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Registered number: 07806854









BARRY'S BOOTCAMP LTD









ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2022

 
BARRY'S BOOTCAMP LTD
 
 
COMPANY INFORMATION


Directors
A K Macaskill 
J Macaskill 




Registered number
07806854



Registered office
163 Euston Road

London

England

NW1 2BH




Independent auditors
Hillier Hopkins LLP
Chartered Accountants & Statutory Auditor

45 Pall Mall

London

SW1Y 5JG





 
BARRY'S BOOTCAMP LTD
 

CONTENTS



Page
Strategic Report
 
 
1 - 2
Directors' Report
 
 
3 - 4
Independent Auditors' Report
 
 
5 - 8
Statement of Income and Retained Earnings
 
 
9
Balance Sheet
 
 
10
Notes to the Financial Statements
 
 
11 - 25


 
BARRY'S BOOTCAMP LTD
 
 
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2022

Introduction
 
Barry's Bootcamp Ltd specialises in the provision of fitness facilities. 

Business review
 
Barry’s Bootcamp was still effected by COVID-19 in 2022, with all studios being affected by a slow return in attendance. 
The company’s loss for the financial period was £903,397 (2021: £1,295,554). No dividend was paid during the year.
The loss in 2022 is a direct impact of a slow recovery post Covid. When studios opened, revenue levels gradually increased, and this growth continued in to 2023. 

Principal risks and uncertainties
 
The company’s principal risk going forward is the reduced number of paid attendees. In order to increase the attendees and therefore revenue, the business has:
Studio – Opened a new studio in Liverpool – Expected performance to be good but market was still to be determined
Advertising – Increased spend on marketing in order to attract more customers

During the year, this risk was mitigated as much as possible with the following cost control initiatives:
Rent – Rent concessions were confirmed for several studios at different rates in 2021 which ended during 2022
Rates – Currently benefitting from business rates relief
Opex – Spending caps were set for all major variable costs
Controls – Tighter controls have been implemented to cut unnecessary spending

Financial key performance indicators
 
The company’s key financial and other performance indicators as at the 31st of December 2022 were as follows:
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The studios listed above represent the company’s operating studios in the following locations: Central (Euston), East (Old Street), West (Queensway), SW1 (Victoria), Manchester, Liverpool, Canary Wharf, St Paul’s and Soho.

Page 1

 
BARRY'S BOOTCAMP LTD
 

STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022


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



................................................
J Macaskill
Director

Date: 13 March 2024

Page 2

 
BARRY'S BOOTCAMP LTD
 
 
 
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2022

The directors present their report and the financial statements for the year ended 31 December 2022.

Results and dividends

The loss for the year, after taxation, amounted to £903,397 (2021 - loss £1,295,554).

No dividends were declared during the year (2021 - £nil).

Directors

The directors who served during the year were:

A K Macaskill 
J Macaskill 

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 judgments 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 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.

Future developments

The directors aim to maintain the management policies currently in place. No significant changes are anticipated.

Page 3

 
BARRY'S BOOTCAMP LTD
 
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022

Disclosure of information to auditors

Each of the persons who are directors at the time when this Directors' Report is approved has confirmed that:
 
so far as the director is aware, there is no relevant audit information of which the Company's auditors are unaware, and

the director has 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.

Post balance sheet events

There have been no significant events affecting the Company since the year end.

Auditors

The auditorsHillier Hopkins 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.
 





................................................
J Macaskill
Director

Date: 13 March 2024

Page 4

 
BARRY'S BOOTCAMP LTD
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF BARRY'S BOOTCAMP LTD
 

Opinion


We have audited the financial statements of Barry's Bootcamp Ltd (the 'Company') for the year ended 31 December 2022, which comprise the Statement of Income and Retained Earnings, the Balance Sheet and the related notes, including a summary of significant accounting policiesThe financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 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 December 2022 and of its loss 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 Auditors' 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 United Kingdom, including the Financial Reporting Council'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 5

 
BARRY'S BOOTCAMP LTD
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF BARRY'S BOOTCAMP LTD (CONTINUED)


Other information


The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' Report thereon. The directors are responsible for the other information contained within the Annual ReportOur 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.


