REGISTERED NUMBER: 05652864 (England and Wales) |
REPORT OF THE DIRECTORS AND |
UNAUDITED |
CONSOLIDATED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
FOR |
BUZZ GYM UK LIMITED |
REGISTERED NUMBER: 05652864 (England and Wales) |
REPORT OF THE DIRECTORS AND |
UNAUDITED |
CONSOLIDATED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
FOR |
BUZZ GYM UK LIMITED |
BUZZ GYM UK LIMITED (REGISTERED NUMBER: 05652864) |
CONTENTS OF THE CONSOLIDATED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
Page |
Company Information | 1 |
Report of the Directors | 2 |
Consolidated Income Statement | 3 |
Consolidated Balance Sheet | 4 |
Company Balance Sheet | 6 |
Notes to the Consolidated Financial Statements | 8 |
BUZZ GYM UK LIMITED |
COMPANY INFORMATION |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Chartered Accountants |
The Lightbox |
87 Castle Street |
Reading |
Berkshire |
RG1 7SN |
BUZZ GYM UK LIMITED (REGISTERED NUMBER: 05652864) |
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 provision of leisure activities |
DIRECTORS |
The directors shown below have held office during the whole of the period from 1 January 2023 to the date of this report. |
This report has been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies. |
ON BEHALF OF THE BOARD: |
BUZZ GYM UK LIMITED (REGISTERED NUMBER: 05652864) |
CONSOLIDATED INCOME STATEMENT |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
2023 | 2022 |
Notes | £ | £ |
TURNOVER | 5,367,097 | 4,190,917 |
Cost of sales | 36,936 | 30,476 |
GROSS PROFIT | 5,330,161 | 4,160,441 |
Administrative expenses | 4,405,093 | 3,693,274 |
925,068 | 467,167 |
Other operating income | 415 | 24,978 |
OPERATING PROFIT | 5 | 925,483 | 492,145 |
Interest receivable and similar income | 10,084 | 2,505 |
935,567 | 494,650 |
Interest payable and similar expenses | 255,550 | 139,653 |
PROFIT BEFORE TAXATION | 680,017 | 354,997 |
Tax on profit | 6 | 277,804 | 102,437 |
PROFIT FOR THE FINANCIAL YEAR |
Profit attributable to: |
Owners of the parent | 402,213 | 252,560 |
BUZZ GYM UK LIMITED (REGISTERED NUMBER: 05652864) |
CONSOLIDATED BALANCE SHEET |
31 DECEMBER 2023 |
2023 | 2022 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 8 | 64,922 | 83,472 |
Tangible assets | 9 | 2,829,683 | 1,950,900 |
Investments | 10 |
Interest in associate | 400,000 | - |
3,294,605 | 2,034,372 |
CURRENT ASSETS |
Stocks | 23,320 | 27,975 |
Debtors | 11 | 251,781 | 371,038 |
Cash at bank | 343,815 | 1,686,481 |
618,916 | 2,085,494 |
CREDITORS |
Amounts falling due within one year | 12 | 1,580,511 | 1,461,756 |
NET CURRENT (LIABILITIES)/ASSETS | (961,595 | ) | 623,738 |
TOTAL ASSETS LESS CURRENT LIABILITIES |
2,333,010 |
2,658,110 |
CREDITORS |
Amounts falling due after more than one year |
13 |
(1,539,621 |
) |
(2,242,381 |
) |
PROVISIONS FOR LIABILITIES | (391,572 | ) | (118,244 | ) |
NET ASSETS | 401,817 | 297,485 |
CAPITAL AND RESERVES |
Called up share capital | 100 | 100 |
Retained earnings | 14 | 401,717 | 297,385 |
401,817 | 297,485 |
The company and the group are entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2023. |
The members have not required the company and the group to obtain an audit of its financial statements for the year ended 31 December 2023 in accordance with Section 476 of the Companies Act 2006. |
The directors acknowledge their responsibilities for: |
(a) | ensuring that the group keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the company and the group as at the end of each financial year and of the group's profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company and the group. |
BUZZ GYM UK LIMITED (REGISTERED NUMBER: 05652864) |
CONSOLIDATED BALANCE SHEET - continued |
31 DECEMBER 2023 |
The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime. |
The financial statements were approved and authorised for issue by the Board of Directors and authorised for issue on 12 September 2024 and were signed on its behalf by: |
P H S Stowell - Director |
BUZZ GYM UK LIMITED (REGISTERED NUMBER: 05652864) |
COMPANY BALANCE SHEET |
31 DECEMBER 2023 |
2023 | 2022 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 8 |
Tangible assets | 9 |
Investments | 10 |
CURRENT ASSETS |
Stocks |
Debtors | 11 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 12 |
NET CURRENT (LIABILITIES)/ASSETS | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
13 |
( |
) |
( |
) |
PROVISIONS FOR LIABILITIES | ( |
) | ( |
) |
NET ASSETS |
BUZZ GYM UK LIMITED (REGISTERED NUMBER: 05652864) |
COMPANY BALANCE SHEET - continued |
31 DECEMBER 2023 |
2023 | 2022 |
Notes | £ | £ | £ | £ |
CAPITAL AND RESERVES |
Called up share capital |
Retained earnings | 14 |
Company's profit for the financial year | 371,148 | 256,974 |
The directors acknowledge their responsibilities for: |
