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REGISTERED NUMBER: 03462245 (England and Wales)


















GROUP STRATEGIC REPORT,

REPORT OF THE DIRECTORS AND

CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023

FOR

FX LEISURE LIMITED

FX LEISURE LIMITED (REGISTERED NUMBER: 03462245)






CONTENTS OF THE CONSOLIDATED FINANCIAL STATEMENTS
for the Year Ended 31 December 2023




Page

Company Information 1

Group Strategic Report 2

Report of the Directors 4

Report of the Independent Auditors 5

Consolidated Statement of Comprehensive Income 9

Consolidated Statement of Financial Position 10

Company Statement of Financial Position 11

Consolidated Statement of Changes in Equity 12

Company Statement of Changes in Equity 13

Consolidated Statement of Cash Flows 14

Notes to the Consolidated Statement of Cash Flows 15

Notes to the Consolidated Financial Statements 16


FX LEISURE LIMITED

COMPANY INFORMATION
for the Year Ended 31 December 2023







DIRECTORS: A J Taylor
S J Taylor
K Belshaw
K Carter



SECRETARY: K Carter



REGISTERED OFFICE: King Street
Leyland
Lancashire
PR25 2LF



REGISTERED NUMBER: 03462245 (England and Wales)



AUDITORS: Fairhurst
Statutory Auditors
Chartered Accountants
Douglas Bank House
Wigan Lane
Wigan
Lancashire
WN1 2TB



BANKERS: Natwest Bank plc
PO Box 68
4 Standishgate
Wigan
WN2 2EL

FX LEISURE LIMITED (REGISTERED NUMBER: 03462245)

GROUP STRATEGIC REPORT
for the Year Ended 31 December 2023

The directors present their strategic report of the company and the group for the year ended 31 December 2023.

REVIEW OF BUSINESS
The group continues to operate in the gym and leisure sector operating from seven facilities under the "Gymetc" brand and a leisure facility based in Warrington, operating through the subsidiary company under the brand name "Athelis".

Results and Performance
The results of the group show a profit on ordinary activities after tax of £2,527k (2022- £2,179k), on turnover of £12.2 million (2022- £10.9 million).

The group continues to provide an exceptional gym experience in stylish surroundings coupled with a varied and exciting range of fitness classes at affordable prices. In addition, we have continued with our policy of re-investing in the latest gym equipment throughout the year.

As a consequence, at 31 December 2023 group total membership had grown to 27,126 (2022-26,505) and is continuing to grow in 2024.

Strategy
The group's success is based on providing excellent leisure facilities and equipment at price levels our competitors find difficult to compete with. This involves continued investment in the most up to date technology and improvements to our clubs so that our members can continue to enjoy the best facilities.

We will continue to consolidate our position and concentrate on achieving the maximum growth in our market sector through membership increases and retention and improved efficiencies whilst maintaining the service to our members we pride ourselves on.

In view of the challenges presented to the business post Covid-19 the Directors are pleased with the resilience shown by the company with overall revenue increased by £1.3 million to £12.2 million with EBITDA rising to £4,880k (2022- £4,190k).

We will continue to look to expand the business through organic growth but are also prepared to invest further both through the building of another club, should a suitable site be available and by expansion of existing clubs.

KPI's 2023 2022

£'000s £'000s

Turnover 12,181 10,892

EBITDA 4,880 4,190

Number of Members 27,126 26,505


FX LEISURE LIMITED (REGISTERED NUMBER: 03462245)

GROUP STRATEGIC REPORT
for the Year Ended 31 December 2023

PRINCIPAL RISKS AND UNCERTAINTIES
The energy crisis which has caused unprecedented rises in supply costs of both gas and electricity looks likely to continue throughout 2024. In addition, other inflationary costs particularly wages will impact performance in 2024.

Competitor activity is a threat all businesses must contend with but we are confident that our facilities and pricing structure will enable us to manage these risks.

ON BEHALF OF THE BOARD:





K Carter - Secretary


16 September 2024

FX LEISURE LIMITED (REGISTERED NUMBER: 03462245)

REPORT OF THE DIRECTORS
for the Year Ended 31 December 2023

The directors present their report with the financial statements of the company and the group for the year ended 31 December 2023.

PRINCIPAL ACTIVITY
The principal activity of the group in the year under review was that of the provision of fitness and leisure facilities.

