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1. General information
The Gym Group plc (the \u2018Company\u2019) and its subsidiaries (the \u2018Group\u2019) operate low cost, high quality, 24/7, no contract gyms.
The Company is a public limited company whose shares are publicly traded on the London Stock Exchange and is
incorporated and domiciled in the United Kingdom.
The registered address of the Company is 5th Floor, OneCroydon, 12-16 Addiscombe Road, Croydon, CR0 0XT, United Kingdom.
", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory", "language": "en", "entity": "scheme:213800VCU9TBANZIN455", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-2": { "value": "The Gym Group plc", "dimensions": { "concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification", "language": "en", "entity": "scheme:213800VCU9TBANZIN455", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-319": { "value": "The Gym Group plc", "dimensions": { "concept": "ifrs-full:NameOfParentEntity", "language": "en", "entity": "scheme:213800VCU9TBANZIN455", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-322": { "value": "The Gym Group plc", "dimensions": { "concept": "ifrs-full:NameOfUltimateParentOfGroup", "language": "en", "entity": "scheme:213800VCU9TBANZIN455", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-3": { "value": "operate low cost, high quality, 24/7, no contract gyms", "dimensions": { "concept": "ifrs-full:DescriptionOfNatureOfEntitysOperationsAndPrincipalActivities", "language": "en", "entity": "scheme:213800VCU9TBANZIN455", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-4": { "value": "public limited company", "dimensions": { "concept": "ifrs-full:LegalFormOfEntity", "language": "en", "entity": "scheme:213800VCU9TBANZIN455", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-5": { "value": "United Kingdom", "dimensions": { "concept": "ifrs-full:CountryOfIncorporation", "language": "en", "entity": "scheme:213800VCU9TBANZIN455", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-320": { "value": "United Kingdom", "dimensions": { "concept": "ifrs-full:DomicileOfEntity", "language": "en", "entity": "scheme:213800VCU9TBANZIN455", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-321": { "value": "United Kingdom", "dimensions": { "concept": "ifrs-full:PrincipalPlaceOfBusiness", "language": "en", "entity": "scheme:213800VCU9TBANZIN455", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-6": { "value": "5th Floor, OneCroydon, 12-16 Addiscombe Road, Croydon, CR0 0XT, United Kingdom", "dimensions": { "concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity", "language": "en", "entity": "scheme:213800VCU9TBANZIN455", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-323": { "value": "
2. Summary of material accounting policies
A summary of the material accounting policies is set out below. These have been applied consistently in the financial statements.
Statement of compliance
The financial statements have been prepared in accordance with the Listing Rules and the Disclosure Guidance and
Transparency Rules of the United Kingdom Financial Conduct Authority (where applicable) and United Kingdom adopted
international accounting standards. The accounting policies applied are consistent with those described in the Annual Report
and Accounts of the Group for the year ended 31 December 2023. The functional currency of each entity in the Group is pound
sterling. The consolidated financial statements are presented in pound sterling and all values are rounded to the nearest
one hundred thousand pounds, except where otherwise indicated.
Basis of preparation
The consolidated financial statements have been prepared on a going concern basis under the historical cost convention
as modified by the recognition of derivative financial instruments, financial assets and other financial liabilities at fair value
through the profit and loss and the recognition of financial assets at fair value through other comprehensive income.
The consolidated financial statements provide comparative information in respect of the previous period.
Going concern
In assessing the going concern position of the Group for the year ended 31 December 2024, the Directors have considered
the following:
the Group\u2019s trading performance in 2024 and throughout the traditional January and February 2025 peak period;
future expected trading performance of the Group to 30 June 2026 (the going concern period), including membership
levels and behaviours in light of the continued difficult macroeconomic environment; and
the Group\u2019s financing arrangements and relationship with its lenders and shareholders.
Trading in 2024 was strong, with membership at the end of December 2024 reaching 891,000, an increase of 5% from the end
of December 2023. Average revenue per member per month (\u2018ARPMM\u2019) for the year was \u00a320.81, up 7% from \u00a319.50 in the prior
year. Ultimate, the premium price product, ended the year at 29.6% of total membership compared with 31.7% in December
2023. As a result, revenue increased by 11% to \u00a3226.3m (2023: \u00a3204.0m), and Group Adjusted EBITDA Less Normalised Rent at
\u00a347.7m was 24% better than in 2023.
The Group also reported strong cash generation in the year, with free cash flow of \u00a337.5m (see Note 23 to the consolidated
financial statements for a reconciliation to Net cash inflow from operating activities) being generated and used to fund 12 new
site openings and a number of major refurbishments and enhancements, as well as significant investment in technology.
On 28 June 2024, the Group agreed a new facilities agreement with its existing banking syndicate, which came into effect on
1 July 2024. Under the new agreement, the Group has in place a combined \u00a390m facility, consisting of \u00a345m of Term Loan and
\u00a345m of RCF. The new facility is due to mature in June 2027. Drawings under the facilities continue to be subject to quarterly
financial covenant tests on Adjusted Leverage (Non-property Net Debt divided by Group Adjusted EBITDA Less Normalised
Rent must not exceed 3.0 times) and Fixed Charge Cover (Adjusted EBITDAR to Net Finance Charges plus Normalised Rent
must be greater than 1.5 times).
As at 31 December 2024, the Group had Non-Property Net Debt (including non-property leases) of \u00a361.3m, consisting of \u00a361.0m
drawn debt under the RCF, \u00a33.3m of non-property leases and \u00a33.0m of cash. The Directors believe that this measure of net debt
best reflects the financial health of the business. In addition, it is a key constituent of the Adjusted Leverage covenant included
in the Group\u2019s banking agreement as noted above. Headroom under the bank facilities at 31 December 2024 (drawn debt less
cash) was \u00a332.0m. Adjusted Leverage was 1.3 times and Fixed Charge Cover was 1.9 times.
Following the January and February 2025 peak trading period, closing membership at 28 February 2025 was 951,000,
an increase of 7% on the position at 31 December 2024, demonstrating that the low cost gym model remains resilient and
spend on gym membership continues to be prioritised.
Despite the continued strong trading performance, the Directors have continued to take a cautious approach to planning.
The base case forecast for the period to 30 June 2026 anticipates some growth in yields across the whole estate as a result
of pricing optimisation actions identified as part of the Next Chapter growth plan. Modest increases in membership levels are
driven largely by the sites opened in 2023 and 2024, and not by growth in the mature estate.
In addition, the Directors have continued to take a measured approach to new site openings throughout the plan period,
with all new sites assumed to be self-financed. Under this scenario, the financial covenants are passed with headroom,
and the Group can operate comfortably within its financing facilities.
The Directors have also considered a severe downside scenario in which membership numbers in the mature estate decline
by approximately 4%. Yields continue to grow, but at a much more modest rate than in the base case. In this scenario, the
number of new site openings is reduced to conserve cash, expenditure on maintenance and marketing is reduced slightly,
and discretionary performance-related bonuses and share based payment funding are removed. Under this scenario,
the financial covenants continue to be passed, and the Group continues to operate within its financing facilities.
The Directors have also considered a reverse stress test scenario to ascertain the extent of the downturn in trading that
would be required to breach the Group\u2019s banking covenants or liquidity requirements. Mitigating actions assumed in this
scenario include moving to a minimum level of maintenance and technology capital expenditure; further reducing controllable
operating costs and marketing expenditure; and pausing the new site opening programme in order to preserve cash. In this
scenario, the closing membership would need to decline by 23% from April 2025 before the Fixed Charge Cover covenant would
be breached in June 2026. The Group would, however, continue to operate within its current level of debt capacity and the
Adjusted Leverage ratio would not be breached.
In the event of a reverse stress test scenario, the Directors would introduce additional measures to mitigate the impact on the
Group\u2019s covenants and liquidity, including: (i) even greater reductions in controllable operating costs, marketing and capital
expenditure; (ii) discussions with lenders to secure a covenant waiver; and (iii) deferral of, or reductions in, rent payments to
landlords. The Directors consider the reverse stress test scenario to be highly unlikely.
Conclusion
The Board has reviewed the financial plan and downside scenarios of the Group and has a reasonable expectation that the
Group has adequate resources to continue in operational existence for the period to 30 June 2026. As a result, the Directors
continue to adopt the going concern basis in preparing the financial statements. In making this assessment, consideration has
been given to the current and future expected trading performance; the Group\u2019s current and forecast liquidity position and the
support received to date from our lenders and shareholders; and the mitigating actions that can be deployed in the event
of reasonable downside scenarios.
Climate change
In preparing the consolidated financial statements, management has considered the impact of climate change, particularly
in the context of the disclosures included in the Strategic report and the stated net zero targets. These considerations
did not have a material impact on the financial reporting judgements and estimates, consistent with the assessment that
climate change is not expected to have a significant impact on the Group\u2019s going concern assessment to 30 June 2026
nor the viability of the Group over the next three years.
The following specific points were considered:
We procure 100% renewable energy for all of our sites where we directly control the purchase of energy.
The Group continues to reduce its carbon emissions and environmental impact by investing in the energy-efficient
design of our new sites, as well as in our existing estate.
Our carbon emissions through electrical power consumption will reduce with the decarbonisation of the National Grid
and natural gas will eventually become our principal source of direct carbon emission. We now have 67 sites operating
successfully without gas for water heating and are continuing to roll out electric heat pumps to obviate the requirement
for gas.
In all cases, the expected costs and investment required during the Group\u2019s strategic planning horizon have been
considered within the future cash flows included within the Group\u2019s three year plan which forms the basis of our going
concern and viability assessment, the goodwill and site impairment testing, and the assessment of the recoverability
of deferred tax assets.
Consolidation
Subsidiaries
A subsidiary is an entity controlled, either directly or indirectly, by the Company. Control is achieved when the Group is
exposed, or has rights, to variable returns from its involvement with the investee and has the ability to affect those returns
through its power over the investee. Specifically, the Group controls an investee if and only if the Group has:
power over the investee (i.e. existing rights that give it the current ability to direct the relevant activities of the investee);
exposure, or rights, to variable returns from its involvement with the investee; and
the ability to use its power over the investee to affect its returns.
All subsidiaries are wholly owned.
The Group reassesses whether or not it controls an investee if facts and circumstances indicate that there are changes to
one or more of the three elements of control. Consolidation of a subsidiary begins when the Group obtains control over the
subsidiary and ceases when the Group loses control of the subsidiary. Assets, liabilities, income and expenses of a subsidiary
acquired or disposed of during the year are included in the income statement from the date the Group gains control and until
the date the Group ceases to control the subsidiary.
All subsidiaries apply consistent accounting policies and all intra-Group assets and liabilities, equity, income, expenses and
cash flows relating to transactions between members of the Group are eliminated in full on consolidation.
The acquisition method of accounting is used to account for the acquisition of subsidiaries or business combinations where
trade and assets are acquired by the Group. The cost of an acquisition is measured as the fair value of the assets given, equity
instruments issued and liabilities incurred or assumed at the date of exchange. Identifiable assets acquired and liabilities and
contingent liabilities assumed in a business combination are measured initially at their fair values at the acquisition date,
irrespective of the extent of any non-controlling interest. The excess of the cost of acquisition over the fair value of the Group\u2019s
share of the identifiable net assets acquired is recorded as goodwill. If the cost of acquisition is less than the fair value of the
net assets of the subsidiary acquired, the difference is recognised directly in the income statement. Subsequent changes to
the fair value during the measurement period are treated as fair value adjustments against the acquired net assets.
Segment reporting
Operating segments are reported in a manner consistent with the internal reporting provided to the chief operating decision
maker. The chief operating decision maker, who is responsible for allocating resources and assessing performance of the
operating segment, has been identified as the Board of Directors. The Group\u2019s activities consist solely of the provision
of low cost, high quality, 24/7, no contract gyms within the United Kingdom, traded through 245 sites at 31 December 2024.
It is managed as one entity and management has consequently determined that there is only one operating segment.
Revenue
Revenue, which is stated excluding value added tax and other sales-related taxes, is measured at the fair value of the
consideration receivable for goods and services supplied.
Revenue from memberships comprises monthly membership fees, non-refundable joining fees and longer term membership
fees. Longer term membership fees comprise student memberships which typically cover a nine month period, pay-up-front
memberships which typically cover a six or nine month period and corporate annual membership. All membership income
(being the membership fee and the joining fee) is recognised straight-line over the period that the membership relates to,
with any subscriptions in advance of the period in which the service is provided being recorded as a contract liability in the
statement of financial position.
Rental income from personal trainers, which represents amounts paid by standalone personal trainers to operate their
business from our gyms, is recognised on a straight-line basis over the term of the rental agreement.
Other income, which includes the sale of goods through vending machines, is recognised at the point in time when control
of the goods transfers to the customer.
Contracts with customers are non-complex and do not require any significant accounting judgements or estimates.
Cost of sales and gross profit
Cost of sales comprises costs arising in connection with the generation of ancillary revenue as well as call centre costs and
payment processing costs. Therefore gross profit is stated before costs associated with operating the gyms.
Non-underlying items
Non-underlying items are income or expenses that are material by their size and/or nature and are not considered to arise
in the normal course of business. The Directors consider that these items should be disclosed separately on the face of the
income statement (but within their relevant category) to allow a more comparable view of underlying trading performance.
Non-underlying items include costs of major strategic projects and investments, restructuring and reorganisation costs
(including site closure costs), impairment of assets, amortisation and impairment of business combination intangibles,
and refinancing costs.
Profit before non-underlying items is used to calculate adjusted earnings per share and is reconciled to profit before taxation
on the face of the income statement. Non-underlying items are disclosed in Note 8.
Intangible assets
Goodwill
Goodwill represents the excess of the cost of an acquisition over the fair value of the Group\u2019s share of the net identifiable
assets of the acquired subsidiary or the Group\u2019s share of trade and assets acquired in a business combination at the date of
acquisition. Goodwill on acquisitions is included in intangible assets. Goodwill is tested annually for impairment and carried at
cost less accumulated impairment losses. Impairment losses on goodwill are not reversed. Gains and losses on the disposal
of an entity include the carrying amount of goodwill relating to the entity sold. Further information in relation to impairment
testing is provided in the \u2018Impairment of non-financial assets\u2019 section of this Note.
Computer software and licenses
Acquired computer software and licences are capitalised on the basis of the costs incurred to acquire and bring into use
the specific software. Certain costs incurred in connection with the development of software to be used internally, or for
providing services to customers, are capitalised once a project has progressed beyond a conceptual, preliminary stage
to that of application development. Development costs that are directly attributable to the design and testing of identifiable
and unique software products controlled by the Group are recognised as intangible assets when the following criteria are met:
it is technically feasible to complete the software product so that it will be available for use;
management intends to complete the software product and use or sell it;
there is an ability to use or sell the software product;
it can be demonstrated that the software product will generate probable future economic benefits;
adequate technical, financial and other resources to complete the development and to use or sell the software product
are available; and
the expenditure attributable to the software product during its development can be reliably measured.
Costs that qualify for capitalisation include both internal and external costs but are limited to those that are directly related
to the specific project. Computer software costs are included at capitalised cost less accumulated amortisation and any
recognised impairment loss.
Amortisation is calculated to write down the cost of the assets on a straight-line basis over their estimated useful lives, over
three to five years. Useful lives are reviewed at the end of each reporting period and adjusted as appropriate. The carrying
value of computer software is reviewed for impairment if events or changes in circumstances indicate the carrying value may
not be recoverable.
Property, plant and equipment
Property, plant and equipment are included in the financial statements at cost less accumulated depreciation and any
recognised impairment loss.
Depreciation is calculated to write down the cost of the assets on a straight-line basis over the estimated useful lives as follows:
leasehold improvements over the shorter of the useful life and the term of the lease;
fixtures, fittings and equipment between three and ten years;
gym and other equipment between five and ten years; and
computer equipment three years.
The estimated useful lives are reviewed at the end of each reporting period and adjusted if appropriate. The carrying values
of property, plant and equipment are reviewed for impairment if events or changes in circumstances indicate the carrying
value may not be recoverable.
Assets under construction represents the costs incurred in the construction of gyms and are included in Property,
plant and equipment. No depreciation is provided on assets under construction until the asset is available for use.
On the 1st of January 2025, the Group revised its estimate of the useful estimated life of certain Gym and other equipment,
which is classified as Property, plant and equipment. The Group believes that the new useful estimated life provides
more accurate information in relation to the consumption of the assets. The Group will apply the change in the estimate
prospectively. The expected impact of this change in estimate is a decrease of \u00a32m of depreciation expense in 2025,
and therefore a \u00a32m increase in profit before tax.
Leases and Right-of-use assets
The Group assesses whether a contract is or contains a lease, at inception of the contract. The Group recognises a right-of-
use asset and a corresponding lease liability with respect to all lease arrangements in which it is the lessee.
Lease liabilities
Lease liabilities are presented as a separate line in the Consolidated statement of financial position.
The lease liability is initially measured at the present value of the lease payments that are not paid at the commencement
date, discounted by using the rate implicit in the lease. If this rate cannot be readily determined, which is generally the case for
leases in the Group, the Group\u2019s incremental borrowing rate is used, being the rate that the Group would have to pay to borrow
the funds necessary to obtain an asset of similar value to the right-of-use asset in a similar economic environment with similar
terms, security and conditions.
Lease payments included in the measurement of the lease liability comprise:
fixed lease payments (including in-substance fixed payments) less any lease incentives receivable;
variable lease payments that depend on an index or rate, initially measured using the index or rate at the
commencement date; and
payments of penalties for terminating the lease, if the lease term reflects the exercise of an option to terminate the lease.
Lease payments to be made under reasonably certain extension options are also included in the measurement of the liability.
There are no variable lease payments nor residual value guarantees.
To determine the incremental borrowing rate, the Group:
where possible, uses recent third-party financing received by the individual lessee as a starting point, adjusted to reflect
changes in financing conditions since third-party financing was received;
uses a build-up approach that starts with a risk-free interest rate adjusted for credit risk for leases held by The Gym
Group, which does not have recent third-party financing; and
makes adjustments specific to the lease, e.g. term and security.