Opinion 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 the 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.


Responsibilities of directors
 

As explained more fully in the Directors' Responsibilities Statement set out on page 3, 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 either intend to liquidate the Company or to cease operations, or have no realistic alternative but to do so.


Page 6

 
BARRY'S BOOTCAMP LTD
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF BARRY'S BOOTCAMP LTD (CONTINUED)


Auditors' 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 Auditors' 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.


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. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

assess the nature of the industry and sector, control environment and business performance including the remuneration incentives and pressures of key management;

the primary responsibility for the prevention and detection of fraud rests with both those charged with governance of the entity and management. We consider the results of our enquiries of management, about their own identification and assessment of the risks of irregularities;

any matters we identified having obtained and reviewed the Company’s documentation of their policies and procedures relating to:
°identifying, evaluating and complying with laws and regulations and whether they were aware of any instances of non-compliance;
°detecting and responding to the risks of fraud and whether they have knowledge of any actual, suspected or alleged fraud;
°the internal controls established to mitigate risks of fraud or non-compliance with laws and regulations;

the matters discussed among the audit engagement team regarding how and where fraud might occur in the financial statements and any potential indicators of fraud.

As a result of these procedures, we considered the opportunities and incentives that may exist within the organisation for fraud and identified the greatest potential for fraud. In common with all audits under ISAs (UK), we are also required to perform specific procedures to respond to the risk of management override, including testing journals and evaluating whether there was evidence of bias by the directors that represented a risk of material misstatement due to fraud. 
We also obtained an understanding of the legal and regulatory frameworks that the Company operates in, focusing on provisions of those laws and regulations that had a direct effect on the determination of material amounts and disclosures in the financial statements. We focused on laws and regulations that could give rise to a material misstatement in the financial statements, including, but not limited to, the Companies Act 2006, and relevant tax legislation.


Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.


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
Page 7

 
BARRY'S BOOTCAMP LTD
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF BARRY'S BOOTCAMP LTD (CONTINUED)


Auditors' Report.


Use of our 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 2006Our 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 Auditors' 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.





Michael Jacoby FCA (Senior Statutory Auditor)
  
for and on behalf of
Hillier Hopkins LLP
 
Chartered Accountants
Statutory Auditor
  
45 Pall Mall
London
SW1Y 5JG

13 March 2024
Page 8

 
BARRY'S BOOTCAMP LTD
 
 
STATEMENT OF INCOME AND RETAINED EARNINGS
FOR THE YEAR ENDED 31 DECEMBER 2022

2022
2021
Note
£
£

  

Turnover
 4 
11,133,101
6,147,114

Cost of sales
  
(3,266,445)
(1,772,098)

Gross profit
  
7,866,656
4,375,016

Administrative expenses
  
(9,007,077)
(6,468,733)

Other operating income
 5 
-
790,403

Operating loss
 6 
(1,140,421)
(1,303,314)

Interest payable and similar expenses
 10 
(66,827)
(46,085)

Loss before tax
  
(1,207,248)
(1,349,399)

Tax on loss
 11 
303,851
53,845

Loss after tax
  
(903,397)
(1,295,554)

  

  

Retained earnings at the beginning of the year
  
588,819
1,884,373

  
588,819
1,884,373

Loss for the year
  
(903,397)
(1,295,554)

Retained earnings at the end of the year
  
(314,578)
588,819
The notes on pages 11 to 25 form part of these financial statements.