DIVIDENDS
No dividends will be distributed for the year ended 31 December 2023.

DIRECTORS
The directors shown below have held office during the whole of the period from 1 January 2023 to the date of this report.

A J Taylor
S J Taylor
K Belshaw
K Carter

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Group Strategic Report, the Report of the Directors 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 United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law), 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 the group and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:

- select suitable accounting policies and then apply them consistently;
- make judgements 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 and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the group's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the group's auditors are aware of that information.

ON BEHALF OF THE BOARD:



K Carter - Secretary


16 September 2024

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
FX LEISURE LIMITED

Opinion
We have audited the financial statements of FX Leisure Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 December 2023 which comprise the Consolidated Statement of Comprehensive Income, Consolidated Statement of Financial Position, Company Statement of Financial Position, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Statement of Cash Flows and Notes to the Consolidated Statement of Cash Flows, 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 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 group's and of the parent company affairs as at 31 December 2023 and of the group's 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 Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the group 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 group's and the parent 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.

Other information
The directors are responsible for the other information. The other information comprises the information in the Group Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

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.

In connection with our audit of the financial statements, 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 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 Group Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Group Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
FX LEISURE LIMITED


Matters on which we are required to report by exception
In the light of the knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or
- the parent company 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 Statement of Directors' Responsibilities set out on page four, 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 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 group's and the parent 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 group or the parent company or to cease operations, or have no realistic alternative but to do so.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
FX LEISURE LIMITED


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 a Report of the Auditors 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:

- we identified the laws and regulations applicable to the group through discussions with directors and other management, focusing on those that had a direct effect on the financial statements or that had a fundamental effect on it's operations. Key laws and regulations that we identified included the UK Companies Act, tax legislation, employment legislation, Health and Safety and hygiene regulations.

- we enquired of the directors and reviewed correspondence with HMRC for evidence of non-compliance with laws and regulations. We also reviewed controls the directors have in place to ensure compliance.

We assessed the susceptibility of the Group's financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:

- making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and

- considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.

- performed analytical procedures to identify any unusual or unexpected relationships;

- tested journal entries to identify unusual transactions;

- assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias.

- we reviewed financial statements disclosures and tested to supporting documentation to assess compliance with relevant laws and regulations discussed above;

- we enquired of the directors about actual and potential litigation and claims.

Due to inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. For example, as with any audit, there remained a higher risk of non-detection of irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls. We are not responsible for preventing fraud or non-compliance with laws and regulations and cannot be expected to detect all fraud and non-compliance with laws and regulations.

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 Report of the Auditors.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
FX LEISURE LIMITED


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 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 a Report of the Auditors 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.




John B S Fairhurst BA (Hons) FCA (Senior Statutory Auditor)
for and on behalf of Fairhurst
Statutory Auditors
Chartered Accountants
Douglas Bank House
Wigan Lane
Wigan
Lancashire
WN1 2TB

16 September 2024

FX LEISURE LIMITED (REGISTERED NUMBER: 03462245)

CONSOLIDATED
STATEMENT OF COMPREHENSIVE
INCOME
for the Year Ended 31 December 2023

2023 2022
Notes £    £   

TURNOVER 12,181,338 10,892,371

Cost of sales 3,316,687 2,994,235
GROSS PROFIT 8,864,651 7,898,136

Administrative expenses 5,033,677 4,864,293
3,830,974 3,033,843

Other operating income 133,853 129,985
OPERATING PROFIT 3,964,827 3,163,828

Interest receivable and similar income 2,856 2,482
3,967,683 3,166,310

Interest payable and similar expenses 4 597,681 468,220
PROFIT BEFORE TAXATION 5 3,370,002 2,698,090

Tax on profit 6 843,333 518,591
PROFIT FOR THE FINANCIAL YEAR 2,526,669 2,179,499

OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

2,526,669

2,179,499

Profit attributable to:
Owners of the parent 2,308,452 2,001,771
Non-controlling interests 218,217 177,728
2,526,669 2,179,499

Total comprehensive income attributable to:
Owners of the parent 2,308,452 2,001,771
Non-controlling interests 218,217 177,728
2,526,669 2,179,499

FX LEISURE LIMITED (REGISTERED NUMBER: 03462245)