The lease liability is subsequently measured by increasing the carrying amount to reflect interest on the lease liability
(using the effective interest method) and by reducing the carrying amount to reflect the lease payments made.
The Group remeasures the lease liability whenever:
there is a change in the Group\u2019s assessment of whether it is reasonably certain to exercise a purchase, extension or
termination option, in which case the lease liability is remeasured by discounting the minimum lease payments using
a revised discount rate at the effective date of the change in assessment;
the lease payments change due to changes in an index or rate, in which cases the lease liability is remeasured by
discounting the revised lease payments using an unchanged discount rate (unless the lease payments change is due
to a change in a floating interest rate, in which case a revised discount rate is used);
the lease payments change due to a rent review, in which case the lease liability is remeasured by discounting the revised
lease payments using the original discount rate at the effective date of the change in rent;
the lease contract is modified and the lease modification is not accounted for as a separate lease, in which case the
lease liability is remeasured by discounting the revised lease payments using a revised discount rate at the effective
date of the modification.
When the lease liability is remeasured, an equivalent adjustment is made to the right-of-use asset, except in the case of
modifications resulting in a reduction in the scope of the lease, or in instances where doing so would reduce the carrying
amount of the right-of-use asset below zero. For a modification that fully or partially decreases the scope of the lease,
the carrying amount of the right-of-use asset is reduced to reflect partial or full termination of the lease and any difference
between that adjustment and the amount of the remeasurement of the lease liability is recognised in profit or loss at
the effective date of the modification. In other cases, if the right-of-use asset is reduced to zero by a remeasurement,
any remaining amount of the remeasurement is recognised in profit or loss.
Although the Group enjoys security of tenure as tenant in respect of certain of its lease arrangements, there are conditions
associated with these rights such that no unconditional right to extend the lease term exists.
Extension and termination options are included in a number of property leases across the Group. These are used to maximise
operational flexibility in terms of managing the assets used in the Group\u2019s operations. The majority of extension and
termination options held are exercisable only by the Group and not by the respective lessor. When it is reasonably certain
that the Group will not exercise a termination option or will exercise an extension option, this assumption is included within the
calculation of the lease liability.
Incremental borrowing rate
The calculation of lease liabilities requires the Group to determine an incremental borrowing rate (\u2018IBR\u2019) to discount future
minimum lease payments. Judgement has been applied to those leases entered into prior to November 2015 when the Group
listed on the London Stock Exchange and entered into a Revolving Credit Facility (\u2018RCF\u2019), and which remain on the 31 December
2024 balance sheet as right-of-use assets and lease liabilities. Prior to this the Group was under private equity ownership,
with its financing reflecting such ownership (including loan notes). As a consequence, there was less observable data on which
to assess the IBR of the Group during this time, hence there was an increased level of judgement in assessing an appropriate
IBR for use in applying IFRS to pre-2015 leases. Post-listing and refinancing of the Group\u2019s bank facilities in October 2019,
there was an increased level of observable data, including a market-based margin, to indicate the credit spread on which the
Group could borrow. This margin was then added to observable Bank of England base or risk-free rates, such that the level of
judgement on post-2015 leases, and in particular post-2019 leases, is considered to be low.
Right-of-use assets
Right-of-use assets predominantly relate to property leases and are depreciated on a straight-line basis over the shorter
of the asset\u2019s useful life and the lease term. Right-of-use assets for non-property leases mainly relate to gym equipment
purchased on hire purchase contracts and are depreciated over the asset\u2019s useful life.
The Group recognises right-of-use assets at the commencement date of the lease (i.e. the date the underlying asset is
available for use). Right-of-use assets are measured at cost, less any accumulated depreciation and impairment losses
and adjusted for any remeasurement of lease liabilities. The cost of right-of-use assets includes:
the amount of the initial measurement of the lease liability;
any lease payments made at or before the commencement date less any lease incentives received;
any initial direct costs; and
restoration costs.
The carrying values of right-of-use assets are reviewed for impairment if events or changes in circumstances indicate the
carrying value may not be recoverable.
Impairment of non-financial assets
Goodwill is tested for impairment annually and when circumstances indicate that the carrying value may be impaired.
Under IAS 36, goodwill is allocated to cash generating units (\u2018CGUs\u2019) or groups of CGUs on the basis of which CGU or group
of CGUs is expected to benefit from the business combination in which the goodwill arose. As management has determined
that the Group\u2019s goodwill cannot be allocated to CGUs on a non-arbitrary basis and that the Group has just one operating
segment and goodwill is not monitored at any lower level, then consistent with the requirements of IAS 36, testing for goodwill
impairment is performed at the operating segment level, being the entire business.
Assets that are subject to depreciation or amortisation are reviewed for impairment whenever events or changes in
circumstances indicate that the carrying amount may not be recoverable. An impairment loss is recognised for the amount
by which the asset\u2019s carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an asset\u2019s fair
value less costs to sell and value-in-use.
Where the asset does not generate cash flows that are independent from other assets, the Group estimates the recoverable
amount of the CGU to which the asset belongs. CGUs are identified based on the lowest level aggregation of asset from which
largely independent cash inflows are generated. This can be a single gym or, in a number of instances, a group of gyms which
are geographically closely located where the cash inflows from each individual gym are not generated largely independent of
other gym sites within the surrounding geographical area. Any impairment charge is recognised in non-underlying items in the
income statement in the period in which it occurs.
Impairment losses relating to goodwill cannot be reversed in future periods. At each reporting date, an assessment is made as
to whether there is any indication that a previously recognised impairment loss for assets other than goodwill no longer exists
or has decreased. If there is any such indication, the recoverable amount of the asset is recalculated and the impairment loss
reversed. The reversal is limited so that the carrying amount of the asset does not exceed its recoverable amount, nor exceed
the carrying amount that would have been determined, net of depreciation, had no impairment loss been recognised for the
asset in prior years. Such reversal is recognised in non-underlying items in the income statement unless the asset is carried
at a revalued amount, in which case, the reversal is treated as a revaluation increase and recognised as a separate reserve
within equity.
Further information on impairment testing is provided in Notes 3, 12, 13 and 14.
Financial instruments
Fair value hierarchy
IFRS 7 requires fair value measurements to be recognised using a fair value hierarchy that reflects the significance of the inputs
used in the value measurements:
Level 1: quoted prices in active markets for identical assets or liabilities
Level 2: inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly
(i.e. as prices) or indirectly (i.e. derived from prices)
Level 3: inputs for the asset or liability that are not based on observable market data (unobservable inputs)
There were no transfers between levels throughout the periods under review.
Financial assets
The Group\u2019s financial assets comprise trade and other receivables, cash and cash equivalents, and investments. The Group
classifies its financial assets as those to be measured at amortised cost, those recognised at fair value through profit and loss
and those recognised at fair value through other comprehensive income.
The Group measures its trade and other receivables and cash and cash equivalents at amortised cost. Subsequent to initial
recognition, these assets are carried at amortised cost using the effective interest method. Income from these financial
assets is calculated on an effective yield basis and is recognised in finance income in the income statement. Due to the Group\u2019s
upfront payment model, it has limited exposure to credit losses.
Investments in unquoted equity securities are designated as fair value through other comprehensive income if they are held
as long term strategic investments that are not expected to be sold in the short to medium term. Any changes in fair
value of those assets are recognised in other comprehensive income and are not recycled to profit or loss.
Financial assets are classified as non-current if the asset is not expected to be realised within 12 months.
Financial liabilities
The Group\u2019s financial liabilities comprise trade and other payables, other financial liabilities (including contingent
consideration) and borrowings.
The Group initially recognises its financial liabilities at fair value net of transaction costs where applicable and, other than
derivatives and contingent consideration, they are subsequently measured at amortised cost using the effective interest
method. Transaction costs are amortised using the effective interest method over the maturity of the loan. Contingent
consideration is subsequently measured at its fair value, which is reassessed at each reporting period, and any fair value
movement is recognised in non-underlying items in the income statement.
Borrowing costs
General and specific borrowing costs directly attributable to the acquisition, construction or production of qualifying
assets, which are assets that necessarily take a substantial period of time to get ready for their intended use or sale,
are added to the cost of those assets, until such time as the assets are substantially ready for their intended use or sale.
Investment income earned on temporary investments of specific borrowings pending their expenditure on qualifying assets
is deducted from the borrowing costs eligible for capitalisation.
All other borrowing costs are recognised in finance costs in the income statement in the period in which they are incurred.
Hedging activities
The Group enters into structured wholesale energy market contracts for the procurement of electricity and natural gas. It does
this by buying energy directly from the wholesale market to cover operational energy requirements. All contracts are entered
into and continue to be held to receive or deliver the energy in accordance with the Group\u2019s expected usage requirements
and all contracted quantities are actually physically supplied with no financial settlement prior to, or at, maturity. As such,
the Group applies the own use exemption in IFRS 9 with regards energy market contracts and recognises the contracted
cost of energy in the consolidated income statement when the energy is consumed.
Pensions
The Group operates defined contribution pension schemes and pays contributions to publicly or privately administered
pension plans. The Group has no further payment obligations once the contributions have been paid. The contributions are
recognised as an employee benefit expense when they are due.
Share based payments
The Group operates a number of share based arrangements for employees. Equity-settled share based payments are
measured at the fair value of the equity instruments at the grant date, which excludes the effect of non-market based vesting
conditions. The fair value at the grant date is recognised as an expense on a straight-line basis over the vesting period, based
on the Group\u2019s estimate of the number of equity instruments that will eventually vest. The estimate of the number of awards
likely to vest is reviewed at each balance sheet date up to the vesting date, at which point the estimate is adjusted to reflect the
actual outcome of awards which have vested. No adjustment is made to the fair value after the vesting date even if the awards
are forfeited or not exercised.
Inventories
Inventories are carried at the lower of cost and net realisable value.
Trade and other receivables
Trade and other receivables comprise rental income due from personal trainers, room rental income, advertising income and
amounts due from landlords in respect of contributions towards building work. They are initially measured at transaction
price. Subsequently, trade and other receivables are measured at amortised cost. The loss allowance for trade receivables and
accrued income is measured using the simplified approach (lifetime expected credit losses).
Cash and cash equivalents
Cash and cash equivalents comprise cash at bank, short term deposits held on call with banks and other short term,
highly liquid investments with original maturities of three months or less.
Trade and other payables
Trade and other payables are obligations to pay for goods or services that have been acquired in the ordinary course of
business from suppliers. Trade and other payables are classified as current liabilities if payment is due within one year. If not,
they are presented as non-current liabilities. Trade and other payables are recognised initially at fair value and subsequently
measured at amortised cost using the effective interest method.
Taxation
Current taxation
Current tax assets and liabilities for the current and prior periods are measured at the amount expected to be recovered
from, or paid to, the taxation authorities. The tax rates and tax laws used to compute the amount are those that are enacted or
substantively enacted at the balance sheet date. Income tax relating to items recognised in comprehensive income or directly
in equity, is recognised in comprehensive income or equity and not in the income statement.
Deferred taxation
Deferred income tax is provided using the liability method on all temporary differences between the tax bases of assets and
liabilities and their carrying amounts for financial reporting purposes at the balance sheet date, with the following exceptions:
where the temporary difference arises from the initial recognition of goodwill or of an asset or liability in a transaction that
is not a business combination that at the time of the transaction affects neither accounting nor taxable profit or loss;
in respect of taxable temporary differences associated with investments in subsidiaries, where the timing of the reversal
of the temporary differences can be controlled and it is probable that the temporary differences will not reverse in the
foreseeable future; and
deferred income tax assets are recognised only to the extent that it is probable that taxable profit will be available
against which deductible temporary differences, carried forward tax credits or tax losses can be utilised.
The carrying amount of deferred income tax assets is reviewed at each balance sheet date and reduced to the extent that
it is no longer probable that sufficient taxable profit will be available to allow all or part of the asset to be recovered.
The amount of deferred tax provided is based on the expected manner of realisation or settlement of the carrying amount
of assets and liabilities. Deferred income tax assets and liabilities are measured at the tax rates that are expected to apply
in the period when the asset is realised or the liability is settled, based on tax rates and tax laws that have been enacted or
substantively enacted at the balance sheet date.
Provisions
Provisions are recognised when the Group has a present legal or constructive obligation as a result of a past event;
it is probable that an outflow of resources will be required to settle the obligation; and a reliable estimate can be made of the
amount of the obligation. Provisions are measured at the present value of the expenditure expected to be required to settle
the obligation using a pre-tax rate that reflects current market assessments of the time value of money and risks specific to
the obligation. The increase in the provision due to the passage of time is recognised as a finance cost.
A dilapidations provision is recognised when there is a present obligation relating to the maintenance of leasehold properties.
The provision is based on management\u2019s best estimate of the cost of meeting this obligation.
Dividends
Dividends payable by the Company are recognised on declaration.
