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Origin Fitness Limited

Registered number: SC339149
Annual Report
For the year ended 31 March 2023

 
ORIGIN FITNESS LIMITED
 
 
COMPANY INFORMATION


Directors
P Bodger 
D Macgregor 
L Hepburn 




Company secretary
P Bodger



Registered number
SC339149



Registered office
Alexandra House
21 Cliftonhall Road

Newbridge

Edinburgh

EH28 8PW




Independent auditor
Mazars LLP
Chartered Accountants & Statutory Auditor

Capital Square

58 Morrison Street

Edinburgh

EH3 8BP





 
ORIGIN FITNESS LIMITED
 

CONTENTS



Page
Strategic Report
 
 
1
Directors' Report
 
 
2 - 3
Independent Auditor's Report
 
 
4 - 7
Statement of Comprehensive Income
 
 
8
Statement of Financial Position
 
 
9
Statement of Changes in Equity
 
 
10
Notes to the Financial Statements
 
 
11 - 29


 
ORIGIN FITNESS LIMITED
 
 
STRATEGIC REPORT
FOR THE YEAR ENDED 31 MARCH 2023

Introduction
 
The Directors present their Strategic Report for Origin Fitness Limited for the year ended 31 March 2023. 

Business review
 
The principal activity of the Company is providing the best in fitness equipment along with an expert gym design and installation service to customers spanning across all sectors.
The Company's key financial performance indicators continue to be those that communicate the performance and financial strength of the Company as whole, being turnover and operating profit.
During the year, the supply chain continued to be impacted heavily, with challenging delays and shipping cost increases slowly reducing from the record levels seen during the pandemic. This continued to put pressure on costs and margins. 

Principal risks and uncertainties
 
Much the same as last year, we have identified the key risks to the business as being further pandemic restrictions, exchange rate, supply chain continuity/reliability and shipping costs. 
With further USD forward contracts we are able to hedge some of the exchange rate risk and with future plans for export, further protection can be achieved. 
Staff have been recruited and systems implemented to ensure better supply chain management alongside further diversification of supply. 


This report was approved by the board and signed on its behalf.





P Bodger
Director

Date: 23 February 2024

Page 1

 
ORIGIN FITNESS LIMITED
 
 
 
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 MARCH 2023

The Directors present their report and the financial statements for the year ended 31 March 2023.

Directors' responsibilities statement

The Directors are responsible for preparing the Strategic Report, the Directors' 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 applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. 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 for the Company's financial statements and then apply them consistently;

make judgements and accounting estimates that are reasonable and prudent; and

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 to enable them to ensure that the financial statements comply with the Companies Act 2006They 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.

Results and dividends

The profit for the year, after taxation, amounted to £65,813 (2022 - £487,759).

Dividends paid to Anytime Sports and Leisure Limited have been disclosed in note 12.

Directors

The Directors who served during the year were:

P Bodger 
D Macgregor (appointed 1 April 2022)  
L Hepburn

Future developments

The Origin product range will continue to be developed, adding products and improving the existing range as well as supply chains and logistics.

Research and development activities

Research and development activities, which constitute the development and upgrade of products and equipment lines, have been carried out by the Directors and staff.

Page 2

 
ORIGIN FITNESS LIMITED
 
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023

Matters covered in the Strategic Report

Principal risks and uncertainties relevant to the Company are included within the Strategic Report along with a business review.

Disclosure of information to auditor

Each of the persons who are Directors at the time when this Directors' Report is approved has confirmed that:

so far as the Directors are aware, there is no relevant audit information of which the Company's auditors are
      unaware, and
the Directors have taken all the steps that ought to have been taken as a Director in order to be aware of any
      relevant audit information and to establish that the Company's auditors are aware of that information.

Economic impact of global events

UK businesses are currently facing many uncertainties such as the consequences of Brexit, COVID-19, environmental sustainability and geopolitical events such as the Russian invasion of Ukraine. These uncertainties have contributed to an environment where there exists a range of issues and risks, including inflation, rising interest rates, labour shortages, disrupted supply chains and new ways of working. 
The Directors have carried out an assessment of the potential impact of these uncertainties on the business, including the impact of mitigation measures, and have concluded that there is no impact and that these are non-adjusting events with the greatest impact on the business expected to be from the economic ripple effect on the global economy. The Directors have taken account of these potential impacts in their going concern assessment.
The Company continues to work with its partners to minimise any impacts of these events and maximise the realisation of any opportunities they may provide to the business.

