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REGISTERED NUMBER: 03462245 (England and Wales)


















GROUP STRATEGIC REPORT,

REPORT OF THE DIRECTORS AND

CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

FOR

FX LEISURE LIMITED

FX LEISURE LIMITED (REGISTERED NUMBER: 03462245)






CONTENTS OF THE CONSOLIDATED FINANCIAL STATEMENTS
for the Year Ended 31 December 2024




Page

Company Information 1

Group Strategic Report 2

Report of the Directors 4

Report of the Independent Auditors 5

Consolidated Statement of Comprehensive Income 9

Consolidated Statement of Financial Position 10

Company Statement of Financial Position 11

Consolidated Statement of Changes in Equity 12

Company Statement of Changes in Equity 13

Consolidated Statement of Cash Flows 14

Notes to the Consolidated Statement of Cash Flows 15

Notes to the Consolidated Financial Statements 16


FX LEISURE LIMITED

COMPANY INFORMATION
for the Year Ended 31 December 2024







DIRECTORS: A J Taylor
S J Taylor
K Belshaw
K Carter



SECRETARY: K Carter



REGISTERED OFFICE: King Street
Leyland
Lancashire
PR25 2LF



REGISTERED NUMBER: 03462245 (England and Wales)



AUDITORS: Fairhurst Audit Services Ltd
Statutory Auditors
Chartered Accountants
Douglas Bank House
Wigan Lane
Wigan
Lancashire
WN1 2TB



BANKERS: Natwest Bank plc
PO Box 68
4 Standishgate
Wigan
WN2 2EL

FX LEISURE LIMITED (REGISTERED NUMBER: 03462245)

GROUP STRATEGIC REPORT
for the Year Ended 31 December 2024

The directors present their strategic report of the company and the group for the year ended 31 December 2024.

REVIEW OF BUSINESS
The group continues to operate in the gym and leisure sector operating from seven facilities under the "Gymetc" brand and a leisure facility based in Warrington, operating through the subsidiary company under the brand name "Athelis".

Results and Performance
The results of the group show a profit on ordinary activities after tax of £2,926k (2023 - £2,527k), on turnover of £12.8 million (2023 - £12.2 million).

The group continues to provide an exceptional gym experience in stylish surroundings coupled with a varied and exciting range of fitness classes at affordable prices. Also, we have continued with our policy of re-investing in the latest gym equipment throughout the year. In addition, a number of our clubs have undergone extensions in the year to provide additional spa facilities. Further extensions are planned for the coming year.

As a consequence, at 31 December 2024 group total membership had grown to 26,806 (2023 - 26,126) and is continuing to grow in 2025.

Strategy
The group's success is based on providing excellent leisure facilities and equipment at price levels our competitors find difficult to compete with. This involves continued investment in the most up to date technology and improvements to our clubs so that our members can continue to enjoy the best facilities.

We will continue to consolidate our position and concentrate on achieving the maximum growth in our market sector through membership increases and retention and improved efficiencies whilst maintaining the service to our members we pride ourselves on.

In view of the challenges presented to the business the Directors are pleased with the resilience shown by the company with overall revenue increased by £606k to £12.8 million with EBITDA rising to £5,262k (2023 - £4,880k).

We will continue to look to expand the business through organic growth but are also prepared to invest further both through the building of another club, should a suitable site be available and by expansion of existing clubs.

KPI's 2024 2023

£'000s £'000s

Turnover 12,787 12,181

EBITDA 5,262 4,880

Number of Members 26,806 26,126


FX LEISURE LIMITED (REGISTERED NUMBER: 03462245)

GROUP STRATEGIC REPORT
for the Year Ended 31 December 2024

PRINCIPAL RISKS AND UNCERTAINTIES
The energy crisis which has caused unprecedented rises in supply costs of both gas and electricity looks likely to continue throughout 2025. In addition, other inflationary costs particularly wages will impact performance in 2025.

Competitor activity is a threat all businesses must contend with but we are confident that our facilities and pricing structure will enable us to manage these risks.

ON BEHALF OF THE BOARD:





K Carter - Secretary


15 July 2025

FX LEISURE LIMITED (REGISTERED NUMBER: 03462245)

REPORT OF THE DIRECTORS
for the Year Ended 31 December 2024

The directors present their report with the financial statements of the company and the group for the year ended 31 December 2024.

