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REGISTERED NUMBER: 07502699 (England and Wales)













Strategic Report, Report of the Directors and

Financial Statements

for the Year Ended 31 March 2025

for

OneGym Ltd

OneGym Ltd (Registered number: 07502699)






Contents of the Financial Statements
for the Year Ended 31 March 2025




Page

Company Information 1

Strategic Report 2

Report of the Directors 4

Report of the Independent Auditors 5

Income Statement 9

Other Comprehensive Income 10

Balance Sheet 11

Statement of Changes in Equity 12

Cash Flow Statement 13

Notes to the Cash Flow Statement 14

Notes to the Financial Statements 15


OneGym Ltd

Company Information
for the Year Ended 31 March 2025







DIRECTORS: D Pearson
P Pearson



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



REGISTERED NUMBER: 07502699 (England and Wales)



SENIOR STATUTORY AUDITOR: Martin Hobson BA (Hons), FCCA



AUDITORS: Clive Owen LLP
Chartered Accountants
& Statutory Auditors
140 Coniscliffe Road
Darlington
County Durham
DL3 7RT

OneGym Ltd (Registered number: 07502699)

Strategic Report
for the Year Ended 31 March 2025

The directors present their strategic report for the year ended 31 March 2025.

Our Mission

To make high-quality fitness accessible and affordable in every local community we serve.

Our Vision

To be the most efficient and community-focused gym operator in the UK, offering exceptional value without compromise.

Review of the Business and Future Developments

The financial year ending 31 March 2025 was one of measured growth, operational focus, and steady recovery post-pandemic. The Company maintained a disciplined cost base while investing in its sites, people, and systems.

Total revenue for the year was £7,321k, compared to £5,507k in the prior year, representing a year-on-year growth of 33%. Growth was driven by opening of 2 new gyms along with increased membership across mature sites, improved conversion rates from marketing campaigns, and an increase in secondary revenue streams such as personal training, vending, and branded merchandise.

Net operating profit stood at £2,163k, with EBITDA of £2,862k, representing an EBITDA margin of 39%. Margins were impacted by increased staffing costs due to the National Minimum Wage uplift and energy cost volatility, which the Company managed through a combination of fixed-rate contracts and operational efficiency.

Cash generation remained robust, with £2,525k generated from operations. The Company reinvested £2,682k into capital expenditure, focusing on equipment upgrades, branding enhancements, and small-scale refurbishments.

The average number of members per club increased to 2,883, with an overall member base of 31,782 by year-end. Member engagement and visit frequency also improved due to enhanced app functionality, targeted retention campaigns, and staff training.

Looking forward, OneGym aims to open 3 new sites during FY26, focusing on under-served areas with strong demographic alignment and reasonable rent-to-income ratios. The Company is also exploring acquisition opportunities among independent operators looking to exit the market.

The Group's key financial and operational indicators during the year were as follows:

Year to 31/03/2025 Year to 31/03/2024
Total revenue (£) 7,321,163 5,507,141
Total EBITDA (£) 2,945,453 2,368,362
Operating profit (£) 2,162,678 1,873,218
Gyms open 11 9
Average number of employees 84 64
Closing membership base 31,782 25,068
Net operating cash flow (£) 2,525,358 2,293,241
Capital expenditure (£) 2,682,404 2,479,257

Principal Risks and Uncertainties

The Directors continually monitor risks to the business and maintain controls and mitigation strategies to address them. The principal risks facing OneGym Fitness Ltd include:

1. Membership Risk

The business depends on consistent membership acquisition and retention to sustain revenue. Increased competition or negative member experiences could result in higher churn. Mitigation strategies include ongoing member feedback loops, regular equipment upgrades, staff training, and digital engagement tools to improve the member journey.


OneGym Ltd (Registered number: 07502699)

Strategic Report
for the Year Ended 31 March 2025

2. Cost Inflation Risk

Rising costs in utilities, wages, and lease obligations could erode profit margins. The Company mitigates this through fixed-rate supplier agreements, energy efficiency measures, and a lean staffing model tailored to off-peak and peak demand.

3. Property and Lease Risk

The Company operates leasehold properties and is exposed to lease renewal risk, rent escalations, and landlord relationships. Strategic site selection and legal oversight help secure favourable lease terms. A rolling risk review is conducted across the portfolio.

4. Technology and Data Risk

Reliance on third-party systems for member management, payments, and marketing presents cyber and operational risk. The Company conducts regular system updates, has invested in multi-factor authentication, and works with reputable providers.