Auditor

The auditor, Mazars LLPwill be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

This report was approved by the board and signed on its behalf.
 





P Bodger
Director
 
Date: 23 February 2024

Page 3

 
ORIGIN FITNESS LIMITED
 
 
 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF ORIGIN FITNESS LIMITED
 

Opinion

We have audited the financial statements of Origin Fitness Limited (the ‘Company’) for the year ended 31 March 2023 which comprise the Statement of Comprehensive Income, the Statement of Financial Position, the Statement of Changes in Equity and notes to the financial statements, including a summary of significant accounting policies. 
The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (United Kingdom Generally Accepted Accounting Practice).

In our opinion, the financial statements:

give a true and fair view of the state of the Company’s affairs as at 31 March 2023 and of its profit for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the Directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Company’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the Directors with respect to going concern are described in the relevant sections of this report.

Page 4

 
ORIGIN FITNESS LIMITED
 
 
 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF ORIGIN FITNESS LIMITED
 

Other information

The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. The Directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.
 
Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:
 
the information given in the Strategic Report and the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Strategic Report and the Directors' Report have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Directors' Report.

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
the financial statements are not in agreement with the accounting records and returns; or
certain disclosures of Directors' remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.
Page 5

 
ORIGIN FITNESS LIMITED
 
 
 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF ORIGIN FITNESS LIMITED
 

Responsibilities of Directors

As explained more fully in the Directors' Responsibilities Statement set out on page 2, the Directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the Directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the Directors are responsible for assessing the Company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Directors intend either to liquidate the Company or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
 
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below.
 
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. 

Based on our understanding of the Company and its industry, we considered that non-compliance with the following laws and regulations might have a material effect on the financial statements: employment regulation, health and safety regulation, anti-money laundering regulation and Bribery Act 2010. 

To help us identify instances of non-compliance with these laws and regulations, and in identifying and assessing the risks of material misstatement in respect to non-compliance, our procedures included, but were not limited to:
Inquiring of management and, where appropriate, those charged with governance, as to whether the Company is in compliance with laws and regulations, and discussing their policies and procedures regarding compliance with laws and regulations;
Inspecting correspondence, if any, with relevant licensing or regulatory authorities;
Communicating identified laws and regulations to the engagement team and remaining alert to any indications of non-compliance throughout our audit; and
Considering the risk of acts by the Company which were contrary to applicable laws and regulations, including fraud.  

We also considered those laws and regulations that have a direct effect on the preparation of the financial statements, such as tax legislation, pension legislation and the Companies Act 2006. 
Page 6

 
ORIGIN FITNESS LIMITED
 
 
 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF ORIGIN FITNESS LIMITED
 

In addition, we evaluated the Directors' and management’s incentives and opportunities for fraudulent manipulation of the financial statements, including the risk of management override of controls, and determined that the principal risks were related to posting manual journal entries to manipulate financial performance, management bias through judgements and assumptions in significant accounting estimates, in particular in relation to revenue recognition, and significant one-off or unusual transactions.

Our audit procedures in relation to fraud included but were not limited to:
Making enquiries of the Directors and management on whether they had knowledge of any actual, suspected or alleged fraud;
Gaining an understanding of the internal controls established to mitigate risks related to fraud;
Discussing amongst the engagement team the risks of fraud; and
Addressing the risks of fraud through management override of controls by performing journal entry testing.

There are inherent limitations in the audit procedures described above and the primary responsibility for the prevention and detection of irregularities including fraud rests with management. As with any audit, there remained a risk of non-detection of irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations or the override of internal controls.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

Use of the audit report

This report is made solely to the Company's members as a body in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members as a body for our audit work, for this report, or for the opinions we have formed.




