reducing balance

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow

moving items.

Financial instruments

All financial instruments of the company are considered to meet the definition of basic financial instruments.

- Short term debtors and creditors

Debtors and creditors with no stated interest rate and are receivable or payable on demand are recognised at

transaction price, and subject to annual impairment reviews. Any losses arising on impairment are recognised in

the profit and loss account.

- Cash and cash equivalents

Cash and cash equivalents comprise cash at bank and in hand.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to

the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or

substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance

sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from

those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that

have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the

timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they

will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Hire purchase and leasing commitments

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held

under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases

are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element

of the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the

lease.

4.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 7 (2018 - 6 ) .

5.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 July 2018

and 30 June 2019

70,000

AMORTISATION

At 1 July 2018

28,000

Charge for year

7,000

At 30 June 2019

35,000

NET BOOK VALUE

At 30 June 2019

35,000

At 30 June 2018

42,000

6.	TANGIBLE FIXED ASSETS

Fixtures,

Plant and

fittings

Motor

Computer

machinery

& equipment

vehicles

equipment

Totals

£

£

£

£

£

COST

At 1 July 2018

and 30 June 2019

10,555

2,884

59,564

3,669

76,672

DEPRECIATION

At 1 July 2018

6,100

1,007

28,559

1,506

37,172

Charge for year

1,114

470

7,752

541

9,877

At 30 June 2019

7,214

1,477

36,311

2,047

47,049

NET BOOK VALUE

At 30 June 2019

3,341

1,407

23,253

1,622

29,623

At 30 June 2018

4,455

1,877

31,005

2,163

39,500

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Motor

vehicles

£

COST

At 1 July 2018

and 30 June 2019

50,270

DEPRECIATION

At 1 July 2018

24,630

Charge for year

6,472

At 30 June 2019

31,102

NET BOOK VALUE

At 30 June 2019

19,168

At 30 June 2018

25,640

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30.6.19

30.6.18

£

£

Trade debtors

195,214

49,352

Other debtors

1,821

1,295

197,035

50,647

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30.6.19

30.6.18

£

£

Bank loans and overdrafts

3,187

-

Hire purchase contracts

7,124

11,174

Trade creditors

106,407

15,835

Taxation and social security

28,242

12,150

Other creditors

42,679

53,766

187,639

92,925

9.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

30.6.19

30.6.18

£

£

Hire purchase contracts

1,349

8,313

10.	ULTIMATE CONTROLLING PARTY

The company continues to be controlled by M Smyth, by virtue of his shareholding.