false false false false false false false false false true false false false false false false false No description of principal activity 2017-03-01 Sage Accounts Production Advanced 2018 - FRS xbrli:pure xbrli:shares iso4217:GBP 09994445 2017-03-01 2018-02-28 09994445 2018-02-28 09994445 2017-02-28 09994445 2016-03-01 2017-02-28 09994445 2017-02-28 09994445 core:FurnitureFittings 2017-03-01 2018-02-28 09994445 bus:Director3 2017-03-01 2018-02-28 09994445 core:FurnitureFittings 2017-02-28 09994445 core:FurnitureFittings 2018-02-28 09994445 core:WithinOneYear 2018-02-28 09994445 core:WithinOneYear 2017-02-28 09994445 core:ShareCapital 2018-02-28 09994445 core:ShareCapital 2017-02-28 09994445 core:RetainedEarningsAccumulatedLosses 2018-02-28 09994445 core:RetainedEarningsAccumulatedLosses 2017-02-28 09994445 core:FurnitureFittings 2017-02-28 09994445 bus:SmallEntities 2017-03-01 2018-02-28 09994445 bus:AuditExemptWithAccountantsReport 2017-03-01 2018-02-28 09994445 bus:FullAccounts 2017-03-01 2018-02-28 09994445 bus:SmallCompaniesRegimeForAccounts 2017-03-01 2018-02-28 09994445 bus:PrivateLimitedCompanyLtd 2017-03-01 2018-02-28
COMPANY REGISTRATION NUMBER: 09994445
WELL FITNESS LIMITED
FILLETED UNAUDITED FINANCIAL STATEMENTS
28 February 2018
WELL FITNESS LIMITED
STATEMENT OF FINANCIAL POSITION
28 February 2018
2018
2017
Note
£
£
£
FIXED ASSETS
Tangible assets
5
7,778
4,768
CURRENT ASSETS
Debtors
6
289
7,577
Cash at bank and in hand
398
1,004
-----
--------
687
8,581
CREDITORS: amounts falling due within one year
7
213,736
188,503
------------
------------
NET CURRENT LIABILITIES
213,049
179,922
------------
------------
TOTAL ASSETS LESS CURRENT LIABILITIES
( 205,271)
( 175,154)
PROVISIONS
Taxation including deferred tax
906
906
------------
------------
NET LIABILITIES
( 206,177)
( 176,060)
------------
------------
WELL FITNESS LIMITED
STATEMENT OF FINANCIAL POSITION (continued)
28 February 2018
2018
2017
Note
£
£
£
CAPITAL AND RESERVES
Called up share capital
100
100
Profit and loss account
( 206,277)
( 176,160)
------------
------------
SHAREHOLDERS DEFICIT
( 206,177)
( 176,060)
------------
------------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the income statement has not been delivered.
For the year ending 28 February 2018 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The director acknowledges her responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
These financial statements were approved by the board of directors and authorised for issue on 29 November 2018 , and are signed on behalf of the board by:
E Maguire
Director
Company registration number: 09994445
WELL FITNESS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 28 FEBRUARY 2018
1. GENERAL INFORMATION
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Onega House, 112 Main Road, Sidcup, Kent, DA14 6NE.
2. STATEMENT OF COMPLIANCE
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. ACCOUNTING POLICIES
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Fixtures and fittings
-
25% straight line
Equipment
-
25% straight line
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
4. TAX ON LOSS
Major components of tax expense
2018
2017
£
£
Deferred tax:
Origination and reversal of timing differences
906
-----
-----
Tax on loss
906
-----
-----
5. TANGIBLE ASSETS
Fixtures and fittings
Equipment
Total
£
£
£
Cost
At 1 March 2017
1,500
4,857
6,357
Additions
6,132
6,132
--------
----------
----------
At 28 February 2018
1,500
10,989
12,489
--------
----------
----------
Depreciation
At 1 March 2017
375
1,214
1,589
Charge for the year
375
2,747
3,122
--------
----------
----------
At 28 February 2018
750
3,961
4,711
--------
----------
----------
Carrying amount
At 28 February 2018
750
7,028
7,778
--------
----------
----------
At 28 February 2017
1,125
3,643
4,768
--------
----------
----------
6. DEBTORS
2018
2017
£
£
Other debtors
289
7,577
-----
--------
7. CREDITORS: amounts falling due within one year
2018
2017
£
£
Other creditors
213,736
188,503
------------
------------
8. DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES
During the year the directors did not enter into any advances, credits or guarantees with the company.
9. RELATED PARTY TRANSACTIONS
The company was under the control of I Allen and C Melly throughout the current period. I Allen and C Melly are both managing directors with I Allen holding share majority.