CONSOLIDATED STATEMENT OF FINANCIAL POSITION
31 December 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 9 23,157,767 23,130,965
Investments 10 - -
23,157,767 23,130,965

CURRENT ASSETS
Stocks 11 19,188 12,097
Debtors 12 181,020 224,365
Cash at bank 1,096,301 349,278
1,296,509 585,740
CREDITORS
Amounts falling due within one year 13 1,714,429 2,045,880
NET CURRENT LIABILITIES (417,920 ) (1,460,140 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

22,739,847

21,670,825

CREDITORS
Amounts falling due after more than one
year

14

(10,000,000

)

(11,500,000

)

PROVISIONS FOR LIABILITIES 17 (1,483,411 ) (1,441,058 )
NET ASSETS 11,256,436 8,729,767

CAPITAL AND RESERVES
Called up share capital 18 700 700
Revaluation reserve 19 132,746 132,746
Capital redemption reserve 19 300 300
Retained earnings 19 10,725,724 8,417,272
SHAREHOLDERS' FUNDS 10,859,470 8,551,018

NON-CONTROLLING INTERESTS 20 396,966 178,749
TOTAL EQUITY 11,256,436 8,729,767

The financial statements were approved by the Board of Directors and authorised for issue on 16 September 2024 and were signed on its behalf by:





K Carter - Director


FX LEISURE LIMITED (REGISTERED NUMBER: 03462245)

COMPANY STATEMENT OF FINANCIAL POSITION
31 December 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 9 13,938,517 13,938,286
Investments 10 6 6
13,938,523 13,938,292

CURRENT ASSETS
Debtors 12 7,217,752 7,647,377
Cash at bank 629,556 307,139
7,847,308 7,954,516
CREDITORS
Amounts falling due within one year 13 1,196,103 1,416,218
NET CURRENT ASSETS 6,651,205 6,538,298
TOTAL ASSETS LESS CURRENT
LIABILITIES

20,589,728

20,476,590

CREDITORS
Amounts falling due after more than one
year

14

(10,000,000

)

(11,500,000

)

PROVISIONS FOR LIABILITIES 17 (921,147 ) (961,810 )
NET ASSETS 9,668,581 8,014,780

CAPITAL AND RESERVES
Called up share capital 18 700 700
Revaluation reserve 19 132,746 132,746
Capital redemption reserve 19 300 300
Retained earnings 19 9,534,835 7,881,034
SHAREHOLDERS' FUNDS 9,668,581 8,014,780

Company's profit for the financial year 1,653,801 1,468,589

The financial statements were approved by the Board of Directors and authorised for issue on 16 September 2024 and were signed on its behalf by:





K Carter - Director


FX LEISURE LIMITED (REGISTERED NUMBER: 03462245)

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
for the Year Ended 31 December 2023

Called up
share Retained Revaluation
capital earnings reserve
£    £    £   
Balance at 1 January 2022 700 6,642,537 132,746

Changes in equity
Dividends - (227,036 ) -
Total comprehensive income - 2,001,771 -
Balance at 31 December 2022 700 8,417,272 132,746

Changes in equity
Total comprehensive income - 2,308,452 -
Balance at 31 December 2023 700 10,725,724 132,746
Capital
redemption Non-controlling Total
reserve Total interests equity
£    £    £    £   
Balance at 1 January 2022 300 6,776,283 1,021 6,777,304

Changes in equity
Dividends - (227,036 ) - (227,036 )
Total comprehensive income - 2,001,771 177,728 2,179,499
Balance at 31 December 2022 300 8,551,018 178,749 8,729,767

Changes in equity
Total comprehensive income - 2,308,452 218,217 2,526,669
Balance at 31 December 2023 300 10,859,470 396,966 11,256,436

FX LEISURE LIMITED (REGISTERED NUMBER: 03462245)

COMPANY STATEMENT OF CHANGES IN EQUITY
for the Year Ended 31 December 2023

Called up Capital
share Retained Revaluation redemption Total
capital earnings reserve reserve equity
£    £    £    £    £   
Balance at 1 January 2022 700 6,639,481 132,746 300 6,773,227

Changes in equity
Dividends - (227,036 ) - - (227,036 )
Total comprehensive income - 1,468,589 - - 1,468,589
Balance at 31 December 2022 700 7,881,034 132,746 300 8,014,780