PRINCIPAL ACTIVITY
The principal activity of the group in the year under review was that of the provision of fitness and leisure facilities.

DIVIDENDS
No dividends will be distributed for the year ended 31 December 2024.

DIRECTORS
The directors shown below have held office during the whole of the period from 1 January 2024 to the date of this report.

A J Taylor
S J Taylor
K Belshaw
K Carter

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Group Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and the group and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:

- select suitable accounting policies and then apply them consistently;
- make judgements and accounting estimates that are reasonable and prudent;
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the group's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the group's auditors are aware of that information.

ON BEHALF OF THE BOARD:



K Carter - Secretary


15 July 2025

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
FX LEISURE LIMITED

Opinion
We have audited the financial statements of FX Leisure Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 December 2024 which comprise the Consolidated Statement of Comprehensive Income, Consolidated Statement of Financial Position, Company Statement of Financial Position, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Statement of Cash Flows and Notes to the Consolidated Statement of Cash Flows, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:
-give a true and fair view of the state of the group's and of the parent company affairs as at 31 December 2024 and of the group's profit for the year then ended;
-have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's and the parent company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information
The directors are responsible for the other information. The other information comprises the information in the Group Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the Group Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Group Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
FX LEISURE LIMITED


Matters on which we are required to report by exception
In the light of the knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or
- the parent company financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of directors' remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit.

Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities set out on page four, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the group's and the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the group or the parent company or to cease operations, or have no realistic alternative but to do so.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
FX LEISURE LIMITED


Auditors' responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

- we identified the laws and regulations applicable to the group through discussions with directors and other management, focusing on those that had a direct effect on the financial statements or that had a fundamental effect on it's operations. Key laws and regulations that we identified included the UK Companies Act, tax legislation, employment legislation, Health and Safety and hygiene regulations.

- we enquired of the directors and reviewed correspondence with HMRC for evidence of non-compliance with laws and regulations. We also reviewed controls the directors have in place to ensure compliance.

We assessed the susceptibility of the Group's financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:

- making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and

- considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.

- performed analytical procedures to identify any unusual or unexpected relationships;

- tested journal entries to identify unusual transactions;

- assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias.

- we reviewed financial statements disclosures and tested to supporting documentation to assess compliance with relevant laws and regulations discussed above;

- we enquired of the directors about actual and potential litigation and claims.

Due to inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. For example, as with any audit, there remained a higher risk of non-detection of irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls. We are not responsible for preventing fraud or non-compliance with laws and regulations and cannot be expected to detect all fraud and non-compliance with laws and regulations.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
FX LEISURE LIMITED


Use of our report
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.




John B S Fairhurst BA (Hons) FCA (Senior Statutory Auditor)
for and on behalf of Fairhurst Audit Services Ltd
Statutory Auditors
Chartered Accountants
Douglas Bank House
Wigan Lane
Wigan
Lancashire
WN1 2TB

15 July 2025

FX LEISURE LIMITED (REGISTERED NUMBER: 03462245)

CONSOLIDATED
STATEMENT OF COMPREHENSIVE
INCOME
for the Year Ended 31 December 2024

2024 2023
Notes £    £   

TURNOVER 12,786,529 12,181,338

Cost of sales 3,477,553 3,316,687
GROSS PROFIT 9,308,976 8,864,651

Administrative expenses 5,083,290 5,033,680
4,225,686 3,830,971

Other operating income 146,843 133,853
OPERATING PROFIT 4,372,529 3,964,824

Interest receivable and similar income 23,286 2,856
4,395,815 3,967,680

Interest payable and similar expenses 4 423,001 597,681
PROFIT BEFORE TAXATION 5 3,972,814 3,369,999

Tax on profit 6 1,046,812 843,333
PROFIT FOR THE FINANCIAL YEAR 2,926,002 2,526,666

OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

2,926,002

2,526,666

Profit attributable to:
Owners of the parent 2,625,414 2,308,449
Non-controlling interests 300,588 218,217
2,926,002 2,526,666