5. Economic and Consumer Confidence Risk

Changes in macroeconomic conditions may influence discretionary spending, which could reduce gym membership numbers. The Company's low-cost model provides a strong value proposition during downturns and helps protect against large fluctuations in demand.

Financial Risk Management Objectives and Policies

- Price risk: input costs are managed via fixed energy and supplier contracts where possible.

- Credit risk: subscription revenue is collected via direct debit; failed payments are actively managed.

- Liquidity risk: regular forecasting ensures short-term and long-term cash flow coverage.

- Interest rate risk: any borrowing undertaken is fixed-rate or capped to reduced volatility.

ON BEHALF OF THE BOARD:





D Pearson - Director


28 August 2025

OneGym Ltd (Registered number: 07502699)

Report of the Directors
for the Year Ended 31 March 2025

The directors present their report with the financial statements of the company for the year ended 31 March 2025.

PRINCIPAL ACTIVITY
The principal activity OneGym Ltd is the operation of low-cost, high-value fitness clubs across the North East of England.

DIVIDENDS
No dividends will be distributed for the year ended 31 March 2025.

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

D Pearson
P Pearson

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the 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). 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 of the profit or loss of the company 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 transactions and disclose with reasonable accuracy at any time the financial position of the company 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 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 company'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 company's auditors are aware of that information.

AUDITORS
The auditors, Clive Owen LLP, are deemed to be reappointed under section 487(2) of the Companies Act 2006.

ON BEHALF OF THE BOARD:





D Pearson - Director


28 August 2025

Report of the Independent Auditors to the Members of
OneGym Ltd

Opinion
We have audited the financial statements of OneGym Ltd (the 'company') for the year ended 31 March 2025 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement and Notes to the Cash Flow Statement, 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 company's affairs as at 31 March 2025 and of its 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 company 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 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 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 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 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
OneGym Ltd


Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the 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, or returns adequate for our audit have not been received from branches not visited by us; or
- the 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 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 company or to cease operations, or have no realistic alternative but to do so.

Report of the Independent Auditors to the Members of
OneGym Ltd


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:

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. Our audit must be alert to the risk of manipulation of the financial statements and seek to understand the incentives and opportunities for management to achieve this.

We have undertaken the following procedures to identify and respond to these risks of non-compliance:
- Understanding the key legal and regulatory frameworks that are applicable to the Company. We communicated identified laws and regulations throughout the audit team and remained alert to any indications of non-compliance throughout the audit. We determined the most significant of these to be the Health and Safety at Work Act and employment legislation.
- Enquiry of directors and management as to policies and procedures to ensure compliance and any known instances of non-compliance.
- Review of board minutes and correspondence with regulators.
- Enquiry of directors and management as to areas of the financial statements susceptible to fraud and how these risks are managed.
- Challenging management on key estimates, assumptions and judgements made in the preparation of the financial statements. The key areas of uncertainty are disclosed in accounting policies.
- Identifying and testing journal entries, with a particular focus on manual journal entries.

Through these procedures, we did not become aware of actual or suspected non-compliance.

We planned and performed our audit in accordance with auditing standards but owing to the inherent limitations of procedures required in these areas, there is an unavoidable risk that we may not have detected a material misstatement in the accounts. The further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. The risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve concealment, collusion, forgery, misrepresentations, or override of internal controls. We are not responsible for preventing non-compliance and cannot be expected to detect non-compliance with all 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.

Other matters which we are required to address
This is the first year that Clive Owen LLP have been appointed as auditors. In the prior year the company took advantage of the audit exemption available to small companies, therefore the comparatives in these financial statements for the year ended 31 March 2024 are unaudited, however we have obtained sufficient appropriate audit evidence that the opening balances do not contain misstatements that materially affect the current period's financial statements.

Report of the Independent Auditors to the Members of
OneGym Ltd


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.