(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
The financial statements were approved and authorised for issue by the Board of Directors and authorised for issue on |
BUZZ GYM UK LIMITED (REGISTERED NUMBER: 05652864) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
1. | CONSOLIDATION - SUBSIDIARY |
Subsidiaries are all entities (including structured entities) over which the Group has control. The Group controls an entity when the Group is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its power over the entity. Subsidiaries are fully consolidated from the date on which control is transferred to the Group. They are deconsolidated from the date that control ceases. |
On 2 November 2015 the Company acquired 80% of the ordinary £1 subscriber shares for Buzz Gym Swindon Ltd. A further 20% of the ordinary £1 subscriber shares for Buzz Gym Swindon Ltd were acquired on 20 February 2018 and therefore the Company owns 100% of shares in Buzz Gym Swindon Ltd at the balance sheet date. |
Buzz Gym Swindon Ltd began trading on 1 December 2016 and the results have been consolidated from this date onwards. The registered office for Buzz Gym Swindon Ltd is 56a Grove Road, Sonning Common, Reading, RG4 9RL. |
2. | STATUTORY INFORMATION |
Buzz Gym UK Limited is a |
3. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Going Concern |
The financial statements have been prepared on a going concern basis. The Directors have reviewed and considered relevant information, including the annual budget and future cash flows in making their assessment and have concluded that they can continue to adopt the going concern basis in preparing the annual report and accounts. |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
Goodwill |
Intangible assets |
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses. |
BUZZ GYM UK LIMITED (REGISTERED NUMBER: 05652864) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
3. | ACCOUNTING POLICIES - continued |
Tangible fixed assets |
Improvement to property | - |
Gym equipment | - |
Fixtures and fittings | - |
Motor vehicles | - |
Computer equipment | - |
Investments in associates |
Investments in associate undertakings are recognised at cost. |
Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
Financial instruments |
Financial assets and liabilities are recognised when the company becomes a party to the contractual provisions of the instrument. |
Trade and other debtors and creditors are classified as basic financial instruments are initially measured at transaction price. |
Cash and cash equivalents are classified as basic financial instruments and comprise cash in hand and at bank and short-term bank deposits with an original maturity of three months or less. |
Loans and borrowings are classified as basic financial instruments and are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
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 balance sheet date. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet 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. |
BUZZ GYM UK LIMITED (REGISTERED NUMBER: 05652864) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
3. | ACCOUNTING POLICIES - continued |
Hire purchase and leasing commitments |
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter. |
The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability. |
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
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. |
4. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
5. | OPERATING PROFIT |
The operating profit is stated after charging: |
2023 | 2022 |
£ | £ |
Depreciation - owned assets | 359,318 | 308,542 |
Goodwill amortisation | 18,550 | 18,549 |
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 | 4,361 | 125,099 |
Prior year adjustment | 115 | - |
Total current tax | 4,476 | 125,099 |
Deferred tax | 273,328 | (22,662 | ) |
Tax on profit | 277,804 | 102,437 |
7. | INDIVIDUAL INCOME STATEMENT |
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. |
BUZZ GYM UK LIMITED (REGISTERED NUMBER: 05652864) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
8. | INTANGIBLE FIXED ASSETS |
Group |
Goodwill |
£ |
COST |
At 1 January 2023 |
and 31 December 2023 | 185,492 |
AMORTISATION |
At 1 January 2023 | 102,020 |
Amortisation for year | 18,550 |
At 31 December 2023 | 120,570 |
NET BOOK VALUE |
At 31 December 2023 | 64,922 |
At 31 December 2022 | 83,472 |
9. | TANGIBLE FIXED ASSETS |
Group |
Fixtures |
Improvement | Gym | and |
to property | equipment | fittings |
£ | £ | £ |
COST |
At 1 January 2023 | 1,157,705 | 1,922,879 | 1,650,566 |
Additions | 796,375 | 639,990 | 37,981 |
At 31 December 2023 | 1,954,080 | 2,562,869 | 1,688,547 |
DEPRECIATION |
At 1 January 2023 | 314,081 | 1,502,687 | 984,380 |
Charge for year | 122,656 | 314,660 | 154,438 |
