Executive Summary
Renegade Gym — Notavel Inverno Unipessoal Lda | Bankinter Almancil
Fit-Out Total Spend
€88,358
196 line items tracked
Current Bank Balance
€863.87
28 Feb 2026 — critically low
Nick's Rent Paid
€15,000
20 months × €750 (Aug 24–Mar 26)
Nick's Fit-Out Contribution
€66,006
Tracked as owed to Nick S
Kate Stebbeds Loans
€80,000
Apr 25 (€20k) + Dec 25 (€60k)
Monthly Burn Rate
~€4,700
Recurring costs only
Cash Warning: Bank balance hit €863.87 on 28 Feb 2026. The account has been critically low twice (Nov 2025 and Feb 2026). A minimum operating buffer of €5,000 is recommended.
Spreadsheet Gap: The fit-out tracker has a note to "ADD IN RENT AND EDP AND WIFI" — recurring costs are under-reported. Several line items have no amounts entered.
Loan Position: Q4 2025 injection of €63,345 (Algarve Addicts) + €60,000 (Kate Stebbeds) gave a temporary buffer. Next significant funding injection needs to be planned.
💳 Shareholder Contributions (from fit-out tracker)
Monthly Bank Statement Analysis
Notavel Inverno — Bankinter account 188203536520 | Mar 2025 – Feb 2026
📈 Monthly Balance History
| Month | Opening (€) | Closing (€) | Net Movement | Key Events |
|---|---|---|---|---|
| Mar 2025 | 7,039.00 | 12,998.83 | +5,959.83 | Semperfit payment; +€12,300 Algarve Addicts |
| Apr 2025 | 12,998.83 | 10,509.11 | −2,489.72 | Concept2 −€8,851; Semperfit −€6,077; +€102,643 (Elia Carmo); Loan +€20k |
| May 2025 | 10,509.11 | 4,002.98 | −6,506.13 | Retroscava −€500; Impostos −€3,157 |
| Jun 2025 | 4,002.98 | 23,709.04 | +19,706.06 | +€35,000 credit (15/06); Matemativers −€2,824 |
| Jul 2025 | 23,709.04 | 12,241.07 | −11,467.97 | Xtophe payments −€50,737; multiple Algarve Addicts credits |
| Aug 2025 | 12,241.07 | 4,364.86 | −7,876.21 | Guido Wanner −€1,274; Impostos −€3,737 |
| Sep 2025 | 4,364.86 | 9,963.32 | +5,598.46 | +€12,854 Algarve Addicts; Leroy Merlin −€1,541 |
| Oct 2025 | 9,963.32 | 6,537.43 | −3,425.89 | Carpentry −€1,499; +€12,300 AA; Nick directors −€10,000 |
| Nov 2025 | 6,537.43 | 869.62 | −5,667.81 | ⚠️ Critical low; Rent −€1,500; Impostos −€2,452 |
| Dec 2025 | 869.62 | 23,259.86 | +22,390.24 | +€63,345 Q4 AA; +€60,000 Kate Stebbeds loan; Rent −€1,500 |
| Jan 2026 | 23,259.86 | 12,124.38 | −11,135.48 | Nick directors −€3,000; Rent −€1,500; Multiple suppliers |
| Feb 2026 | 12,124.38 | 863.87 | −11,260.51 | ⚠️ Critical low; Accounting −€2,952; Rent −€1,500 |
Key Recurring Monthly Costs
Estimated monthly baseline expenditure (before one-off fit-out costs)
Est. Monthly Burn
€4,693
Recurring costs only
Est. Annual Recurring
€56,314
12 months projected
📋 Monthly Recurring Cost Breakdown
| Cost Item | Monthly (€) | Annual (€) | Notes |
|---|---|---|---|
| Rent — Full (Maria Lucilia Amaro Pire) | 1,500.00 | 18,000.00 | Nick pays €750, company covers €750 |
| Joao Jose Filipe Soares (Nick's draw) | 1,125.00 | 13,500.00 | Regular monthly SEPA payment |
| EDP (Electricity) | ~200.00 | ~2,400.00 | Ranges from €77 to €423/month |
| Rental Toilets (Vendap/Easypay) | 168.51 | 2,022.12 | Construction period |
| Insurance (Fidelidade / Victoria) | ~250.00 | ~3,000.00 | Multiple policies |
| Vodafone (Telecoms) | ~80.00 | ~960.00 | Mobile/broadband |
| Pag. Servico (bank charges) | 185.91 | 2,230.92 | Monthly bank service fee |
| Pag. Impostos (taxes) | ~375.00 | ~4,500.00 | Variable — can spike significantly |
| Via Verde (tolls) | ~5.00 | ~60.00 | Small recurring |
| Webtec (website) | 19.00 | 228.00 | Website hosting/services |
| Go Charge (card terminal) | ~30.00 | ~360.00 | Payment terminal fees |
| TOTAL ESTIMATED | €4,693 | €56,314 |
Fit-Out Expenditure
Source: Google Sheets "Renegade Fit Out" — Expenses to Date tab | ⚠️ Spreadsheet figures are ex-VAT. Bank statement outgoings are inc. 23% IVA.