Craig Maxwell (Senior statutory auditor)

  
for and on behalf of

Mazars LLP
Chartered Accountants and Statutory Auditor 
Capital Square
58 Morrison Street
Edinburgh
EH3 8BP

26 February 2024
Page 7

 
ORIGIN FITNESS LIMITED
 
 
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 MARCH 2023

2023
2022
Note
£
£

  

Turnover
 4 
13,788,972
12,581,439

Cost of sales
  
(9,643,466)
(8,322,520)

Gross profit
  
4,145,506
4,258,919

Administrative expenses
  
(3,852,230)
(3,615,315)

Other operating income
 5 
22,045
22,456

Operating profit
 6 
315,321
666,060

Interest payable and expenses
 10 
(250,919)
(125,927)

Profit before tax
  
64,402
540,133

Tax on profit
 11 
1,411
(52,374)

Profit for the financial year
  
65,813
487,759

There was no other comprehensive income for 2023 (2022 - £Nil).

The notes on pages 11 to 29 form part of these financial statements.

Page 8

 
ORIGIN FITNESS LIMITED
REGISTERED NUMBER: SC339149

STATEMENT OF FINANCIAL POSITION
AS AT 31 MARCH 2023

2023
2022
Note
£
£

Fixed assets
  

Intangible fixed assets
 13 
446,260
365,752

Tangible fixed assets
 14 
160,278
52,391

  
606,538
418,143

Current assets
  

Stocks
 15 
5,867,179
5,920,983

Debtors
 16 
1,558,538
2,543,142

Cash and cash equivalents
 17 
104,488
711,637

  
7,530,205
9,175,762

Creditors: amounts falling due within one year
 18 
(5,964,028)
(7,418,876)

Net current assets
  
 
 
1,566,177
 
 
1,756,886

Total assets less current liabilities
  
2,172,715
2,175,029

Creditors: amounts falling due after more than one year
 19 
(65,296)
(972)

Provisions for liabilities
  

Deferred tax
 22 
(96,820)
(57,271)

  
 
 
(96,820)
 
 
(57,271)

Net assets
  
2,010,599
2,116,786


Capital and reserves
  

Called up share capital 
 23 
100
100

Profit and loss account
 24 
2,010,499
2,116,686

  
2,010,599
2,116,786


The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




P Bodger
Director

Date: 23 February 2024

The notes on pages 11 to 29 form part of these financial statements.

Page 9

 
ORIGIN FITNESS LIMITED
 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2023


Called up share capital
Profit and loss account
Total equity

£
£
£


At 1 April 2021
100
1,975,547
1,975,647


Comprehensive income for the year

Profit for the year
-
487,759
487,759


Transactions with owners

Dividends: Equity capital
-
(346,620)
(346,620)



At 1 April 2022
100
2,116,686
2,116,786


Comprehensive income for the year

Profit for the year
-
65,813
65,813


Transactions with owners

Dividends: Equity capital
-
(172,000)
(172,000)


At 31 March 2023
100
2,010,499
2,010,599


The notes on pages 11 to 29 form part of these financial statements.

Page 10

 
ORIGIN FITNESS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

1.


General information

Origin Fitness Limited is a private company limited by shares and is registered in Scotland. The Company's registered office is Alexandra House, 21 Cliftonhall Road, Newbridge, Edinburgh, EH28 8PW. The Company's registered number is SC339149.
The principal activity of the Company is providing the best in fitness equipment along with an expert gym design and installation service to customers spanning across all sectors.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the Company's accounting policies (see note 3).
Monetary amounts in these financial statements are rounded to the nearest £.
The following principal accounting policies have been applied:

 
2.2

Financial Reporting Standard 102 - reduced disclosure exemptions

The Company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":
the requirements of Section 7 Statement of Cash Flows;
the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d);
the requirements of Section 11 Financial Instruments paragraphs 11.42, 11.44 to 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and 11.48(c);
the requirements of Section 12 Other Financial Instruments paragraphs 12.26 to 12.27, 12.29(a), 12.29(b) and 12.29A;
the requirements of Section 33 Related Party Disclosures paragraph 33.7.

This information is included in the consolidated financial statements of Anytime Sports and Leisure Limited as at 31 March 2023 and these financial statements may be obtained from Alexandra House, 21 Cliftonhall Road, Newbridge, Edinburgh, EH28 8PW.

Page 11

 
ORIGIN FITNESS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

2.Accounting policies (continued)

 
2.3

Going concern

Coming out of the COVID-19 pandemic, the Company has focused on servicing the recovering fitness industry as well as stock management and supply chain, as these were impacted significantly with lead times and costs greatly increased. 
The Directors have constantly reviewed and managed all overheads as appropriate and revised financial forecasts regularly to account for any ongoing changes. Based on these forecasts, cash reserves of the Company, and the resilience of the fitness industry, the Directors believe that the Company will continue to meet its liabilities as they fall due. The financial statements have therefore been prepared on a going concern basis.