Martin Hobson BA (Hons), FCCA (Senior Statutory Auditor)
for and on behalf of Clive Owen LLP
Chartered Accountants
& Statutory Auditors
140 Coniscliffe Road
Darlington
County Durham
DL3 7RT

28 August 2025

OneGym Ltd (Registered number: 07502699)

Income Statement
for the Year Ended 31 March 2025

2025 2024
Notes £    £   

TURNOVER 7,321,163 5,507,141

Cost of sales (1,419,917 ) (1,089,615 )
GROSS PROFIT 5,901,246 4,417,526

Administrative expenses (3,738,568 ) (2,544,308 )
OPERATING PROFIT 4 2,162,678 1,873,218

Interest receivable and similar income 13,742 7,958
2,176,420 1,881,176

Interest payable and similar expenses 5 (593,179 ) (483,126 )
PROFIT BEFORE TAXATION 1,583,241 1,398,050

Tax on profit 6 (239,107 ) 270,329
PROFIT FOR THE FINANCIAL YEAR 1,344,134 1,668,379

OneGym Ltd (Registered number: 07502699)

Other Comprehensive Income
for the Year Ended 31 March 2025

2025 2024
Notes £    £   

PROFIT FOR THE YEAR 1,344,134 1,668,379


OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

1,344,134

1,668,379
Note
Prior year adjustment 7 (189,690 ) (587,439 )
TOTAL COMPREHENSIVE INCOME
SINCE LAST ANNUAL REPORT

1,154,444

1,080,940

OneGym Ltd (Registered number: 07502699)

Balance Sheet
31 March 2025

2025 2024
Notes £    £   
FIXED ASSETS
Tangible assets 8 8,186,880 6,203,739

CURRENT ASSETS
Stocks 9 4,556 4,990
Debtors 10 557,245 442,034
Cash at bank and in hand 1,507,210 937,259
2,069,011 1,384,283
CREDITORS
Amounts falling due within one year 11 (1,679,685 ) (1,328,024 )
NET CURRENT ASSETS 389,326 56,259
TOTAL ASSETS LESS CURRENT
LIABILITIES

8,576,206

6,259,998

CREDITORS
Amounts falling due after more than one
year

12

(4,130,417

)

(3,400,267

)

PROVISIONS FOR LIABILITIES 16 (808,925 ) (567,001 )
NET ASSETS 3,636,864 2,292,730

CAPITAL AND RESERVES
Called up share capital 17 101 101
Share premium 18 2,999 2,999
Retained earnings 18 3,633,764 2,289,630
SHAREHOLDERS' FUNDS 3,636,864 2,292,730

The financial statements were approved by the Board of Directors and authorised for issue on 28 August 2025 and were signed on its behalf by:





D Pearson - Director


OneGym Ltd (Registered number: 07502699)

Statement of Changes in Equity
for the Year Ended 31 March 2025

Called up
share Retained Share Total
capital earnings premium equity
£    £    £    £   
Balance at 1 April 2023 100 1,208,690 - 1,208,790
Prior year adjustment - (587,439 ) - (587,439 )
As restated 100 621,251 - 621,351

Changes in equity
Issue of share capital 1 - 2,999 3,000
Total comprehensive income - 1,858,069 - 1,858,069
Balance at 31 March 2024 101 2,479,320 2,999 2,482,420
Prior year adjustment - (189,690 ) - (189,690 )
As restated 101 2,289,630 2,999 2,292,730

Changes in equity
Total comprehensive income - 1,344,134 - 1,344,134
Balance at 31 March 2025 101 3,633,764 2,999 3,636,864

OneGym Ltd (Registered number: 07502699)

Cash Flow Statement
for the Year Ended 31 March 2025

2025 2024
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 3,115,720 2,776,367
Interest paid (593,179 ) (483,126 )
Tax paid 2,817 -
Net cash from operating activities 2,525,358 2,293,241

Cash flows from investing activities
Purchase of tangible fixed assets (2,682,404 ) (2,479,157 )
Interest received 13,742 7,958
Net cash from investing activities (2,668,662 ) (2,471,199 )

Cash flows from financing activities
New loans in year 5,000,000 400,000
Loan repayments in year (4,286,745 ) (205,172 )
Share issue - 3,000
Net cash from financing activities 713,255 197,828

Increase in cash and cash equivalents 569,951 19,870
Cash and cash equivalents at beginning of
year

2

937,259

917,389

Cash and cash equivalents at end of year 2 1,507,210 937,259

OneGym Ltd (Registered number: 07502699)

Notes to the Cash Flow Statement
for the Year Ended 31 March 2025

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

2025 2024
£    £   
Profit before taxation 1,583,241 1,398,050
Depreciation charges 699,263 497,350
Finance costs 593,179 483,126
Finance income (13,742 ) (7,958 )
2,861,941 2,370,568
Decrease in stocks 434 10
Increase in trade and other debtors (115,211 ) (148,385 )
Increase in trade and other creditors 368,556 554,174
Cash generated from operations 3,115,720 2,776,367

2. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 31 March 2025
31.3.25 1.4.24
£    £   
Cash and cash equivalents 1,507,210 937,259
Year ended 31 March 2024
31.3.24 1.4.23
£    £   
Cash and cash equivalents 937,259 917,389


3. ANALYSIS OF CHANGES IN NET DEBT

At 1.4.24 Cash flow At 31.3.25
£    £    £   
Net cash
Cash at bank and in hand 937,259 569,951 1,507,210
937,259 569,951 1,507,210
Debt
Debts falling due within 1 year (471,895 ) 16,895 (455,000 )
Debts falling due after 1 year (3,400,267 ) (730,150 ) (4,130,417 )
(3,872,162 ) (713,255 ) (4,585,417 )
Total (2,934,903 ) (143,304 ) (3,078,207 )

OneGym Ltd (Registered number: 07502699)

Notes to the Financial Statements
for the Year Ended 31 March 2025

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" 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 with the exception of property improvement depreciation as mentioned further below, and also have been consistently applied within the same accounts.

Critical accounting judgements and key sources of estimation uncertainty
In the application of the company's accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical evidence and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period of the revision, if the revision affects only that period, or in the period of revision and future periods if the revision affects both current and future periods.

Significant judgements and estimates:

- Depreciation: there is an element of judgement when determining the expected useful life of assets held and the expected residual value at the end of the asset's useful life.

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.

Income is generated in a variety of ways. At the core is the monthly membership fees from customers to allow them to visit either a single gym or multi-site depending on the level they have chosen. There is also income from day passes. These sources are recognised as income in accordance with the period to which their access/visit relates.

Income from other services provided at the gyms is recognised at the point that service has been provided.

Income from the sale of goods is recognised at the point of sale.

OneGym Ltd (Registered number: 07502699)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2025

2. ACCOUNTING POLICIES - continued

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Improvements to property - Over the lease term
Plant and machinery - 15% on reducing balance
Computer equipment - 15% on reducing balance

Tangible fixed assets are recognised at cost less accumulated depreciation and impairment.

There has been a change in accounting policy in this period in relation to leasehold property improvements. The previous policy was to not depreciate, but the new one is to depreciate these costs over the life of the lease relating to the relevant gym site. As this is a change in policy there is a prior year adjustment as explained in note 8 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.

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.

OneGym Ltd (Registered number: 07502699)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2025

3. EMPLOYEES AND DIRECTORS
2025 2024
£    £   
Wages and salaries 1,384,162 1,097,289
Social security costs 107,451 73,333
Other pension costs 60,621 15,667
1,552,234 1,186,289

The average number of employees during the year was as follows:
2025 2024

Health & fitness 76 58
Management & admin 8 6
84 64

2025 2024
£    £   
Directors' remuneration 160,000 151,250
Directors' pension contributions to money purchase schemes 42,862 2,641

4. OPERATING PROFIT

The operating profit is stated after charging:

2025 2024
£    £   
Other operating leases 921,551 746,893
Depreciation - owned assets 699,263 497,350
Auditors' remuneration 15,750 -

5. INTEREST PAYABLE AND SIMILAR EXPENSES
2025 2024
£    £   
Other loan interest 593,179 483,126

6. TAXATION

Analysis of the tax charge/(credit)
The tax charge/(credit) on the profit for the year was as follows:
2025 2024
£    £   
Current tax:
Tax over-provision (2,817 ) -

Deferred tax 241,924 (270,329 )
Tax on profit 239,107 (270,329 )

OneGym Ltd (Registered number: 07502699)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2025

6. TAXATION - continued

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

2025 2024
£    £   
Profit before tax 1,583,241 1,398,050
Profit multiplied by the standard rate of corporation tax in the UK of 25%
(2024 - 25%)

395,810

349,513

Effects of:
Expenses not deductible for tax purposes 2,061 6,709
Depreciation in excess of capital allowances 32,766 41,852
Adjustments to tax charge in respect of previous periods (191,530 ) (668,403 )
Total tax charge/(credit) 239,107 (270,329 )

7. PRIOR YEAR ADJUSTMENT

The prior year figures have been restated to recognise the depreciation charge on improvements to property, relating to a change in accounting policy as explained in note 1.

The impact is as follows:

Opening balance sheet 1 April 2023 - profit reserves reduced by £587,439, accumulated depreciation brought forward for property improvements increased by £587,439.

Year to 31 March 2024 - depreciation charge of £189,690 recognised as an expense in the Income Statement, with a corresponding charge to accumulated depreciation for improvements to property on the balance sheet.