Page 9

 
BARRY'S BOOTCAMP LTD
REGISTERED NUMBER: 07806854

BALANCE SHEET
AS AT 31 DECEMBER 2022

2022
2021
Note
£
£

Fixed assets
  

Tangible assets
 12 
2,746,203
4,317,175

  
2,746,203
4,317,175

Current assets
  

Stocks
 13 
130,537
4,656

Debtors: amounts falling due within one year
 14 
1,464,333
1,169,008

Cash at bank and in hand
 15 
1,983,887
1,745,121

  
3,578,757
2,918,785

Creditors: amounts falling due within one year
 16 
(4,842,508)
(4,296,338)

Net current liabilities
  
 
 
(1,263,751)
 
 
(1,377,553)

Total assets less current liabilities
  
1,482,452
2,939,622

Creditors: amounts falling due after more than one year
 17 
(1,747,030)
(2,300,803)

  

Net (liabilities)/assets
  
(264,578)
638,819


Capital and reserves
  

Called up share capital 
 21 
50,000
50,000

Profit and loss account
 22 
(314,578)
588,819

  
(264,578)
638,819


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




................................................
J Macaskill
Director

Date: 13 March 2024

The notes on pages 11 to 25 form part of these financial statements.

Page 10

 
BARRY'S BOOTCAMP LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

1.


General information

Barry's Bootcamp Ltd is a private company, limited by shares, registered in England and Wales. The Company's registered office address is 163 Euston Road, London, NW1 2BH. 
The principal activity of the Company is the provision of fitness facilities.

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 judgment in applying the Company's accounting policies (see note 3).

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 Barry's Bootcamp UK Limited as at 31 December 2022 and these financial statements may be obtained from Companies House.

 
2.3

Going concern

The financial statements have been prepared on a going concern basis which assumes the company's ability to continue trading (and thus pay its debts as they fall due) for the foreseeable future.
Without creating a contractual obligation, the US investor and franchisor has stated its intention to provide financial support to the Company as may reasonably be required in order for it to continue its activities and pay its debts as they fall due for the foreseeable future. Therefore the directors are satisfied that the going concern basis is appropriate for the preparation of the financial statements.

Page 11

 
BARRY'S BOOTCAMP LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

2.Accounting policies (continued)

 
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 profit or loss 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 Income and Retained Earnings within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

 
2.5

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.
Revenue from studio classes is recognised on the date the class takes place. 
Revenue from fuel bar sales and retail sales is recognised when the goods are transferred to the customer.

Page 12

 
BARRY'S BOOTCAMP LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

2.Accounting policies (continued)

 
2.6

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to profit or loss 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.

Temporary rent concessions occurring as a direct consequence of the COVID-19 pandemic have been recognised on a systematic basis over the periods that the change in lease payments is intended to compensate. This is conditional on:

the change in lease payments resulting in revised consideration for the lease that is less than the consideration for the lease immediately preceding the change;
any reduction in lease payments affecting only payments originally due on or before 30 June 2022;
there being no significant change to other terms and conditions of the lease.

 
2.7

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 profit or loss 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 Income and Retained Earnings in the same period as the related expenditure.

 
2.8

Finance costs

Finance costs are charged to profit or loss 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.

 
2.9

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

 
2.10

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 profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds.

Page 13

 
BARRY'S BOOTCAMP LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

2.Accounting policies (continued)

 
2.11

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss 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 balance sheet 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 balance sheet 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 balance sheet date.

 
2.12

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.

Depreciation is provided on the following basis:

Fixtures and fittings
-
20%
straight line
Leasehold improvements
-
20%
straight line

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 profit or loss.

Page 14

 
BARRY'S BOOTCAMP LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

2.Accounting policies (continued)

 
2.13

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 is based on the cost of purchase on a weighted average basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet 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 profit or loss.

 
2.14

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.

 
2.15

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.

 
2.16

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.

 
2.17

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the Company's Balance Sheet when the Company becomes party to the contractual provisions of the instrument.

Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, 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.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

Impairment of financial assets

Financial assets are assessed for indicators of impairment at each reporting date. 

Page 15

 
BARRY'S BOOTCAMP LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

2.Accounting policies (continued)


2.17
Financial instruments (continued)

Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.

If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.

Financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instruments any contract that evidences a residual interest in the assets of the Company after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.


3.