Changes in equity
Total comprehensive income - 1,653,801 - - 1,653,801
Balance at 31 December 2023 700 9,534,835 132,746 300 9,668,581

FX LEISURE LIMITED (REGISTERED NUMBER: 03462245)

CONSOLIDATED STATEMENT OF CASH FLOWS
for the Year Ended 31 December 2023

2023 2022
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 4,800,860 4,002,021
Interest paid (575,546 ) (427,528 )
Interest element of hire purchase payments
paid

(22,135

)

(40,692

)
Tax paid (832,359 ) (509,128 )
Net cash from operating activities 3,370,820 3,024,673

Cash flows from investing activities
Purchase of tangible fixed assets (941,956 ) (632,806 )
Interest received 2,856 2,482
Net cash from investing activities (939,100 ) (630,324 )

Cash flows from financing activities
Loan repayments in year - (1,791,879 )
Capital repayments in year (184,697 ) (313,963 )
Amount withdrawn by directors (1,500,000 ) (300,000 )
Equity dividends paid - (227,036 )
Net cash from financing activities (1,684,697 ) (2,632,878 )

Increase/(decrease) in cash and cash equivalents 747,023 (238,529 )
Cash and cash equivalents at beginning of
year

2

349,278

587,807

Cash and cash equivalents at end of year 2 1,096,301 349,278

FX LEISURE LIMITED (REGISTERED NUMBER: 03462245)

NOTES TO THE CONSOLIDATED STATEMENT OF CASH FLOWS
for the Year Ended 31 December 2023

1. RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM
OPERATIONS
2023 2022
£    £   
Profit before taxation 3,370,002 2,698,090
Depreciation charges 915,154 1,026,652
Loss on disposal of fixed assets - 15,832
Finance costs 597,681 468,220
Finance income (2,856 ) (2,482 )
4,879,981 4,206,312
(Increase)/decrease in stocks (7,091 ) 7,364
Decrease/(increase) in trade and other debtors 43,345 (51,550 )
Decrease in trade and other creditors (115,375 ) (160,105 )
Cash generated from operations 4,800,860 4,002,021

2. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Statement of Cash Flows in respect of cash and cash equivalents are in respect of these Statement of Financial Position amounts:

Year ended 31 December 2023
31/12/23 1/1/23
£    £   
Cash and cash equivalents 1,096,301 349,278
Year ended 31 December 2022
31/12/22 1/1/22
£    £   
Cash and cash equivalents 349,278 587,807


3. ANALYSIS OF CHANGES IN NET FUNDS

At 1/1/23 Cash flow At 31/12/23
£    £    £   
Net cash
Cash at bank 349,278 747,023 1,096,301
349,278 747,023 1,096,301
Debt
Finance leases (184,697 ) 184,697 -
(184,697 ) 184,697 -
Total 164,581 931,720 1,096,301

FX LEISURE LIMITED (REGISTERED NUMBER: 03462245)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
for the Year Ended 31 December 2023

1. STATUTORY INFORMATION

FX Leisure Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the General Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Basis of consolidation
The consolidated financial statements include the results of FX Leisure Limited and its subsidiary undertaking ASAT Ventures Limited for the year to 31 December 2023.

ASAT Ventures Limited is exempt from the requirements of the Companies Act relating to the audit of their accounts by virtue of s479A Companies Act 2006.

The consolidated financial statements include the results of the activities described in the Report of the Directors, all of which are continuing.

In the company's financial statements, investments in subsidiary undertakings are stated at cost less impairment.

Investment in subsidiaries
The consolidated financial statements incorporate the financial statements of the company and entities controlled by the group using accounting policies consistent with those of the parent. All intra group transactions, balances, income and expenses are eliminated in full on consolidation.

Significant judgements and estimates
Preparation of the financial statements requires management to make significant judgements and estimates. The items in the financial statements where these judgements and estimates have been made include:

(a) Impairment of fixed assets
The carrying amount of the Group's assets are reviewed annually to determine whether there is any indication of impairment. If there is an indication of possible impairment, the recoverable amount of any affected asset is estimated and compared with its carrying amount.

(b) Useful economic lives
The useful economic lives of fixed assets are assessed on an annual basis based on the latest available information. Management believe that the useful economic lives being used currently are still appropriate.

Turnover
The group and company derives its income principally from the sale of fitness club memberships and associated joining and administration fees, with secondary income from the sale of related food and drink and swimming fees.

