Company registration number 07733307 (England and Wales)
NRG GYM LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
PAGES FOR FILING WITH REGISTRAR
NRG GYM LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 5
NRG GYM LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2023
31 December 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
5,280,178
5,067,782
Current assets
Stocks
15,083
11,122
Debtors
4
709,214
558,056
Cash at bank and in hand
2,216,008
587,540
2,940,305
1,156,718
Creditors: amounts falling due within one year
5
(1,136,622)
(771,491)
Net current assets
1,803,683
385,227
Total assets less current liabilities
7,083,861
5,453,009
Creditors: amounts falling due after more than one year
6
(7,877,398)
(6,378,976)
Net liabilities
(793,537)
(925,967)
Capital and reserves
Called up share capital
4
4
Share premium account
536,720
536,720
Profit and loss reserves
(1,330,261)
(1,462,691)
Total equity
(793,537)
(925,967)

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the board of directors and authorised for issue on 25 September 2024 and are signed on its behalf by:
S Ahmed
A West
Director
Director
Company Registration No. 07733307
NRG GYM LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 2 -
1
Accounting policies
Company information

NRG Gym Limited is a private company limited by shares incorporated in England and Wales. The registered office is Wellesley House, Duke of Wellington Avenue, Royal Arsenal, London, SE18 6SS.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include certain financial instruments at fair value. The principal accounting policies adopted are set out below.

1.2
Going concern

At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

 

Despite the balance sheet showing a deficit position, this wholly due to an intercompany loan from the parent company of £4,694,384.

1.3
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

1.4
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Land and buildings Freehold
100 years straight line
Land and buildings Leasehold
Over the term of the lease.
Plant and machinery
10% straight line
Fixtures, fittings & equipment
10% straight line

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.5
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

NRG GYM LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 3 -
1.6
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

1.7
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

1.8
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.9
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

1.10
Government grants

Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.

 

A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2023
2022
Number
Number
Total
40
48
NRG GYM LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 4 -
3
Tangible fixed assets
Land and buildings Freehold
Land and buildings Leasehold
Plant and machinery
Fixtures, fittings & equipment
Total
£
£
£
£
£
Cost
At 1 January 2023
1,271,191
3,584,492
1,626,658
471,377
6,953,718
Additions
-
0
319,160
445,112
50,143
814,415
Disposals
-
0
(58,738)
-
0
-
0
(58,738)
At 31 December 2023
1,271,191
3,844,914
2,071,770
521,520
7,709,395
Depreciation and impairment
At 1 January 2023
82,680
1,176,230
439,570
187,456
1,885,936
Depreciation charged in the year
12,720
369,654
168,919
48,279
599,572
Eliminated in respect of disposals
-
0
(56,291)
-
0
-
0
(56,291)
At 31 December 2023
95,400
1,489,593
608,489
235,735
2,429,217
Carrying amount
At 31 December 2023
1,175,791
2,355,321
1,463,281
285,785
5,280,178
At 31 December 2022
1,188,511
2,408,262
1,187,088
283,921
5,067,782
4
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
191,097
157,021
Other debtors
331,934
191,403
523,031
348,424
2023
2022
Amounts falling due after more than one year:
£
£
Deferred tax asset
186,183
209,632
Total debtors
709,214
558,056
NRG GYM LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 5 -
5
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
309,551
152,233
Trade creditors
488,541
374,549
Taxation and social security
64,764
125,365
Other creditors
273,766
119,344
1,136,622
771,491
6
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
2,545,640
1,177,732
Other creditors
5,331,758
5,201,244
7,877,398
6,378,976

Other creditors includes £4,694,384 (2022 - £4,701,690) relating to an intercompany loan from the parent company SA Fitness Holdings Limited. There was a further £304,291 in funds available for drawdown as at 31 December 2023. SA Fitness Holdings Limited has a fixed and floating charge against all the assets of the company.

 

The Company has granted fixed and floating charges on its assets to secure a loan with HSBC Bank plc for £736,300 (2022: £744,237).

 

A guarantee of 10% of the Coronavirus Business Interruption Loan, which equates to £65,000, was made personally by the director S Ahmed.

7
Operating lease commitments
Lessee

The operating lease constitutes rental and service charge payments due to Tesco Stores Limited, Land Security Limited, and rental payments for equipment due to 'Investec' and 'Siemens'.

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:

2023
2022
£
£
9,887,857
3,490,332
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