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REGISTERED NUMBER: 09783848 (England and Wales)















UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023

FOR

THE WAREHOUSE GYMS HOLDINGS LIMITED

THE WAREHOUSE GYMS HOLDINGS LIMITED (REGISTERED NUMBER: 09783848)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


THE WAREHOUSE GYMS HOLDINGS LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 DECEMBER 2023







DIRECTOR: G M Mullan





REGISTERED OFFICE: Thameside House
Hurst Road
East Molesey
Surrey
KT8 9AY





REGISTERED NUMBER: 09783848 (England and Wales)





ACCOUNTANTS: Crowe U.K. LLP
Riverside House
40-46 High Street
Maidstone
Kent
ME14 1JH

THE WAREHOUSE GYMS HOLDINGS LIMITED (REGISTERED NUMBER: 09783848)

BALANCE SHEET
31 DECEMBER 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 40,572 52,724

CURRENT ASSETS
Stocks 5 - 7,228
Debtors 6 265,055 262,683
Cash at bank and in hand 26,747 24,823
291,802 294,734
CREDITORS
Amounts falling due within one year 7 2,592,358 2,380,540
NET CURRENT LIABILITIES (2,300,556 ) (2,085,806 )
TOTAL ASSETS LESS CURRENT LIABILITIES (2,259,984 ) (2,033,082 )

CAPITAL AND RESERVES
Called up share capital 9 100 100
Retained earnings (2,260,084 ) (2,033,182 )
SHAREHOLDERS' FUNDS (2,259,984 ) (2,033,082 )

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 director acknowledges his 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 and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved and authorised for issue by the director and authorised for issue on 23 September 2024 and were signed by:





G M Mullan - Director


THE WAREHOUSE GYMS HOLDINGS LIMITED (REGISTERED NUMBER: 09783848)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023


1. STATUTORY INFORMATION

The Warehouse Gyms Holdings 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 Company 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" 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
Accounting standards require the director to consider the appropriateness of the going concern basis when preparing the financial statements. The director confirms that he considers that the going concern basis remains appropriate. The director believes that the company has sufficient resources to continue in operational existence for the foreseeable future. The director believes this to be the case as the company has the support of the director via a creditor which is subject to common control and has confirmed it will not demand repayment of amounts owing to it to the detriment of the company's ability to continue to meet it's liabilities as they fall due for the foreseeable future. The director confirms financial facilities will remain available to the company for at least the next 12 months.

Having regard to the above, the director believes it appropriate to adopt the going concern basis of accounting in preparing the financial statements.

Turnover
Turnover relating to the operation of fitness facilities is measured at the fair value of the consideration received, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery - 33% on cost
Fixtures and fittings - 33% on cost
Office equipment - 33% on cost

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the 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.

Hire purchase and leasing commitments
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 company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

THE WAREHOUSE GYMS HOLDINGS LIMITED (REGISTERED NUMBER: 09783848)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


2. ACCOUNTING POLICIES - continued

Debtors
Short term debtors are measured at transaction price, less any impairment.

Creditors
Short term creditors are measured at the transaction price.

Cash and equivalents
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more then 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known accounts of cash with no significant risk of change in value.

Financial instruments
The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.


FRS102 - Reduced disclosure exemptions
The company has taken advantage of the following disclosure exemptions in preparing these financial
statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":
- the requirements of Section 7 Statement of Cash Flows;
- the requirements of Section 3 Financial Statement Presentation paragraph 3.17 (d);
- the requirements of Section 11 Financial Instruments paragraphs 11.39 to 11.48A;
- the requirements of Section 12 Other Financial Instruments paragraphs 12.26 to 12.29;
- the requirements of Section 26 Share-based Payment paragraphs 26.18(b), 26.19 to 26.21 and 26.23;
- the requirements of Section 33 Related Party Disclosures paragraph 33.7.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 12 (2022 - 11 ) .

4. TANGIBLE FIXED ASSETS
Fixtures
Plant and and Office
machinery fittings equipment Totals
£    £    £    £   
COST
At 1 January 2023 107,714 55,844 46,270 209,828
Additions 24,528 - - 24,528
Disposals (8,856 ) - - (8,856 )
At 31 December 2023 123,386 55,844 46,270 225,500
DEPRECIATION
At 1 January 2023 75,247 35,755 46,102 157,104
Charge for year 19,782 8,416 118 28,316
Eliminated on disposal (492 ) - - (492 )
At 31 December 2023 94,537 44,171 46,220 184,928
NET BOOK VALUE
At 31 December 2023 28,849 11,673 50 40,572
At 31 December 2022 32,467 20,089 168 52,724

5. STOCKS
2023 2022
£    £   
Stocks - 7,228

THE WAREHOUSE GYMS HOLDINGS LIMITED (REGISTERED NUMBER: 09783848)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 160 -
Deferred tax asset 253,305 253,305
Prepayments 11,590 9,378
265,055 262,683

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade creditors 15,195 305
Amounts owed to group undertakings 2,531,167 2,343,974
Social security and other taxes 6,785 4,248
VAT 23,253 14,811
Other creditors 2,701 4,760
Accruals and deferred income 13,257 12,442
2,592,358 2,380,540

8. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
2023 2022
£    £   
Within one year 127,000 127,000
Between one and five years 508,000 508,000
In more than five years 635,000 762,000
1,270,000 1,397,000

9. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
100 Ordinary £1 100 100

10. PENSION COMMITMENTS

The company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. The pension cost charge represents contributions payable by the company to the fund and amounted to £4,025 (2022: £3,473). Included in other creditors is the balance outstanding to the fund as at the year end £1,087 (2022: £1,159).

11. RELATED PARTY DISCLOSURES

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

THE WAREHOUSE GYMS HOLDINGS LIMITED (REGISTERED NUMBER: 09783848)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


11. RELATED PARTY DISCLOSURES - continued

Montreux Group Overseas Limited
Common control

During the year, the company received loan advances of £169,025 (2022: £1,843,173) and made loan repayments of £130,947 (2022: £30,762) to Montreux Group Overseas Limited. The outstanding balance of £38,078 (2022: £1,812,411) was transferred to Montreux Property Holdings Limited therefore, as at the balance sheet date, the amount outstanding was £nil (2022: £nil).

Montreux Group (Holdings) Limited
Common control

During the year, the company received loan advances of £31,344 (2022: £2,668,260) and made loan repayments of £18,000 (2022: £1,300,511) to Montreux Group (Holdings) Limited. The outstanding balance of £13,344 (2022: £1,367,749) was transferred to Montreux Group Overseas Limited therefore, as at the balance sheet date, the amount outstanding was £nil (2022: £nil).

O S Harris
Included within other creditors is a balance of £nil (2022: £2,665) owed to O Harris, a director and the ultimate controlling party. The loan is interest free and repayable on demand.

12. ULTIMATE CONTROLLING PARTY

The controlling party is Montreux Property Holdings Limited.

The ultimate controlling party is O S Harris.

13. CHARGES

There is an outstanding fixed and floating charge registered at Companies House over all the property or undertaking of the company.