| REGISTERED NUMBER: |
| Unaudited Financial Statements for the Year Ended 30 September 2024 |
| for |
| KMP Fitness Limited |
| REGISTERED NUMBER: |
| Unaudited Financial Statements for the Year Ended 30 September 2024 |
| for |
| KMP Fitness Limited |
| KMP Fitness Limited (Registered number: 10621231) |
| Contents of the Financial Statements |
| for the Year Ended 30 September 2024 |
| Page |
| Company Information | 1 |
| Statement of Financial Position | 2 |
| Notes to the Financial Statements | 4 |
| KMP Fitness Limited |
| Company Information |
| for the Year Ended 30 September 2024 |
| DIRECTORS: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| ACCOUNTANTS: |
| Business Advisors and Statutory Auditors |
| 144-146 Kings Cross Road |
| King's Cross |
| WC1X 9DU |
| KMP Fitness Limited (Registered number: 10621231) |
| Statement of Financial Position |
| 30 September 2024 |
| 30.9.24 | 30.9.23 |
| Notes | £ | £ | £ |
| FIXED ASSETS |
| Intangible assets | 4 |
| Tangible assets | 5 |
| Investments | 6 |
| CURRENT ASSETS |
| Debtors | 7 |
| Cash at bank and in hand |
| CREDITORS |
| Amounts falling due within one year | 8 |
| NET CURRENT LIABILITIES | ( |
) | ( |
) |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| CREDITORS |
| Amounts falling due after more than one year |
9 |
( |
) |
( |
) |
| PROVISIONS FOR LIABILITIES | 13 | ( |
) | ( |
) |
| NET LIABILITIES | ( |
) | ( |
) |
| CAPITAL AND RESERVES |
| Called up share capital | 14 |
| Retained earnings | 15 | ( |
) | ( |
) |
| SHAREHOLDER FUNDS | ( |
) | ( |
) |
| 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. |
| KMP Fitness Limited (Registered number: 10621231) |
| Statement of Financial Position - continued |
| 30 September 2024 |
| The financial statements were authorised for issue by the Board of Directors and authorised for issue on |
| KMP Fitness Limited (Registered number: 10621231) |
| Notes to the Financial Statements |
| for the Year Ended 30 September 2024 |
| 1. | STATUTORY INFORMATION |
| KMP Fitness Limited is a |
| The presentation currency of the financial statements is the Pound Sterling (£). |
| 2. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| Going Concern |
| The financial statements have been prepared on a going concern basis, notwithstanding the fact that there is a net current deficit of £207,564 (2023: £285,103) on the balance sheet. The Directors, having made appropriate enquiries, are satisfied that the company will receive continued support from the company's ultimate shareholders and the company will be able to meet its liabilities as they fall due for payment. Therefore, the directors are of the opinion that it is appropriate to adopt the going concern basis in preparing the financial statements. The financial statements do not include the adjustments that would result if the company was unable to continue as a going concern. |
| Turnover |
| Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
| Turnover represents amounts receivable for membership and usage of fitness facilities. Fees for the usage of fitness facilities is recognised for the period for which it is due. Membership fees are recognised for the period for which they are due. |
| 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. |
| Franchise licences are being amortised evenly over term of the agreement. |
| Tangible fixed assets |
| Short leasehold | - |
| Plant and machinery | - |
| Fixtures and fittings | - |
| Computer equipment | - |
| Investments in subsidiaries |
| Investments in subsidiary undertakings are recognised at cost. |
| KMP Fitness Limited (Registered number: 10621231) |
| Notes to the Financial Statements - continued |
| for the Year Ended 30 September 2024 |
| 2. | ACCOUNTING POLICIES - continued |
| Financial instruments |