Membership income from individuals is recognised over the membership term, limited to the cash received. Income related to joining and administration fees, food and drink and swimming fees is recognised immediately on the basis that the related service has been performed.

Sales of any goods are recognised when the title of goods has passed. Revenue is recognised net of value added tax.

FX LEISURE LIMITED (REGISTERED NUMBER: 03462245)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
for the Year Ended 31 December 2023

2. ACCOUNTING POLICIES - continued

Tangible fixed assets
Freehold and long leasehold property are carried at their revalued amounts, being fair value at the date of valuation less subsequent depreciation and any impairment losses. Any accumulated depreciation at the date of revaluation is eliminated against the gross carrying amount of the asset and the net amount is restated to the revalued amount of the asset.

Other tangible fixed assets are stated at cost less depreciation and any impairment losses.

Depreciation is calculated to write down the cost or valuation less estimated residual value of all tangible fixed assets, other than freehold land, over their estimated useful lives as follows:

Freehold property- 2% on cost or valuation
Long leasehold property- over the 125 year lease period
Improvements to property- over the 18 year lease period
Gym equipment- 10% on cost
Fixtures and fittings- 10% on cost and 20% on cost

Impairment of assets
At each reporting date fixed assets are reviewed to determine whether there is any indication that those assets have suffered an impairment loss. If there is an indication of possible impairment, the recoverable amount of any affected asset is estimated and compared with its carrying amount. If the recoverable amount is lower, the carrying amount of the asset is reduced to its recoverable amount and an impairment loss is recognised immediately in the profit or loss.

If an impairment loss is subsequently reversed, the carrying amount of the asset is increased to the revised estimate of its recoverable amount, but not to exceed the amount that would have been determined had no impairment loss been recognised for the asset in prior periods. A reversal of an impairment loss is recognised immediately in the profit or loss.

Investment property
Investment property is shown at the most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in the statement of income.

Stocks
Stocks are measured at the lower of cost and selling price less cost to sell.

Financial instruments
Short term trade creditors are measured at the transaction price. Other financial liabilities, including bank loans and related party loans shall be measured at amortised cost using the effective interest rate. Financial liabilities that have no stated interest rate and are payable within one year shall be measured at the undiscounted amount due.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated Statement of Comprehensive Income, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date.


FX LEISURE LIMITED (REGISTERED NUMBER: 03462245)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
for the Year Ended 31 December 2023

2. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership of the leased asset to the company. All other leases are classified as operating leases.

Assets held under finance leases are recognised initially at their fair value at the inception of the lease or, if lower, at the present value of the minimum lease payments. The corresponding liability to the lessor is included in the statement of financial position as a finance lease obligation. Lease payments are apportioned between finance charges and reduction of the lease obligation so as to achieve a constant rate of interest on the remaining balance of the liability.

Rentals payable under operating leases are charged to profit or loss on a straight-line basis over the lease term. The aggregate benefit of lease incentives are recognised as a reduction to the expense recognised over the lease term on a straight line basis.

Pension costs and other post-retirement benefits
The group operates a defined contribution pension scheme. Contributions payable to the group's pension scheme are charged to profit or loss in the period to which they relate.

Employee benefits
Short-term employee benefits are recognised as an expense in the period in which they are incurred.

Government income
Government income comprises grants and subsidies provided as a direct result of the Covid-19 pandemic.

3. EMPLOYEES AND DIRECTORS
2023 2022
£    £   
Wages and salaries 2,317,581 2,119,175
Social security costs 81,002 73,995
Other pension costs 1,211 1,321
2,399,794 2,194,491

The average number of employees during the year was as follows:
2023 2022

Management 7 7
Fitness centre staff 155 149
162 156

FX LEISURE LIMITED (REGISTERED NUMBER: 03462245)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
for the Year Ended 31 December 2023

3. EMPLOYEES AND DIRECTORS - continued

2023 2022
£    £   
Directors' remuneration 113,467 128,464
Directors' pension contributions to money purchase schemes 1,211 1,321

The number of directors to whom retirement benefits were accruing was as follows:

Money purchase schemes 1 1

4. INTEREST PAYABLE AND SIMILAR EXPENSES
2023 2022
£    £   
Bank loan interest - 7,012
Other interest 575,546 420,516
Hire purchase 22,135 40,692
597,681 468,220