Total comprehensive income attributable to:
Owners of the parent 2,625,414 2,308,449
Non-controlling interests 300,588 218,217
2,926,002 2,526,666

FX LEISURE LIMITED (REGISTERED NUMBER: 03462245)

CONSOLIDATED STATEMENT OF FINANCIAL POSITION
31 December 2024

2024 2023
Notes £    £    £   
FIXED ASSETS
Tangible assets 8 24,371,955 23,157,767
Investments 9 - -
24,371,955 23,157,767

CURRENT ASSETS
Stocks 10 16,208 19,188
Debtors 11 345,681 181,020
Cash at bank 564,674 1,096,301
926,563 1,296,509
CREDITORS
Amounts falling due within one year 12 2,084,192 1,714,432
NET CURRENT LIABILITIES (1,157,629 ) (417,923 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

23,214,326

22,739,844

CREDITORS
Amounts falling due after more than one
year

13

(7,450,000

)

(10,000,000

)

PROVISIONS FOR LIABILITIES 15 (1,581,891 ) (1,483,411 )
NET ASSETS 14,182,435 11,256,433

CAPITAL AND RESERVES
Called up share capital 16 700 700
Revaluation reserve 17 132,746 132,746
Capital redemption reserve 17 300 300
Retained earnings 17 13,351,135 10,725,721
SHAREHOLDERS' FUNDS 13,484,881 10,859,467

NON-CONTROLLING INTERESTS 18 697,554 396,966
TOTAL EQUITY 14,182,435 11,256,433

The financial statements were approved by the Board of Directors and authorised for issue on 15 July 2025 and were signed on its behalf by:





K Carter - Director


FX LEISURE LIMITED (REGISTERED NUMBER: 03462245)

COMPANY STATEMENT OF FINANCIAL POSITION
31 December 2024

2024 2023
Notes £    £    £   
FIXED ASSETS
Tangible assets 8 13,900,289 13,938,517
Investments 9 6 6
13,900,295 13,938,523

CURRENT ASSETS
Debtors 11 6,735,075 7,217,752
Cash at bank 342,123 629,556
7,077,198 7,847,308
CREDITORS
Amounts falling due within one year 12 1,213,825 1,196,103
NET CURRENT ASSETS 5,863,373 6,651,205
TOTAL ASSETS LESS CURRENT
LIABILITIES

19,763,668

20,589,728

CREDITORS
Amounts falling due after more than one
year

13

(7,450,000

)

(10,000,000

)

PROVISIONS FOR LIABILITIES 15 (921,435 ) (921,147 )
NET ASSETS 11,392,233 9,668,581

CAPITAL AND RESERVES
Called up share capital 16 700 700
Revaluation reserve 17 132,746 132,746
Capital redemption reserve 17 300 300
Retained earnings 17 11,258,487 9,534,835
SHAREHOLDERS' FUNDS 11,392,233 9,668,581

Company's profit for the financial year 1,723,652 1,653,801

The financial statements were approved by the Board of Directors and authorised for issue on 15 July 2025 and were signed on its behalf by:





K Carter - Director


FX LEISURE LIMITED (REGISTERED NUMBER: 03462245)

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
for the Year Ended 31 December 2024

Called up
share Retained Revaluation
capital earnings reserve
£    £    £   
Balance at 1 January 2023 700 8,417,272 132,746

Changes in equity
Total comprehensive income - 2,308,449 -
Balance at 31 December 2023 700 10,725,721 132,746

Changes in equity
Total comprehensive income - 2,625,414 -
Balance at 31 December 2024 700 13,351,135 132,746
Capital
redemption Non-controlling Total
reserve Total interests equity
£    £    £    £   
Balance at 1 January 2023 300 8,551,018 178,749 8,729,767

Changes in equity
Total comprehensive income - 2,308,449 218,217 2,526,666
Balance at 31 December 2023 300 10,859,467 396,966 11,256,433

Changes in equity
Total comprehensive income - 2,625,414 300,588 2,926,002
Balance at 31 December 2024 300 13,484,881 697,554 14,182,435

FX LEISURE LIMITED (REGISTERED NUMBER: 03462245)