| Financial assets and financial liabilities are recognised in the balance sheet 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 and measured at initial recognition at transaction price. Debtors and creditors are subsequently measured at amortised cost using the effective interest rate method. A provision is established when there is objective evidence that the company will not be able to collect all amounts due. |
| Cash and cash equivalents are classified as basic financial instruments and comprise cash in hand and at bank and bank overdrafts which are an integral part of the company's cash management. |
| Taxation |
| Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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 statement of financial position date. |
| Deferred tax |
| Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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. |
| 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 |
| KMP Fitness Limited (Registered number: 10621231) |
| Notes to the Financial Statements - continued |
| for the Year Ended 30 September 2024 |
| 4. | INTANGIBLE FIXED ASSETS |
| Franchise |
| licence |
| £ |
| COST |
| At 1 October 2023 |
| and 30 September 2024 |
| AMORTISATION |
| At 1 October 2023 |
| and 30 September 2024 |
| NET BOOK VALUE |
| At 30 September 2024 |
| At 30 September 2023 |
| 5. | TANGIBLE FIXED ASSETS |
| Fixtures |
| Short | Plant and | and |
| leasehold | machinery | fittings |
| £ | £ | £ |
| COST |
| At 1 October 2023 |
| Additions |
| Reclassification/transfer | ( |
) |
| At 30 September 2024 |
| DEPRECIATION |
| At 1 October 2023 |
| Charge for year |
| At 30 September 2024 |
| NET BOOK VALUE |
| At 30 September 2024 |
| At 30 September 2023 |
| KMP Fitness Limited (Registered number: 10621231) |
| Notes to the Financial Statements - continued |
| for the Year Ended 30 September 2024 |
| 5. | TANGIBLE FIXED ASSETS - continued |
| Motor | Computer |
| vehicles | equipment | Totals |
| £ | £ | £ |
| COST |
| At 1 October 2023 |
| Additions |
| Reclassification/transfer | ( |
) |
| At 30 September 2024 |
| DEPRECIATION |
| At 1 October 2023 |
| Charge for year |
| At 30 September 2024 |
| NET BOOK VALUE |
| At 30 September 2024 |
| At 30 September 2023 |
| The net book value of fixed assets of £2,321,141 (2023: £1,793,549) includes an amount of £164,742 (2023: £259,102) in respect of assets held under finance leases. Depreciation charge for the year on these assets was £109,074 (2023: £122,395). |
| 6. | FIXED ASSET INVESTMENTS |
| Shares in |
| group |
| undertaking |
| £ |
| COST |
| At 1 October 2023 |
| and 30 September 2024 |
| NET BOOK VALUE |
| At 30 September 2024 |
| At 30 September 2023 |
| The company's investments at the Statement of Financial Position date in the share capital of companies include the following: |
| Registered office: United Kingdom |
| Nature of business: |
| % |
| Class of shares: | holding |
| KMP Fitness Limited (Registered number: 10621231) |
| Notes to the Financial Statements - continued |
| for the Year Ended 30 September 2024 |
| 6. | FIXED ASSET INVESTMENTS - continued |
| Registered office: United Kingdom |
| Nature of business: |
| % |
| Class of shares: | holding |
| Registered office: United Kingdom |
| Nature of business: |
| % |
| Class of shares: | holding |
| Registered office: United Kingdom |
| Nature of business: |
| % |
| Class of shares: | holding |
| Registered office: United Kingdom |
| Nature of business: |
| % |
| Class of shares: | holding |
| 7. | DEBTORS |
| 30.9.24 | 30.9.23 |
| £ | £ |
| Amounts falling due within one year: |
| Trade debtors |
| Rent deposits | 99,750 | 72,000 |
| VAT |
| Prepayments |
| Amounts falling due after more than one year: |
| Amounts owed by group undertakings |
| Aggregate amounts |
| KMP Fitness Limited (Registered number: 10621231) |