5. PROFIT BEFORE TAXATION

The profit is stated after charging:

2023 2022
£    £   
Hire of plant and machinery 784 -
Depreciation - owned assets 833,308 934,088
Depreciation - assets on hire purchase contracts 81,846 92,564
Loss on disposal of fixed assets - 15,832
Auditors' remuneration 10,250 10,250
Auditors' remuneration - taxation services 9,000 9,000
Rental of property 187,920 182,067

FX LEISURE LIMITED (REGISTERED NUMBER: 03462245)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
for the Year Ended 31 December 2023

6. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
2023 2022
£    £   
Current tax:
UK corporation tax 800,481 510,460
Under provision in prior year 499 -
Total current tax 800,980 510,460

Deferred tax:
Deferred tax - current year 44,120 7,137
Deferred tax - prior year (1,767 ) 994
Total deferred tax 42,353 8,131

Tax on profit 843,333 518,591

Reconciliation of total tax charge included in profit and loss
The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below:

2023 2022
£    £   
Profit before tax 3,370,002 2,698,090
Profit multiplied by the standard rate of corporation tax in the UK of
23.520 % (2022 - 19 %)

792,624

512,637

Effects of:
Expenses not deductible for tax purposes 967 1,395
Adjustments to tax charge in respect of previous periods 499 -
Fixed asset differences 42,396 44,129
Adjustments to deferred tax charge in respect of previous periods (1,767 ) 327
Adjust deferred tax to average rate 4,535 -
Movement in deferred tax not recognised 6,379 (4,329 )
Remeasurement of deferred tax (2,300 ) (35,568 )
Total tax charge 843,333 518,591

7. INDIVIDUAL STATEMENT OF COMPREHENSIVE INCOME

As permitted by Section 408 of the Companies Act 2006, the Income Statement of the parent company is not presented as part of these financial statements.


8. DIVIDENDS
2023 2022
£    £   
Ordinary shares of £1 each
Interim - 227,036

FX LEISURE LIMITED (REGISTERED NUMBER: 03462245)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
for the Year Ended 31 December 2023

9. TANGIBLE FIXED ASSETS

Group
Long
Freehold leasehold Investment
property property property
£    £    £   
COST OR VALUATION
At 1 January 2023 18,351,789 4,649,580 1,432,495
Additions 605,824 1,798 -
At 31 December 2023 18,957,613 4,651,378 1,432,495
DEPRECIATION
At 1 January 2023 2,380,227 760,858 -
Charge for year 326,460 151,440 -
At 31 December 2023 2,706,687 912,298 -
NET BOOK VALUE
At 31 December 2023 16,250,926 3,739,080 1,432,495
At 31 December 2022 15,971,562 3,888,722 1,432,495

Improvements Fixtures
to Gym and
property Equipment fittings Totals
£    £    £    £   
COST OR VALUATION
At 1 January 2023 220,095 4,682,467 2,090,449 31,426,875
Additions 959 209,564 123,811 941,956
At 31 December 2023 221,054 4,892,031 2,214,260 32,368,831
DEPRECIATION
At 1 January 2023 208,905 3,397,535 1,548,385 8,295,910
Charge for year 4,380 288,884 143,990 915,154
At 31 December 2023 213,285 3,686,419 1,692,375 9,211,064
NET BOOK VALUE
At 31 December 2023 7,769 1,205,612 521,885 23,157,767
At 31 December 2022 11,190 1,284,932 542,064 23,130,965

Included in cost or valuation of land and buildings is freehold land of £2,851,508 (2022 - £2,851,508) which is not depreciated.

FX LEISURE LIMITED (REGISTERED NUMBER: 03462245)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
for the Year Ended 31 December 2023

9. TANGIBLE FIXED ASSETS - continued

Group

Cost or valuation at 31 December 2023 is represented by:

Long
Freehold leasehold Investment
property property property
£    £    £   
Valuation in 2000 296,852 - -
Valuation in 2008 1,737,257 1,181,356 -
Cost 16,923,504 3,470,022 1,432,495
18,957,613 4,651,378 1,432,495

Improvements Fixtures
to Gym and
property Equipment fittings Totals
£    £    £    £   
Valuation in 2000 - - - 296,852
Valuation in 2008 - - - 2,918,613
Cost 221,054 4,892,031 2,214,260 29,153,366
221,054 4,892,031 2,214,260 32,368,831

If freehold/leasehold property had not been revalued they would have been included at the following historical cost:

2023 2022
£    £   
Cost 20,393,528 19,785,906
Aggregate depreciation 3,267,089 2,926,396

Value of land in freehold land and buildings 2,851,508 2,851,508

Freehold land and buildings and long leasehold property were valued on a fair value, existing use basis on 28 February 2016 by Shaun B Skidmore FRICS and the directors reviewed the valuations and decided that they are not materially different from the amounts being carried on the balance sheet.