", "dimensions": { "concept": "ifrs-full:DisclosureOfMaterialAccountingPolicyInformationExplanatory", "language": "en", "entity": "scheme:213800VCU9TBANZIN455", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-325": { "value": "Statement of compliance The financial statements have been prepared in accordance with the Listing Rules and the Disclosure Guidance and Transparency Rules of the United Kingdom Financial Conduct Authority (where applicable) and United Kingdom adopted international accounting standards. The accounting policies applied are consistent with those described in the Annual Report and Accounts of the Group for the year ended 31 December 2023. The functional currency of each entity in the Group is pound sterling. The consolidated financial statements are presented in pound sterling and all values are rounded to the nearest one hundred thousand pounds, except where otherwise indicated. ", "dimensions": { "concept": "ifrs-full:StatementOfIFRSCompliance", "language": "en", "entity": "scheme:213800VCU9TBANZIN455", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-370": { "value": "The functional currency of each entity in the Group is pound sterling. The consolidated financial statements are presented in pound sterling and all values are rounded to the nearest one hundred thousand pounds, except where otherwise indicated. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory", "language": "en", "entity": "scheme:213800VCU9TBANZIN455", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-326": { "value": "Basis of preparation The consolidated financial statements have been prepared on a going concern basis under the historical cost convention as modified by the recognition of derivative financial instruments, financial assets and other financial liabilities at fair value through the profit and loss and the recognition of financial assets at fair value through other comprehensive income. The consolidated financial statements provide comparative information in respect of the previous period. ", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:213800VCU9TBANZIN455", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-327": { "value": "Going concern In assessing the going concern position of the Group for the year ended 31 December 2024, the Directors have considered the following: the Group\u2019s trading performance in 2024 and throughout the traditional January and February 2025 peak period; future expected trading performance of the Group to 30 June 2026 (the going concern period), including membership levels and behaviours in light of the continued difficult macroeconomic environment; and the Group\u2019s financing arrangements and relationship with its lenders and shareholders. Trading in 2024 was strong, with membership at the end of December 2024 reaching 891,000, an increase of 5% from the end of December 2023. Average revenue per member per month (\u2018ARPMM\u2019) for the year was \u00a320.81, up 7% from \u00a319.50 in the prior year. Ultimate, the premium price product, ended the year at 29.6% of total membership compared with 31.7% in December 2023. As a result, revenue increased by 11% to \u00a3226.3m (2023: \u00a3204.0m), and Group Adjusted EBITDA Less Normalised Rent at \u00a347.7m was 24% better than in 2023. The Group also reported strong cash generation in the year, with free cash flow of \u00a337.5m (see Note 23 to the consolidated financial statements for a reconciliation to Net cash inflow from operating activities) being generated and used to fund 12 new site openings and a number of major refurbishments and enhancements, as well as significant investment in technology. On 28 June 2024, the Group agreed a new facilities agreement with its existing banking syndicate, which came into effect on 1 July 2024. Under the new agreement, the Group has in place a combined \u00a390m facility, consisting of \u00a345m of Term Loan and \u00a345m of RCF. The new facility is due to mature in June 2027. Drawings under the facilities continue to be subject to quarterly financial covenant tests on Adjusted Leverage (Non-property Net Debt divided by Group Adjusted EBITDA Less Normalised Rent must not exceed 3.0 times) and Fixed Charge Cover (Adjusted EBITDAR to Net Finance Charges plus Normalised Rent must be greater than 1.5 times). As at 31 December 2024, the Group had Non-Property Net Debt (including non-property leases) of \u00a361.3m, consisting of \u00a361.0m drawn debt under the RCF, \u00a33.3m of non-property leases and \u00a33.0m of cash. The Directors believe that this measure of net debt best reflects the financial health of the business. In addition, it is a key constituent of the Adjusted Leverage covenant included in the Group\u2019s banking agreement as noted above. Headroom under the bank facilities at 31 December 2024 (drawn debt less cash) was \u00a332.0m. Adjusted Leverage was 1.3 times and Fixed Charge Cover was 1.9 times. Following the January and February 2025 peak trading period, closing membership at 28 February 2025 was 951,000, an increase of 7% on the position at 31 December 2024, demonstrating that the low cost gym model remains resilient and spend on gym membership continues to be prioritised. Despite the continued strong trading performance, the Directors have continued to take a cautious approach to planning. The base case forecast for the period to 30 June 2026 anticipates some growth in yields across the whole estate as a result of pricing optimisation actions identified as part of the Next Chapter growth plan. Modest increases in membership levels are driven largely by the sites opened in 2023 and 2024, and not by growth in the mature estate. In addition, the Directors have continued to take a measured approach to new site openings throughout the plan period, with all new sites assumed to be self-financed. Under this scenario, the financial covenants are passed with headroom, and the Group can operate comfortably within its financing facilities. The Directors have also considered a severe downside scenario in which membership numbers in the mature estate decline by approximately 4%. Yields continue to grow, but at a much more modest rate than in the base case. In this scenario, the number of new site openings is reduced to conserve cash, expenditure on maintenance and marketing is reduced slightly, and discretionary performance-related bonuses and share based payment funding are removed. Under this scenario, the financial covenants continue to be passed, and the Group continues to operate within its financing facilities. The Directors have also considered a reverse stress test scenario to ascertain the extent of the downturn in trading that would be required to breach the Group\u2019s banking covenants or liquidity requirements. Mitigating actions assumed in this scenario include moving to a minimum level of maintenance and technology capital expenditure; further reducing controllable operating costs and marketing expenditure; and pausing the new site opening programme in order to preserve cash. In this scenario, the closing membership would need to decline by 23% from April 2025 before the Fixed Charge Cover covenant would be breached in June 2026. The Group would, however, continue to operate within its current level of debt capacity and the Adjusted Leverage ratio would not be breached. In the event of a reverse stress test scenario, the Directors would introduce additional measures to mitigate the impact on the Group\u2019s covenants and liquidity, including: (i) even greater reductions in controllable operating costs, marketing and capital expenditure; (ii) discussions with lenders to secure a covenant waiver; and (iii) deferral of, or reductions in, rent payments to landlords. The Directors consider the reverse stress test scenario to be highly unlikely. Conclusion The Board has reviewed the financial plan and downside scenarios of the Group and has a reasonable expectation that the Group has adequate resources to continue in operational existence for the period to 30 June 2026. As a result, the Directors continue to adopt the going concern basis in preparing the financial statements. In making this assessment, consideration has been given to the current and future expected trading performance; the Group\u2019s current and forecast liquidity position and the support received to date from our lenders and shareholders; and the mitigating actions that can be deployed in the event of reasonable downside scenarios. ", "dimensions": { "concept": "ifrs-full:DisclosureOfGoingConcernExplanatory", "language": "en", "entity": "scheme:213800VCU9TBANZIN455", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-328": { "value": "Climate change In preparing the consolidated financial statements, management has considered the impact of climate change, particularly in the context of the disclosures included in the Strategic report and the stated net zero targets. These considerations did not have a material impact on the financial reporting judgements and estimates, consistent with the assessment that climate change is not expected to have a significant impact on the Group\u2019s going concern assessment to 30 June 2026 nor the viability of the Group over the next three years. The following specific points were considered: We procure 100% renewable energy for all of our sites where we directly control the purchase of energy. The Group continues to reduce its carbon emissions and environmental impact by investing in the energy-efficient design of our new sites, as well as in our existing estate. Our carbon emissions through electrical power consumption will reduce with the decarbonisation of the National Grid and natural gas will eventually become our principal source of direct carbon emission. We now have 67 sites operating successfully without gas for water heating and are continuing to roll out electric heat pumps to obviate the requirement for gas. In all cases, the expected costs and investment required during the Group\u2019s strategic planning horizon have been considered within the future cash flows included within the Group\u2019s three year plan which forms the basis of our going concern and viability assessment, the goodwill and site impairment testing, and the assessment of the recoverability of deferred tax assets. ", "dimensions": { "concept": "thegymgroupplc:DescriptionOfAccountingPolicyForClimateChange", "language": "en", "entity": "scheme:213800VCU9TBANZIN455", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-329": { "value": "Consolidation Subsidiaries A subsidiary is an entity controlled, either directly or indirectly, by the Company. Control is achieved when the Group is exposed, or has rights, to variable returns from its involvement with the investee and has the ability to affect those returns through its power over the investee. Specifically, the Group controls an investee if and only if the Group has: power over the investee (i.e. existing rights that give it the current ability to direct the relevant activities of the investee); exposure, or rights, to variable returns from its involvement with the investee; and the ability to use its power over the investee to affect its returns. All subsidiaries are wholly owned. The Group reassesses whether or not it controls an investee if facts and circumstances indicate that there are changes to one or more of the three elements of control. Consolidation of a subsidiary begins when the Group obtains control over the subsidiary and ceases when the Group loses control of the subsidiary. Assets, liabilities, income and expenses of a subsidiary acquired or disposed of during the year are included in the income statement from the date the Group gains control and until the date the Group ceases to control the subsidiary. All subsidiaries apply consistent accounting policies and all intra-Group assets and liabilities, equity, income, expenses and cash flows relating to transactions between members of the Group are eliminated in full on consolidation. The acquisition method of accounting is used to account for the acquisition of subsidiaries or business combinations where trade and assets are acquired by the Group. The cost of an acquisition is measured as the fair value of the assets given, equity instruments issued and liabilities incurred or assumed at the date of exchange. Identifiable assets acquired and liabilities and contingent liabilities assumed in a business combination are measured initially at their fair values at the acquisition date, irrespective of the extent of any non-controlling interest. The excess of the cost of acquisition over the fair value of the Group\u2019s share of the identifiable net assets acquired is recorded as goodwill. If the cost of acquisition is less than the fair value of the net assets of the subsidiary acquired, the difference is recognised directly in the income statement. Subsequent changes to the fair value during the measurement period are treated as fair value adjustments against the acquired net assets. ", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory", "language": "en", "entity": "scheme:213800VCU9TBANZIN455", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-371": { "value": "Subsidiaries A subsidiary is an entity controlled, either directly or indirectly, by the Company. Control is achieved when the Group is exposed, or has rights, to variable returns from its involvement with the investee and has the ability to affect those returns through its power over the investee. Specifically, the Group controls an investee if and only if the Group has: power over the investee (i.e. existing rights that give it the current ability to direct the relevant activities of the investee); exposure, or rights, to variable returns from its involvement with the investee; and the ability to use its power over the investee to affect its returns. All subsidiaries are wholly owned. The Group reassesses whether or not it controls an investee if facts and circumstances indicate that there are changes to one or more of the three elements of control. Consolidation of a subsidiary begins when the Group obtains control over the subsidiary and ceases when the Group loses control of the subsidiary. Assets, liabilities, income and expenses of a subsidiary acquired or disposed of during the year are included in the income statement from the date the Group gains control and until the date the Group ceases to control the subsidiary. All subsidiaries apply consistent accounting policies and all intra-Group assets and liabilities, equity, income, expenses and cash flows relating to transactions between members of the Group are eliminated in full on consolidation. The acquisition method of accounting is used to account for the acquisition of subsidiaries or business combinations where trade and assets are acquired by the Group. The cost of an acquisition is measured as the fair value of the assets given, equity instruments issued and liabilities incurred or assumed at the date of exchange. Identifiable assets acquired and liabilities and contingent liabilities assumed in a business combination are measured initially at their fair values at the acquisition date, irrespective of the extent of any non-controlling interest. The excess of the cost of acquisition over the fair value of the Group\u2019s share of the identifiable net assets acquired is recorded as goodwill. If the cost of acquisition is less than the fair value of the net assets of the subsidiary acquired, the difference is recognised directly in the income statement. Subsequent changes to the fair value during the measurement period are treated as fair value adjustments against the acquired net assets. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSubsidiariesExplanatory", "language": "en", "entity": "scheme:213800VCU9TBANZIN455", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-330": { "value": "Segment reporting Operating segments are reported in a manner consistent with the internal reporting provided to the chief operating decision maker. The chief operating decision maker, who is responsible for allocating resources and assessing performance of the operating segment, has been identified as the Board of Directors. The Group\u2019s activities consist solely of the provision of low cost, high quality, 24/7, no contract gyms within the United Kingdom, traded through 245 sites at 31 December 2024. It is managed as one entity and management has consequently determined that there is only one operating segment. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSegmentReportingExplanatory", "language": "en", "entity": "scheme:213800VCU9TBANZIN455", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-331": { "value": "Revenue Revenue, which is stated excluding value added tax and other sales-related taxes, is measured at the fair value of the consideration receivable for goods and services supplied. Revenue from memberships comprises monthly membership fees, non-refundable joining fees and longer term membership fees. Longer term membership fees comprise student memberships which typically cover a nine month period, pay-up-front memberships which typically cover a six or nine month period and corporate annual membership. All membership income (being the membership fee and the joining fee) is recognised straight-line over the period that the membership relates to, with any subscriptions in advance of the period in which the service is provided being recorded as a contract liability in the statement of financial position. Rental income from personal trainers, which represents amounts paid by standalone personal trainers to operate their business from our gyms, is recognised on a straight-line basis over the term of the rental agreement. Other income, which includes the sale of goods through vending machines, is recognised at the point in time when control of the goods transfers to the customer. Contracts with customers are non-complex and do not require any significant accounting judgements or estimates. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue", "language": "en", "entity": "scheme:213800VCU9TBANZIN455", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-332": { "value": "Cost of sales and gross profit Cost of sales comprises costs arising in connection with the generation of ancillary revenue as well as call centre costs and payment processing costs. Therefore gross profit is stated before costs associated with operating the gyms. ", "dimensions": { "concept": "thegymgroupplc:DescriptionOfAccountingPolicyForCostOfSalesAndGrossProfit", "language": "en", "entity": "scheme:213800VCU9TBANZIN455", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-335": { "value": "Non-underlying items Non-underlying items are income or expenses that are material by their size and/or nature and are not considered to arise in the normal course of business. The Directors consider that these items should be disclosed separately on the face of the income statement (but within their relevant category) to allow a more comparable view of underlying trading performance. Non-underlying items include costs of major strategic projects and investments, restructuring and reorganisation costs (including site closure costs), impairment of assets, amortisation and impairment of business combination intangibles, and refinancing costs. Profit before non-underlying items is used to calculate adjusted earnings per share and is reconciled to profit before taxation on the face of the income statement. Non-underlying items are disclosed in Note 8. ", "dimensions": { "concept": "thegymgroupplc:DescriptionOfAccountingPolicyForNonunderlyingItems", "language": "en", "entity": "scheme:213800VCU9TBANZIN455", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-333": { "value": "Intangible assets Goodwill Goodwill represents the excess of the cost of an acquisition over the fair value of the Group\u2019s share of the net identifiable assets of the acquired subsidiary or the Group\u2019s share of trade and assets acquired in a business combination at the date of acquisition. Goodwill on acquisitions is included in intangible assets. Goodwill is tested annually for impairment and carried at cost less accumulated impairment losses. Impairment losses on goodwill are not reversed. Gains and losses on the disposal of an entity include the carrying amount of goodwill relating to the entity sold. Further information in relation to impairment testing is provided in the \u2018Impairment of non-financial assets\u2019 section of this Note. Computer software and licenses Acquired computer software and licences are capitalised on the basis of the costs incurred to acquire and bring into use the specific software. Certain costs incurred in connection with the development of software to be used internally, or for providing services to customers, are capitalised once a project has progressed beyond a conceptual, preliminary stage to that of application development. Development costs that are directly attributable to the design and testing of identifiable and unique software products controlled by the Group are recognised as intangible assets when the following criteria are met: it is technically feasible to complete the software product so that it will be available for use; management intends to complete the software product and use or sell it; there is an ability to use or sell the software product; it can be demonstrated that the software product will generate probable future economic benefits; adequate technical, financial and other resources to complete the development and to use or sell the software product are available; and the expenditure attributable to the software product during its development can be reliably measured. Costs that qualify for capitalisation include both internal and external costs but are limited to those that are directly related to the specific project. Computer software costs are included at capitalised cost less accumulated amortisation and any recognised impairment loss. Amortisation is calculated to write down the cost of the assets on a straight-line basis over their estimated useful lives, over three to five years. Useful lives are reviewed at the end of each reporting period and adjusted as appropriate. The carrying value of computer software is reviewed for impairment if events or changes in circumstances indicate the carrying value may not be recoverable. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:213800VCU9TBANZIN455", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-403": { "value": "Goodwill Goodwill represents the excess of the cost of an acquisition over the fair value of the Group\u2019s share of the net identifiable assets of the acquired subsidiary or the Group\u2019s share of trade and assets acquired in a business combination at the date of acquisition. Goodwill on acquisitions is included in intangible assets. Goodwill is tested annually for impairment and carried at cost less accumulated impairment losses. Impairment losses on goodwill are not reversed. Gains and losses on the disposal of an entity include the carrying amount of goodwill relating to the entity sold. Further information in relation to impairment testing is provided in the \u2018Impairment of non-financial assets\u2019 section of this Note. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsAndGoodwillExplanatory", "language": "en", "entity": "scheme:213800VCU9TBANZIN455", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-373": { "value": "Goodwill Goodwill represents the excess of the cost of an acquisition over the fair value of the Group\u2019s share of the net identifiable assets of the acquired subsidiary or the Group\u2019s share of trade and assets acquired in a business combination at the date of acquisition. Goodwill on acquisitions is included in intangible assets. Goodwill is tested annually for impairment and carried at cost less accumulated impairment losses. Impairment losses on goodwill are not reversed. Gains and losses on the disposal of an entity include the carrying amount of goodwill relating to the entity sold. Further information in relation to impairment testing is provided in the \u2018Impairment of non-financial assets\u2019 section of this Note. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForGoodwillExplanatory", "language": "en", "entity": "scheme:213800VCU9TBANZIN455", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-372": { "value": "Computer software and licenses Acquired computer software and licences are capitalised on the basis of the costs incurred to acquire and bring into use the specific software. Certain costs incurred in connection with the development of software to be used internally, or for providing services to customers, are capitalised once a project has progressed beyond a conceptual, preliminary stage to that of application development. Development costs that are directly attributable to the design and testing of identifiable and unique software products controlled by the Group are recognised as intangible assets when the following criteria are met: it is technically feasible to complete the software product so that it will be available for use; management intends to complete the software product and use or sell it; there is an ability to use or sell the software product; it can be demonstrated that the software product will generate probable future economic benefits; adequate technical, financial and other resources to complete the development and to use or sell the software product are available; and the expenditure attributable to the software product during its development can be reliably measured. Costs that qualify for capitalisation include both internal and external costs but are limited to those that are directly related to the specific project. Computer software costs are included at capitalised cost less accumulated amortisation and any recognised impairment loss. Amortisation is calculated to write down the cost of the assets on a straight-line basis over their estimated useful lives, over three to five years. Useful lives are reviewed at the end of each reporting period and adjusted as appropriate. The carrying value of computer software is reviewed for impairment if events or changes in circumstances indicate the carrying value may not be recoverable. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory", "language": "en", "entity": "scheme:213800VCU9TBANZIN455", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-334": { "value": "Property, plant and equipment Property, plant and equipment are included in the financial statements at cost less accumulated depreciation and any recognised impairment loss. Depreciation is calculated to write down the cost of the assets on a straight-line basis over the estimated useful lives as follows: leasehold improvements over the shorter of the useful life and the term of the lease; fixtures, fittings and equipment between three and ten years; gym and other equipment between five and ten years; and computer equipment three years. The estimated useful lives are reviewed at the end of each reporting period and adjusted if appropriate. The carrying values of property, plant and equipment are reviewed for impairment if events or changes in circumstances indicate the carrying value may not be recoverable. Assets under construction represents the costs incurred in the construction of gyms and are included in Property, plant and equipment. No depreciation is provided on assets under construction until the asset is available for use. On the 1st of January 2025, the Group revised its estimate of the useful estimated life of certain Gym and other equipment, which is classified as Property, plant and equipment. The Group believes that the new useful estimated life provides more accurate information in relation to the consumption of the assets. The Group will apply the change in the estimate prospectively. The expected impact of this change in estimate is a decrease of \u00a32m of depreciation expense in 2025, and therefore a \u00a32m increase in profit before tax. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:213800VCU9TBANZIN455", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-374": { "value": "Depreciation is calculated to write down the cost of the assets on a straight-line basis over the estimated useful lives as follows: leasehold improvements over the shorter of the useful life and the term of the lease; fixtures, fittings and equipment between three and ten years; gym and other equipment between five and ten years; and computer equipment three years. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDepreciationExpenseExplanatory", "language": "en", "entity": "scheme:213800VCU9TBANZIN455", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-375": { "value": "Assets under construction represents the costs incurred in the construction of gyms and are included in Property, plant and equipment. No depreciation is provided on assets under construction until the asset is available for use. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForConstructionInProgressExplanatory", "language": "en", "entity": "scheme:213800VCU9TBANZIN455", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-336": { "value": "Leases and Right-of-use assets The Group assesses whether a contract is or contains a lease, at inception of the contract. The Group recognises a right-of- use asset and a corresponding lease liability with respect to all lease arrangements in which it is the lessee. Lease liabilities Lease liabilities are presented as a separate line in the Consolidated statement of financial position. The lease liability is initially measured at the present value of the lease payments that are not paid at the commencement date, discounted by using the rate implicit in the lease. If this rate cannot be readily determined, which is generally the case for leases in the Group, the Group\u2019s incremental borrowing rate is used, being the rate that the Group would have to pay to borrow the funds necessary to obtain an asset of similar value to the right-of-use asset in a similar economic environment with similar terms, security and conditions. Lease payments included in the measurement of the lease liability comprise: fixed lease payments (including in-substance fixed payments) less any lease incentives receivable; variable lease payments that depend on an index or rate, initially measured using the index or rate at the commencement date; and payments of penalties for terminating the lease, if the lease term reflects the exercise of an option to terminate the lease. Lease payments to be made under reasonably certain extension options are also included in the measurement of the liability. There are no variable lease payments nor residual value guarantees. To determine the incremental borrowing rate, the Group: where possible, uses recent third-party financing received by the individual lessee as a starting point, adjusted to reflect changes in financing conditions since third-party financing was received; uses a build-up approach that starts with a risk-free interest rate adjusted for credit risk for leases held by The Gym Group, which does not have recent third-party financing; and makes adjustments specific to the lease, e.g. term and security. The lease liability is subsequently measured by increasing the carrying amount to reflect interest on the lease liability (using the effective interest method) and by reducing the carrying amount to reflect the lease payments made. The Group remeasures the lease liability whenever: there is a change in the Group\u2019s assessment of whether it is reasonably certain to exercise a purchase, extension or termination option, in which case the lease liability is remeasured by discounting the minimum lease payments using a revised discount rate at the effective date of the change in assessment; the lease payments change due to changes in an index or rate, in which cases the lease liability is remeasured by discounting the revised lease payments using an unchanged discount rate (unless the lease payments change is due to a change in a floating interest rate, in which case a revised discount rate is used); the lease payments change due to a rent review, in which case the lease liability is remeasured by discounting the revised lease payments using the original discount rate at the effective date of the change in rent; the lease contract is modified and the lease modification is not accounted for as a separate lease, in which case the lease liability is remeasured by discounting the revised lease payments using a revised discount rate at the effective date of the modification. When the lease liability is remeasured, an equivalent adjustment is made to the right-of-use asset, except in the case of modifications resulting in a reduction in the scope of the lease, or in instances where doing so would reduce the carrying amount of the right-of-use asset below zero. For a modification that fully or partially decreases the scope of the lease, the carrying amount of the right-of-use asset is reduced to reflect partial or full termination of the lease and any difference between that adjustment and the amount of the remeasurement of the lease liability is recognised in profit or loss at the effective date of the modification. In other cases, if the right-of-use asset is reduced to zero by a remeasurement, any remaining amount of the remeasurement is recognised in profit or loss. Although the Group enjoys security of tenure as tenant in respect of certain of its lease arrangements, there are conditions associated with these rights such that no unconditional right to extend the lease term exists. Extension and termination options are included in a number of property leases across the Group. These are used to maximise operational flexibility in terms of managing the assets used in the Group\u2019s operations. The majority of extension and termination options held are exercisable only by the Group and not by the respective lessor. When it is reasonably certain that the Group will not exercise a termination option or will exercise an extension option, this assumption is included within the calculation of the lease liability. Incremental borrowing rate The calculation of lease liabilities requires the Group to determine an incremental borrowing rate (\u2018IBR\u2019) to discount future minimum lease payments. Judgement has been applied to those leases entered into prior to November 2015 when the Group listed on the London Stock Exchange and entered into a Revolving Credit Facility (\u2018RCF\u2019), and which remain on the 31 December 2024 balance sheet as right-of-use assets and lease liabilities. Prior to this the Group was under private equity ownership, with its financing reflecting such ownership (including loan notes). As a consequence, there was less observable data on which to assess the IBR of the Group during this time, hence there was an increased level of judgement in assessing an appropriate IBR for use in applying IFRS to pre-2015 leases. Post-listing and refinancing of the Group\u2019s bank facilities in October 2019, there was an increased level of observable data, including a market-based margin, to indicate the credit spread on which the Group could borrow. This margin was then added to observable Bank of England base or risk-free rates, such that the level of judgement on post-2015 leases, and in particular post-2019 leases, is considered to be low. Right-of-use assets Right-of-use assets predominantly relate to property leases and are depreciated on a straight-line basis over the shorter of the asset\u2019s useful life and the lease term. Right-of-use assets for non-property leases mainly relate to gym equipment purchased on hire purchase contracts and are depreciated over the asset\u2019s useful life. The Group recognises right-of-use assets at the commencement date of the lease (i.e. the date the underlying asset is available for use). Right-of-use assets are measured at cost, less any accumulated depreciation and impairment losses and adjusted for any remeasurement of lease liabilities. The cost of right-of-use assets includes: the amount of the initial measurement of the lease liability; any lease payments made at or before the commencement date less any lease incentives received; any initial direct costs; and restoration costs. The carrying values of right-of-use assets are reviewed for impairment if events or changes in circumstances indicate the carrying value may not be recoverable.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory", "language": "en", "entity": "scheme:213800VCU9TBANZIN455", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-376": { "value": "Impairment of non-financial assets Goodwill is tested for impairment annually and when circumstances indicate that the carrying value may be impaired. Under IAS 36, goodwill is allocated to cash generating units (\u2018CGUs\u2019) or groups of CGUs on the basis of which CGU or group of CGUs is expected to benefit from the business combination in which the goodwill arose. As management has determined that the Group\u2019s goodwill cannot be allocated to CGUs on a non-arbitrary basis and that the Group has just one operating segment and goodwill is not monitored at any lower level, then consistent with the requirements of IAS 36, testing for goodwill impairment is performed at the operating segment level, being the entire business. Assets that are subject to depreciation or amortisation are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. An impairment loss is recognised for the amount by which the asset\u2019s carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an asset\u2019s fair value less costs to sell and value-in-use. Where the asset does not generate cash flows that are independent from other assets, the Group estimates the recoverable amount of the CGU to which the asset belongs. CGUs are identified based on the lowest level aggregation of asset from which largely independent cash inflows are generated. This can be a single gym or, in a number of instances, a group of gyms which are geographically closely located where the cash inflows from each individual gym are not generated largely independent of other gym sites within the surrounding geographical area. Any impairment charge is recognised in non-underlying items in the income statement in the period in which it occurs. Impairment losses relating to goodwill cannot be reversed in future periods. At each reporting date, an assessment is made as to whether there is any indication that a previously recognised impairment loss for assets other than goodwill no longer exists or has decreased. If there is any such indication, the recoverable amount of the asset is recalculated and the impairment loss reversed. The reversal is limited so that the carrying amount of the asset does not exceed its recoverable amount, nor exceed the carrying amount that would have been determined, net of depreciation, had no impairment loss been recognised for the asset in prior years. Such reversal is recognised in non-underlying items in the income statement unless the asset is carried at a revalued amount, in which case, the reversal is treated as a revaluation increase and recognised as a separate reserve within equity. Further information on impairment testing is provided in Notes 3, 12, 13 and 14. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:213800VCU9TBANZIN455", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-337": { "value": "Impairment of non-financial assets Goodwill is tested for impairment annually and when circumstances indicate that the carrying value may be impaired. Under IAS 36, goodwill is allocated to cash generating units (\u2018CGUs\u2019) or groups of CGUs on the basis of which CGU or group of CGUs is expected to benefit from the business combination in which the goodwill arose. As management has determined that the Group\u2019s goodwill cannot be allocated to CGUs on a non-arbitrary basis and that the Group has just one operating segment and goodwill is not monitored at any lower level, then consistent with the requirements of IAS 36, testing for goodwill impairment is performed at the operating segment level, being the entire business. Assets that are subject to depreciation or amortisation are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. An impairment loss is recognised for the amount by which the asset\u2019s carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an asset\u2019s fair value less costs to sell and value-in-use. Where the asset does not generate cash flows that are independent from other assets, the Group estimates the recoverable amount of the CGU to which the asset belongs. CGUs are identified based on the lowest level aggregation of asset from which largely independent cash inflows are generated. This can be a single gym or, in a number of instances, a group of gyms which are geographically closely located where the cash inflows from each individual gym are not generated largely independent of other gym sites within the surrounding geographical area. Any impairment charge is recognised in non-underlying items in the income statement in the period in which it occurs. Impairment losses relating to goodwill cannot be reversed in future periods. At each reporting date, an assessment is made as to whether there is any indication that a previously recognised impairment loss for assets other than goodwill no longer exists or has decreased. If there is any such indication, the recoverable amount of the asset is recalculated and the impairment loss reversed. The reversal is limited so that the carrying amount of the asset does not exceed its recoverable amount, nor exceed the carrying amount that would have been determined, net of depreciation, had no impairment loss been recognised for the asset in prior years. Such reversal is recognised in non-underlying items in the income statement unless the asset is carried at a revalued amount, in which case, the reversal is treated as a revaluation increase and recognised as a separate reserve within equity. Further information on impairment testing is provided in Notes 3, 12, 13 and 14. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory", "language": "en", "entity": "scheme:213800VCU9TBANZIN455", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-377": { "value": "Financial instruments Fair value hierarchy IFRS 7 requires fair value measurements to be recognised using a fair value hierarchy that reflects the significance of the inputs used in the value measurements: Level 1: quoted prices in active markets for identical assets or liabilities Level 2: inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly (i.e. as prices) or indirectly (i.e. derived from prices) Level 3: inputs for the asset or liability that are not based on observable market data (unobservable inputs) There were no transfers between levels throughout the periods under review. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:213800VCU9TBANZIN455", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-338": { "value": "Financial instruments Fair value hierarchy IFRS 7 requires fair value measurements to be recognised using a fair value hierarchy that reflects the significance of the inputs used in the value measurements: Level 1: quoted prices in active markets for identical assets or liabilities Level 2: inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly (i.e. as prices) or indirectly (i.e. derived from prices) Level 3: inputs for the asset or liability that are not based on observable market data (unobservable inputs) There were no transfers between levels throughout the periods under review. Financial assets The Group\u2019s financial assets comprise trade and other receivables, cash and cash equivalents, and investments. The Group classifies its financial assets as those to be measured at amortised cost, those recognised at fair value through profit and loss and those recognised at fair value through other comprehensive income. The Group measures its trade and other receivables and cash and cash equivalents at amortised cost. Subsequent to initial recognition, these assets are carried at amortised cost using the effective interest method. Income from these financial assets is calculated on an effective yield basis and is recognised in finance income in the income statement. Due to the Group\u2019s upfront payment model, it has limited exposure to credit losses. Investments in unquoted equity securities are designated as fair value through other comprehensive income if they are held as long term strategic investments that are not expected to be sold in the short to medium term. Any changes in fair value of those assets are recognised in other comprehensive income and are not recycled to profit or loss. Financial assets are classified as non-current if the asset is not expected to be realised within 12 months. Financial liabilities The Group\u2019s financial liabilities comprise trade and other payables, other financial liabilities (including contingent consideration) and borrowings. The Group initially recognises its financial liabilities at fair value net of transaction costs where applicable and, other than derivatives and contingent consideration, they are subsequently measured at amortised cost using the effective interest method. Transaction costs are amortised using the effective interest method over the maturity of the loan. Contingent consideration is subsequently measured at its fair value, which is reassessed at each reporting period, and any fair value movement is recognised in non-underlying items in the income statement. Borrowing costs General and specific borrowing costs directly attributable to the acquisition, construction or production of qualifying assets, which are assets that necessarily take a substantial period of time to get ready for their intended use or sale, are added to the cost of those assets, until such time as the assets are substantially ready for their intended use or sale. Investment income earned on temporary investments of specific borrowings pending their expenditure on qualifying assets is deducted from the borrowing costs eligible for capitalisation. All other borrowing costs are recognised in finance costs in the income statement in the period in which they are incurred. Hedging activities The Group enters into structured wholesale energy market contracts for the procurement of electricity and natural gas. It does this by buying energy directly from the wholesale market to cover operational energy requirements. All contracts are entered into and continue to be held to receive or deliver the energy in accordance with the Group\u2019s expected usage requirements and all contracted quantities are actually physically supplied with no financial settlement prior to, or at, maturity. As such, the Group applies the own use exemption in IFRS 9 with regards energy market contracts and recognises the contracted cost of energy in the consolidated income statement when the energy is consumed. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800VCU9TBANZIN455", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-378": { "value": "Financial assets The Group\u2019s financial assets comprise trade and other receivables, cash and cash equivalents, and investments. The Group classifies its financial assets as those to be measured at amortised cost, those recognised at fair value through profit and loss and those recognised at fair value through other comprehensive income. The Group measures its trade and other receivables and cash and cash equivalents at amortised cost. Subsequent to initial recognition, these assets are carried at amortised cost using the effective interest method. Income from these financial assets is calculated on an effective yield basis and is recognised in finance income in the income statement. Due to the Group\u2019s upfront payment model, it has limited exposure to credit losses. Investments in unquoted equity securities are designated as fair value through other comprehensive income if they are held as long term strategic investments that are not expected to be sold in the short to medium term. Any changes in fair value of those assets are recognised in other comprehensive income and are not recycled to profit or loss. Financial assets are classified as non-current if the asset is not expected to be realised within 12 months. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialAssetsExplanatory", "language": "en", "entity": "scheme:213800VCU9TBANZIN455", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-379": { "value": "Financial liabilities The Group\u2019s financial liabilities comprise trade and other payables, other financial liabilities (including contingent consideration) and borrowings. The Group initially recognises its financial liabilities at fair value net of transaction costs where applicable and, other than derivatives and contingent consideration, they are subsequently measured at amortised cost using the effective interest method. Transaction costs are amortised using the effective interest method over the maturity of the loan. Contingent consideration is subsequently measured at its fair value, which is reassessed at each reporting period, and any fair value movement is recognised in non-underlying items in the income statement. Borrowing costs General and specific borrowing costs directly attributable to the acquisition, construction or production of qualifying assets, which are assets that necessarily take a substantial period of time to get ready for their intended use or sale, are added to the cost of those assets, until such time as the assets are substantially ready for their intended use or sale. Investment income earned on temporary investments of specific borrowings pending their expenditure on qualifying assets is deducted from the borrowing costs eligible for capitalisation. All other borrowing costs are recognised in finance costs in the income statement in the period in which they are incurred. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800VCU9TBANZIN455", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-404": { "value": "Borrowing costs General and specific borrowing costs directly attributable to the acquisition, construction or production of qualifying assets, which are assets that necessarily take a substantial period of time to get ready for their intended use or sale, are added to the cost of those assets, until such time as the assets are substantially ready for their intended use or sale. Investment income earned on temporary investments of specific borrowings pending their expenditure on qualifying assets is deducted from the borrowing costs eligible for capitalisation. All other borrowing costs are recognised in finance costs in the income statement in the period in which they are incurred. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingCostsExplanatory", "language": "en", "entity": "scheme:213800VCU9TBANZIN455", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-423": { "value": "Hedging activities The Group enters into structured wholesale energy market contracts for the procurement of electricity and natural gas. It does this by buying energy directly from the wholesale market to cover operational energy requirements. All contracts are entered into and continue to be held to receive or deliver the energy in accordance with the Group\u2019s expected usage requirements and all contracted quantities are actually physically supplied with no financial settlement prior to, or at, maturity. As such, the Group applies the own use exemption in IFRS 9 with regards energy market contracts and recognises the contracted cost of energy in the consolidated income statement when the energy is consumed. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForHedgingExplanatory", "language": "en", "entity": "scheme:213800VCU9TBANZIN455", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-405": { "value": "Hedging activities The Group enters into structured wholesale energy market contracts for the procurement of electricity and natural gas. It does this by buying energy directly from the wholesale market to cover operational energy requirements. All contracts are entered into and continue to be held to receive or deliver the energy in accordance with the Group\u2019s expected usage requirements and all contracted quantities are actually physically supplied with no financial settlement prior to, or at, maturity. As such, the Group applies the own use exemption in IFRS 9 with regards energy market contracts and recognises the contracted cost of energy in the consolidated income statement when the energy is consumed. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsAndHedgingExplanatory", "language": "en", "entity": "scheme:213800VCU9TBANZIN455", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-380": { "value": "Hedging activities The Group enters into structured wholesale energy market contracts for the procurement of electricity and natural gas. It does this by buying energy directly from the wholesale market to cover operational energy requirements. All contracts are entered into and continue to be held to receive or deliver the energy in accordance with the Group\u2019s expected usage requirements and all contracted quantities are actually physically supplied with no financial settlement prior to, or at, maturity. As such, the Group applies the own use exemption in IFRS 9 with regards energy market contracts and recognises the contracted cost of energy in the consolidated income statement when the energy is consumed. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800VCU9TBANZIN455", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-339": { "value": "Pensions The Group operates defined contribution pension schemes and pays contributions to publicly or privately administered pension plans. The Group has no further payment obligations once the contributions have been paid. The contributions are recognised as an employee benefit expense when they are due. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:213800VCU9TBANZIN455", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-340": { "value": "Share based payments The Group operates a number of share based arrangements for employees. Equity-settled share based payments are measured at the fair value of the equity instruments at the grant date, which excludes the effect of non-market based vesting conditions. The fair value at the grant date is recognised as an expense on a straight-line basis over the vesting period, based on the Group\u2019s estimate of the number of equity instruments that will eventually vest. The estimate of the number of awards likely to vest is reviewed at each balance sheet date up to the vesting date, at which point the estimate is adjusted to reflect the actual outcome of awards which have vested. No adjustment is made to the fair value after the vesting date even if the awards are forfeited or not exercised. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory", "language": "en", "entity": "scheme:213800VCU9TBANZIN455", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-341": { "value": "Inventories Inventories are carried at the lower of cost and net realisable value. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForMeasuringInventories", "language": "en", "entity": "scheme:213800VCU9TBANZIN455", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-342": { "value": "Trade and other receivables Trade and other receivables comprise rental income due from personal trainers, room rental income, advertising income and amounts due from landlords in respect of contributions towards building work. They are initially measured at transaction price. Subsequently, trade and other receivables are measured at amortised cost. The loss allowance for trade receivables and accrued income is measured using the simplified approach (lifetime expected credit losses). ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:213800VCU9TBANZIN455", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-343": { "value": "Cash and cash equivalents Cash and cash equivalents comprise cash at bank, short term deposits held on call with banks and other short term, highly liquid investments with original maturities of three months or less. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents", "language": "en", "entity": "scheme:213800VCU9TBANZIN455", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-344": { "value": "Trade and other payables Trade and other payables are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade and other payables are classified as current liabilities if payment is due within one year. If not, they are presented as non-current liabilities. Trade and other payables are recognised initially at fair value and subsequently measured at amortised cost using the effective interest method.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:213800VCU9TBANZIN455", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-345": { "value": "Taxation Current taxation Current tax assets and liabilities for the current and prior periods are measured at the amount expected to be recovered from, or paid to, the taxation authorities. The tax rates and tax laws used to compute the amount are those that are enacted or substantively enacted at the balance sheet date. Income tax relating to items recognised in comprehensive income or directly in equity, is recognised in comprehensive income or equity and not in the income statement. Deferred taxation Deferred income tax is provided using the liability method on all temporary differences between the tax bases of assets and liabilities and their carrying amounts for financial reporting purposes at the balance sheet date, with the following exceptions: where the temporary difference arises from the initial recognition of goodwill or of an asset or liability in a transaction that is not a business combination that at the time of the transaction affects neither accounting nor taxable profit or loss; in respect of taxable temporary differences associated with investments in subsidiaries, where the timing of the reversal of the temporary differences can be controlled and it is probable that the temporary differences will not reverse in the foreseeable future; and deferred income tax assets are recognised only to the extent that it is probable that taxable profit will be available against which deductible temporary differences, carried forward tax credits or tax losses can be utilised. The carrying amount of deferred income tax assets is reviewed at each balance sheet date and reduced to the extent that it is no longer probable that sufficient taxable profit will be available to allow all or part of the asset to be recovered. The amount of deferred tax provided is based on the expected manner of realisation or settlement of the carrying amount of assets and liabilities. Deferred income tax assets and liabilities are measured at the tax rates that are expected to apply in the period when the asset is realised or the liability is settled, based on tax rates and tax laws that have been enacted or substantively enacted at the balance sheet date. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory", "language": "en", "entity": "scheme:213800VCU9TBANZIN455", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-381": { "value": "Deferred taxation Deferred income tax is provided using the liability method on all temporary differences between the tax bases of assets and liabilities and their carrying amounts for financial reporting purposes at the balance sheet date, with the following exceptions: where the temporary difference arises from the initial recognition of goodwill or of an asset or liability in a transaction that is not a business combination that at the time of the transaction affects neither accounting nor taxable profit or loss; in respect of taxable temporary differences associated with investments in subsidiaries, where the timing of the reversal of the temporary differences can be controlled and it is probable that the temporary differences will not reverse in the foreseeable future; and deferred income tax assets are recognised only to the extent that it is probable that taxable profit will be available against which deductible temporary differences, carried forward tax credits or tax losses can be utilised. The carrying amount of deferred income tax assets is reviewed at each balance sheet date and reduced to the extent that it is no longer probable that sufficient taxable profit will be available to allow all or part of the asset to be recovered. The amount of deferred tax provided is based on the expected manner of realisation or settlement of the carrying amount of assets and liabilities. Deferred income tax assets and liabilities are measured at the tax rates that are expected to apply in the period when the asset is realised or the liability is settled, based on tax rates and tax laws that have been enacted or substantively enacted at the balance sheet date. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory", "language": "en", "entity": "scheme:213800VCU9TBANZIN455", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-346": { "value": "Provisions Provisions are recognised when the Group has a present legal or constructive obligation as a result of a past event; it is probable that an outflow of resources will be required to settle the obligation; and a reliable estimate can be made of the amount of the obligation. Provisions are measured at the present value of the expenditure expected to be required to settle the obligation using a pre-tax rate that reflects current market assessments of the time value of money and risks specific to the obligation. The increase in the provision due to the passage of time is recognised as a finance cost. A dilapidations provision is recognised when there is a present obligation relating to the maintenance of leasehold properties. The provision is based on management\u2019s best estimate of the cost of meeting this obligation. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory", "language": "en", "entity": "scheme:213800VCU9TBANZIN455", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-347": { "value": "Dividends Dividends payable by the Company are recognised on declaration.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDividendsExplanatory", "language": "en", "entity": "scheme:213800VCU9TBANZIN455", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-348": { "value": "
3. Significant accounting judgements, estimates and assumptions
The preparation of the financial statements in accordance with IFRS requires estimates and assumptions to be made that
affect the value at which certain assets and liabilities are held at the balance sheet date and also the amounts of revenue and
expenditure recorded in the period. The Directors believe the accounting policies chosen are appropriate to the circumstances
and that the estimates, judgements and assumptions involved in its financial reporting are reasonable.
