IRIS Accounts Production v24.2.0.383 07502699 Board of Directors 1.4.23 31.3.24 31.3.24 false true false false true false Ordinary 0.10000 Ordinary A 0.10000 iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWh075026992023-03-31075026992024-03-31075026992023-04-012024-03-31075026992022-03-31075026992022-04-012023-03-31075026992023-03-3107502699ns15:EnglandWales2023-04-012024-03-3107502699ns14:PoundSterling2023-04-012024-03-3107502699ns10:Director12023-04-012024-03-3107502699ns10:PrivateLimitedCompanyLtd2023-04-012024-03-3107502699ns10:SmallEntities2023-04-012024-03-3107502699ns10:AuditExempt-NoAccountantsReport2023-04-012024-03-3107502699ns10:SmallCompaniesRegimeForDirectorsReport2023-04-012024-03-3107502699ns10:SmallCompaniesRegimeForAccounts2023-04-012024-03-3107502699ns10:FullAccounts2023-04-012024-03-3107502699ns10:OrdinaryShareClass12023-04-012024-03-3107502699ns10:OrdinaryShareClass22023-04-012024-03-3107502699ns10:Director22023-04-012024-03-3107502699ns10:RegisteredOffice2023-04-012024-03-3107502699ns5:CurrentFinancialInstruments2024-03-3107502699ns5:CurrentFinancialInstruments2023-03-3107502699ns5:Non-currentFinancialInstruments2024-03-3107502699ns5:Non-currentFinancialInstruments2023-03-3107502699ns5:ShareCapital2024-03-3107502699ns5:ShareCapital2023-03-3107502699ns5:SharePremium2024-03-3107502699ns5:SharePremium2023-03-3107502699ns5:RetainedEarningsAccumulatedLosses2024-03-3107502699ns5:RetainedEarningsAccumulatedLosses2023-03-3107502699ns5:PlantMachinery2023-04-012024-03-3107502699ns5:LeaseholdImprovements2023-03-3107502699ns5:PlantMachinery2023-03-3107502699ns5:LeaseholdImprovements2023-04-012024-03-3107502699ns5:LeaseholdImprovements2024-03-3107502699ns5:PlantMachinery2024-03-3107502699ns5:LeaseholdImprovements2023-03-3107502699ns5:PlantMachinery2023-03-3107502699ns5:CurrentFinancialInstrumentsns5:WithinOneYear2024-03-3107502699ns5:CurrentFinancialInstrumentsns5:WithinOneYear2023-03-3107502699ns5:Non-currentFinancialInstrumentsns5:MoreThanFiveYears2024-03-3107502699ns5:Non-currentFinancialInstrumentsns5:MoreThanFiveYears2023-03-3107502699ns5:WithinOneYear2024-03-3107502699ns5:WithinOneYear2023-03-3107502699ns5:BetweenOneFiveYears2024-03-3107502699ns5:BetweenOneFiveYears2023-03-3107502699ns5:MoreThanFiveYears2024-03-3107502699ns5:MoreThanFiveYears2023-03-3107502699ns5:AllPeriods2024-03-3107502699ns5:AllPeriods2023-03-3107502699ns5:Secured2024-03-3107502699ns5:Secured2023-03-3107502699ns5:DeferredTaxation2023-03-3107502699ns5:DeferredTaxation2023-04-012024-03-3107502699ns5:DeferredTaxation2024-03-3107502699ns10:OrdinaryShareClass12024-03-3107502699ns10:OrdinaryShareClass22024-03-31
REGISTERED NUMBER: 07502699 (England and Wales)













Unaudited Financial Statements

for the Year Ended 31 March 2024

for

OneGym Ltd

OneGym Ltd (Registered number: 07502699)






Contents of the Financial Statements
for the Year Ended 31 March 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


OneGym Ltd

Company Information
for the Year Ended 31 March 2024







DIRECTORS: D Pearson
P Pearson





REGISTERED OFFICE: 140 Coniscliffe Road
DARLINGTON
Co Durham
DL3 7RT





REGISTERED NUMBER: 07502699 (England and Wales)





ACCOUNTANTS: Clive Owen LLP
Chartered Accountants
140 Coniscliffe Road
DARLINGTON
Co Durham
DL3 7RT

OneGym Ltd (Registered number: 07502699)

Balance Sheet
31 March 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 6,980,868 4,809,371