 
2.4

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in the Statement of Comprehensive Income except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of Comprehensive Income within 'finance income or costs'. All other foreign exchange gains and losses are presented in the Statement of Comprehensive Income within 'other operating income'.

Page 12

 
ORIGIN FITNESS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

2.Accounting policies (continued)

 
2.5

Turnover

Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Company and the turnover can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before turnover is recognised:

Sale of goods

Turnover from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of turnover can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Rendering of services

Turnover from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of turnover can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.6

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to Statement of Comprehensive Income on a straight line basis over the lease term. 
Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

 
2.7

Leased assets: the Company as lessor

Where assets leased to a third party give rights approximating to ownership (finance lease), the lessor recognises as a receivable an amount equal to the net investment in the lease i.e. the minimum lease payments receivable under the lease discounted at the interest rate implicit in the lease. This receivable is reduced as the lessee makes capital payments over the term of the lease.

A finance lease gives rise to two types of income: profit or loss equivalent to the profit or loss resulting from outright sale of the asset being leased, at normal selling prices, reflecting any applicable discounts, and finance income over the lease term.

Page 13

 
ORIGIN FITNESS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

2.Accounting policies (continued)

 
2.8

Research and development

In the research phase of an internal project it is not possible to demonstrate that the project will generate future economic benefits and hence all expenditure on research shall be recognised as an expense when it is incurred. Intangible assets are recognised from the development phase of a project if and only if certain specific criteria are met in order to demonstrate the asset will generate probable future economic benefits and that its cost can be reliably measured. The capitalised development costs are subsequently amortised on a straight-line basis over their useful economic lives, which range from 3 to 6 years.
If it is not possible to distinguish between the research phase and the development phase of an internal project, the expenditure is treated as if it were all incurred in the research phase only.

 
2.9

Government grants

Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to Statement of Comprehensive Income at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income.
Grants of a revenue nature are recognised in the Statement of Comprehensive Income in the same period as the related expenditure.

 
2.10

Finance costs

Finance costs are charged to Statement of Comprehensive Income over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.11

Borrowing costs

All borrowing costs are recognised in Statement of Comprehensive Income in the year in which they are incurred.

 
2.12

Pensions

Defined contribution pension plan
The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.
The contributions are recognised as an expense in Statement of Comprehensive Income when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of Financial Position. The assets of the plan are held separately from the Company in independently administered funds.

Page 14

 
ORIGIN FITNESS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

2.Accounting policies (continued)

 
2.13

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in the Statement of Comprehensive Incomes except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

 
2.14

Intangible fixed assets

Intangible fixed assets are initially recognised at cost. After recognition, under the cost model, intangible fixed assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.
All intangible fixed assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

 The estimated useful lives range as follows:

Research and development
-
4 years
Website
-
4 years

 
2.15

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Page 15

 
ORIGIN FITNESS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

2.Accounting policies (continued)


2.15
Tangible fixed assets (continued)

Depreciation is provided on the following basis:

Leasehold improvements
-
10%
Motor vehicles
-
25%
Fixtures & fittings
-
20%
Computer equipment
-
20%
Rental equipment
-
20%

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in Statement of Comprehensive Income.

 
2.16

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost comprises direct material and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present and location.
Stocks held for distribution at no or nominal consideration are measured at the lower of replacement cost and cost, adjusted where applicable for any loss of service potential.
At each reporting date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in Statement of Comprehensive Income.

 
2.17

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.18

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.19

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Page 16

 
ORIGIN FITNESS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

2.Accounting policies (continued)

 
2.20

Provisions for liabilities

Provisions are made where an event has taken place that gives the Company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.
Provisions are charged as an expense to the Statement of Comprehensive Income in the year that the Company becomes aware of the obligation, and are measured at the best estimate at the Statement of Financial Position date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.
When payments are eventually made, they are charged to the provision carried in the Statement of Financial Position.

 
2.21

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.

Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or in case of an out-right short-term loan that is not at market rate, the financial asset or liability is measured, initially at the present value of future cash flows discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost, unless it qualifies as a loan from a director in the case of a small company, or a public benefit entity concessionary loan.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of Comprehensive Income.

For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.

For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate of the recoverable amount, which is an approximation of the amount that the Company would receive for the asset if it were to be sold at the reporting date.

Financial assets and liabilities are offset and the net amount reported in the Statement of Financial Position when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Page 17

 
ORIGIN FITNESS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

2.Accounting policies (continued)

 
2.22

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.


3.


Judgements in applying accounting policies and key sources of estimation uncertainty

In the application of the Company's accounting policies, which are described in note 2, the Directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised, if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.
In the opinion of the Directors, the key judgement in the financial statements relates to the capitalisation of research and development costs as intangible assets, as this involves reviewing the available data to determine whether they meet the criteria to be capitalised. A key source of estimation uncertainty is determining the amortisation period of the capitalised intangible assets. The Directors assess this on a regular basis based on their knowledge of existing products and their life span.
A key source of estimation uncertainty is also deemed to be the uplift to stock value in relation to duty, freight, handling and warranty costs to ensure these are expensed when the stock items are sold rather than on purchase. This is calculated based on a percentage of these costs in relation to the cost of the stock items, and is reviewed on a regular basis to ensure the information used for the calculation is up to date.


4.


Turnover

An analysis of turnover by class of business is as follows:


2023
2022
£
£

Sale of equipment
13,091,576
11,960,409

Rental income
208,454
241,573

Service and warranties income
488,942
379,457

13,788,972
12,581,439


All turnover arose within the United Kingdom.

Page 18

 
ORIGIN FITNESS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

5.


Other operating income

2023
2022
£
£

Government grants receivable
-
22,456

Other services income
22,045
-

22,045
22,456



6.


Operating profit

The operating profit is stated after charging/(crediting):

2023
2022
£
£

Amortisation of intangible fixed assets
190,348
225,137

Depreciation of tangible fixed asets
58,771
78,038

Operating lease rentals - property
226,211
246,756

Operating lease rentals - other assets
129,868
41,053

Gain on disposal of tangible fixed assets
-
(65,380)


7.


Auditor's remuneration

2023
2022
£
£



Fees payable to the Company's auditor for the audit of the Company's annual financial statments
17,600
12,400

The Company has taken advantage of the exemption not to disclose amounts paid for non-audit services as these are disclosed in the consolidated accounts of the Parent Company.

Page 19

 
ORIGIN FITNESS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

8.


Employees

Staff costs, including Directors' remuneration, were as follows:


2023
2022
£
£

Wages and salaries
1,958,015
1,845,471

Social security costs
194,358
167,275

Cost of defined contribution scheme
182,377
306,853

2,334,750
2,319,599


The average monthly number of employees, including the Directors, during the year was as follows:


        2023
        2022
            No.
            No.







Administrative staff
8
6



Sales staff
36
38



Warehouse staff
17
11

61
55


9.


Directors' remuneration

2023
2022
£
£

Directors' emoluments
200,098
108,945

Company contributions to defined contribution pension schemes
56,926
105,297

257,024
214,242


During the year retirement benefits were accruing to 3 Directors (2022 - 2) in respect of defined contribution pension schemes.

The highest paid Director received remuneration of £98,759 (2022 - £11,352).

The value of the Company's contributions paid to a defined contribution pension scheme in respect of the highest paid Director amounted to £4,089 (2022 - £101,359).

Page 20

 
ORIGIN FITNESS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

10.


Interest payable and similar expenses

2023
2022
£
£


Bank interest payable
246,584
125,484

Finance leases and hire purchase contracts
4,335
443

250,919
125,927


11.


