Company registration number 07472331 (England and Wales)
NRG GYM TWO LIMITED
(PREVIOUSLY NAMED PUMPGYMS LIMITED)
FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2025
PAGES FOR FILING WITH REGISTRAR
NRG GYM TWO LIMITED
(PREVIOUSLY NAMED PUMPGYMS LIMITED)
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 7
Detailed profit and loss account
NRG GYM TWO LIMITED
(PREVIOUSLY NAMED PUMPGYMS LIMITED)
BALANCE SHEET
AS AT
31 DECEMBER 2025
31 December 2025
- 1 -
31 December 2025
31 March 2025
as restated
Notes
£
£
£
£
Fixed assets
Tangible assets
4
2,783,230
3,019,245
Current assets
Debtors
5
1,401,950
2,640,137
Cash at bank and in hand
69,435
199,682
1,471,385
2,839,819
Creditors: amounts falling due within one year
6
(1,649,699)
(2,337,658)
Net current (liabilities)/assets
(178,314)
502,161
Total assets less current liabilities
2,604,916
3,521,406
Creditors: amounts falling due after more than one year
7
-
0
(797,576)
Provisions for liabilities
(280,175)
(211,083)
Net assets
2,324,741
2,512,747
Capital and reserves
Called up share capital
222
222
Share premium account
524,893
524,893
Profit and loss reserves
1,799,626
1,987,632
Total equity
2,324,741
2,512,747

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

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

The financial statements were approved by the board of directors and authorised for issue on 16 July 2026 and are signed on its behalf by:
Shafiq Ahmed
Director
Company registration number 07472331 (England and Wales)
NRG GYM TWO LIMITED
(PREVIOUSLY NAMED PUMPGYMS LIMITED)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2025
- 2 -
1
Accounting policies
Company information

NRG Gym Two Limited is a private company limited by shares incorporated in England and Wales. The registered office is Wellesley House, Duke of Wellington Avenue, Royal Arsenal, London, SE18 6SS.

1.1
Reporting period

During the period, the company changed its accounting reference date from 31 March to 31 December to align with that of its parent undertaking. Accordingly, the current financial statements cover the nine-month period from 1 April 2025 to 31 December 2025, whereas the comparative financial statements cover the twelve-month period from 1 April 2024 to 31 March 2025. As a result, the amounts presented in these financial statements are not directly comparable with those of the preceding period.

1.2
Basis of preparation

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary a mounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.3
Going concern

A true t the time of approving the financial statements, t he directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus t he directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.4
Revenue

Revenue generated from the sale of memberships is recognised in the period the membership relates. Charges are raised to members monthly in advance and deferred evenly across the period charged. Any joining fees received are recognised on receipt. Income is shown net of VAT, discounts, and other sales related taxes.

1.5
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
20% on cost and 10% on cost
Plant and equipment
20% on cost
Computers
Straight line over 5 years

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.

NRG GYM TWO LIMITED
(PREVIOUSLY NAMED PUMPGYMS LIMITED)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2025
1
Accounting policies
(Continued)
- 3 -
1.6
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

1.7
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.8
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method 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. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, 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 paymen ts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. A m ounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

1.9
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.10
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

NRG GYM TWO LIMITED
(PREVIOUSLY NAMED PUMPGYMS LIMITED)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2025
1
Accounting policies
(Continued)
- 4 -
Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

1.11
Retirement benefits

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

1.12
Leases
As lessee

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 held under finance leases 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 balance sheet 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 lease 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 lease s asset are consumed.

2
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 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.

3
Employees

The average monthly number of persons (including directors) employed by the company during the period was:

2025
2025
Number
Number
Total
35
39
NRG GYM TWO LIMITED
(PREVIOUSLY NAMED PUMPGYMS LIMITED)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2025
- 5 -
4
Tangible fixed assets
Leasehold improvements
Plant and equipment
Computers
Total
£
£
£
£
Cost
At 1 April 2025
5,076,340
3,045,480
253,045
8,374,865
Additions
477,555
434,443
3,246
915,244
Disposals
(1,218,956)
(490,634)
(57,960)
(1,767,550)
At 31 December 2025
4,334,939
2,989,289
198,331
7,522,559
Depreciation and impairment
At 1 April 2025
2,711,043
2,443,828
200,749
5,355,620
Depreciation charged in the period
322,093
175,840
18,856
516,789
Eliminated in respect of disposals
(680,261)
(402,195)
(50,624)
(1,133,080)
At 31 December 2025
2,352,875
2,217,473
168,981
4,739,329
Carrying amount
At 31 December 2025
1,982,064
771,816
29,350
2,783,230
At 31 March 2025
2,365,297
601,652
52,296
3,019,245
5
Debtors
2025
2025
Amounts falling due within one year:
£
£
Trade debtors
96,751
39,584
Other debtors
1,305,199
2,354,857
1,401,950
2,394,441
2025
2025
Amounts falling due after more than one year:
£
£
Other debtors
-
0
245,696
Total debtors
1,401,950
2,640,137
NRG GYM TWO LIMITED
(PREVIOUSLY NAMED PUMPGYMS LIMITED)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2025
- 6 -
6
Creditors: amounts falling due within one year
2025
2025
£
£
Bank loans
-
0
523,636
Trade creditors
997,454
407,474
Taxation and social security
138,357
424,182
Other creditors
513,888
982,366
1,649,699
2,337,658
7
Creditors: amounts falling due after more than one year
2025
2025
£
£
Bank loans and overdrafts
-
0
797,576
8
Audit report information

As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006.

The auditor report is unqualified and includes the following:

Opinion

In our opinion the financial statements:

- give a true and fair view of the state of the company's affairs as at 31 December 2025 and of its loss for the period 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.

Senior Statutory Auditor:
Georgina Fox ACA
Statutory Auditor:
Simpson Wreford LLP
Date of audit report:
22 July 2026
9
Operating lease commitments
As lessee

The company has entered into multiple property lease agreements relating to premises used in its gym operations.

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:

2025
2025
£
£
Total commitments
10,863,361
11,798,024
NRG GYM TWO LIMITED
(PREVIOUSLY NAMED PUMPGYMS LIMITED)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2025
- 7 -
10
Parent company

The immediate parent company is NRG Gym Limited, a company incorporated in England and Wales.

The ultimate parent company and controlling party is SA Fitness Holdings Limited, a company incorporated in England and Wales.

11
Prior period adjustment
Reconciliation of changes in equity
1 April
31 March
2024
2025
£
£
Adjustments to prior period
Deferred income adjustment
-
(171,215)
Equity as previously reported
2,462,017
2,683,962
Equity as adjusted
2,462,017
2,512,747
Analysis of the effect upon equity
Profit and loss reserves
-
(171,215)
Reconciliation of changes in profit for the previous financial period
2025
£
Adjustments to prior period
Deferred income adjustment
(171,215)
Profit as previously reported
221,945
Profit as adjusted
50,730
Notes to reconciliation

A prior period error has been identified in relation to deferred income that was not recognised at the previous year end. Income had been recognised in the period of receipt rather than deferred in accordance with the company’s accounting policies.

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