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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: A K J Stowell
A M Stowell
P H S Stowell





SECRETARY: A M Stowell





REGISTERED OFFICE: 56a Grove Road
Sonning Common
Reading
Berkshire
RG4 9RL





REGISTERED NUMBER: 05652864 (England and Wales)





ACCOUNTANTS: Haines Watts
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.

A K J Stowell
A M Stowell
P H S Stowell

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:





P H S Stowell - Director


12 September 2024

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 402,213 252,560

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 2,555,564 1,687,685
Investments 10 600,080 200,080
3,155,644 1,887,765

CURRENT ASSETS
Stocks 21,460 27,000
Debtors 11 405,970 564,631
Cash at bank 342,122 1,682,216
769,552 2,273,847
CREDITORS
Amounts falling due within one year 12 1,531,343 1,402,686
NET CURRENT (LIABILITIES)/ASSETS (761,791 ) 871,161
TOTAL ASSETS LESS CURRENT
LIABILITIES

2,393,853

2,758,926

CREDITORS
Amounts falling due after more than one
year

13

(1,539,621

)

(2,242,381

)

PROVISIONS FOR LIABILITIES (383,308 ) (118,888 )
NET ASSETS 470,924 397,657

BUZZ GYM UK LIMITED (REGISTERED NUMBER: 05652864)

COMPANY BALANCE SHEET - continued
31 DECEMBER 2023

2023 2022
Notes £ £ £ £
CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings 14 470,824 397,557
470,924 397,657

Company's profit for the financial year 371,148 256,974

The company is 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 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 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 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)

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 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.

3. 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" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

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
Goodwill, being the amount paid in connection with the acquisition of a business in 2018, is being amortised evenly over its estimated useful life of ten years.

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
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Improvement to property - straight line over the life of the lease and Straight line over 7 years
Gym equipment - 20% and 25% on cost
Fixtures and fittings - 20% and 25% on cost
Motor vehicles - 20% and 25% on cost
Computer equipment - 20% and 25% on cost

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 16 (2022 - 10 ) .

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 1,115,551 1,670,494 1,179,477
Additions 786,112 605,143 35,111
At 31 December 2023 1,901,663 2,275,637 1,214,588
DEPRECIATION
At 1 January 2023 298,475 1,261,618 738,232
Charge for year 119,668 306,628 128,605
At 31 December 2023 418,143 1,568,246 866,837
NET BOOK VALUE
At 31 December 2023 1,483,520 707,391 347,751
At 31 December 2022 817,076 408,876 441,245

Motor Computer
vehicles equipment Totals
£ £ £
COST
At 1 January 2023 25,000 56,158 4,046,680
Additions - 9,391 1,435,757
At 31 December 2023 25,000 65,549 5,482,437
DEPRECIATION
At 1 January 2023 12,414 48,256 2,358,995
Charge for year 7,192 5,785 567,878
At 31 December 2023 19,606 54,041 2,926,873
NET BOOK VALUE
At 31 December 2023 5,394 11,508 2,555,564
At 31 December 2022 12,586 7,902 1,687,685

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 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

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 - 200,080
Additions - 400,000 400,000
At 31 December 2023 200,080 400,000 600,080
NET BOOK VALUE
At 31 December 2023 200,080 400,000 600,080
At 31 December 2022 200,080 - 200,080


11. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
2023 2022 2023 2022
£ £ £ £
Trade debtors 15,126 145,421 13,421 134,261
Amounts owed by group undertakings - - 183,769 233,116
Other debtors 142,910 77,008 142,910 75,475
Directors' current accounts 4,875 - 4,875 -
Prepayments and accrued income 88,870 148,609 60,995 121,779
251,781 371,038 405,970 564,631

12. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
2023 2022 2023 2022
£ £ £ £
Bank loans and overdrafts 494,545 372,121 494,545 372,121
Hire purchase contracts 187,837 160,491 187,837 160,491
Trade creditors 31,237 177,360 15,711 169,051
Tax 4,361 124,984 - 119,536
Social security and other taxes 17,245 19,838 7,493 5,571
VAT 160,422 92,322 160,422 92,322
Other creditors 137,666 20,268 137,071 19,673
Directors' current accounts - 64,275 - 64,275
Accruals and deferred income 547,198 430,097 528,264 399,646
1,580,511 1,461,756 1,531,343 1,402,686

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 1,113,333 1,607,879
Other loans - 1-2 years - 500,000 - 500,000
Hire purchase contracts 426,288 134,502 426,288 134,502
1,539,621 2,242,381 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 397,557
Profit for the year 371,148
Dividends (297,881 )
At 31 December 2023 470,824


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.