Judgments in applying accounting policies and key sources of estimation uncertainty

The preparation of the financial statements in conformity with generally accepted accounting principles requires the directors to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results in the future could differ from those estimates. In this regard, the directors believe that the critical accounting policies where judgments or estimations are necessarily applied are summarised below.
Depreciation and residual value
The directors have reviewed the asset lives and associated residual values of all fixed assets, and have concluded that asset lives and residual values are appropriate.
Deferred tax
Deferred tax assets are raised to the extent that it is probable that future taxable profit will be available against which the unused tax losses and unused tax credits can be utilised. Assessment of future taxable profit is performed at every reporting date.

Page 16

 
BARRY'S BOOTCAMP LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

4.


Turnover

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


2022
2021
£
£

Studio classes
10,118,067
5,621,571

Retail merchandise
218,061
105,338

Fuel bar
796,973
420,205

11,133,101
6,147,114


Analysis of turnover by country of destination:

2022
2021
£
£

United Kingdom
11,133,101
6,147,114

11,133,101
6,147,114



5.


Other operating income

2022
2021
£
£

Government grants receivable
-
790,403

-
790,403



6.


Operating loss

The operating loss is stated after charging:

2022
2021
£
£

Exchange differences
28,837
(36,469)

Other operating lease rentals
1,511,527
749,379

Page 17

 
BARRY'S BOOTCAMP LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

7.


Auditors' remuneration

During the year, the Company obtained the following services from the Company's auditors:


2022
2021
£
£

Fees payable to the Company's auditors for the audit of the Company's financial statements

25,850
22,500


8.


Employees

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


2022
2021
£
£

Wages and salaries
4,653,390
3,358,997

Social security costs
240,755
178,394

Cost of defined contribution scheme
45,063
35,727

4,939,208
3,573,118


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


        2022
        2021
            No.
            No.







Employees
152
124


9.


Directors' remuneration

2022
2021
£
£

Directors' emoluments
200,000
177,146

Company contributions to defined contribution pension schemes
2,635
2,452

202,635
179,598


During the year retirement benefits were accruing to 2 directors (2021 - 2) in respect of defined contribution pension schemes.

Page 18

 
BARRY'S BOOTCAMP LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

10.


Interest payable and similar expenses

2022
2021
£
£


Bank interest payable
65,112
21,409

Other loan interest payable
-
22,961

Finance leases and hire purchase contracts
1,715
1,715

66,827
46,085


11.


Taxation


2022
2021
£
£

Corporation tax


Adjustments in respect of previous periods
(6,812)
29,546


Total current tax
(6,812)
29,546

Deferred tax


Origination and reversal of timing differences
(297,039)
(83,391)

Total deferred tax
(297,039)
(83,391)


Taxation on loss on ordinary activities
(303,851)
(53,845)
Page 19

 
BARRY'S BOOTCAMP LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
 
11.Taxation (continued)


Factors affecting tax charge for the year

The tax assessed for the year is higher than (2021 - higher than) the standard rate of corporation tax in the UK of 19% (2021 - 19%). The differences are explained below:

2022
2021
£
£


Loss on ordinary activities before tax
(1,207,248)
(1,349,399)


(Loss)/profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 19% (2022 - 19%)
(229,377)
(256,386)

Effects of:


Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
-
1,186

Adjustments to tax charge in respect of prior periods
(6,812)
29,546

Unrelieved tax losses carried forward
(67,662)
171,809

Total tax charge for the year
(303,851)
(53,845)


Factors that may affect future tax charges

With effect from 1 April 2023 there is an increase in the main rate of UK corporation tax to 25 per cent for businesses with profits greater than £250,000. Businesses with profits of £50,000 or less will continue to be taxed at 19% with marginal relief for profits up to £250,000.

Page 20

 
BARRY'S BOOTCAMP LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

12.


Tangible fixed assets





Fixtures and fittings
Other fixed assets
Total

£
£
£



Cost or valuation


At 1 January 2022
5,512,975
6,254,080
11,767,055


Additions
45,311
148,955
194,266



At 31 December 2022

5,558,286
6,403,035
11,961,321



Depreciation


At 1 January 2022
3,893,468
3,556,412
7,449,880


Charge for the year on owned assets
730,944
1,034,294
1,765,238



At 31 December 2022

4,624,412
4,590,706
9,215,118



Net book value



At 31 December 2022
933,874
1,812,329
2,746,203



At 31 December 2021
1,619,507
2,697,668
4,317,175

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


2022
2021
£
£



Furniture, fittings and equipment
30,735
92,205

30,735
92,205


13.