Taxation


2023
2022
£
£

Corporation tax


Current tax on profits for the year
(34,110)
86,052

Adjustments in respect of previous periods
(6,850)
-

Total current tax

(40,960)
86,052

Deferred tax


Origination and reversal of timing differences
39,549
(62,399)

Adjustments in respect of previous periods
-
28,721

Total deferred tax
39,549
(33,678)


Taxation on (loss)/profit on ordinary activities
(1,411)
52,374
Page 21

 
ORIGIN FITNESS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
 
11.Taxation (continued)


Factors affecting tax charge for the year

The tax assessed for the year is lower than (2022 - lower than) the standard rate of corporation tax in the UK of19% (2022 -19%). The differences are explained below:

2023
2022
£
£


Profit on ordinary activities before tax
64,403
540,133


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 19% (2022 - 19%)
12,237
102,625

Effects of:


Expenses not deductible for tax purposes
9,466
1,334

Fixed asset differences
(3,432)
7,649

Adjustment in R&D tax credit leading to a decrease in the tax charge
(23,228)
(72,979)

Remeasurement of deferred tax not recognised
9,206
13,745

Movement in deferred tax not recognised
1,190
-

Adjustments to tax charge in respect of prior periods
(6,850)
-

Total tax charge for the year
(1,411)
52,374


Factors that may affect future tax charges

The UK Government announced in the 2021 budget that from 1 April 2023, the rate of corporation tax in the United Kingdom would increase from 19% to 25%. Companies with profits of £50,000 or less would continue to be taxed at 19%, which was a new small profits rate. Where taxable profits were between £50,000 and £250,000, the higher 25% rate would apply but with a marginal relief applying as profits increased. Deferred tax is provided for at 25% as that was the substantively enacted rate at the reporting date.


12.


Dividends

2023
2022
£
£


Dividends on ordinary shares
172,000
346,620

Page 22

 
ORIGIN FITNESS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

13.


Intangible fixed assets




Research and development
Website
Total

£
£
£



Cost


At 1 April 2022
902,102
38,680
940,782


Additions
234,837
36,020
270,857


Disposals
(467,670)
-
(467,670)



At 31 March 2023

669,269
74,700
743,969



Amortisation


At 1 April 2022
563,456
11,574
575,030


Charge for the year
174,898
15,450
190,348


Disposals
(467,669)
-
(467,669)



At 31 March 2023

270,685
27,024
297,709



Net book value



At 31 March 2023
398,584
47,676
446,260



At 31 March 2022
338,646
27,106
365,752



Page 23

 
ORIGIN FITNESS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

14.


Tangible fixed assets





Leasehold improve-ments
Motor vehicles
Fixtures & fittings
Computer equipment
Rental equipment
Total

£
£
£
£
£
£



Cost


At 1 April 2022
11,310
40,613
59,421
43,281
57,129
211,754


Additions
7,613
91,792
39,118
28,157
5,974
172,654


Disposals
(6,032)
-
-
(22,281)
-
(28,313)


Transfers between classes
-
-
-
-
(20,050)
(20,050)



At 31 March 2023

12,891
132,405
98,539
49,157
43,053
336,045



Depreciation


At 1 April 2022
10,694
40,613
35,219
29,292
43,545
159,363


Charge for the year
594
22,947
11,770
10,436
13,024
58,771


Disposals
(6,032)
-
-
(22,281)
-
(28,313)


Transfers between classes
-
-
-
-
(14,054)
(14,054)



At 31 March 2023

5,256
63,560
46,989
17,447
42,515
175,767



Net book value



At 31 March 2023
7,635
68,845
51,550
31,710
538
160,278



At 31 March 2022
616
-
24,202
13,989
13,584
52,391

Rental equipment items with a net book value of £5,998 (2022 - £78,486) were transferred to stock during the year.

The net book value of assets held under finance leases or hire purchase contracts, included above, are as follows:


2023
2022
£
£



Motor vehicles
68,845
-

Rental equipment
537
13,584

69,382
13,584

Page 24

 
ORIGIN FITNESS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

15.


Stocks

2023
2022
£
£

Finished goods
5,867,179
5,920,983



16.


Debtors

2023
2022
£
£

Trade debtors
1,131,792
1,724,895

Other debtors
305,114
636,496

Prepayments and accrued income
121,632
181,751

1,558,538
2,543,142



17.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
104,488
711,637



18.


Creditors: Amounts falling due within one year

2023
2022
£
£

Bank loans (note 20)
3,644,144
4,496,864

Other loans (note 20)
972
73,541

Trade creditors
635,210
621,343

Amounts owed to group undertakings (note 28)
3,449
3,449

Corporation tax
-
89,359

Other taxation and social security
461,285
615,428

Obligations under finance lease and hire purchase contracts (note 21)
12,259
-

Other creditors
444,762
451,783

Accruals and deferred income
761,947
1,067,109

5,964,028
7,418,876


Amounts owed to group undertakings are unsecured, interest free and repayable on demand. 