The net book value of tangible fixed assets includes £NIL (2022 - £ 546,325 ) in respect of assets held under hire purchase contracts.

FX LEISURE LIMITED (REGISTERED NUMBER: 03462245)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
for the Year Ended 31 December 2023

9. TANGIBLE FIXED ASSETS - continued

Company
Long
Freehold leasehold Investment
property property property
£    £    £   
COST OR VALUATION
At 1 January 2023 9,581,502 4,649,580 1,432,495
Additions 414,257 1,798 -
At 31 December 2023 9,995,759 4,651,378 1,432,495
DEPRECIATION
At 1 January 2023 1,935,183 760,858 -
Charge for year 187,200 151,440 -
At 31 December 2023 2,122,383 912,298 -
NET BOOK VALUE
At 31 December 2023 7,873,376 3,739,080 1,432,495
At 31 December 2022 7,646,319 3,888,722 1,432,495

Improvements Fixtures
to Gym and
property Equipment fittings Totals
£    £    £    £   
COST OR VALUATION
At 1 January 2023 220,095 3,944,429 1,298,701 21,126,802
Additions 959 179,541 41,476 638,031
At 31 December 2023 221,054 4,123,970 1,340,177 21,764,833
DEPRECIATION
At 1 January 2023 208,905 3,146,378 1,137,192 7,188,516
Charge for year 4,380 232,320 62,460 637,800
At 31 December 2023 213,285 3,378,698 1,199,652 7,826,316
NET BOOK VALUE
At 31 December 2023 7,769 745,272 140,525 13,938,517
At 31 December 2022 11,190 798,051 161,509 13,938,286

Cost or valuation at 31 December 2023 is represented by:

Long
Freehold leasehold Investment
property property property
£    £    £   
Valuation in 2000 296,852 - -
Valuation in 2008 1,737,257 1,181,356 -
Cost 7,961,650 3,470,022 1,432,495
9,995,759 4,651,378 1,432,495

FX LEISURE LIMITED (REGISTERED NUMBER: 03462245)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
for the Year Ended 31 December 2023

9. TANGIBLE FIXED ASSETS - continued

Company

Improvements Fixtures
to Gym and
property Equipment fittings Totals
£    £    £    £   
Valuation in 2000 - - - 296,852
Valuation in 2008 - - - 2,918,613
Cost 221,054 4,123,970 1,340,177 18,549,368
221,054 4,123,970 1,340,177 21,764,833

If freehold/leasehold property had not been revalued they would have been included at the following historical cost:

2023 2022
£    £   
Cost 11,431,674 11,015,619
Aggregate depreciation 2,682,785 2,481,352

Value of land in freehold land and buildings 1,360,000 1,360,000

Freehold land and buildings and long leasehold property were valued on a fair value, existing use basis on 28 February 2016 by Shaun B Skidmore FRICS. The directors have reviewed the valuations, taking into account current market conditions, and decided that they are not materially different from the amounts being carried on the balance sheet.

The net book value of tangible fixed assets includes £NIL (2022 - £ 143,447 ) in respect of assets held under hire purchase contracts.

10. FIXED ASSET INVESTMENTS

Company
Shares in
group
undertakings
£   
COST
At 1 January 2023
and 31 December 2023 6
NET BOOK VALUE
At 31 December 2023 6
At 31 December 2022 6

% Direct/
Subsidiary Principal Activity Holding Indirect Holding

ASAT Ventures Limited Provision of fitness and leisure facilities 75 Direct

The above company is registered in England and Wales.