8. TANGIBLE FIXED ASSETS
Improvements
to Plant and Computer
property machinery equipment Totals
£    £    £    £   
COST
At 1 April 2024 4,355,275 3,407,434 - 7,762,709
Additions 1,444,930 1,235,558 1,916 2,682,404
At 31 March 2025 5,800,205 4,642,992 1,916 10,445,113
DEPRECIATION
At 1 April 2024 777,129 781,841 - 1,558,970
Charge for year 275,047 424,144 72 699,263
At 31 March 2025 1,052,176 1,205,985 72 2,258,233
NET BOOK VALUE
At 31 March 2025 4,748,029 3,437,007 1,844 8,186,880
At 31 March 2024 3,578,146 2,625,593 - 6,203,739

OneGym Ltd (Registered number: 07502699)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2025

9. STOCKS
2025 2024
£    £   
Stocks 4,556 4,990

10. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2025 2024
£    £   
Trade debtors 24,828 -
Other debtors 74,300 61,185
Prepayments and accrued income 458,117 380,849
557,245 442,034

11. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2025 2024
£    £   
Other loans (see note 13) 455,000 471,895
Trade creditors 301,547 257,634
Taxation and social security 294,295 205,510
Accruals and deferred income 628,843 392,985
1,679,685 1,328,024

12. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2025 2024
£    £   
Other loans (see note 13) 4,130,417 3,400,267

13. LOANS

An analysis of the maturity of loans is given below:

2025 2024
£    £   
Amounts falling due within one year or on demand:
Other loans 455,000 471,895

Amounts falling due between one and two years:
Other loans - 1-2 years 455,000 321,425

Amounts falling due between two and five years:
Other loans - 2-5 years 3,675,417 3,078,842

OneGym Ltd (Registered number: 07502699)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2025

14. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
2025 2024
£    £   
Within one year 930,627 701,208
Between one and five years 4,085,429 3,141,292
In more than five years 9,515,259 7,672,750
14,531,315 11,515,250

15. SECURED DEBTS

The following secured debts are included within creditors:

2025 2024
£    £   
Other loans 4,585,417 3,872,162

The other loans at 31 March 2024 were owed to the controlling shareholder and were secured by a fixed and floating charge over the trade and assets of the company. During this period those loans were repaid with funding from an external party, who has secured its debts by a fixed and floating charge over the assets of the company.

The new funding is split into an element which is repayable over a period of 5 years starting November 2024, and a second element which is due for repayment in full in October 2029. Both carry an interest rate of 7.75% over the Bank of England Base Rate.

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

16. PROVISIONS FOR LIABILITIES
2025 2024
£    £   
Deferred tax 808,925 567,001

Deferred
tax
£   
Balance at 1 April 2024 567,001
Charge to Income Statement during year 241,924
Balance at 31 March 2025 808,925

17. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2025 2024
value: £    £   
1,000 Ordinary £0.10 100 100
1,000 Ordinary A £0.00 1 1 1
101 101

OneGym Ltd (Registered number: 07502699)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2025

17. CALLED UP SHARE CAPITAL - continued

During the year 10 Ordinary A £0.10 shares were sub-divided into 1,000 Ordinary A £0.001 shares.

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

18. RESERVES
Retained Share
earnings premium Totals
£    £    £   

At 1 April 2024 2,479,320 2,999 2,482,319
Prior year adjustment (189,690 ) (189,690 )
2,289,630 2,292,629
Profit for the year 1,344,134 1,344,134
At 31 March 2025 3,633,764 2,999 3,636,763

Retained earnings

Retained earnings represents cumulative profits and losses net of dividends and other adjustments.

Share premium

Share premium represents the premium on issue of equity shares, net of any issue costs.

19. CAPITAL COMMITMENTS
2025 2024
£    £   
Contracted but not provided for in the
financial statements 573,958 -

20. RELATED PARTY DISCLOSURES

Entities with control, joint control or significant influence over the entity
2025 2024
£    £   
Consultancy fees 24,000 21,000

Other related parties
2025 2024
£    £   
Rent 100,000 -
Amount due from related party 10,000 20,000

21. ULTIMATE CONTROLLING PARTY

The company is controlled by Middleton Enterprises (2) Limited, by virtue of it owning the majority of the share capital with effect from 17 July 2023. The registered office is Haylofts, 5 St Thomas' Street, Newcastle Upon Tyne, NE1 4LE.