COMPANY STATEMENT OF CHANGES IN EQUITY
for the Year Ended 31 December 2024

Called up Capital
share Retained Revaluation redemption Total
capital earnings reserve reserve equity
£    £    £    £    £   
Balance at 1 January 2023 700 7,881,034 132,746 300 8,014,780

Changes in equity
Total comprehensive income - 1,653,801 - - 1,653,801
Balance at 31 December 2023 700 9,534,835 132,746 300 9,668,581

Changes in equity
Total comprehensive income - 1,723,652 - - 1,723,652
Balance at 31 December 2024 700 11,258,487 132,746 300 11,392,233

FX LEISURE LIMITED (REGISTERED NUMBER: 03462245)

CONSOLIDATED STATEMENT OF CASH FLOWS
for the Year Ended 31 December 2024

2024 2023
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 5,390,182 4,800,860
Interest paid (423,001 ) (575,546 )
Interest element of hire purchase or finance
lease rental payments paid

-

(22,135

)
Tax paid (855,591 ) (832,359 )
Net cash from operating activities 4,111,590 3,370,820

Cash flows from investing activities
Purchase of tangible fixed assets (2,125,942 ) (941,956 )
Sale of tangible fixed assets 9,439 -
Interest received 23,286 2,856
Net cash from investing activities (2,093,217 ) (939,100 )

Cash flows from financing activities
Capital repayments in year - (184,697 )
Amount withdrawn by directors (2,550,000 ) (1,500,000 )
Net cash from financing activities (2,550,000 ) (1,684,697 )

(Decrease)/increase in cash and cash equivalents (531,627 ) 747,023
Cash and cash equivalents at beginning of
year

2

1,096,301

349,278

Cash and cash equivalents at end of year 2 564,674 1,096,301

FX LEISURE LIMITED (REGISTERED NUMBER: 03462245)

NOTES TO THE CONSOLIDATED STATEMENT OF CASH FLOWS
for the Year Ended 31 December 2024

1. RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM
OPERATIONS

2024 2023
£    £   
Profit before taxation 3,972,814 3,369,999
Depreciation charges 889,210 915,154
Loss on disposal of fixed assets 13,105 -
Finance costs 423,001 597,681
Finance income (23,286 ) (2,856 )
5,274,844 4,879,978
Decrease/(increase) in stocks 2,980 (7,091 )
(Increase)/decrease in trade and other debtors (164,661 ) 43,345
Increase/(decrease) in trade and other creditors 277,019 (115,372 )
Cash generated from operations 5,390,182 4,800,860

2. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Statement of Cash Flows in respect of cash and cash equivalents are in respect of these Statement of Financial Position amounts:

Year ended 31 December 2024
31/12/24 1/1/24
£    £   
Cash and cash equivalents 564,674 1,096,301
Year ended 31 December 2023
31/12/23 1/1/23
£    £   
Cash and cash equivalents 1,096,301 349,278


3. ANALYSIS OF CHANGES IN NET FUNDS

At 1/1/24 Cash flow At 31/12/24
£    £    £   
Net cash
Cash at bank 1,096,301 (531,627 ) 564,674
1,096,301 (531,627 ) 564,674
Total 1,096,301 (531,627 ) 564,674

FX LEISURE LIMITED (REGISTERED NUMBER: 03462245)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
for the Year Ended 31 December 2024

1. STATUTORY INFORMATION

FX Leisure 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 General 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" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Basis of consolidation
The consolidated financial statements include the results of FX Leisure Limited and its subsidiary undertaking ASAT Ventures Limited for the year to 31 December 2024.

ASAT Ventures Limited is exempt from the requirements of the Companies Act relating to the audit of their accounts by virtue of s479A Companies Act 2006.

The consolidated financial statements include the results of the activities described in the Report of the Directors, all of which are continuing.

In the company's financial statements, investments in subsidiary undertakings are stated at cost less impairment.

Investment in subsidiaries
The consolidated financial statements incorporate the financial statements of the company and entities controlled by the group using accounting policies consistent with those of the parent. All intra group transactions, balances, income and expenses are eliminated in full on consolidation.