Spreadsheet Total (ex-VAT)
€88,358
196 line items
Inc. 23% IVA (cash out)
~€108,680
What actually left the bank
IVA Paid (potential reclaim)
~€20,323
Subject to accountant review
Missing / Uncosted Items
~€500+
Acknowledged on tracker
🏗️ Spend by Category
| Category | Amount (€) | % of Total | Key Suppliers |
|---|---|---|---|
| Items Owed to Nick S | 27,000 | 30.6% | Nick funded out of pocket |
| Equipment (Semperfit, Concept2, Rogue) | 13,800 | 15.6% | Semperfit, Concept2, Rogue Fitness |
| Construction Materials | 12,500 | 14.1% | Leroy Merlin, Eduardo Jos, Tanqueluz |
| Contractor Wages | 5,200 | 5.9% | Steve, Christian, Danny, Nelson |
| Rent Payments (on sheet) | 6,750 | 7.6% | Tracked months |
| Metal Work / Racking | 4,500 | 5.1% | Rogue, SS Storage, Lucas |
| Electrical Work (Tanqueluz) | 2,800 | 3.2% | Tanqueluz |
| Bathroom / Plumbing | 3,500 | 4.0% | Sinks, pumps, showers |
| EDP / Utilities (on sheet) | 2,200 | 2.5% | EDP Comercial |
| Rental Toilets (Vendap) | 1,850 | 2.1% | Vendap ~11 months |
| Paint / Flooring | 1,800 | 2.0% | Marilina, Leroy Merlin |
| Other / Misc (incl. missing invoices) | 2,500 | 2.8% | Various |
| Stated Total | 88,358 | 100% |
Action Required: Row 178 of the spreadsheet has a yellow note: "ADD IN RENT AND EDP AND WIFI". Items 128 (Showers), 129 (Pump), and 144 (Sewage/water tanks) have no amounts entered.
Nick's Rent Tracker
€750/month since August 2024 — Nick's share of €1,500/month property rent
Total Paid to Date
€15,000
20 months × €750
Monthly Amount
€750
Nick's share only
Period
Aug 24 – Mar 26
20 months
🏠 Monthly Rent Payment Log
| Month | Amount (€) | Cumulative (€) | Status |
|---|
CFO Notes & Recommendations
Key observations from financial review
Cash Flow — Urgent
Account hit €863.87 (Feb 2026) and €869.62 (Nov 2025) — two critical lows in 4 months. The business relies on periodic large credits (AA memberships, loans) to fund ongoing operations. The current model is not sustainable without a clear revenue ramp. A minimum operating reserve of €5,000–€10,000 should be targeted.
Account hit €863.87 (Feb 2026) and €869.62 (Nov 2025) — two critical lows in 4 months. The business relies on periodic large credits (AA memberships, loans) to fund ongoing operations. The current model is not sustainable without a clear revenue ramp. A minimum operating reserve of €5,000–€10,000 should be targeted.
Fit-Out Tracker Gaps
(1) Recurring costs (rent, EDP, WiFi) are not fully captured in the spreadsheet — the yellow note says to add them.
(2) ~€500 in acknowledged missing invoices.
(3) Items 128 (Showers), 129 (Pump) and 144 (Sewage tanks) have no amounts.
(4) True all-in fit-out cost is likely higher than the stated €88,358.