Stocks

2022
2021
£
£

Finished goods and goods for resale
130,537
4,656

130,537
4,656


Page 21

 
BARRY'S BOOTCAMP LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

14.


Debtors

2022
2021
£
£


Trade debtors
26,849
78,946

Other debtors
653,161
826,627

Prepayments and accrued income
369,421
145,572

Deferred taxation (note 20)
414,902
117,863

1,464,333
1,169,008



15.


Cash and cash equivalents

2022
2021
£
£

Cash at bank and in hand
1,983,887
1,745,121

1,983,887
1,745,121



16.


Creditors: Amounts falling due within one year

2022
2021
£
£

Bank loans
525,000
483,333

Trade creditors
732,666
640,814

Corporation tax
300
-

Other taxation and social security
485,575
413,022

Obligations under finance lease and hire purchase contracts
22,208
65,374

Other creditors
299,348
7,962

Accruals and deferred income
2,777,411
2,685,833

4,842,508
4,296,338


Page 22

 
BARRY'S BOOTCAMP LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

17.


Creditors: Amounts falling due after more than one year

2022
2021
£
£

Bank loans
925,000
1,450,000

Net obligations under finance leases and hire purchase contracts
-
17,047

Accruals and deferred income
822,030
833,756

1,747,030
2,300,803


The bank loans are secured by fixed and floating charges over the company’s assets.


18.


Loans


Analysis of the maturity of loans is given below:


2022
2021
£
£

Amounts falling due within one year

Bank loans
525,000
483,333

Amounts falling due 1-2 years

Bank loans
525,000
525,000

Amounts falling due 2-5 years

Bank loans
400,000
925,000


1,450,000
1,933,333



19.


Hire purchase and finance leases


Minimum lease payments under hire purchase fall due as follows:

2022
2021
£
£


Within one year
17,047
68,639

Between 1-5 years
-
16,696

17,047
85,335

Page 23

 
BARRY'S BOOTCAMP LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

20.


Deferred taxation




2022


£






At beginning of year
117,863


Charged to profit or loss
297,039



At end of year
414,902

The deferred tax asset is made up as follows:

2022
2021
£
£


Accelerated capital allowances
226,330
117,863

Tax losses carried forward
183,772
-

Other timing differences
4,800
-

414,902
117,863


21.


Share capital

2022
2021
£
£
Allotted, called up and fully paid



50,000 (2021 - 50,000) Ordinary shares of £1.00 each
50,000
50,000



22.


Reserves

Profit and loss account

The profit and loss account includes all current and prior period retained profits and losses.


23.


Pension commitments

The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £45,063 (2021 - £35,727). No contributions £19,199 (2021 - £nil) were payable to the fund at the balance sheet date.

Page 24

 
BARRY'S BOOTCAMP LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

24.


Commitments under operating leases

At 31 December 2022 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2022
2021
£
£


Not later than 1 year
1,347,663
1,300,163

Later than 1 year and not later than 5 years
5,249,052
5,081,252

Later than 5 years
4,796,291
5,676,754

11,393,006
12,058,169


25.


Related party transactions

During the year, the Company made purchases totalling £11,116 (2021 - £68,342) from a company under common control. At the balance sheet date £nil (2021 - £nil) was outstanding.
During the year, the Company made purchases totalling £nil (2021 - £23,926) from an individual related to a director. At the balance sheet date £nil (2021 - £nil) was outstanding.
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland", not to disclose related party transactions with wholly owned subsidiaries within the group.


26.


Controlling party

The immediate parent company is Barry's Bootcamp UK Limited
The smallest and largest group in which the results of the Company are included are the consolidated accounts of Barry's Bootcamp UK Limited. These are available to the public and may be obtained from:
163 Euston Road
London
NW1 2BH
 
Page 25