Judgements and key source of estimation uncertainty
Preparation of the financial statements requires management to make significant judgements and estimates. The items in the financial statements where these judgements and estimates have been made include:

Judgements
(a) Impairment of fixed assets
The carrying amount of the Group's assets are reviewed annually to determine whether there is any indication of impairment. If there is an indication of possible impairment, the recoverable amount of any affected asset is estimated and compared with its carrying amount.

(b) Useful economic lives
The useful economic lives of fixed assets are assessed on an annual basis based on the latest available information. Management believe that the useful economic lives being used currently are still appropriate.

Turnover
The group and company derives its income principally from the sale of fitness club memberships and associated joining and administration fees, with secondary income from the sale of related food and drink and swimming fees.

Membership income from individuals is recognised over the membership term, limited to the cash received. Income related to joining and administration fees, food and drink and swimming fees is recognised immediately on the basis that the related service has been performed.

Sales of any goods are recognised when the title of goods has passed. Revenue is recognised net of value added tax.

FX LEISURE LIMITED (REGISTERED NUMBER: 03462245)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
for the Year Ended 31 December 2024

2. ACCOUNTING POLICIES - continued

Tangible fixed assets
Freehold and long leasehold property are carried at their revalued amounts, being fair value at the date of valuation less subsequent depreciation and any impairment losses. Any accumulated depreciation at the date of revaluation is eliminated against the gross carrying amount of the asset and the net amount is restated to the revalued amount of the asset.

Other tangible fixed assets are stated at cost less depreciation and any impairment losses.

Depreciation is calculated to write down the cost or valuation less estimated residual value of all tangible fixed assets, other than freehold land, over their estimated useful lives as follows:

Freehold property- 2% on cost or valuation
Long leasehold property- over the 125 year lease period
Improvements to property- over the 18 year lease period
Gym equipment- 10% on cost
Fixtures and fittings- 10% on cost and 20% on cost

Impairment of assets
At each reporting date fixed assets are reviewed to determine whether there is any indication that those assets have suffered an impairment loss. If there is an indication of possible impairment, the recoverable amount of any affected asset is estimated and compared with its carrying amount. If the recoverable amount is lower, the carrying amount of the asset is reduced to its recoverable amount and an impairment loss is recognised immediately in the profit or loss.

If an impairment loss is subsequently reversed, the carrying amount of the asset is increased to the revised estimate of its recoverable amount, but not to exceed the amount that would have been determined had no impairment loss been recognised for the asset in prior periods. A reversal of an impairment loss is recognised immediately in the profit or loss.

Investment property
Investment property is shown at the most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in the statement of income.

Stocks
Stocks are measured at the lower of cost and selling price less cost to sell.

Financial instruments
Short term trade creditors are measured at the transaction price. Other financial liabilities, including bank loans and related party loans shall be measured at amortised cost using the effective interest rate. Financial liabilities that have no stated interest rate and are payable within one year shall be measured at the undiscounted amount due.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated Statement of Comprehensive Income, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

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.


FX LEISURE LIMITED (REGISTERED NUMBER: 03462245)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
for the Year Ended 31 December 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 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.

Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership of the leased asset to the company. All other leases are classified as operating leases.

Assets held under finance leases are recognised initially at their fair value at the inception of the lease or, if lower, at the present value of the minimum lease payments. The corresponding liability to the lessor is included in the statement of financial position as a finance lease obligation. Lease payments are apportioned between finance charges and reduction of the lease obligation so as to achieve a constant rate of interest on the remaining balance of the liability.

Rentals payable under operating leases are charged to profit or loss on a straight-line basis over the lease term. The aggregate benefit of lease incentives are recognised as a reduction to the expense recognised over the lease term on a straight line basis.

Pension costs and other post-retirement benefits
The group operates a defined contribution pension scheme. Contributions payable to the group's pension scheme are charged to profit or loss in the period to which they relate.

Employee benefits
Short-term employee benefits are recognised as an expense in the period in which they are incurred.