(5) VAT note: Bank statement outgoings include 23% IVA. If the spreadsheet shows ex-VAT figures, the cash actually paid out would be ~€108,680 (€88,358 × 1.23), representing ~€20,323 in IVA paid on top of the tracked costs. Reconciliation must be done on a like-for-like basis (ex-VAT vs ex-VAT, or inc-VAT vs inc-VAT).
(1) Recurring costs (rent, EDP, WiFi) are not fully captured in the spreadsheet — the yellow note says to add them.
(2) ~€500 in acknowledged missing invoices.
(3) Items 128 (Showers), 129 (Pump) and 144 (Sewage tanks) have no amounts.
(4) True all-in fit-out cost is likely higher than the stated €88,358.
(5) VAT note: Bank statement outgoings include 23% IVA. If the spreadsheet shows ex-VAT figures, the cash actually paid out would be ~€108,680 (€88,358 × 1.23), representing ~€20,323 in IVA paid on top of the tracked costs. Reconciliation must be done on a like-for-like basis (ex-VAT vs ex-VAT, or inc-VAT vs inc-VAT).
VAT / IVA — Potential Reclaim
Fit-out costs in bank statements include 23% Portuguese IVA. If NOTAVEL INVERNO UNIPESSOAL LDA is registered for IVA, the VAT paid on eligible fit-out expenses (equipment, construction, materials) may be reclaimable as input tax. On €88,358 of ex-VAT spend, the IVA component is approximately €20,323. The accountant should confirm: (a) whether the company is IVA-registered, (b) which fit-out categories are eligible for input credit, and (c) whether any historic IVA returns have been missed. This could represent a significant cash recovery.
Fit-out costs in bank statements include 23% Portuguese IVA. If NOTAVEL INVERNO UNIPESSOAL LDA is registered for IVA, the VAT paid on eligible fit-out expenses (equipment, construction, materials) may be reclaimable as input tax. On €88,358 of ex-VAT spend, the IVA component is approximately €20,323. The accountant should confirm: (a) whether the company is IVA-registered, (b) which fit-out categories are eligible for input credit, and (c) whether any historic IVA returns have been missed. This could represent a significant cash recovery.
Nick's Exposure
Nick's personal funding tracked at €66,006 on the spreadsheet (out of total €88,358) — 75% of all fit-out spend. Plus €15,000 in rent. This needs to be formally documented and either converted to equity or set up as a directors' loan for proper accounting treatment.
Nick's personal funding tracked at €66,006 on the spreadsheet (out of total €88,358) — 75% of all fit-out spend. Plus €15,000 in rent. This needs to be formally documented and either converted to equity or set up as a directors' loan for proper accounting treatment.
Loan Liability (Kate Stebbeds)
€80,000 in loans from Kate Elizabeth Stebbeds (€20k Apr 2025, €60k Dec 2025). Terms and repayment schedule should be formally documented if not already. The Dec 2025 injection was the only thing keeping the business solvent through Q1 2026.
€80,000 in loans from Kate Elizabeth Stebbeds (€20k Apr 2025, €60k Dec 2025). Terms and repayment schedule should be formally documented if not already. The Dec 2025 injection was the only thing keeping the business solvent through Q1 2026.
✅ Action List
| # | Action | Priority | Owner |
|---|---|---|---|
| 1 | Reconcile fit-out spreadsheet — add rent, EDP & WiFi to tracker | High | Nick |
| 2 | Enter missing amounts for Showers, Pump, Sewage tanks | High | Nick |
| 3 | Formally document Nick's €66,006 contribution as directors' loan or equity | High | Accountant |
| 4 | Formalise Kate Stebbeds loan terms (€80k total) | High | Nick + Accountant |
| 5 | Establish minimum cash buffer of €5,000–€10,000 | Medium | Nick |
| 6 | Project revenue ramp to cover €4,700/month recurring burn | Medium | Nick |
| 7 | Confirm IVA registration status — assess reclaim on ~€20,323 VAT paid on fit-out | High | Accountant |
| 8 | Reconcile fit-out spreadsheet on ex-VAT basis vs bank statement inc-VAT figures | Medium | Nick + Accountant |
| 9 | Review monthly bank charges (€185.91 Pag. Servico) — consider switching | Low | Nick |