Accounting estimates made by the Group\u2019s management are based on information available to management at the time each
estimate is made. Accordingly, actual outcomes may differ materially from current expectations under different assumptions
and conditions. The significant judgements that management has made in applying its accounting policies and the estimates
and assumptions for which there is a significant risk of a material adjustment to the financial statements within the next
financial year are set out below.
Critical judgements
Determination of CGUs for goodwill impairment testing
The Group\u2019s activities consist solely of the provision of low cost, high quality, 24/7, no contract gyms within the United Kingdom,
traded through 245 sites as at 31 December 2024. All gyms operate under \u2018The Gym Group\u2019 brand including gyms acquired
through business combinations. Under IAS 36, goodwill is allocated to the cash generating units (\u2018CGUs\u2019) on the basis of which
CGU or group of CGUs is expected to benefit from the business combination in which the goodwill arose. However, management
has determined that the Group\u2019s goodwill cannot be allocated to CGUs on a non-arbitrary basis. Further, the Group has
determined that it has a single operating segment and goodwill is not monitored at any lower level. Therefore, consistent
with the requirements of IAS 36, testing for goodwill impairment is performed at the operating segment level, being the
entire business.
Determination of CGUs for property, plant and equipment and right-of-use assets impairment testing
Annually, management considers indicators of impairment to determine if an impairment assessment is required for property,
plant and equipment, right-of-use assets and intangible assets other than goodwill. Where indicated, management
identifies the CGU into which an asset belongs. Individual assets generally do not generate independent cash inflows,
and therefore they must be tested at the level of the CGU. In many cases, individual gyms are considered to generate largely
independent cash flows and therefore are considered to be a single CGU for impairment purposes. However, there are some
instances where a number of sites may be interdependent in generating cash flows. This is the case where some gyms in a
geographic location have a higher proportion of Ultimate members who frequently visit other gyms in the same geographic
location. In these instances, there is significant trading interdependency and the cash inflows from each individual gym are not
generated largely independent of each other. In these instances, these gyms are grouped together and considered to be one
CGU for impairment assessment purposes. There is judgement required to determine which sites are largely independent and
which gyms are interdependent on each other. If no grouping of sites was assumed, the additional impairment recognised
in the financial year ended 31 December 2024 would have been \u00a34.6m in relation to six sites.
Further information on the impairment testing undertaken in the year is included in Note 13.
Sources of estimation uncertainty
Impairment testing
The recoverable amount of the Group\u2019s CGUs is based on value-in-use calculations. This method requires the estimation of
future cash flows and the determination of a pre-tax discount rate in order to calculate the present value of the cash flows.
Discount rates reflect the estimated return on capital employed required by an investor. This is also the benchmark used by
management to assess operating performance and to evaluate future capital investment proposals. The pre-tax discount
rate is derived from the Group\u2019s post-tax weighted average cost of capital. Changes in the discount rate are calculated with
reference to latest market assumptions for the risk-free rate, equity market risk premium and the cost of debt.
Where an impairment loss is identified, it is allocated to the assets of the CGU on a pro-rata basis to their carrying amount,
subject to the limitation that the carrying amount of an asset cannot be reduced below the highest of fair value less costs of
disposal, value-in-use or zero. Due to the ability to sublease the right-of-use assets, these have a measurable fair value less
costs of disposal and, as a result, this restriction results in the right-of-use asset being written down only to its recoverable
amount based on fair value less costs of disposal. Any remaining amount of the impairment loss that would otherwise have
been allocated to the right-of-use asset is allocated instead pro-rata to the other assets of the unit. More information,
including key assumptions and carrying values, is included in Notes 12, 13 and 14.
Whilst the Directors have currently assessed that reasonably possible changes in key assumptions are unlikely to cause an
impairment in the carrying value of goodwill, estimates of future cash flows and the determination of discount rates applied
to those cash flows could change in the longer term such that an impairment arises. Further, the Directors have currently
assessed that the carrying value of property, plant and equipment is sensitive to reasonably possible changes in key
assumptions \u2013 see Note 13 for further details. In addition, estimates of future cash flows and the determination of discount
rates applied to those cash flows could change in the longer term such that an impairment arises in relation to other CGUs.
", "dimensions": { "concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory", "language": "en", "entity": "scheme:213800VCU9TBANZIN455", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-382": { "value": "3. Significant accounting judgements, estimates and assumptions The preparation of the financial statements in accordance with IFRS requires estimates and assumptions to be made that affect the value at which certain assets and liabilities are held at the balance sheet date and also the amounts of revenue and expenditure recorded in the period. The Directors believe the accounting policies chosen are appropriate to the circumstances and that the estimates, judgements and assumptions involved in its financial reporting are reasonable. Accounting estimates made by the Group\u2019s management are based on information available to management at the time each estimate is made. Accordingly, actual outcomes may differ materially from current expectations under different assumptions and conditions. The significant judgements that management has made in applying its accounting policies and the estimates and assumptions for which there is a significant risk of a material adjustment to the financial statements within the next financial year are set out below. Critical judgements Determination of CGUs for goodwill impairment testing The Group\u2019s activities consist solely of the provision of low cost, high quality, 24/7, no contract gyms within the United Kingdom, traded through 245 sites as at 31 December 2024. All gyms operate under \u2018The Gym Group\u2019 brand including gyms acquired through business combinations. Under IAS 36, goodwill is allocated to the cash generating units (\u2018CGUs\u2019) on the basis of which CGU or group of CGUs is expected to benefit from the business combination in which the goodwill arose. However, management has determined that the Group\u2019s goodwill cannot be allocated to CGUs on a non-arbitrary basis. Further, the Group has determined that it has a single operating segment and goodwill is not monitored at any lower level. Therefore, consistent with the requirements of IAS 36, testing for goodwill impairment is performed at the operating segment level, being the entire business. Determination of CGUs for property, plant and equipment and right-of-use assets impairment testing Annually, management considers indicators of impairment to determine if an impairment assessment is required for property, plant and equipment, right-of-use assets and intangible assets other than goodwill. Where indicated, management identifies the CGU into which an asset belongs. Individual assets generally do not generate independent cash inflows, and therefore they must be tested at the level of the CGU. In many cases, individual gyms are considered to generate largely independent cash flows and therefore are considered to be a single CGU for impairment purposes. However, there are some instances where a number of sites may be interdependent in generating cash flows. This is the case where some gyms in a geographic location have a higher proportion of Ultimate members who frequently visit other gyms in the same geographic location. In these instances, there is significant trading interdependency and the cash inflows from each individual gym are not generated largely independent of each other. In these instances, these gyms are grouped together and considered to be one CGU for impairment assessment purposes. There is judgement required to determine which sites are largely independent and which gyms are interdependent on each other. If no grouping of sites was assumed, the additional impairment recognised in the financial year ended 31 December 2024 would have been \u00a34.6m in relation to six sites. Further information on the impairment testing undertaken in the year is included in Note 13. Sources of estimation uncertainty Impairment testing The recoverable amount of the Group\u2019s CGUs is based on value-in-use calculations. This method requires the estimation of future cash flows and the determination of a pre-tax discount rate in order to calculate the present value of the cash flows. Discount rates reflect the estimated return on capital employed required by an investor. This is also the benchmark used by management to assess operating performance and to evaluate future capital investment proposals. The pre-tax discount rate is derived from the Group\u2019s post-tax weighted average cost of capital. Changes in the discount rate are calculated with reference to latest market assumptions for the risk-free rate, equity market risk premium and the cost of debt. Where an impairment loss is identified, it is allocated to the assets of the CGU on a pro-rata basis to their carrying amount, subject to the limitation that the carrying amount of an asset cannot be reduced below the highest of fair value less costs of disposal, value-in-use or zero. Due to the ability to sublease the right-of-use assets, these have a measurable fair value less costs of disposal and, as a result, this restriction results in the right-of-use asset being written down only to its recoverable amount based on fair value less costs of disposal. Any remaining amount of the impairment loss that would otherwise have been allocated to the right-of-use asset is allocated instead pro-rata to the other assets of the unit. More information, including key assumptions and carrying values, is included in Notes 12, 13 and 14. Whilst the Directors have currently assessed that reasonably possible changes in key assumptions are unlikely to cause an impairment in the carrying value of goodwill, estimates of future cash flows and the determination of discount rates applied to those cash flows could change in the longer term such that an impairment arises. Further, the Directors have currently assessed that the carrying value of property, plant and equipment is sensitive to reasonably possible changes in key assumptions \u2013 see Note 13 for further details. In addition, estimates of future cash flows and the determination of discount rates applied to those cash flows could change in the longer term such that an impairment arises in relation to other CGUs.", "dimensions": { "concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesAccountingEstimatesAndErrorsExplanatory", "language": "en", "entity": "scheme:213800VCU9TBANZIN455", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-349": { "value": "
4. New and amended IFRS standards
New and amended IFRS standards that are effective for the current year
The Group applied for the first-time certain standards and amendments, which are effective for annual periods beginning
on or after 1 January 2024 (unless otherwise stated). The Group has not early adopted any other standard, interpretation
or amendment that has been issued but is not yet effective.
Supplier Finance Arrangements \u2013 Amendments to IAS 7 and IFRS 7
The amendments add a disclosure objective to IAS 7 stating that an entity is required to disclose information about its supplier
finance arrangements that enables users of financial statements to assess the effects of those arrangements on the entity\u2019s
liabilities and cash flows. In addition, IFRS 7 was amended to add supplier finance arrangements as an example within the
requirements to disclose information about an entity\u2019s exposure to concentration of liquidity risk. The amendments had
no impact on the Group\u2019s consolidated financial statements.
Classification of Liabilities as Current or Non-current Liabilities with Covenants \u2013 Amendments to IAS 1
The amendments specify that only covenants that an entity is required to comply with on or before the end of the reporting
period affect the entity\u2019s right to defer settlement of a liability for at least 12 months after the reporting date (and therefore
must be considered in assessing the classification of the liability as current or non-current). Such covenants affect whether
the right exists at the end of the reporting period, even if compliance with the covenant is assessed only after the reporting
date (e.g. a covenant based on the entity\u2019s financial position at the reporting date that is assessed for compliance only after
the reporting date). The amendments also require the disclosure of information about the covenants and the related liabilities,
as well as any facts and circumstances that indicate difficulty complying with the covenants. Refer to Note 19 for further
disclosure about the Group\u2019s covenants. The amendments had no impact on the Group\u2019s consolidated financial statements.
Lease Liability in a Sale and Leaseback \u2013 Amendments to IFRS 16
The amendments to IFRS 16 add subsequent measurement requirements for sale and leaseback transactions that satisfy the
requirements in IFRS 15 Revenue from Contracts with Customers to be accounted for as a sale. The amendments require the
seller-lessee to determine \u2018lease payments\u2019 or \u2018revised lease payments\u2019 such that the seller-lessee does not recognise a gain
or loss that relates to the right of use retained by the seller-lessee, after the commencement date. The amendments had no
impact on the Group\u2019s consolidated financial statements.
There were no other standards and amendments that became effective in the period, that apply to the consolidated financial
statements of the Group.
New and revised IFRS standards that are in issue but not yet effective
At the date of authorisation of these financial statements, the Group has not applied the following new and revised IFRS
standards that have been issued but are effective for reporting periods beginning on or after 1 January 2025:
Amendments to IAS 21
Lack of Exchangeability
IFRS 18
Presentation and Disclosures in Financial Statements
IFRS 19
Subsidiaries without Public Accountability: Disclosures
The Directors do not expect that the adoption of the Amendments to IAS 21 and IFRS 19 will have a material impact on the
financial statements of the Group in future periods.
IFRS 18 \u2013 Presentation and Disclosures in Financial Statements
IFRS 18 replaces IAS 1, carrying forward many of the requirements in IAS 1 unchanged and complementing them with new
requirements. In addition, some IAS 1 paragraphs have been moved to IAS 8 and IFRS 7. Furthermore, the IASB has made minor
amendments to IAS 7 and IAS 33 Earnings per Share.
IFRS 18 introduces new requirements to:
present specified categories and defined subtotals in the statement of profit or loss;
provide disclosures on management-defined performance measures (\u2018MPMs') in the notes to the financial statements; and
improve aggregation and disaggregation.
The Group is required to apply IFRS 18 for its financial year beginning on 1 January 2027 and the amendments to IAS 7 and IAS
33, as well as the revised IAS 8 and IFRS 7, will become effective at the same time. IFRS 18 requires retrospective application with
specific transition provisions.
The Directors are still assessing the impact of the application of these amendments on the presentation of the Group\u2019s
consolidated financial statements. Some of the possible impacts have been disclosed below.
IFRS 18 introduces three new defined categories in the statement of profit and loss (operating, investing and financing).
It is expected that Finance income will move into the \u2018Investing\u2019 category. A new subtotal of \u2018Profit before financing and tax\u2019
will be introduced, which will include the Finance income amount.
IFRS 18 also requires the disclosure of all MPMs within a single note to the financial statements. Some of the current alternative
performance measures may constitute MPMs under IFRS 18 and would therefore fall into the scope of these requirements.
", "dimensions": { "concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesExplanatory", "language": "en", "entity": "scheme:213800VCU9TBANZIN455", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-383": { "value": "New and amended IFRS standards that are effective for the current year The Group applied for the first-time certain standards and amendments, which are effective for annual periods beginning on or after 1 January 2024 (unless otherwise stated). The Group has not early adopted any other standard, interpretation or amendment that has been issued but is not yet effective. Supplier Finance Arrangements \u2013 Amendments to IAS 7 and IFRS 7 The amendments add a disclosure objective to IAS 7 stating that an entity is required to disclose information about its supplier finance arrangements that enables users of financial statements to assess the effects of those arrangements on the entity\u2019s liabilities and cash flows. In addition, IFRS 7 was amended to add supplier finance arrangements as an example within the requirements to disclose information about an entity\u2019s exposure to concentration of liquidity risk. The amendments had no impact on the Group\u2019s consolidated financial statements. Classification of Liabilities as Current or Non-current Liabilities with Covenants \u2013 Amendments to IAS 1 The amendments specify that only covenants that an entity is required to comply with on or before the end of the reporting period affect the entity\u2019s right to defer settlement of a liability for at least 12 months after the reporting date (and therefore must be considered in assessing the classification of the liability as current or non-current). Such covenants affect whether the right exists at the end of the reporting period, even if compliance with the covenant is assessed only after the reporting date (e.g. a covenant based on the entity\u2019s financial position at the reporting date that is assessed for compliance only after the reporting date). The amendments also require the disclosure of information about the covenants and the related liabilities, as well as any facts and circumstances that indicate difficulty complying with the covenants. Refer to Note 19 for further disclosure about the Group\u2019s covenants. The amendments had no impact on the Group\u2019s consolidated financial statements. Lease Liability in a Sale and Leaseback \u2013 Amendments to IFRS 16 The amendments to IFRS 16 add subsequent measurement requirements for sale and leaseback transactions that satisfy the requirements in IFRS 15 Revenue from Contracts with Customers to be accounted for as a sale. The amendments require the seller-lessee to determine \u2018lease payments\u2019 or \u2018revised lease payments\u2019 such that the seller-lessee does not recognise a gain or loss that relates to the right of use retained by the seller-lessee, after the commencement date. The amendments had no impact on the Group\u2019s consolidated financial statements. There were no other standards and amendments that became effective in the period, that apply to the consolidated financial statements of the Group. ", "dimensions": { "concept": "ifrs-full:DescriptionOfInitialApplicationOfStandardsOrInterpretations", "language": "en", "entity": "scheme:213800VCU9TBANZIN455", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-384": { "value": "New and revised IFRS standards that are in issue but not yet effective At the date of authorisation of these financial statements, the Group has not applied the following new and revised IFRS standards that have been issued but are effective for reporting periods beginning on or after 1 January 2025:
Amendments to IAS 21
Lack of Exchangeability
IFRS 18
Presentation and Disclosures in Financial Statements
IFRS 19
Subsidiaries without Public Accountability: Disclosures
The Directors do not expect that the adoption of the Amendments to IAS 21 and IFRS 19 will have a material impact on the financial statements of the Group in future periods. IFRS 18 \u2013 Presentation and Disclosures in Financial Statements IFRS 18 replaces IAS 1, carrying forward many of the requirements in IAS 1 unchanged and complementing them with new requirements. In addition, some IAS 1 paragraphs have been moved to IAS 8 and IFRS 7. Furthermore, the IASB has made minor amendments to IAS 7 and IAS 33 Earnings per Share. IFRS 18 introduces new requirements to: present specified categories and defined subtotals in the statement of profit or loss; provide disclosures on management-defined performance measures (\u2018MPMs') in the notes to the financial statements; and improve aggregation and disaggregation. The Group is required to apply IFRS 18 for its financial year beginning on 1 January 2027 and the amendments to IAS 7 and IAS 33, as well as the revised IAS 8 and IFRS 7, will become effective at the same time. IFRS 18 requires retrospective application with specific transition provisions. The Directors are still assessing the impact of the application of these amendments on the presentation of the Group\u2019s consolidated financial statements. Some of the possible impacts have been disclosed below. IFRS 18 introduces three new defined categories in the statement of profit and loss (operating, investing and financing). It is expected that Finance income will move into the \u2018Investing\u2019 category. A new subtotal of \u2018Profit before financing and tax\u2019 will be introduced, which will include the Finance income amount. IFRS 18 also requires the disclosure of all MPMs within a single note to the financial statements. Some of the current alternative performance measures may constitute MPMs under IFRS 18 and would therefore fall into the scope of these requirements.", "dimensions": { "concept": "ifrs-full:DescriptionOfExpectedImpactOfInitialApplicationOfNewStandardsOrInterpretations", "language": "en", "entity": "scheme:213800VCU9TBANZIN455", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-350": { "value": "
5. Revenue
The principal revenue streams for the Group are membership income, rental income from personal trainers and ancillary income.