3. EMPLOYEES AND DIRECTORS
2024 2023
£    £   
Wages and salaries 2,484,369 2,317,581
Social security costs 95,274 81,002
Other pension costs 1,211 1,211
2,580,854 2,399,794

The average number of employees during the year was as follows:
2024 2023

Management 7 7
Fitness centre staff 161 155
168 162

2024 2023
£    £   
Directors' remuneration 140,277 113,467
Directors' pension contributions to money purchase schemes 1,211 1,211

FX LEISURE LIMITED (REGISTERED NUMBER: 03462245)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
for the Year Ended 31 December 2024

3. EMPLOYEES AND DIRECTORS - continued

The number of directors to whom retirement benefits were accruing was as follows:

Money purchase schemes 1 1

4. INTEREST PAYABLE AND SIMILAR EXPENSES
2024 2023
£    £   
Other interest 423,001 575,546
Hire purchase - 22,135
423,001 597,681

5. PROFIT BEFORE TAXATION

The profit is stated after charging:

2024 2023
£    £   
Hire of plant and machinery 2,611 784
Depreciation - owned assets 889,210 833,308
Depreciation - assets on hire purchase contracts or finance leases - 81,846
Loss on disposal of fixed assets 13,105 -
Auditors' remuneration 12,000 10,250
Auditors' remuneration - taxation services 9,500 9,000
Rental of property 180,548 187,920

6. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
2024 2023
£    £   
Current tax:
UK corporation tax 948,203 800,481
Under provision in prior year 129 499
Total current tax 948,332 800,980

Deferred tax:
Deferred tax - current year 98,480 44,120
Deferred tax - prior year - (1,767 )
Total deferred tax 98,480 42,353

Tax on profit 1,046,812 843,333

FX LEISURE LIMITED (REGISTERED NUMBER: 03462245)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
for the Year Ended 31 December 2024

6. TAXATION - continued

Reconciliation of total tax charge included in profit and loss
The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below:

2024 2023
£    £   
Profit before tax 3,972,814 3,369,999
Profit multiplied by the standard rate of corporation tax in the UK of 25 %
(2023 - 23.520 %)

993,204

792,624

Effects of:
Expenses not deductible for tax purposes 9,596 967
Adjustments to tax charge in respect of previous periods 128 499
Fixed asset differences 45,027 42,396
Adjustments to deferred tax charge in respect of previous periods (1,143 ) (1,767 )
Adjust deferred tax to average rate - 4,535
Movement in deferred tax not recognised - 6,379
Remeasurement of deferred tax - (2,300 )
Total tax charge 1,046,812 843,333

7. INDIVIDUAL STATEMENT OF COMPREHENSIVE INCOME

As permitted by Section 408 of the Companies Act 2006, the Income Statement of the parent company is not presented as part of these financial statements.


8. TANGIBLE FIXED ASSETS

Group
Long
Freehold leasehold Investment
property property property
£    £    £   
COST OR VALUATION
At 1 January 2024 18,957,613 4,651,378 1,432,495
Additions 1,370,987 168,306 -
Disposals - - -
At 31 December 2024 20,328,600 4,819,684 1,432,495
DEPRECIATION
At 1 January 2024 2,706,687 912,298 -
Charge for year 342,660 151,440 -
Eliminated on disposal - - -
At 31 December 2024 3,049,347 1,063,738 -
NET BOOK VALUE
At 31 December 2024 17,279,253 3,755,946 1,432,495
At 31 December 2023 16,250,926 3,739,080 1,432,495

FX LEISURE LIMITED (REGISTERED NUMBER: 03462245)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
for the Year Ended 31 December 2024

8. TANGIBLE FIXED ASSETS - continued

Group

Improvements Fixtures
to Gym and
property Equipment fittings Totals
£    £    £    £   
COST OR VALUATION
At 1 January 2024 221,054 4,892,031 2,214,260 32,368,831
Additions - 393,306 193,343 2,125,942
Disposals - (57,767 ) - (57,767 )
At 31 December 2024 221,054 5,227,570 2,407,603 34,437,006
DEPRECIATION
At 1 January 2024 213,285 3,686,419 1,692,375 9,211,064
Charge for year 4,380 247,828 142,902 889,210
Eliminated on disposal - (35,223 ) - (35,223 )
At 31 December 2024 217,665 3,899,024 1,835,277 10,065,051
NET BOOK VALUE
At 31 December 2024 3,389 1,328,546 572,326 24,371,955
At 31 December 2023 7,769 1,205,612 521,885 23,157,767

Included in cost or valuation of land and buildings is freehold land of £2,851,508 (2023 - £2,851,508) which is not depreciated.