Page 25

 
ORIGIN FITNESS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

19.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Bank loans (note 20)
-
972

Obligations under finance leases and hire purchase contracts (note 21)
65,296
-

65,296
972



20.


Loans


Analysis of the maturity of loans is given below:


2023
2022
£
£

Amounts falling due within one year

Bank loans
3,644,144
4,496,864

Other loans
972
73,541

Amounts falling due 1-2 years

Bank loans
-
972

3,645,116
4,571,377


At end of prior year, there was an outstanding term loan of £68k. This was fully repaid in December 2022.
The import loan (£3.6m outstanding at year end (2022 - £4.5m)) is a trading balance which fluctuates based on trading requirements.
The other loan (£1k outstanding at year end (2022 - £7k)) is repayable in instalments and is an interest free Energy Saving Trust loan.
The Company's bankers hold a floating charge over the assets of the Company and a general letter of pledge. The composite company unlimited multilateral guarantee is between Origin Fitness Limited and Anytime Sports and Leisure Limited.
There is a guarantee in favour of HMRC for £200,000.

Page 26

 
ORIGIN FITNESS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

21.


Hire purchase


Minimum lease payments under hire purchase fall due as follows:

2023
2022
£
£


Within one year
12,259
-

Between 1-5 years
65,296
-

77,555
-

Hire purchase liabilities are secured on the assets to which they relate.


22.


Deferred taxation




2023


£






At beginning of year
(57,271)


Charged to the Statement of Comprehensive Income
(39,549)



At end of year
(96,820)

The provision for deferred taxation, which is calculated at 25% (2022 - 25%) is made up as follows:

2023
2022
£
£


Fixed asset timing differences
(103,251)
(59,796)

Short term timing differences
6,431
2,525

(96,820)
(57,271)


23.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



100 (2022 - 100) Ordinary shares of £1.00 each
100
100


Ordinary shares rank pari passu in all respects.


Page 27

 
ORIGIN FITNESS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

24.


Reserves

Profit & loss account

This reserve includes all current and prior periods retained profits and losses, net of dividends paid.


25.


Pension commitments

The Company makes payments to a pension plan. The pension cost charge represents contributions payable by the Company to the plans and amounted to £182,377 (2022 - £306,853). Contributions totalling £35,947 (2022 - £10,102) were payable to the plans at the reporting date and are included in other creditors.


26.


Commitments under operating leases

At 31 March 2023 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2023
2022
£
£

Land and buildings


Not later than 1 year
138,984
246,756

Later than 1 year and not later than 5 years
248,016
324,996

Later than 5 years
87,839
87,839

474,839
659,591

2023
2022

£
£

Other


Not later than 1 year
151,093
160,800

Later than 1 year and not later than 5 years
252,353
159,092

403,446
319,892


27.


Future minimum lease receipts under non-cancellable operating leases

2023
2022
£
£



Not later than 1 year
101,671
99,683

Later than 1 year and not later than 5 years
211,873
226,602

313,544
326,285

Page 28

 
ORIGIN FITNESS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

28.


Related party transactions

As a wholly owned subsidiary of Anytime Sports and Leisure Limited, the Company has taken advantage of the exemption provided by FRS102 s33.1A whereby disclosures need not to be given of transactions entered into two or more members of a group provided that any subsidiary which is party to the transaction is wholly owned by such a member.
Included within other creditors (note 18) is £50,000 (2022 - £30,000) owed to P Bodger, a Director of the Company. Also included within other creditors is £50,000 (2022 - £30,000) owed to the spouse of a Director. These balances are unsecured, interest free and repayable on demand.
Included within other debtors (note 16) is £14,500 (2022 - £20,000) owed by L Hepburn, a Director of the Company. These balances are unsecured, interest free and payable on demand.


29.


Ultimate parent undertaking and controlling party

The immediate and ultimate parent undertaking of the Company is Anytime Sports and Leisure Limited, a company registered in Scotland which is the smallest and largest group of companies for which group financial statements are prepared. Copies of these accounts are available to the public from Companies House, Crown Way, Cardiff, CF14 3UZ. 
In the opinion of the Directors, the Company has no ultimate controlling party.

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