REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
FOR |
THE WAREHOUSE GYMS HOLDINGS LIMITED |
REGISTERED NUMBER: |
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: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
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 |
CURRENT ASSETS |
Stocks | 5 |
Debtors | 6 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 7 |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES | ( |
) | ( |
) |
CAPITAL AND RESERVES |
Called up share capital | 9 |
Retained earnings | ( |
) | ( |
) |
SHAREHOLDERS' FUNDS | ( |
) | ( |
) |
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. |
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 |
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 |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
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 |
Plant and machinery | - |
Fixtures and fittings | - |
Office equipment | - |
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 |
4. | TANGIBLE FIXED ASSETS |
Fixtures |
Plant and | and | Office |
machinery | fittings | equipment | Totals |
£ | £ | £ | £ |
COST |
At 1 January 2023 |
Additions |
Disposals | ( |
) | ( |
) |
At 31 December 2023 |
DEPRECIATION |
At 1 January 2023 |
Charge for year |
Eliminated on disposal | ( |
) | ( |
) |
At 31 December 2023 |
NET BOOK VALUE |
At 31 December 2023 |
At 31 December 2022 |
5. | STOCKS |
2023 | 2022 |
£ | £ |
Stocks |
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 |
Deferred tax asset |
Prepayments |
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Trade creditors |
Amounts owed to group undertakings |
Social security and other taxes |
VAT | 23,253 | 14,811 |
Other creditors |
Accruals and deferred income |
8. | LEASING AGREEMENTS |
Minimum lease payments under non-cancellable operating leases fall due as follows: |
2023 | 2022 |
£ | £ |
Within one year |
Between one and five years |
In more than five years |
9. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2023 | 2022 |
value: | £ | £ |
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 |
13. | CHARGES |
There is an outstanding fixed and floating charge registered at Companies House over all the property or undertaking of the company. |