Cost or valuation at 31 December 2024 is represented by:

Long
Freehold leasehold Investment
property property property
£    £    £   
Valuation in 2000 296,852 - -
Valuation in 2008 1,737,257 1,181,356 -
Cost 18,294,491 3,638,328 1,432,495
20,328,600 4,819,684 1,432,495

Improvements Fixtures
to Gym and
property Equipment fittings Totals
£    £    £    £   
Valuation in 2000 - - - 296,852
Valuation in 2008 - - - 2,918,613
Cost 221,054 5,227,570 2,407,603 31,221,541
221,054 5,227,570 2,407,603 34,437,006

FX LEISURE LIMITED (REGISTERED NUMBER: 03462245)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
for the Year Ended 31 December 2024

8. TANGIBLE FIXED ASSETS - continued

Group

If freehold/leasehold property had not been revalued they would have been included at the following historical cost:

2024 2023
£    £   
Cost 21,932,821 20,393,528
Aggregate depreciation 3,626,556 3,267,089

Value of land in freehold land and buildings 2,851,508 2,851,508

Freehold land and buildings and long leasehold property were valued on a fair value, existing use basis on 28 February 2016 by Shaun B Skidmore FRICS and the directors reviewed the valuations and decided that they are not materially different from the amounts being carried on the balance sheet.


Company
Long
Freehold leasehold Investment
property property property
£    £    £   
COST OR VALUATION
At 1 January 2024 9,995,759 4,651,378 1,432,495
Additions 74,353 168,306 -
At 31 December 2024 10,070,112 4,819,684 1,432,495
DEPRECIATION
At 1 January 2024 2,122,383 912,298 -
Charge for year 189,480 151,440 -
At 31 December 2024 2,311,863 1,063,738 -
NET BOOK VALUE
At 31 December 2024 7,758,249 3,755,946 1,432,495
At 31 December 2023 7,873,376 3,739,080 1,432,495

FX LEISURE LIMITED (REGISTERED NUMBER: 03462245)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
for the Year Ended 31 December 2024

8. TANGIBLE FIXED ASSETS - continued

Company

Improvements Fixtures
to Gym and
property Equipment fittings Totals
£    £    £    £   
COST OR VALUATION
At 1 January 2024 221,054 4,123,970 1,340,177 21,764,833
Additions - 221,683 84,159 548,501
At 31 December 2024 221,054 4,345,653 1,424,336 22,313,334
DEPRECIATION
At 1 January 2024 213,285 3,378,698 1,199,652 7,826,316
Charge for year 4,380 185,404 56,025 586,729
At 31 December 2024 217,665 3,564,102 1,255,677 8,413,045
NET BOOK VALUE
At 31 December 2024 3,389 781,551 168,659 13,900,289
At 31 December 2023 7,769 745,272 140,525 13,938,517

Cost or valuation at 31 December 2024 is represented by:

Long
Freehold leasehold Investment
property property property
£    £    £   
Valuation in 2000 296,852 - -
Valuation in 2008 1,737,257 1,181,356 -
Cost 8,036,003 3,638,328 1,432,495
10,070,112 4,819,684 1,432,495

Improvements Fixtures
to Gym and
property Equipment fittings Totals
£    £    £    £   
Valuation in 2000 - - - 296,852
Valuation in 2008 - - - 2,918,613
Cost 221,054 4,345,653 1,424,336 19,097,869
221,054 4,345,653 1,424,336 22,313,334

FX LEISURE LIMITED (REGISTERED NUMBER: 03462245)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
for the Year Ended 31 December 2024

8. TANGIBLE FIXED ASSETS - continued

Company

If freehold/leasehold property had not been revalued they would have been included at the following historical cost:

2024 2023
£    £   
Cost 11,674,333 11,431,674
Aggregate depreciation 2,889,072 2,682,785

Value of land in freehold land and buildings 1,360,000 1,360,000

Freehold land and buildings and long leasehold property were valued on a fair value, existing use basis on 28 February 2016 by Shaun B Skidmore FRICS. The directors have reviewed the valuations, taking into account current market conditions, and decided that they are not materially different from the amounts being carried on the balance sheet.