CURRENT ASSETS
Stocks 5 4,990 5,000
Debtors 6 442,034 293,650
Cash at bank and in hand 937,259 917,389
1,384,283 1,216,039
CREDITORS
Amounts falling due within one year 7 1,328,024 661,250
NET CURRENT ASSETS 56,259 554,789
TOTAL ASSETS LESS CURRENT
LIABILITIES

7,037,127

5,364,160

CREDITORS
Amounts falling due after more than one
year

8

(3,400,267

)

(3,318,040

)

PROVISIONS FOR LIABILITIES 11 (567,001 ) (837,330 )
NET ASSETS 3,069,859 1,208,790

CAPITAL AND RESERVES
Called up share capital 12 101 100
Share premium 2,999 -
Retained earnings 3,066,759 1,208,690
SHAREHOLDERS' FUNDS 3,069,859 1,208,790

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2024 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.

OneGym Ltd (Registered number: 07502699)

Balance Sheet - continued
31 March 2024


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 by the Board of Directors and authorised for issue on 26 November 2024 and were signed on its behalf by:





D Pearson - Director


OneGym Ltd (Registered number: 07502699)

Notes to the Financial Statements
for the Year Ended 31 March 2024

1. STATUTORY INFORMATION

OneGym Ltd 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.

There were no material departures from this standard.

The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.

Turnover
Turnover represents income derived from the provision of gym facilities and is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods and services provided in the normal course of business, net of value added tax.

Turnover from sale of goods is recognised at point of sale.

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 - 15% on reducing balance

No depreciation charge is made on improvement to property on the grounds that due to the practice of regular maintenance and repair (charges for which are recognised in the profit and loss account), the assets are kept to their previously assessed standard. The residual value of improvements to property is therefore considered not to be materially different from the carrying amount of the assets. Any such depreciation charge could be immaterial to the financial statements.

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
Basic financial instruments are recognised at amortised cost with changes recognised in profit or loss.

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.


OneGym Ltd (Registered number: 07502699)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

2. ACCOUNTING POLICIES - continued
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
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 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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 64 (2023 - 48 ) .

4. TANGIBLE FIXED ASSETS
Improvements
to Plant and
property machinery Totals
£    £    £   
COST
At 1 April 2023 2,960,969 2,322,583 5,283,552
Additions 1,394,306 1,084,851 2,479,157
At 31 March 2024 4,355,275 3,407,434 7,762,709
DEPRECIATION
At 1 April 2023 - 474,181 474,181
Charge for year - 307,660 307,660
At 31 March 2024 - 781,841 781,841
NET BOOK VALUE
At 31 March 2024 4,355,275 2,625,593 6,980,868
At 31 March 2023 2,960,969 1,848,402 4,809,371

OneGym Ltd (Registered number: 07502699)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

5. STOCKS
2024 2023
£    £   
Stocks 4,990 5,000

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors - 20,026
Other debtors 61,185 38,295
Prepayments and accrued income 380,849 235,329
442,034 293,650

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Other loans 471,895 359,295
Trade creditors 257,634 171,019
Taxation and social security 205,510 15,615
Other creditors - 2,345
Accruals and deferred income 392,985 112,976
1,328,024 661,250

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2024 2023
£    £   
Other loans - 1-2 years 321,425 234,268
Other loans - 2-5 years 3,078,842 3,083,772
3,400,267 3,318,040

9. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
2024 2023
£    £   
Within one year 701,208 125,000
Between one and five years 3,141,292 1,131,250
In more than five years 7,672,750 3,254,167
11,515,250 4,510,417

OneGym Ltd (Registered number: 07502699)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

10. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Other loans 3,872,162 3,677,335

A controlling shareholder holds a fixed and floating charge over the trade and assets of the company.

11. PROVISIONS FOR LIABILITIES
2024 2023
£    £   
Deferred tax 567,001 837,330

Deferred
tax
£   
Balance at 1 April 2023 837,330
Utilised during year (270,329 )
Balance at 31 March 2024 567,001

12. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
1,000 Ordinary £0.10 100 100
10 Ordinary A £0.10 1 -
101 100

During the year 10 ordinary A shares were issued at a premium of £2,999, the nominal value of these shares is £1.

Ordinary A shares carry no entitlements to voting rights or dividends.

13. ULTIMATE CONTROLLING PARTY

The company is controlled by Middleton (2) Limited, by virtue of it owning the majority of the share capital with effect from 17 July 2023. The registered office is Quayside Lofts, 62 The Close, Newcastle Upon Tyne, NE1 3RJ.