Hanlee_Fitness_Limited - Accounts
Hanlee_Fitness_Limited - Accounts
The directors present their annual report and financial statements for the year ended 31 December 2017.
The principal activity of the company continued to be that of providing fitness services.
The directors who held office during the year and up to the date of signature of the financial statements were as follows:
The directors are responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:
select suitable accounting policies and then apply them consistently;
make judgements and accounting estimates that are reasonable and prudent;
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company’s transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.
Hanlee Fitness Limited is a private company limited by shares incorporated in England and Wales. The registered office is Deveonshire House, 60 Goswell Road, London, EC1M 7AD .
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 financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest pound.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
The financial statements have been prepared on the going concern basis which assumes that the company will continue in operational existence for the foreseeable future. The company is dependent upon the continued financial support of the sole director and shareholder who has given assurances that he is committed to funding the company for as long as needs be so as not to jeopardise the going concern status of the company nor to prejudice the interests of the creditors. For this reason the director considers it appropriate to prepare the accounts on a going concern basis.
Interests in subsidiaries, associates and jointly controlled entities 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.
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
The company does not have any employees in either period.
The investment is shown in the accounts at Cost.
No guarantees have been given or received. The ultimate controlling party is H Farsi by virtue of him being the 100% shareholder and a Director of Corniche Group Limited, which owns 70% of the share capital of Hanlee Fitness Limited. Corniche Group Limited is a small group thus it does not prepare group accounts. Corniche Group's registered office is the same as Hanlee Fitness Limited.
During the year, the company incurred expenses amounting to £170,307, which were funded by a company within the Corniche Group. Hanlee Fitness Limited owed that company at the balance sheet date £177,840 (2016: £65,483).