9. FIXED ASSET INVESTMENTS

Company
Shares in
group
undertakings
£   
COST
At 1 January 2024
and 31 December 2024 6
NET BOOK VALUE
At 31 December 2024 6
At 31 December 2023 6

% Direct/
Subsidiary Principal Activity Holding Indirect Holding

ASAT Ventures Limited Provision of fitness and leisure facilities 75 Direct

The above company is registered in England and Wales.


10. STOCKS

Group
2024 2023
£    £   
Stocks 16,208 19,188

FX LEISURE LIMITED (REGISTERED NUMBER: 03462245)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
for the Year Ended 31 December 2024

11. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
2024 2023 2024 2023
£    £    £    £   
Trade debtors 1,265 5,232 1,265 5,232
Amounts owed by group undertakings - - 6,590,787 7,040,787
Other debtors 168,598 - - -
Prepayments and accrued income 175,818 175,788 143,023 171,733
345,681 181,020 6,735,075 7,217,752

12. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
2024 2023 2024 2023
£    £    £    £   
Trade creditors 449,083 152,448 275,183 133,073
Tax 446,822 354,081 189,398 201,197
Social security and other taxes 336,651 404,296 233,733 235,302
Other creditors 136,898 121,789 60,000 60,000
Accruals and deferred income 714,738 681,818 455,511 566,531
2,084,192 1,714,432 1,213,825 1,196,103

13. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR

Group Company
2024 2023 2024 2023
£    £    £    £   
Directors' loan accounts 7,450,000 10,000,000 7,450,000 10,000,000

14. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Group
Non-cancellable operating leases
2024 2023
£    £   
Within one year 118,574 118,574
Between one and five years 474,295 474,295
In more than five years 790,492 909,066
1,383,361 1,501,935

FX LEISURE LIMITED (REGISTERED NUMBER: 03462245)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
for the Year Ended 31 December 2024

14. LEASING AGREEMENTS - continued

Company
Non-cancellable operating leases
2024 2023
£    £   
Within one year 118,574 118,574
Between one and five years 474,295 474,295
In more than five years 790,492 909,066
1,383,361 1,501,935

15. PROVISIONS FOR LIABILITIES

Group Company
2024 2023 2024 2023
£    £    £    £   
Deferred tax
Accelerated capital allowances 1,582,325 1,483,411 921,435 921,147
Other timing differences (434 ) - - -
1,581,891 1,483,411 921,435 921,147

Group
Deferred
tax
£   
Balance at 1 January 2024 1,483,411
Provided during year 98,480
Balance at 31 December 2024 1,581,891

Company
Deferred
tax
£   
Balance at 1 January 2024 921,147
Provided during year 288
Balance at 31 December 2024 921,435

16. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £ £
700 A Ordinary 1p 7 7

69,300 B Ordinary 1p 693 693
700 700


FX LEISURE LIMITED (REGISTERED NUMBER: 03462245)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
for the Year Ended 31 December 2024

17. RESERVES

Group
Capital
Retained Revaluation redemption
earnings reserve reserve Totals
£    £    £    £   

At 1 January 2024 10,725,721 132,746 300 10,858,767
Profit for the year 2,625,414 - - 2,625,414
At 31 December 2024 13,351,135 132,746 300 13,484,181

Company
Capital
Retained Revaluation redemption
earnings reserve reserve Totals
£    £    £    £   

At 1 January 2024 9,534,835 132,746 300 9,667,881
Profit for the year 1,723,652 - - 1,723,652
At 31 December 2024 11,258,487 132,746 300 11,391,533

Retained earnings includes all current and prior period retained profits and losses.

The revaluation reserve relates to freehold and long leasehold property assets.

The capital redemption reserve has arisen as a result of the purchase of own ordinary shares.

18. NON-CONTROLLING INTERESTS

Minority interests represent a holding of 25% of the Ordinary shares in ASAT Ventures Limited.

19. RELATED PARTY DISCLOSURES

Transactions between group entities which have been eliminated on consolidation are not disclosed within the financial statements.

20. ULTIMATE CONTROL

The directors, A J Taylor and S J Taylor have ultimate control of this company.