Membership income comprises monthly membership fees, non-refundable joining fees and longer term membership fees in
relation to student, saver and corporate memberships. Rental income from personal trainers represents amounts paid by
standalone personal trainers to operate their business from our gyms. Ancillary income includes income from the sale of goods
through vending machine, advertising income through the use of media screens and the sale of day memberships.
The majority of revenue is derived from contracts with members and all revenue arises in the United Kingdom.
Disaggregation of revenue
In the following table, revenue is disaggregated by major products and service lines and timing of revenue recognition.
31 December 2024 31 December 2023
\u00a3m \u00a3m
Major products/service lines
Membership income
214.9
193.1
Rental income from personal trainers
8.2
7.7
Ancillary income
3.2
3.2
226.3
204.0
Timing of revenue recognition
Products transferred at a point in time
3.7
3.5
Products and services transferred over time
222.6
200.5
226.3
204.0
Liabilities relating to contracts with customers
Contract liabilities (Note 18)
(15.8)
(14.4)
Revenue recognised that was included in contract liabilities in the prior year
Membership income
14.4
11.0
Contract liabilities relate to membership fees received at the start of a contract, where the Group has the obligation to provide
a gym membership over a period of time, and are included within trade and other payables (see Note 18). The contract liability
balance increases as the Group\u2019s membership numbers increase. The Group does not receive any consideration greater than
12 months in advance from members. Hence the total contract liability as at 31 December 2023 of \u00a314.4m has been recognised
as revenue during the year ended 31 December 2024.
", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueExplanatory", "language": "en", "entity": "scheme:213800VCU9TBANZIN455", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-385": { "value": "5. Revenue The principal revenue streams for the Group are membership income, rental income from personal trainers and ancillary income. Membership income comprises monthly membership fees, non-refundable joining fees and longer term membership fees in relation to student, saver and corporate memberships. Rental income from personal trainers represents amounts paid by standalone personal trainers to operate their business from our gyms. Ancillary income includes income from the sale of goods through vending machine, advertising income through the use of media screens and the sale of day memberships. The majority of revenue is derived from contracts with members and all revenue arises in the United Kingdom. Disaggregation of revenue In the following table, revenue is disaggregated by major products and service lines and timing of revenue recognition.
31 December 2024 31 December 2023
\u00a3m \u00a3m
Major products/service lines
Membership income
214.9
193.1
Rental income from personal trainers
8.2
7.7
Ancillary income
3.2
3.2
226.3
204.0
Timing of revenue recognition
Products transferred at a point in time
3.7
3.5
Products and services transferred over time
222.6
200.5
226.3
204.0
Liabilities relating to contracts with customers
Contract liabilities (Note 18)
(15.8)
(14.4)
Revenue recognised that was included in contract liabilities in the prior year
Membership income
14.4
11.0
Contract liabilities relate to membership fees received at the start of a contract, where the Group has the obligation to provide a gym membership over a period of time, and are included within trade and other payables (see Note 18). The contract liability balance increases as the Group\u2019s membership numbers increase. The Group does not receive any consideration greater than 12 months in advance from members. Hence the total contract liability as at 31 December 2023 of \u00a314.4m has been recognised as revenue during the year ended 31 December 2024.", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueFromContractsWithCustomersExplanatory", "language": "en", "entity": "scheme:213800VCU9TBANZIN455", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-406": { "value": "Disaggregation of revenue In the following table, revenue is disaggregated by major products and service lines and timing of revenue recognition.
31 December 2024 31 December 2023
\u00a3m \u00a3m
Major products/service lines
Membership income
214.9
193.1
Rental income from personal trainers
8.2
7.7
Ancillary income
3.2
3.2
226.3
204.0
Timing of revenue recognition
Products transferred at a point in time
3.7
3.5
Products and services transferred over time
222.6
200.5
226.3
204.0
Liabilities relating to contracts with customers
Contract liabilities (Note 18)
(15.8)
(14.4)
Revenue recognised that was included in contract liabilities in the prior year
Membership income
14.4
11.0
Contract liabilities relate to membership fees received at the start of a contract, where the Group has the obligation to provide a gym membership over a period of time, and are included within trade and other payables (see Note 18). The contract liability balance increases as the Group\u2019s membership numbers increase. The Group does not receive any consideration greater than 12 months in advance from members. Hence the total contract liability as at 31 December 2023 of \u00a314.4m has been recognised as revenue during the year ended 31 December 2024.", "dimensions": { "concept": "ifrs-full:DisclosureOfDisaggregationOfRevenueFromContractsWithCustomersExplanatory", "language": "en", "entity": "scheme:213800VCU9TBANZIN455", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-351": { "value": "
6. Operating expenses (before depreciation, amortisation and impairment)
Operating expenses comprise the following:
31 December 2024 31 December 2023
\u00a3m \u00a3m
Underlying employee costs (Note 7)
49.8
43.7
Site costs (excluding employee costs)
1
80.6
78.1
Central support office costs (excluding employee costs)
2
8.7
6.2
Auditor\u2019s remuneration costs:
Fees payable for the audit of the Group\u2019s annual accounts
0.4
0.3
Audit of the Group\u2019s subsidiaries pursuant to legislation
0.1
0.1
Underlying operating expenses (before depreciation, amortisation
and impairment)
139.6
128.4
Non-underlying operating expenses (before depreciation, amortisation and
impairment) (Note 8)
0.4
1.5
Operating expenses (before depreciation, amortisation and impairment)
140.0
129.9
1 Site costs include the fixed and variable costs of running the Group\u2019s gyms and include rates and services charges, cleaning costs, utilities, repairs and
maintenance, site technology costs, marketing costs and insurance.
2 Central support office costs largely comprise central technology and marketing costs and professional and administrative fees.
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingExpenseExplanatory", "language": "en", "entity": "scheme:213800VCU9TBANZIN455", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-424": { "value": "6. Operating expenses (before depreciation, amortisation and impairment) Operating expenses comprise the following:
31 December 2024 31 December 2023
\u00a3m \u00a3m
Underlying employee costs (Note 7)
49.8
43.7
Site costs (excluding employee costs)
1
80.6
78.1
Central support office costs (excluding employee costs)
2
8.7
6.2
Auditor\u2019s remuneration costs:
Fees payable for the audit of the Group\u2019s annual accounts
0.4
0.3
Audit of the Group\u2019s subsidiaries pursuant to legislation
0.1
0.1
Underlying operating expenses (before depreciation, amortisation
and impairment)
139.6
128.4
Non-underlying operating expenses (before depreciation, amortisation and
impairment) (Note 8)
0.4
1.5
Operating expenses (before depreciation, amortisation and impairment)
140.0
129.9
1 Site costs include the fixed and variable costs of running the Group\u2019s gyms and include rates and services charges, cleaning costs, utilities, repairs and maintenance, site technology costs, marketing costs and insurance. 2 Central support office costs largely comprise central technology and marketing costs and professional and administrative fees. 12. Intangible assets
Computer
software and
Goodwill Customer list Contract licences Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Cost
At 1 January 2023
81.8
3.0
1.1
20.3
106.2
Additions
\u2013
\u2013
\u2013
4.4
4.4
Disposals
\u2013
\u2013
(0.2)
\u2013
(0.2)
At 31 December 2023
81.8
3.0
0.9
24.7
110.4
Additions
\u2013
\u2013
\u2013
6.7
6.7
Transfers
\u2013
\u2013
\u2013
0.3
0.3
At 31 December 2024
81.8
3.0
0.9
31.7
117.4
Accumulated amortisation
At 1 January 2023
\u2013
(2.7)
(0.5)
(10.3)
(13.5)
Charge for the year
\u2013
(0.1)
(0.1)
(5.5)
(5.7)
Disposals
\u2013
\u2013
0.2
\u2013
0.2
At 31 December 2023
\u2013
(2.8)
(0.4)
(15.8)
(19.0)
Charge for the year
\u2013
(0.1)
\u2013
(6.1)
(6.2)
At 31 December 2024
\u2013
(2.9)
(0.4)
(21.9)
(25.2)
Net book value
At 31 December 2023
81.8
0.2
0.5
8.9
91.4
At 31 December 2024
81.8
0.1
0.5
9.8
92.2
13. Property, plant and equipment
Fixtures,
Assets under Leasehold fittings and Gym and other Computer
construction improvements equipment equipment equipment Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Cost
At 1 January 2023
2.3
240.8
11.6
90.0
5.6
350.3
Additions
1.4
8.9
0.3
4.2
0.7
15.5
Disposals
(0.3)
\u2013
\u2013
\u2013
\u2013
(0.3)
Transfers
(1.6)
1.5
\u2013
0.1
\u2013
\u2013
At 31 December 2023
1.8
251.2
11.9
94.3
6.3
365.5
Additions
0.9
23.4
0.3
9.0
1.5
35.1
Disposals
(0.2)
(1.8)
(0.1)
(11.7)
\u2013
(13.8)
Transfers
(1.6)
0.7
\u2013
0.6
\u2013
(0.3)
At 31 December 2024
0.9
273.5
12.1
92.2
7.8
386.5
Accumulated depreciation
At 1 January 2023
\u2013
(95.2)
(9.6)
(60.5)
(4.0)
(169.3)
Charge for the year
\u2013
(15.8)
(0.5)
(6.9)
(0.8)
(24.0)
Impairment
\u2013
(0.4)
\u2013
(0.1)
\u2013
(0.5)
At 31 December 2023
\u2013
(111.4)
(10.1)
(67.5)
(4.8)
(193.8)
Charge for the year
\u2013
(16.5)
(0.4)
(6.7)
(1.0)
(24.6)
Disposals
\u2013
1.6
0.1
11.7
\u2013
13.4
Transfers
\u2013
\u2013
\u2013
0.1
\u2013
0.1
Impairment
\u2013
(0.4)
\u2013
\u2013
\u2013
(0.4)
At 31 December 2024
\u2013
(126.7)
(10.4)
(62.4)
(5.8)
(205.3)
Net book value
At 31 December 2023
1.8
139.8
1.8
26.8
1.5
171.7
At 31 December 2024
0.9
146.8
1.7
29.8
2.0
181.2
Included within additions for the year is \u00a30.4m of capitalised interest (2023: \u00a30.1m), and \u00a35.5m of accrued capital expenditure (2023: \u00a34.2m). ", "dimensions": { "concept": "ifrs-full:DisclosureOfExpensesExplanatory", "language": "en", "entity": "scheme:213800VCU9TBANZIN455", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-407": { "value": "6. Operating expenses (before depreciation, amortisation and impairment) Operating expenses comprise the following:
31 December 2024 31 December 2023
\u00a3m \u00a3m
Underlying employee costs (Note 7)
49.8
43.7
Site costs (excluding employee costs)
1
80.6
78.1
Central support office costs (excluding employee costs)
2
8.7
6.2
Auditor\u2019s remuneration costs:
Fees payable for the audit of the Group\u2019s annual accounts
0.4
0.3
Audit of the Group\u2019s subsidiaries pursuant to legislation
0.1
0.1
Underlying operating expenses (before depreciation, amortisation
and impairment)
139.6
128.4
Non-underlying operating expenses (before depreciation, amortisation and
impairment) (Note 8)
0.4
1.5
Operating expenses (before depreciation, amortisation and impairment)
140.0
129.9
1 Site costs include the fixed and variable costs of running the Group\u2019s gyms and include rates and services charges, cleaning costs, utilities, repairs and maintenance, site technology costs, marketing costs and insurance. 2 Central support office costs largely comprise central technology and marketing costs and professional and administrative fees. ", "dimensions": { "concept": "ifrs-full:DisclosureOfExpensesByNatureExplanatory", "language": "en", "entity": "scheme:213800VCU9TBANZIN455", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-386": { "value": "6. Operating expenses (before depreciation, amortisation and impairment) Operating expenses comprise the following:
31 December 2024 31 December 2023
\u00a3m \u00a3m
Underlying employee costs (Note 7)
49.8
43.7
Site costs (excluding employee costs)
1
80.6
78.1
Central support office costs (excluding employee costs)
2
8.7
6.2
Auditor\u2019s remuneration costs:
Fees payable for the audit of the Group\u2019s annual accounts
0.4
0.3
Audit of the Group\u2019s subsidiaries pursuant to legislation
0.1
0.1
Underlying operating expenses (before depreciation, amortisation
and impairment)
139.6
128.4
Non-underlying operating expenses (before depreciation, amortisation and
impairment) (Note 8)
0.4
1.5
Operating expenses (before depreciation, amortisation and impairment)
140.0
129.9
1 Site costs include the fixed and variable costs of running the Group\u2019s gyms and include rates and services charges, cleaning costs, utilities, repairs and maintenance, site technology costs, marketing costs and insurance. 2 Central support office costs largely comprise central technology and marketing costs and professional and administrative fees. ", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExpenseExplanatory", "language": "en", "entity": "scheme:213800VCU9TBANZIN455", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-432": { "value": "Operating expenses comprise the following:
31 December 2024 31 December 2023
\u00a3m \u00a3m
Underlying employee costs (Note 7)
49.8
43.7
Site costs (excluding employee costs)
1
80.6
78.1
Central support office costs (excluding employee costs)
2
8.7
6.2
Auditor\u2019s remuneration costs:
Fees payable for the audit of the Group\u2019s annual accounts
0.4
0.3
Audit of the Group\u2019s subsidiaries pursuant to legislation
0.1
0.1
Underlying operating expenses (before depreciation, amortisation
and impairment)
139.6
128.4
Non-underlying operating expenses (before depreciation, amortisation and
impairment) (Note 8)
0.4
1.5
Operating expenses (before depreciation, amortisation and impairment)
140.0
129.9
1 Site costs include the fixed and variable costs of running the Group\u2019s gyms and include rates and services charges, cleaning costs, utilities, repairs and maintenance, site technology costs, marketing costs and insurance. 2 Central support office costs largely comprise central technology and marketing costs and professional and administrative fees. ", "dimensions": { "concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory", "language": "en", "entity": "scheme:213800VCU9TBANZIN455", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-352": { "value": "
7. Employee information
31 December 2024 31 December 2023
\u00a3m \u00a3m
Wages and salaries
42.8
37.9
Social security costs
3.4
3.1
Employers\u2019 pension costs
0.8
0.7
Share based payments (Note 25)
3.4
2.4
Underlying employee costs
50.4
44.1
Non-underlying employee costs
0.1
0.5
Employee costs
50.5
44.6
Included within employee costs in 2024 is \u00a30.6m (2023: \u00a30.4m) which has been included within cost of sales in the consolidated
income statement.
The average number of employees, including Directors, during the year was:
31 December 2024 31 December 2023
Number Number
Operational
1,621
1,644
Administrative
216
193
1 , 837
1,837
", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory", "language": "en", "entity": "scheme:213800VCU9TBANZIN455", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-387": { "value": "7. Employee information
31 December 2024 31 December 2023
\u00a3m \u00a3m
Wages and salaries
42.8
37.9
Social security costs
3.4
3.1
Employers\u2019 pension costs
0.8
0.7
Share based payments (Note 25)
3.4
2.4
Underlying employee costs
50.4
44.1
Non-underlying employee costs
0.1
0.5
Employee costs
50.5
44.6
Included within employee costs in 2024 is \u00a30.6m (2023: \u00a30.4m) which has been included within cost of sales in the consolidated income statement. ", "dimensions": { "concept": "ifrs-full:DisclosureOfEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:213800VCU9TBANZIN455", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-353": { "value": "
8. Non-underlying items
31 December 2024 31 December 2023
\u00a3m \u00a3m
Affecting operating expenses (before depreciation, amortisation
and impairment)
Costs of major strategic projects and investments
0.2
0.9
Restructuring and reorganisation costs (including site closures)
0.2
0.6
Total affecting operating expenses (before depreciation,
amortisation and impairment)
0.4
1.5
Affecting depreciation, amortisation and impairment
Impairment of property, plant and equipment, right-of-use assets
and intangible assets
0.4
0.6
Amortisation of business combination intangible assets
0.1
0.2
Total affecting depreciation, amortisation and impairment
0.5
0.8
Total affecting operating expenses
0.9
2.3
Affecting finance costs
Refinancing costs and remeasurement of borrowings
0.2
0.5
Total affecting finance costs
0.2
0.5
Total all non-underlying items before tax
1.1
2.8
Tax on non-underlying items
(0.1)
(0.5)
Total non-underlying charge in income statement
1.0
2.3
Non-underlying items affecting operating expenses (before depreciation, amortisation and impairment) of \u00a30.4m (2023:
\u00a31.5m) relate to costs incurred in the year on strategic technology projects, as well as a provision for the closure costs of one
gym in 2025.
