Balance Leisure Fitness Ltd - Accounts to registrar (filleted) - small 23.1.2

REGISTERED NUMBER: NI624145 (Northern Ireland)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2022

FOR

BALANCE LEISURE FITNESS LTD

Page

Company Information

1

Balance Sheet

2

to

3

Notes to the Financial Statements

4

to

8

DIRECTOR:

M R Smyth

REGISTERED OFFICE:

17 Clarendon Road Clarendon Dock

Belfast

BT1 3BG

REGISTERED NUMBER:

NI624145 (Northern Ireland)

ACCOUNTANTS:

Baker Tilly Mooney Moore

17 Clarendon Road

Clarendon Dock

Belfast

BT1 3BG

BANKERS:

First Trust

425-427 Ormeau Road

Belfast

BT7 3GQ

FIXED ASSETS

Intangible assets

5

14,000

21,000

Tangible assets

6

28,320

22,254

42,320

43,254

CURRENT ASSETS

Stocks

72,914

71,000

Debtors

7

158,783

165,304

Cash at bank and in hand

78,750

90,535

310,447

326,839

CREDITORS

Amounts falling due within one year

8

218,982

233,060

NET CURRENT ASSETS

91,465

93,779

TOTAL ASSETS LESS CURRENT LIABILITIES

133,785

137,033

CREDITORS

Amounts falling due after more than one year

9

(599

)

-

PROVISIONS FOR LIABILITIES

(5,381

)

(4,228

)

NET ASSETS

127,805

132,805

CAPITAL AND RESERVES

Called up share capital

100

100

Retained earnings

127,705

132,705

SHAREHOLDERS' FUNDS

127,805

132,805

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 June 2022.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 June 2022 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 approved by the director and authorised for issue on 14 June 2023 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.

The presentation currency of the financial statements is the Pound Sterling (£).

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 8 (2021 - 8 ) .

5.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 July 2021

and 30 June 2022

70,000

AMORTISATION

At 1 July 2021

49,000

Charge for year

7,000

At 30 June 2022

56,000

NET BOOK VALUE

At 30 June 2022

14,000

At 30 June 2021

21,000

6.	TANGIBLE FIXED ASSETS

Fixtures,

Plant and

fittings

Motor

Computer

machinery

& equipment

vehicles

equipment

Totals

£

£

£

£

£

COST

At 1 July 2021

10,555

4,579

66,559

3,753

85,446

Additions

-

-

-

15,500

15,500

Disposals

-

-

(9,294

)

-

(9,294

)

Transfer to ownership

-

-

19,919

-

19,919

At 30 June 2022

10,555

4,579

77,184

19,253

111,571

DEPRECIATION

At 1 July 2021

8,676

2,403

49,322

2,791

63,192

Charge for year

470

544

4,309

2,491

7,814

Eliminated on disposal

-

-

(7,674

)

-

(7,674

)

Transfer to ownership

-

-

19,919

-

19,919

At 30 June 2022

9,146

2,947

65,876

5,282

83,251

NET BOOK VALUE

At 30 June 2022

1,409

1,632

11,308

13,971

28,320

At 30 June 2021

1,879

2,176

17,237

962

22,254

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

Motor

vehicles

£

COST

At 1 July 2021

and 30 June 2022

57,265

DEPRECIATION

At 1 July 2021

37,346

Transfer to ownership

(37,346

)

At 30 June 2022

-

NET BOOK VALUE

At 30 June 2022

57,265

At 30 June 2021

19,919

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30.6.22

30.6.21

£

£

Trade debtors

109,547

158,946

Other debtors

49,236

6,358

158,783

165,304

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30.6.22

30.6.21

£

£

Bank loans and overdrafts

41,312

50,000

Hire purchase contracts

1,795

4,189

Trade creditors

158,269

122,136

Taxation and social security

9,194

18,965

Other creditors

8,412

37,770

218,982

233,060

9.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

30.6.22

30.6.21

£

£

Hire purchase contracts

599

-

10.	CONTINGENT LIABILITIES

A contingent liability may exist in respect of a repayment of grant income to HM Revenue and Customs should the conditions under which a grant was awarded to the company not be met. Due to the nature of these contingencies, it is not currently possible to estimate the likelihood of this occurring, nor quantify the financial effect or provide an indication of timing as to the potential liability that may arise.

11.	ULTIMATE CONTROLLING PARTY

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