FX LEISURE LIMITED (REGISTERED NUMBER: 03462245)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
for the Year Ended 31 December 2023

10. FIXED ASSET INVESTMENTS - continued


11. STOCKS

Group
2023 2022
£    £   
Stocks 19,188 12,097

12. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
2023 2022 2023 2022
£    £    £    £   
Trade debtors 5,232 2,734 5,232 2,734
Amounts owed by group undertakings - - 7,040,787 7,440,967
Prepayments and accrued income 175,788 221,631 171,733 203,676
181,020 224,365 7,217,752 7,647,377

13. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
2023 2022 2023 2022
£    £    £    £   
Hire purchase contracts (see note 15) - 184,697 - 34,104
Trade creditors 152,445 271,936 133,073 234,295
Tax 354,081 385,460 201,197 260,153
Social security and other taxes 404,296 347,883 235,302 220,682
Other creditors 121,789 68,655 60,000 -
Accruals and deferred income 681,818 787,249 566,531 666,984
1,714,429 2,045,880 1,196,103 1,416,218

14. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR

Group Company
2023 2022 2023 2022
£    £    £    £   
Directors' loan accounts 10,000,000 11,500,000 10,000,000 11,500,000

The directors' loan accounts are unsecured and attract interest of 2.5% over base rate per annum.

FX LEISURE LIMITED (REGISTERED NUMBER: 03462245)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
for the Year Ended 31 December 2023

15. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Group
Hire purchase contracts
2023 2022
£    £   
Net obligations repayable:
Within one year - 184,697

Company
Hire purchase contracts
2023 2022
£    £   
Net obligations repayable:
Within one year - 34,104

Group
Non-cancellable operating leases
2023 2022
£    £   
Within one year 118,574 151,474
Between one and five years 474,295 474,295
In more than five years 909,066 1,027,640
1,501,935 1,653,409

Company
Non-cancellable operating leases
2023 2022
£    £   
Within one year 118,574 151,474
Between one and five years 474,295 474,295
In more than five years 909,066 1,027,640
1,501,935 1,653,409

16. SECURED DEBTS

The following secured debts are included within creditors:

Group Company
2023 2022 2023 2022
£    £    £    £   
Hire purchase contracts - 184,697 - 34,104

The company's bankers, Natwest Bank PLC hold fixed and floating charges over the commercial property assets of the company.

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

FX LEISURE LIMITED (REGISTERED NUMBER: 03462245)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
for the Year Ended 31 December 2023

17. PROVISIONS FOR LIABILITIES

Group Company
2023 2022 2023 2022
£    £    £    £   
Deferred tax
Accelerated capital allowances 1,483,411 1,441,058 921,147 961,810

Group
Deferred
tax
£   
Balance at 1 January 2023 1,441,058
Provided during year (1,767 )
Charge to Statement of Comprehensive Income during year 44,120
Balance at 31 December 2023 1,483,411

Company
Deferred
tax
£   
Balance at 1 January 2023 961,810
Provided during year (1,767 )
Credit to Income Statement during year (38,896 )
Balance at 31 December 2023 921,147

18. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £ £
700 A Ordinary 1p 7 7

69,300 B Ordinary 1p 693 693
700 700


19. RESERVES

Group
Capital
Retained Revaluation redemption
earnings reserve reserve Totals
£    £    £    £   

At 1 January 2023 8,417,272 132,746 300 8,550,318
Profit for the year 2,308,452 - - 2,308,452
At 31 December 2023 10,725,724 132,746 300 10,858,770

FX LEISURE LIMITED (REGISTERED NUMBER: 03462245)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
for the Year Ended 31 December 2023

19. RESERVES - continued

Company
Capital
Retained Revaluation redemption
earnings reserve reserve Totals
£    £    £    £   

At 1 January 2023 7,881,034 132,746 300 8,014,080
Profit for the year 1,653,801 - - 1,653,801
At 31 December 2023 9,534,835 132,746 300 9,667,881

Retained earnings includes all current and prior period retained profits and losses.

The revaluation reserve relates to freehold and long leasehold property assets.

The capital redemption reserve has arisen as a result of the purchase of own ordinary shares.

20. NON-CONTROLLING INTERESTS

Minority interests represent a holding of 25% of the Ordinary shares in ASAT Ventures Limited.

21. RELATED PARTY DISCLOSURES

Transactions between group entities which have been eliminated on consolidation are not disclosed within the financial statements.

22. ULTIMATE CONTROL

The directors, A J Taylor and S J Taylor have ultimate control of this company.