Company registration number 09752688 (England and Wales)
EGYM UK LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
PAGES FOR FILING WITH REGISTRAR
EGYM UK LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 6
EGYM UK LIMITED
BALANCE SHEET
AS AT 31 DECEMBER 2023
31 December 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
4
62,482
29,042
Current assets
Stocks
-
40,383
Debtors falling due after more than one year
5
231,922
347,661
Debtors falling due within one year
5
2,424,893
1,160,957
Cash at bank and in hand
236,357
349,904
2,893,172
1,898,905
Creditors: amounts falling due within one year
6
(530,205)
(207,413)
Net current assets
2,362,967
1,691,492
Total assets less current liabilities
2,425,449
1,720,534
Creditors: amounts falling due after more than one year
7
(5,604,975)
(4,772,638)
Net liabilities
(3,179,526)
(3,052,104)
Capital and reserves
Called up share capital
8
1
1
Profit and loss reserves
(3,179,527)
(3,052,105)
Total equity
(3,179,526)
(3,052,104)
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 31 July 2024 and are signed on its behalf by:
P S Meininger
Director
Company registration number 09752688 (England and Wales)
EGYM UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 2 -
1
Accounting policies
Company information
eGym UK Limited is a private company limited by shares incorporated in England and Wales. The registered office is 9th Floor 107 Cheapside, London, EC2V 6DN.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Going concern
The financial statements have been prepared on a going concern basis, dependent on the continued support of its parent company. Written support from the parent company has been provided. trueThe parent company continues to be in a net asset position, allowing it to support the company when necessary. Management have prepared forecasts for the 2024 financial year in which the entity is expected to generate profits before tax which will reduce the net liability position.
Based on this information and the ongoing support from the parent company, the company continues to adopt the going concern basis in preparing these financial statements.
1.3
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
1.4
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Plant and machinery
straight line over 5 years
Computer equipment
straight line over 3-5 years
Motor vehicles
straight line over 4 years
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.5
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
EGYM UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 3 -
1.6
Financial instruments
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
1.7
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.8
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
EGYM UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 4 -
1.9
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.10
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.11
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, 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 where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
11
12
EGYM UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 5 -
4
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 January 2023
84,512
Additions
52,933
At 31 December 2023
137,445
Depreciation and impairment
At 1 January 2023
55,470
Depreciation charged in the year
19,493
At 31 December 2023
74,963
Carrying amount
At 31 December 2023
62,482
At 31 December 2022
29,042
5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
2,124,687
626,772
Other debtors
300,206
534,185
2,424,893
1,160,957
2023
2022
Amounts falling due after more than one year:
£
£
Deferred tax asset
231,922
347,661
Total debtors
2,656,815
1,508,618
6
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
36,970
4,516
Taxation and social security
296,420
113,294
Other creditors
196,815
89,603
530,205
207,413
EGYM UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 6 -
7
Creditors: amounts falling due after more than one year
2023
2022
£
£
Amounts owed to group undertakings
5,604,975
4,772,638
8
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and not fully paid
Ordinary share of £1 each
1
1
1
1
9
Audit report information
As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:
The auditor's report was unqualified.
Senior Statutory Auditor:
Tracey Wickens
Statutory Auditor:
MGI Midgley Snelling LLP
Date of audit report:
31 July 2024
10
Financial commitments, guarantees and contingent liabilities
The company operates a defined pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.
As at 31 December 2023, commitments of £NIL (2022: £1,139) remain outstanding and are shown within other creditors.
11
Parent company
eGym AG (formally known as eGym Gmbh), incorporated in Germany, is regarded by the directors as being the company's ultimate parent company. eGym AG heads up the smallest and largest group financial statements in which the company has been consolidated. Copies of consolidated financial statements can be obtained from Einsteinstrasse 172, 81677 Munich, Germany.