At 31 December 2023 | 436,737 | 1,817,347 | 1,138,818 |
NET BOOK VALUE |
At 31 December 2023 | 1,517,343 | 745,522 | 549,729 |
At 31 December 2022 | 843,624 | 420,192 | 666,186 |
BUZZ GYM UK LIMITED (REGISTERED NUMBER: 05652864) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
9. | TANGIBLE FIXED ASSETS - continued |
Group |
Motor | Computer |
vehicles | equipment | Totals |
£ | £ | £ |
COST |
At 1 January 2023 | 25,000 | 78,338 | 4,834,488 |
Additions | - | 9,391 | 1,483,737 |
At 31 December 2023 | 25,000 | 87,729 | 6,318,225 |
DEPRECIATION |
At 1 January 2023 | 12,414 | 70,026 | 2,883,588 |
Charge for year | 7,192 | 6,008 | 604,954 |
At 31 December 2023 | 19,606 | 76,034 | 3,488,542 |
NET BOOK VALUE |
At 31 December 2023 | 5,394 | 11,695 | 2,829,683 |
At 31 December 2022 | 12,586 | 8,312 | 1,950,900 |
Fixed assets, included in the above, which are held under hire purchase contracts are as follows: |
Gym |
equipment |
£ |
COST |
At 1 January 2023 | 837,453 |
Additions | 543,286 |
At 31 December 2023 | 1,380,739 |
DEPRECIATION |
At 1 January 2023 | 556,542 |
Charge for year | 245,636 |
At 31 December 2023 | 802,178 |
NET BOOK VALUE |
At 31 December 2023 | 578,561 |
At 31 December 2022 | 280,911 |
BUZZ GYM UK LIMITED (REGISTERED NUMBER: 05652864) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
9. | TANGIBLE FIXED ASSETS - continued |
Company |
Fixtures |
Improvement | Gym | and |
to property | equipment | fittings |
£ | £ | £ |
COST |
At 1 January 2023 |
Additions |
At 31 December 2023 |
DEPRECIATION |
At 1 January 2023 |
Charge for year |
At 31 December 2023 |
NET BOOK VALUE |
At 31 December 2023 |
At 31 December 2022 |
Motor | Computer |
vehicles | equipment | Totals |
£ | £ | £ |
COST |
At 1 January 2023 |
Additions |
At 31 December 2023 |
DEPRECIATION |
At 1 January 2023 |
Charge for year |
At 31 December 2023 |
NET BOOK VALUE |
At 31 December 2023 |
At 31 December 2022 |
BUZZ GYM UK LIMITED (REGISTERED NUMBER: 05652864) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
9. | TANGIBLE FIXED ASSETS - continued |
Company |
Fixed assets, included in the above, which are held under hire purchase contracts are as follows: |
Gym |
equipment |
£ |
COST |
At 1 January 2023 |
Additions |
At 31 December 2023 |
DEPRECIATION |
At 1 January 2023 |
Charge for year |
At 31 December 2023 |
NET BOOK VALUE |
At 31 December 2023 |
At 31 December 2022 |
10. | FIXED ASSET INVESTMENTS |
Group |
Interest in |
associate |
£ |
COST |
Additions | 400,000 |
At 31 December 2023 | 400,000 |
NET BOOK VALUE |
At 31 December 2023 | 400,000 |
BUZZ GYM UK LIMITED (REGISTERED NUMBER: 05652864) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
10. | FIXED ASSET INVESTMENTS - continued |
Company |
Shares in |
group | Interest in |
undertakings | associate | Totals |
£ | £ | £ |
COST |
At 1 January 2023 | 200,080 |
Additions | 400,000 |
At 31 December 2023 | 600,080 |
NET BOOK VALUE |
At 31 December 2023 | 600,080 |
At 31 December 2022 | 200,080 |
11. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
Group | Company |
2023 | 2022 | 2023 | 2022 |
£ | £ | £ | £ |
Trade debtors | 15,126 | 145,421 |
Amounts owed by group undertakings | - | - |
Other debtors | 142,910 | 77,008 |
Directors' current accounts | 4,875 | - | 4,875 | - |
Prepayments and accrued income | 88,870 | 148,609 |
251,781 | 371,038 |
12. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
Group | Company |
2023 | 2022 | 2023 | 2022 |
£ | £ | £ | £ |
Bank loans and overdrafts | 494,545 | 372,121 |
Hire purchase contracts | 187,837 | 160,491 |
Trade creditors | 31,237 | 177,360 |
Tax | 4,361 | 124,984 |
Social security and other taxes | 17,245 | 19,838 |
VAT | 160,422 | 92,322 | 160,422 | 92,322 |
Other creditors | 137,666 | 20,268 |
Directors' current accounts | - | 64,275 | - | 64,275 |
Accruals and deferred income | 547,198 | 430,097 |
1,580,511 | 1,461,756 |
BUZZ GYM UK LIMITED (REGISTERED NUMBER: 05652864) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
13. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
Group | Company |
2023 | 2022 | 2023 | 2022 |
£ | £ | £ | £ |
Bank loans - 2-5 years | 1,113,333 | 1,607,879 |
Other loans - 1-2 years | - | 500,000 |
Hire purchase contracts | 426,288 | 134,502 |
1,539,621 | 2,242,381 |
14. | RESERVES |
Group |
Retained |
earnings |
£ |
At 1 January 2023 | 297,385 |
Profit for the year | 402,213 |
Dividends | (297,881 | ) |
At 31 December 2023 | 401,717 |
Company |
Retained |
earnings |
£ |
At 1 January 2023 |
Profit for the year |
Dividends | ( |
) |
At 31 December 2023 |
15. | COMMITMENTS UNDER LEASES |
The Group at the year end had total commitments (disregarding break rights) under property leases expiring between 3 and 15 years of £5,737,161.36 (2022 - £4,145,132). |
The Group had no other financial commitments at 31 December 2023. |