MSG Life Limited Filleted accounts for Companies House (small and micro)

COMPANY REGISTRATION NUMBER: 09808417

MSG LIFE LIMITED

FILLETED UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED

31 December 2024

MSG LIFE LIMITED

BALANCE SHEET

31 December 2024

	2024		2023
Note	£	£	£	£

Fixed assets

Intangible assets	6	61,795	76,438
Tangible assets	7	1,839,036	2,244,541
		-----------	-----------
		1,900,831	2,320,979

Current assets

Stocks	8	29,338	22,052
Debtors	9	1,762,256	1,694,184
Cash at bank and in hand		874,588	182,324
		-----------	-----------
		2,666,182	1,898,560

Creditors: amounts falling due within one year	10	( 14,257,292)		( 14,160,932)
		------------		------------
Net current liabilities			( 11,591,110)		( 12,262,372)
			------------		------------
Total assets less current liabilities			( 9,690,279)		( 9,941,393)
			-----------		-----------
Net liabilities			( 9,690,279)		( 9,941,393)
			-----------		-----------

Capital and reserves

Called up share capital	11	834	834
Profit and loss account		( 9,691,113)	( 9,942,227)
		-----------	-----------
Shareholders deficit		( 9,690,279)	( 9,941,393)
		-----------	-----------

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the profit and loss account has not been delivered.

For the year ending 31 December 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;

- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .

These financial statements were approved by the board of directors and authorised for issue on 24 December 2025 , and are signed on behalf of the board by:

M S Grewal

Director

Company registration number: 09808417

MSG LIFE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

YEAR ENDED 31 DECEMBER 2024

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 12 North Bar, Banbury, OX16 0TB.

2. Statement of compliance

These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis. The financial statements are prepared in sterling, which is the functional currency of the entity. Monetary amounts in these financial statements are rounded to the nearest pound. 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.

Going concern

After reviewing the company's position, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future, notwithstanding the net current liabilities of £11,591,110 (2023: £12,262,372). Included in creditors due within one year are amounts of £13,123,374 (2023: £13,523,374) due to other related entities. These related party creditors have provided assurances that repayment of outstanding balances will not be demanded for the foreseeable future and have confirmed that they will continue to support the company for a period of at least 12 months from the date of signing these financial statements. The directors are confident that the company will continue to trade throughout 2025 and beyond, as such the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future with the continued support of the related party creditors and investors. For these reasons the directors continue to adopt the going concern basis in preparing the financial statements.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. The company's revenues are recognised mainly from the following goods and services: - Membership subscriptions. - Sales of personal training. - Other product sales, including vending income and merchandise. Membership subscriptions are recognised over the period of the membership. Revenue from sales of personal training are recognised over the period that the services are provided. Revenue from other product sales, vending income and merchandise are recognised at the point of sale. Revenue from the rendering of services is measured by reference to the stage of completion of the service transaction at the end of the reporting period provided that the outcome can be reliably estimated. When the outcome cannot be reliably estimated, revenue is recognised only to the extent that it is probable the expenses recognised will be recovered.

Intangible assets

Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses.

Amortisation

Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:

	Franchise fees	-	straight line basis over the term of the underlying lease of the trading

If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

Leasehold improvements	-	straight line basis over the term of the underlying lease of the trading
Fixtures and fittings	-	20% per annum straight line basis
Motor vehicles	-	25% per annum reducing balance basis

Impairment of fixed assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets.

Stocks

Stock relates to goods for resale and is valued at the lower cost and net realised value, after making due allowance for obsolete stock. Stock is valued on a first in, first out basis.

Financial instruments

Basic financial assets, which include trade and other receivables and cash and bank balances, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Such assets are subsequently carried at amortised cost using the effective interest method. At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. The impairment loss is recognised in profit or loss. Basic financial liabilities, which include trade and other payables, and loans from other related entities, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Debt instruments are subsequently carried at amortised cost, using the effective interest rate method. Trade payables are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if payment is due within one year of less. If not, then they are presented as non-current liabilities. Trade payables are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method. Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires. Employee benefits Short term benefits, including holiday pay and other similar non-monetary benefits, are recognised as an expense in the period in which the service is received

Defined contribution plans

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided.

Share capital

Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of new ordinary shares are shown in equity as a deduction, net of tax, from the proceeds.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 60 (2023: 58 ).

5. Directors' remuneration

No remuneration has been paid to the directors during the current period or previous period.

6. Intangible assets

	Franchise fees
	£
Cost
At 1 January 2024 and 31 December 2024	574,500
	--------
Amortisation
At 1 January 2024	498,062
Charge for the year	14,643
	--------
At 31 December 2024	512,705
	--------
Carrying amount
At 31 December 2024	61,795
	--------
At 31 December 2023	76,438
	--------

7. Tangible assets

	Leasehold improvements	Fixtures and fittings	Motor vehicles	Total
	£	£	£	£
Cost
At 1 January 2024	4,441,430	8,367,161	168,553	12,977,144
Additions	19,600	35,402	16,990	71,992
Disposals	( 8,801)	–	( 14,758)	( 23,559)
	-----------	-----------	--------	------------
At 31 December 2024	4,452,229	8,402,563	170,785	13,025,577
	-----------	-----------	--------	------------
Depreciation
At 1 January 2024	2,374,572	8,262,025	96,006	10,732,603
Charge for the year	373,431	75,860	21,971	471,262
Disposals	( 4,840)	–	( 12,484)	( 17,324)
	-----------	-----------	--------	------------
At 31 December 2024	2,743,163	8,337,885	105,493	11,186,541
	-----------	-----------	--------	------------
Carrying amount
At 31 December 2024	1,709,066	64,678	65,292	1,839,036
	-----------	-----------	--------	------------
At 31 December 2023	2,066,858	105,136	72,547	2,244,541
	-----------	-----------	--------	------------

8. Stocks

	2024	2023
	£	£
Finished goods and goods for resale	29,338	22,052
	-------	-------

9. Debtors

	2024	2023
	£	£
Trade debtors	21,806	12,023
Amounts due from other related parties	1,063,003	1,063,003
Other debtors	677,447	619,158
	-----------	-----------
	1,762,256	1,694,184
	-----------	-----------

10. Creditors: amounts falling due within one year

	2024	2023
	£	£
Trade creditors	117,479	110,628
Social security and other taxes	262,756	273,487
Amounts owed to other related entities	13,123,374	13,123,374
Other creditors	753,683	653,443
	------------	------------
	14,257,292	14,160,932
	------------	------------

11. Called up share capital

Issued, called up and fully paid

	2024		2023
	No.	£	No.	£
Ordinary shares of £ 0.25 each	3,334	834	3,334	834
	------	----	------	----