Non-underlying costs affecting depreciation, amortisation and impairment in the year amounted to \u00a30.5m (2023: \u00a30.8m),
of which \u00a30.4m (2023: \u00a30.6m) relates to the impairment of one site (2023: two sites). The remaining \u00a30.1m (2023: \u00a30.2m) of
non-underlying costs affecting depreciation, amortisation and impairment relates to the amortisation of business
combination intangibles acquired as part of the Lifestyle, easyGym and Fitness First acquisitions.
Non-underlying items affecting finance costs amounted to \u00a30.2m (2023: \u00a30.5m) and relate to advisory and legal costs incurred
in agreeing the Group\u2019s new banking facilities in June 2024. Further information about the Group\u2019s bank facilities can be found
in Note 19.
Tax on non-underlying items represents the tax charge or credit arising on the Group\u2019s non-underlying items calculated at the
current tax rate.
Reconciliation of non-underlying operating items to cash flow
31 December 2024 31 December 2023
\u00a3m \u00a3m
Non-underlying items affecting operating expenses
0.9
2.3
Less: Non-underlying items affecting depreciation, amortisation and impairment
(0.5)
(0.8)
Add: opening accruals
0.5
\u2013
Less: closing accruals
\u2013
(0.5)
Cash outflow from non-underlying operating items
0.9
1.0
", "dimensions": { "concept": "thegymgroupplc:DisclosureOfNonunderlyingItemsWhichAreIncomeOrExpensesThatAreMaterialByTheirSizeAndNatureNotConsideredToBeIncurredInNormalCourseOfBusiness", "language": "en", "entity": "scheme:213800VCU9TBANZIN455", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-354": { "value": "
9. Finance costs
31 December 2024 31 December 2023
\u00a3m \u00a3m
Bank loans and overdraft interest including amortisation of financing fees
5.6
6.0
Lease interest
15.5
15.5
21.1
21.5
Less: Capitalised interest
(0.4)
(0.1)
Underlying finance costs
20.7
21.4
Non-underlying finance costs
0.2
0.5
Finance costs
20.9
21.9
Capitalised interest is recognised within leasehold improvements. The capitalisation rate used to determine the amount of
borrowing costs to be capitalised is the weighted average interest rate applicable to the Group\u2019s general borrowings during
2024 of 8.2% (2023: 8.2%).
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory", "language": "en", "entity": "scheme:213800VCU9TBANZIN455", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-425": { "value": "9. Finance costs
31 December 2024 31 December 2023
\u00a3m \u00a3m
Bank loans and overdraft interest including amortisation of financing fees
5.6
6.0
Lease interest
15.5
15.5
21.1
21.5
Less: Capitalised interest
(0.4)
(0.1)
Underlying finance costs
20.7
21.4
Non-underlying finance costs
0.2
0.5
Finance costs
20.9
21.9
Capitalised interest is recognised within leasehold improvements. The capitalisation rate used to determine the amount of borrowing costs to be capitalised is the weighted average interest rate applicable to the Group\u2019s general borrowings during 2024 of 8.2% (2023: 8.2%).", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestExpenseExplanatory", "language": "en", "entity": "scheme:213800VCU9TBANZIN455", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-408": { "value": "9. Finance costs
31 December 2024 31 December 2023
\u00a3m \u00a3m
Bank loans and overdraft interest including amortisation of financing fees
5.6
6.0
Lease interest
15.5
15.5
21.1
21.5
Less: Capitalised interest
(0.4)
(0.1)
Underlying finance costs
20.7
21.4
Non-underlying finance costs
0.2
0.5
Finance costs
20.9
21.9
Capitalised interest is recognised within leasehold improvements. The capitalisation rate used to determine the amount of borrowing costs to be capitalised is the weighted average interest rate applicable to the Group\u2019s general borrowings during 2024 of 8.2% (2023: 8.2%).", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExpenseExplanatory", "language": "en", "entity": "scheme:213800VCU9TBANZIN455", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-388": { "value": "9. Finance costs
31 December 2024 31 December 2023
\u00a3m \u00a3m
Bank loans and overdraft interest including amortisation of financing fees
5.6
6.0
Lease interest
15.5
15.5
21.1
21.5
Less: Capitalised interest
(0.4)
(0.1)
Underlying finance costs
20.7
21.4
Non-underlying finance costs
0.2
0.5
Finance costs
20.9
21.9
Capitalised interest is recognised within leasehold improvements. The capitalisation rate used to determine the amount of borrowing costs to be capitalised is the weighted average interest rate applicable to the Group\u2019s general borrowings during 2024 of 8.2% (2023: 8.2%).", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceCostExplanatory", "language": "en", "entity": "scheme:213800VCU9TBANZIN455", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-355": { "value": "
10. Taxation
Tax on profit/(loss)
31 December 2024 31 December 2023
\u00a3m \u00a3m
Current income tax
Current tax on profits/losses in the year
\u2013
(0.1)
Total current income tax
\u2013
(0.1)
Deferred tax
Origination and reversal of temporary differences
1.9
\u2013
Total deferred tax
1.9
\u2013
Tax credit/(charge)
1.9
(0.1)
The standard rate of corporation tax applied to reported profits/losses is 25% (2023: 23.5%).
Reconciliation of tax credit/(charge)
31 December 2024 31 December 2023
\u00a3m \u00a3m
Profit/(loss) before tax
2.5
(8.3)
Tax calculation at standard rate of corporation tax of 25% (2023: 23.5%)
(0.6)
2.0
Expenses not deductible for tax purposes
(0.4)
(0.7)
Unrecognised tax losses
2.9
(1.4)
Tax credit/(charge)
1.9
(0.1)
Deferred tax
Accelerated
capital Intangible
allowances Losses assets Share schemes Other Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
At 1 January 2023
1.8
11.1
(0.4)
0.7
3.1
16.3
Adjustments in respect of prior years
(1.5)
2.4
(0.2)
\u2013
(0.2)
0.5
Recognised in income statement
1.8
(2.4)
0.3
0.2
(0.4)
(0.5)
At 31 December 2023
2.1
11.1
(0.3)
0.9
2.5
16.3
Adjustments in respect of prior years
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Recognised in income statement
1.0
1.0
0.3
\u2013
(0.4)
1.9
At 31 December 2024
3.1
12.1
\u2013
0.9
2.1
18.2
Deferred tax assets (\u2018DTAs\u2019) are recognised in respect of those tax losses and other temporary differences only to the extent
it is considered probable that the assets will be recoverable. This involves an assessment of when those assets are likely to be
recovered, and a judgement as to whether or not there will be sufficient taxable profits available to offset the assets.
In assessing the probability of recovery, the Directors reviewed the Group\u2019s three year plan that underpinned the going
concern and viability assessment, and the goodwill and property, plant and equipment impairment testing. The plan was then
extended to include a fourth year, as the Directors believe that four years is an appropriate timeframe over which to forecast
recoverability of the DTAs, given the return to profitability of the Group in 2024, the strong trading performance to date in 2025,
and the prediction of taxable profits in 2025 and beyond. However, the cash flows, particularly in the outer years, were then
risk-adjusted to reflect the uncertainty inherent to the future.
The Directors believe this risk-adjusted plan provides convincing evidence to recognise deferred tax assets of \u00a318.2m
(2023: \u00a316.3m) in the Group\u2019s balance sheet at 31 December 2024, which is forecast to be recovered within four years.
A deferred tax asset of \u00a312.1m (2023: \u00a311.1m) has been recognised in respect of trading losses. The trading losses were incurred
as a result of the Covid-19 pandemic and the subsequent cost-of-living crisis, together with the introduction in March 2021 of
the temporary enhanced capital allowances regime (the \u2018super-deduction tax break\u2019). Losses for which no deferred tax asset
has been recognised amount to \u00a316.1m (2023: \u00a323.0m), resulting in an unrecognised deferred tax asset of \u00a34.0m (2023: \u00a35.8m)
using a 25% tax rate. There is no time limit for utilising trade losses in the UK.
A deferred tax asset of \u00a33.1m (2023: \u00a32.1m) has arisen on accelerated capital allowances, whereby the tax written-down value is
higher than the net book value. No deferred tax asset has arisen on intangible assets (2023: liability of \u00a30.3m). Other deferred
tax assets of \u00a33.0m (2023: \u00a33.4m) includes timing differences on the accounting for the various share schemes.
The deferred tax assets and liabilities have been measured using the rates expected to apply in the reporting periods when
the timing differences reverse.
There are no material uncertain tax provisions at 31 December 2024 (2023: \u00a3nil). However, judgement has necessarily been
applied in estimating the impact and timing of utilisation of capital allowances and tax losses which could give rise to prior
period adjustments in future years.
", "dimensions": { "concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory", "language": "en", "entity": "scheme:213800VCU9TBANZIN455", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-409": { "value": "Deferred tax
Accelerated
capital Intangible
allowances Losses assets Share schemes Other Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
At 1 January 2023
1.8
11.1
(0.4)
0.7
3.1
16.3
Adjustments in respect of prior years
(1.5)
2.4
(0.2)
\u2013
(0.2)
0.5
Recognised in income statement
1.8
(2.4)
0.3
0.2
(0.4)
(0.5)
At 31 December 2023
2.1
11.1
(0.3)
0.9
2.5
16.3
Adjustments in respect of prior years
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Recognised in income statement
1.0
1.0
0.3
\u2013
(0.4)
1.9
At 31 December 2024
3.1
12.1
\u2013
0.9
2.1
18.2
Deferred tax assets (\u2018DTAs\u2019) are recognised in respect of those tax losses and other temporary differences only to the extent it is considered probable that the assets will be recoverable. This involves an assessment of when those assets are likely to be recovered, and a judgement as to whether or not there will be sufficient taxable profits available to offset the assets. In assessing the probability of recovery, the Directors reviewed the Group\u2019s three year plan that underpinned the going concern and viability assessment, and the goodwill and property, plant and equipment impairment testing. The plan was then extended to include a fourth year, as the Directors believe that four years is an appropriate timeframe over which to forecast recoverability of the DTAs, given the return to profitability of the Group in 2024, the strong trading performance to date in 2025, and the prediction of taxable profits in 2025 and beyond. However, the cash flows, particularly in the outer years, were then risk-adjusted to reflect the uncertainty inherent to the future. The Directors believe this risk-adjusted plan provides convincing evidence to recognise deferred tax assets of \u00a318.2m (2023: \u00a316.3m) in the Group\u2019s balance sheet at 31 December 2024, which is forecast to be recovered within four years. A deferred tax asset of \u00a312.1m (2023: \u00a311.1m) has been recognised in respect of trading losses. The trading losses were incurred as a result of the Covid-19 pandemic and the subsequent cost-of-living crisis, together with the introduction in March 2021 of the temporary enhanced capital allowances regime (the \u2018super-deduction tax break\u2019). Losses for which no deferred tax asset has been recognised amount to \u00a316.1m (2023: \u00a323.0m), resulting in an unrecognised deferred tax asset of \u00a34.0m (2023: \u00a35.8m) using a 25% tax rate. There is no time limit for utilising trade losses in the UK. A deferred tax asset of \u00a33.1m (2023: \u00a32.1m) has arisen on accelerated capital allowances, whereby the tax written-down value is higher than the net book value. No deferred tax asset has arisen on intangible assets (2023: liability of \u00a30.3m). Other deferred tax assets of \u00a33.0m (2023: \u00a33.4m) includes timing differences on the accounting for the various share schemes. The deferred tax assets and liabilities have been measured using the rates expected to apply in the reporting periods when the timing differences reverse. There are no material uncertain tax provisions at 31 December 2024 (2023: \u00a3nil). However, judgement has necessarily been applied in estimating the impact and timing of utilisation of capital allowances and tax losses which could give rise to prior period adjustments in future years.", "dimensions": { "concept": "ifrs-full:DisclosureOfTaxReceivablesAndPayablesExplanatory", "language": "en", "entity": "scheme:213800VCU9TBANZIN455", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-389": { "value": "Deferred tax
Accelerated
capital Intangible
allowances Losses assets Share schemes Other Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
At 1 January 2023
1.8
11.1
(0.4)
0.7
3.1
16.3
Adjustments in respect of prior years
(1.5)
2.4
(0.2)
\u2013
(0.2)
0.5
Recognised in income statement
1.8
(2.4)
0.3
0.2
(0.4)
(0.5)
At 31 December 2023
2.1
11.1
(0.3)
0.9
2.5
16.3
Adjustments in respect of prior years
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Recognised in income statement
1.0
1.0
0.3
\u2013
(0.4)
1.9
At 31 December 2024
3.1
12.1
\u2013
0.9
2.1
18.2
Deferred tax assets (\u2018DTAs\u2019) are recognised in respect of those tax losses and other temporary differences only to the extent it is considered probable that the assets will be recoverable. This involves an assessment of when those assets are likely to be recovered, and a judgement as to whether or not there will be sufficient taxable profits available to offset the assets. In assessing the probability of recovery, the Directors reviewed the Group\u2019s three year plan that underpinned the going concern and viability assessment, and the goodwill and property, plant and equipment impairment testing. The plan was then extended to include a fourth year, as the Directors believe that four years is an appropriate timeframe over which to forecast recoverability of the DTAs, given the return to profitability of the Group in 2024, the strong trading performance to date in 2025, and the prediction of taxable profits in 2025 and beyond. However, the cash flows, particularly in the outer years, were then risk-adjusted to reflect the uncertainty inherent to the future. The Directors believe this risk-adjusted plan provides convincing evidence to recognise deferred tax assets of \u00a318.2m (2023: \u00a316.3m) in the Group\u2019s balance sheet at 31 December 2024, which is forecast to be recovered within four years. A deferred tax asset of \u00a312.1m (2023: \u00a311.1m) has been recognised in respect of trading losses. The trading losses were incurred as a result of the Covid-19 pandemic and the subsequent cost-of-living crisis, together with the introduction in March 2021 of the temporary enhanced capital allowances regime (the \u2018super-deduction tax break\u2019). Losses for which no deferred tax asset has been recognised amount to \u00a316.1m (2023: \u00a323.0m), resulting in an unrecognised deferred tax asset of \u00a34.0m (2023: \u00a35.8m) using a 25% tax rate. There is no time limit for utilising trade losses in the UK. A deferred tax asset of \u00a33.1m (2023: \u00a32.1m) has arisen on accelerated capital allowances, whereby the tax written-down value is higher than the net book value. No deferred tax asset has arisen on intangible assets (2023: liability of \u00a30.3m). Other deferred tax assets of \u00a33.0m (2023: \u00a33.4m) includes timing differences on the accounting for the various share schemes. The deferred tax assets and liabilities have been measured using the rates expected to apply in the reporting periods when the timing differences reverse. There are no material uncertain tax provisions at 31 December 2024 (2023: \u00a3nil). However, judgement has necessarily been applied in estimating the impact and timing of utilisation of capital allowances and tax losses which could give rise to prior period adjustments in future years.", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory", "language": "en", "entity": "scheme:213800VCU9TBANZIN455", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-356": { "value": "
11. Earnings/(loss) per share
Basic earnings/(loss) per share is calculated by dividing the profit/(loss) attributable to equity shareholders by the weighted
average number of Ordinary shares outstanding during the year, excluding unvested shares held pursuant to The Gym Group
plc\u2019s share based long term incentive schemes (see Note 25).
Diluted earnings/(loss) per share is calculated by adjusting the weighted average number of Ordinary shares outstanding
to assume conversion of all dilutive potential Ordinary shares. During the year ended 31 December 2024, the Group had
potentially dilutive shares in the form of share options and unvested shares issued pursuant to The Gym Group plc\u2019s share
based long term incentive schemes (see Note 25).
31 December 2024
31 December 2023
Profit/(loss) (\u00a3m)
Profit/(loss) for the year attributable to equity shareholders
4.4
(8.4)
Adjustment for non-underlying items
1.0
2.3
Adjusted profit/(loss) for the year attributable to equity shareholders
5.4
(6.1)
Weighted average number of Ordinary shares for basic earnings/(loss) per share
1
 177,153,298 178,512,563
Effect of dilution from share options
7,503,376
\u2013
Weighted average number of Ordinary shares adjusted
for the effect of dilution
184,656,674
178,512,563
Earnings/(loss) per share (p)
Basic earnings/(loss) per share
2.5
(4.7)
Diluted earnings/(loss) per share
2.4
(4.7)
Adjusted basic earnings/(loss) per share
3.0
(3.4)
Adjusted diluted earnings/(loss) per share
2.9
(3.4)
1 The weighted average number of Ordinary shares excludes the shares that are held by the EBT (see Note 24) as these are classified as Own shares reserve \u2013 EBT.
