TOTAL GYMNASTICS ACADEMIES LIMITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED

31ST DECEMBER 2024

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

Mrs E K Allen

J De Bruin

Ms M J Reynolds

B W Scurrah

P D Kirwin

REGISTERED OFFICE:

Unit B, First Floor

Stadium Way West

Milton Keynes

Buckinghamshire

MK41 1ST

REGISTERED NUMBER:

08334784 (England and Wales)

SENIOR STATUTORY AUDITOR:

Alberto Di Lorenzo FCA

AUDITORS:

HW Bedford Limited

First Floor, Woburn Court

2 Railton Road

Woburn Rd Ind Est

Kempston

Bedfordshire

MK42 7PN

FIXED ASSETS

Intangible assets

4

3,863

7,576

Tangible assets

5

531,064

606,048

534,927

613,624

CURRENT ASSETS

Stocks

7,813

28,344

Debtors

6

175,096

358,888

Cash and cash equivalents

10,118

11,061

193,027

398,293

CREDITORS

Amounts falling due within one year

7

435,072

550,686

NET CURRENT LIABILITIES

(242,045

)

(152,393

)

TOTAL ASSETS LESS CURRENT LIABILITIES

292,882

461,231

CREDITORS

Amounts falling due after more than one year

8

(55,490

)

-

PROVISIONS FOR LIABILITIES

(36,727

)

(32,272

)

NET ASSETS

200,665

428,959

CAPITAL AND RESERVES

Called up share capital

10

1

1

Retained earnings

200,664

428,958

SHAREHOLDERS' FUNDS

200,665

428,959

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

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 19th September 2025 and were signed on its behalf by:

P D Kirwin - Director

1.	STATUTORY INFORMATION

Total Gymnastics Academies 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 Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

The financial statements are presented in sterling which is the functional currency of the company and rounded to the nearest £.

The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.

Significant judgements and estimates

In the application of the company's accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience 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 in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

Critical judgements in applying the Company's accounting policies

The directors do not consider there to be any critical accounting judgements that must be applied.

Key accounting estimates and assumptions

The company makes estimates and assumptions concerning the future. The resulting accounting estimates will, by definition, seldom equal the related actual results. The directors do not consider there to be any estimates or assumptions that have significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the financial year.

Turnover

Turnover is derived from the provision of sports and leisure facilities for children in the United Kingdom. Turnover is measured at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, net of discounts and Value Added Tax.

Revenue from the sale of goods, such as vending machines sales, café sales and clothing sales is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually at the point of sale).

Membership income is recognised on a straight line basis over the relevant term.

Intangible assets

Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

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

Software 10 years

Amortisation is charged when the asset is brought in use.

Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of

depreciation and any impairment losses.

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

Leasehold Improvements

Over the term of the lease

Fixture and fittings

10% straight line

Gym equipment

10% straight line

Equipment

25% straight line

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

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing stock to its present location and condition. Cost is calculated using the first-in, first-out formula. Provision is made for damaged, obsolete and slow-moving stock where appropriate.

Financial instruments

Financial instruments are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

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 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.

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

Assets under finance lease are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the statement of financial position as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

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

Pension costs and other post-retirement benefits

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

Employee benefits

The costs of short term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

The cost of any unused holiday entitlement is recognised in the period in which the employee's services are received.

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

Finance costs and borrowing costs

Finance costs are charged to the Income Statement over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

Borrowing costs are recognized in the Income Statement in the year with they are incurred.

Provisions for liabilities

Provisions are made where an event has taken place that gives the company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.

Provisions are charged as an expense to the Income Statement in the year that the company becomes aware of the obligation, and are measured at the best estimate at the Balance Sheet date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.

When payments are eventually made, they are charged to the provision carried in the Balance Sheet.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 45 (2023 - 51 ) .

4.	INTANGIBLE FIXED ASSETS

Computer

software

£

COST

At 1st January 2024

and 31st December 2024

36,166

AMORTISATION

At 1st January 2024

28,590

Amortisation for year

3,713

At 31st December 2024

32,303

NET BOOK VALUE

At 31st December 2024

3,863

At 31st December 2023

7,576

5.	TANGIBLE FIXED ASSETS

Fixtures

Long

Plant and

and

Computer

leasehold

machinery

fittings

equipment

Totals

£

£

£

£

£

COST

At 1st January 2024

790,406

28,026

40,343

24,327

883,102

Additions

204

767

5,151

5,790

11,912

At 31st December 2024

790,610

28,793

45,494

30,117

895,014

DEPRECIATION

At 1st January 2024

216,950

28,026

10,832

21,246

277,054

Charge for year

79,061

192

4,173

3,470

86,896

At 31st December 2024

296,011

28,218

15,005

24,716

363,950

NET BOOK VALUE

At 31st December 2024

494,599

575

30,489

5,401

531,064

At 31st December 2023

573,456

-

29,511

3,081

606,048

6.

DEBTORS

2024

2023

£

£

Amounts falling due within one year:

Trade debtors

73,768

23,005

Other debtors

70,271

65,176

Prepayments

31,057

34,610

175,096

122,791

2024

2023

£

£

Amounts falling due after more than one year:

Tax

-

236,097

Aggregate amounts

175,096

358,888

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

£

Trade creditors

151,885

212,767

Amounts owed to group undertakings

102,013

13,264

Social security and other taxes

36,035

107,224

Other creditors

3,399

2,040

Accruals and deferred income

141,740

215,391

435,072

550,686

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2024

2023

£

£

Trade creditors

55,490

-

Other creditors includes nil (2022 - £180,726) secured by a joint personal guarantee from a director and former director.

9.	LEASING AGREEMENTS

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases is £1,677,825 (2023: £1,891,597).

10.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2024

2023

value:

£

£

1

Ordinary share of £1 each

1

1

1

11.	DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Alberto Di Lorenzo FCA (Senior Statutory Auditor)

for and on behalf of HW Bedford Limited

12.	RELATED PARTY DISCLOSURES

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

During the year, the company received marketing services from a related party amounting to £28,541 (2023: £Nil), a company owned by one of the directors. As of the year end, an amount of £3,528 (2023: £Nil) owed to them.

Aslo during the year, Total Gymnastics Academies Limited repaid a balance due to a company with common directorship amounting to £6,300. There was no balance at 31 December 2024 and there were no further transactions in the period.

13.	POST BALANCE SHEET EVENTS

From January 25 onwards, all business activity of group entities has been consolidated under a single entity Gymfinity Kids Limited. As a result, there have been no transactions through Total Gymnastics Academies Limited since that date.

14.	ULTIMATE CONTROLLING PARTY

The controlling party is Total Gymnastics Limited.

The ultimate parent company at the balance sheet date was Gymfinity Kids Limited, a company registered in

England. Their registered office is Unit B, First Floor, Stadium Way West, Milton Keynes, England, MK1 1ST.

Copies of the financial statements of Gymfinity Kids Limited are available from Companies House.