| Notes to the Financial Statements - continued |
| for the Year Ended 30 September 2024 |
| 8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 30.9.24 | 30.9.23 |
| £ | £ |
| Bank loans and overdrafts (see note 10) |
| Finance leases (see note 11) |
| Trade creditors |
| Social security and other taxes |
| Sundry creditors | 500 | 500 |
| Directors' current accounts | 33,000 | - |
| Accrued expenses |
| 9. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
| 30.9.24 | 30.9.23 |
| £ | £ |
| Bank loans (see note 10) |
| Finance leases (see note 11) |
| Amounts owed to group undertakings |
| Other creditors |
| 10. | LOANS |
| An analysis of the maturity of loans is given below: |
| 30.9.24 | 30.9.23 |
| £ | £ |
| Amounts falling due within one year or on demand: |
| Bank loans |
| BBLS Loan <1year | 10,222 | 10,170 |
| Amounts falling due between one and two years: |
| Bank loans - 1-2 years |
| BBLS Loan 1-2 years | 6,815 | 10,170 |
| Amounts falling due between two and five years: |
| Bank loans - 2-5 years |
| BBLS Loan 2-5 years | - | 6,780 |
| Due to uncertainties relating to Covid19 pandemic the company had received bounce back loan of £50,000 from HSBC Bank Plc. During the year the company repaid £10,084 (2023: £10,155) and the balance due to HSBC Bank at the balance sheet date amounted to £17,037 (2023:£27,121). This loan is supported by the government scheme and repayable by instalment within five years. |
| KMP Fitness Limited (Registered number: 10621231) |
| Notes to the Financial Statements - continued |
| for the Year Ended 30 September 2024 |
| 11. | LEASING AGREEMENTS |
| Minimum lease payments fall due as follows: |
| Finance leases |
| 30.9.24 | 30.9.23 |
| £ | £ |
| Net obligations repayable: |
| Within one year |
| Between one and five years |
| Non-cancellable | operating leases |
| 30.9.24 | 30.9.23 |
| £ | £ |
| Within one year |
| Between one and five years |
| In more than five years |
| Amounts due under H.P. agreements and finance leases are secured on plant and machinery acquired using H.P. Finance leases. |
| 12. | SECURED DEBTS |
| The following secured debts are included within creditors: |
| 30.9.24 | 30.9.23 |
| £ | £ |
| Bank loans | 49,381 | 88,436 |
| The bank loans are secured by way of fixed and floating charge over all the property and undertakings of the company. |
| 13. | PROVISIONS FOR LIABILITIES |
| 30.9.24 | 30.9.23 |
| £ | £ |
| Deferred tax |
| Accelerated capital allowances |
| Deferred |
| tax |
| £ |
| Balance at 1 October 2023 |
| Provided during year |
| Balance at 30 September 2024 |
| KMP Fitness Limited (Registered number: 10621231) |
| Notes to the Financial Statements - continued |
| for the Year Ended 30 September 2024 |
| 14. | CALLED UP SHARE CAPITAL |
| Allotted, issued and fully paid: |
| Number: | Class: | Nominal | 30.9.24 | 30.9.23 |
| value: | £ | £ |
| Ordinary | £1 | 99 | 99 |
| 15. | RESERVES |
| Retained |
| earnings |
| £ |
| At 1 October 2023 | ( |
) |
| Deficit for the year | ( |
) |
| At 30 September 2024 | ( |
) |
| 16. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
| At the balance sheet date the company owed £33,000 (2023: £NIL) to its directors. |
| Included in other creditors (more than 1 year) is an amount of £474,962 (2023:£4,123) owed by the company to one of its directors. |
| 17. | RELATED PARTY DISCLOSURES |
| Included in other creditors (more than 1 year) is an amount of £1,176,327 (2023: £1,089,916) owed by the company to KMP Propfin Ltd, a related party entity. During the year interest of £86,411 (2023: £63,466) was charged by KMP Propfin Ltd on this loan. |
| Also included in other creditors (more than 1 year) is an amount of £17,051 (2023: £9,139) owed by the company to KMP & Sons, a related party entity. |
| 18. | ULTIMATE CONTROLLING PARTY |