In the prior year, 7,164,017 share awards were excluded from the diluted weighted average number of Ordinary shares
calculation because their effect would be anti-dilutive.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory", "language": "en", "entity": "scheme:213800VCU9TBANZIN455", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-357": { "value": "
12. Intangible assets
Computer
software and
Goodwill Customer list Contract licences Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Cost
At 1 January 2023
81.8
3.0
1.1
20.3
106.2
Additions
\u2013
\u2013
\u2013
4.4
4.4
Disposals
\u2013
\u2013
(0.2)
\u2013
(0.2)
At 31 December 2023
81.8
3.0
0.9
24.7
110.4
Additions
\u2013
\u2013
\u2013
6.7
6.7
Transfers
\u2013
\u2013
\u2013
0.3
0.3
At 31 December 2024
81.8
3.0
0.9
31.7
117.4
Accumulated amortisation
At 1 January 2023
\u2013
(2.7)
(0.5)
(10.3)
(13.5)
Charge for the year
\u2013
(0.1)
(0.1)
(5.5)
(5.7)
Disposals
\u2013
\u2013
0.2
\u2013
0.2
At 31 December 2023
\u2013
(2.8)
(0.4)
(15.8)
(19.0)
Charge for the year
\u2013
(0.1)
\u2013
(6.1)
(6.2)
At 31 December 2024
\u2013
(2.9)
(0.4)
(21.9)
(25.2)
Net book value
At 31 December 2023
81.8
0.2
0.5
8.9
91.4
At 31 December 2024
81.8
0.1
0.5
9.8
92.2
Impairment test for goodwill
Goodwill is tested for impairment on an annual basis, or more frequently if events or changes in circumstance indicate that the
carrying value may be impaired.
The recoverable amount of goodwill has been determined based on a value-in-use calculation using cash flow projections
based on the Group\u2019s three year plan. Cash flows beyond this period are extrapolated using an estimated growth rate of 3.0%
(2023: 3.0%). All cash flows are discounted using a pre-tax discount rate of 11.0% (2023: 10.4%).
Membership growth, growth rates in subscription prices and increases applied to costs are the key assumptions included
within the Group\u2019 s three year plan. These have been modelled based upon a mixture of historical experience and expected
future performance. The impact of any future openings has not been included in the assessment as they do not form part
of the existing assets. The performance of any gyms expected to close have been included within the calculation up to the
point of closure. In the years under review, management\u2019s value-in-use calculations have indicated no requirement to impair
and no reasonably possible change in key assumptions gives rise to an impairment. Further information on impairment is
provided in Note 3.
", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:213800VCU9TBANZIN455", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-433": { "value": "12. Intangible assets
Computer
software and
Goodwill Customer list Contract licences Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Cost
At 1 January 2023
81.8
3.0
1.1
20.3
106.2
Additions
\u2013
\u2013
\u2013
4.4
4.4
Disposals
\u2013
\u2013
(0.2)
\u2013
(0.2)
At 31 December 2023
81.8
3.0
0.9
24.7
110.4
Additions
\u2013
\u2013
\u2013
6.7
6.7
Transfers
\u2013
\u2013
\u2013
0.3
0.3
At 31 December 2024
81.8
3.0
0.9
31.7
117.4
Accumulated amortisation
At 1 January 2023
\u2013
(2.7)
(0.5)
(10.3)
(13.5)
Charge for the year
\u2013
(0.1)
(0.1)
(5.5)
(5.7)
Disposals
\u2013
\u2013
0.2
\u2013
0.2
At 31 December 2023
\u2013
(2.8)
(0.4)
(15.8)
(19.0)
Charge for the year
\u2013
(0.1)
\u2013
(6.1)
(6.2)
At 31 December 2024
\u2013
(2.9)
(0.4)
(21.9)
(25.2)
Net book value
At 31 December 2023
81.8
0.2
0.5
8.9
91.4
At 31 December 2024
81.8
0.1
0.5
9.8
92.2
13. Property, plant and equipment
Fixtures,
Assets under Leasehold fittings and Gym and other Computer
construction improvements equipment equipment equipment Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Cost
At 1 January 2023
2.3
240.8
11.6
90.0
5.6
350.3
Additions
1.4
8.9
0.3
4.2
0.7
15.5
Disposals
(0.3)
\u2013
\u2013
\u2013
\u2013
(0.3)
Transfers
(1.6)
1.5
\u2013
0.1
\u2013
\u2013
At 31 December 2023
1.8
251.2
11.9
94.3
6.3
365.5
Additions
0.9
23.4
0.3
9.0
1.5
35.1
Disposals
(0.2)
(1.8)
(0.1)
(11.7)
\u2013
(13.8)
Transfers
(1.6)
0.7
\u2013
0.6
\u2013
(0.3)
At 31 December 2024
0.9
273.5
12.1
92.2
7.8
386.5
Accumulated depreciation
At 1 January 2023
\u2013
(95.2)
(9.6)
(60.5)
(4.0)
(169.3)
Charge for the year
\u2013
(15.8)
(0.5)
(6.9)
(0.8)
(24.0)
Impairment
\u2013
(0.4)
\u2013
(0.1)
\u2013
(0.5)
At 31 December 2023
\u2013
(111.4)
(10.1)
(67.5)
(4.8)
(193.8)
Charge for the year
\u2013
(16.5)
(0.4)
(6.7)
(1.0)
(24.6)
Disposals
\u2013
1.6
0.1
11.7
\u2013
13.4
Transfers
\u2013
\u2013
\u2013
0.1
\u2013
0.1
Impairment
\u2013
(0.4)
\u2013
\u2013
\u2013
(0.4)
At 31 December 2024
\u2013
(126.7)
(10.4)
(62.4)
(5.8)
(205.3)
Net book value
At 31 December 2023
1.8
139.8
1.8
26.8
1.5
171.7
At 31 December 2024
0.9
146.8
1.7
29.8
2.0
181.2
Included within additions for the year is \u00a30.4m of capitalised interest (2023: \u00a30.1m), and \u00a35.5m of accrued capital expenditure (2023: \u00a34.2m). ", "dimensions": { "concept": "ifrs-full:DisclosureOfDepreciationAndAmortisationExpenseExplanatory", "language": "en", "entity": "scheme:213800VCU9TBANZIN455", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-390": { "value": "12. Intangible assets
Computer
software and
Goodwill Customer list Contract licences Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Cost
At 1 January 2023
81.8
3.0
1.1
20.3
106.2
Additions
\u2013
\u2013
\u2013
4.4
4.4
Disposals
\u2013
\u2013
(0.2)
\u2013
(0.2)
At 31 December 2023
81.8
3.0
0.9
24.7
110.4
Additions
\u2013
\u2013
\u2013
6.7
6.7
Transfers
\u2013
\u2013
\u2013
0.3
0.3
At 31 December 2024
81.8
3.0
0.9
31.7
117.4
Accumulated amortisation
At 1 January 2023
\u2013
(2.7)
(0.5)
(10.3)
(13.5)
Charge for the year
\u2013
(0.1)
(0.1)
(5.5)
(5.7)
Disposals
\u2013
\u2013
0.2
\u2013
0.2
At 31 December 2023
\u2013
(2.8)
(0.4)
(15.8)
(19.0)
Charge for the year
\u2013
(0.1)
\u2013
(6.1)
(6.2)
At 31 December 2024
\u2013
(2.9)
(0.4)
(21.9)
(25.2)
Net book value
At 31 December 2023
81.8
0.2
0.5
8.9
91.4
At 31 December 2024
81.8
0.1
0.5
9.8
92.2
", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory", "language": "en", "entity": "scheme:213800VCU9TBANZIN455", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-410": { "value": "12. Intangible assets
Computer
software and
Goodwill Customer list Contract licences Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Cost
At 1 January 2023
81.8
3.0
1.1
20.3
106.2
Additions
\u2013
\u2013
\u2013
4.4
4.4
Disposals
\u2013
\u2013
(0.2)
\u2013
(0.2)
At 31 December 2023
81.8
3.0
0.9
24.7
110.4
Additions
\u2013
\u2013
\u2013
6.7
6.7
Transfers
\u2013
\u2013
\u2013
0.3
0.3
At 31 December 2024
81.8
3.0
0.9
31.7
117.4
Accumulated amortisation
At 1 January 2023
\u2013
(2.7)
(0.5)
(10.3)
(13.5)
Charge for the year
\u2013
(0.1)
(0.1)
(5.5)
(5.7)
Disposals
\u2013
\u2013
0.2
\u2013
0.2
At 31 December 2023
\u2013
(2.8)
(0.4)
(15.8)
(19.0)
Charge for the year
\u2013
(0.1)
\u2013
(6.1)
(6.2)
At 31 December 2024
\u2013
(2.9)
(0.4)
(21.9)
(25.2)
Net book value
At 31 December 2023
81.8
0.2
0.5
8.9
91.4
At 31 December 2024
81.8
0.1
0.5
9.8
92.2
Impairment test for goodwill Goodwill is tested for impairment on an annual basis, or more frequently if events or changes in circumstance indicate that the carrying value may be impaired. The recoverable amount of goodwill has been determined based on a value-in-use calculation using cash flow projections based on the Group\u2019s three year plan. Cash flows beyond this period are extrapolated using an estimated growth rate of 3.0% (2023: 3.0%). All cash flows are discounted using a pre-tax discount rate of 11.0% (2023: 10.4%). Membership growth, growth rates in subscription prices and increases applied to costs are the key assumptions included within the Group\u2019 s three year plan. These have been modelled based upon a mixture of historical experience and expected future performance. The impact of any future openings has not been included in the assessment as they do not form part of the existing assets. The performance of any gyms expected to close have been included within the calculation up to the point of closure. In the years under review, management\u2019s value-in-use calculations have indicated no requirement to impair and no reasonably possible change in key assumptions gives rise to an impairment. Further information on impairment is provided in Note 3. ", "dimensions": { "concept": "ifrs-full:DisclosureOfGoodwillExplanatory", "language": "en", "entity": "scheme:213800VCU9TBANZIN455", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-426": { "value": "Impairment test for goodwill Goodwill is tested for impairment on an annual basis, or more frequently if events or changes in circumstance indicate that the carrying value may be impaired. The recoverable amount of goodwill has been determined based on a value-in-use calculation using cash flow projections based on the Group\u2019s three year plan. Cash flows beyond this period are extrapolated using an estimated growth rate of 3.0% (2023: 3.0%). All cash flows are discounted using a pre-tax discount rate of 11.0% (2023: 10.4%). Membership growth, growth rates in subscription prices and increases applied to costs are the key assumptions included within the Group\u2019 s three year plan. These have been modelled based upon a mixture of historical experience and expected future performance. The impact of any future openings has not been included in the assessment as they do not form part of the existing assets. The performance of any gyms expected to close have been included within the calculation up to the point of closure. In the years under review, management\u2019s value-in-use calculations have indicated no requirement to impair and no reasonably possible change in key assumptions gives rise to an impairment. Further information on impairment is provided in Note 3.
Impairment test for property, plant and equipment, right-of-use assets and other intangible assets
The Group reviews the carrying value of property, plant and equipment, right-of-use assets and intangible assets (excluding
goodwill) for indicators of impairment annually, or more frequently if events or changes in circumstances indicate that the
carrying value may be impaired.
The recoverable amount of the Group\u2019s CGUs is typically based on value-in-use calculations. The value-in-use at 31 December
2024 was calculated using the discounted present value of each CGU\u2019s expected future cash flows using the Group\u2019s three
year plan as the basis. Membership growth, growth rates in subscription prices and increases applied to costs are the key
assumptions included when determining the expected future cash flows of each CGU. These have been modelled based upon
a mixture of historical experience and expected future performance. A pre-tax discount rate of 11.0% (2023: 10.4%) was used
to calculate the present value.
During the year, a total impairment loss of \u00a30.4m (2023: \u00a30.6m) was recognised relating to one (2023: two) site, of which \u00a30.4m
(2023: \u00a30.5m) was allocated against property, plant and equipment and \u00a3nil (2023: \u00a30.1m) was allocated against right-of-use
assets. The total recoverable amount of the affected CGU was \u00a31.8m (2023: \u00a31.3m).
The impairment loss was allocated to the assets of the CGU on a pro-rata basis to their carrying amount, subject to the
limitation that the carrying amount of an asset cannot be reduced below the highest of fair value less costs of disposal, value-
in-use or zero. Due to the ability to sublease the right-of-use assets, these have a measurable fair value less costs of disposal
and, as a result, this restriction results in the right-of-use asset being written down only to its recoverable amount based on
fair value less costs of disposal. The remaining amount of the impairment loss that would otherwise have been allocated to the
right-of-use asset was allocated pro-rata to the other assets of the unit. In restricting the impairment charge recognised in
respect of the right-of-use assets, their fair value less costs of disposal was calculated on the basis of the cash flows that could
be realised by the Group through the sublet of the site, discounted using a pre-tax discount rate of 11.0% (2023: 10.4%).
Under the downside scenario prepared for the going concern assessment, at the site impaired during the year, no further
impairment (2023: \u00a3nil) would arise in relation to property, plant and equipment, and no further impairment (2023: \u00a3nil) would
arise in relation to right-of-use assets.
In addition, a further impairment charge of \u00a31.2m (2023: \u00a30.6m) at a further two sites (2023: two) would be recognised in relation
to property, plant and equipment and an impairment charge of \u00a30.2m at a further two sites (2023: \u00a3nil) would be recognised in
relation to right-of-use assets.
Further information on impairment is provided in Note 3.
", "dimensions": { "concept": "ifrs-full:DisclosureOfImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:213800VCU9TBANZIN455", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-358": { "value": "
13. Property, plant and equipment
Fixtures,
Assets under Leasehold fittings and Gym and other Computer
construction improvements equipment equipment equipment Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Cost
At 1 January 2023
2.3
240.8
11.6
90.0
5.6
350.3
Additions
1.4
8.9
0.3
4.2
0.7
15.5
Disposals
(0.3)
\u2013
\u2013
\u2013
\u2013
(0.3)
Transfers
(1.6)
1.5
\u2013
0.1
\u2013
\u2013
At 31 December 2023
1.8
251.2
11.9
94.3
6.3
365.5
Additions
0.9
23.4
0.3
9.0
1.5
35.1
Disposals
(0.2)
(1.8)
(0.1)
(11.7)
\u2013
(13.8)
Transfers
(1.6)
0.7
\u2013
0.6
\u2013
(0.3)
At 31 December 2024
0.9
273.5
12.1
92.2
7.8
386.5
Accumulated depreciation
At 1 January 2023
\u2013
(95.2)
(9.6)
(60.5)
(4.0)
(169.3)
Charge for the year
\u2013
(15.8)
(0.5)
(6.9)
(0.8)
(24.0)
Impairment
\u2013
(0.4)
\u2013
(0.1)
\u2013
(0.5)
At 31 December 2023
\u2013
(111.4)
(10.1)
(67.5)
(4.8)
(193.8)
Charge for the year
\u2013
(16.5)
(0.4)
(6.7)
(1.0)
(24.6)
Disposals
\u2013
1.6
0.1
11.7
\u2013
13.4
Transfers
\u2013
\u2013
\u2013
0.1
\u2013
0.1
Impairment
\u2013
(0.4)
\u2013
\u2013
\u2013
(0.4)
At 31 December 2024
\u2013
(126.7)
(10.4)
(62.4)
(5.8)
(205.3)
Net book value
At 31 December 2023
1.8
139.8
1.8
26.8
1.5
171.7
At 31 December 2024
0.9
146.8
1.7
29.8
2.0
181.2
Included within additions for the year is \u00a30.4m of capitalised interest (2023: \u00a30.1m), and \u00a35.5m of accrued capital expenditure
(2023: \u00a34.2m).
Impairment test for property, plant and equipment, right-of-use assets and other intangible assets The Group reviews the carrying value of property, plant and equipment, right-of-use assets and intangible assets (excluding goodwill) for indicators of impairment annually, or more frequently if events or changes in circumstances indicate that the carrying value may be impaired. The recoverable amount of the Group\u2019s CGUs is typically based on value-in-use calculations. The value-in-use at 31 December 2024 was calculated using the discounted present value of each CGU\u2019s expected future cash flows using the Group\u2019s three year plan as the basis. Membership growth, growth rates in subscription prices and increases applied to costs are the key assumptions included when determining the expected future cash flows of each CGU. These have been modelled based upon a mixture of historical experience and expected future performance. A pre-tax discount rate of 11.0% (2023: 10.4%) was used to calculate the present value. During the year, a total impairment loss of \u00a30.4m (2023: \u00a30.6m) was recognised relating to one (2023: two) site, of which \u00a30.4m (2023: \u00a30.5m) was allocated against property, plant and equipment and \u00a3nil (2023: \u00a30.1m) was allocated against right-of-use assets. The total recoverable amount of the affected CGU was \u00a31.8m (2023: \u00a31.3m). The impairment loss was allocated to the assets of the CGU on a pro-rata basis to their carrying amount, subject to the limitation that the carrying amount of an asset cannot be reduced below the highest of fair value less costs of disposal, value- in-use or zero. Due to the ability to sublease the right-of-use assets, these have a measurable fair value less costs of disposal and, as a result, this restriction results in the right-of-use asset being written down only to its recoverable amount based on fair value less costs of disposal. The remaining amount of the impairment loss that would otherwise have been allocated to the right-of-use asset was allocated pro-rata to the other assets of the unit. In restricting the impairment charge recognised in respect of the right-of-use assets, their fair value less costs of disposal was calculated on the basis of the cash flows that could be realised by the Group through the sublet of the site, discounted using a pre-tax discount rate of 11.0% (2023: 10.4%). Under the downside scenario prepared for the going concern assessment, at the site impaired during the year, no further impairment (2023: \u00a3nil) would arise in relation to property, plant and equipment, and no further impairment (2023: \u00a3nil) would arise in relation to right-of-use assets. In addition, a further impairment charge of \u00a31.2m (2023: \u00a30.6m) at a further two sites (2023: two) would be recognised in relation to property, plant and equipment and an impairment charge of \u00a30.2m at a further two sites (2023: \u00a3nil) would be recognised in relation to right-of-use assets. Further information on impairment is provided in Note 3.", "dimensions": { "concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:213800VCU9TBANZIN455", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-359": { "value": "
14. Right-of-use assets and leases
The Group leases gym sites and its head office (\u2018Property leases\u2019) and also enters into hire purchase and lease agreements for
gym equipment (\u2018Non-property leases\u2019). Property leases are typically made for fixed periods of 10 to 20 years but may have
extension options as well. Non-property leases are typically made for fixed periods of three years. Both property and non-
property leases are recognised as a right-of-use asset with a corresponding liability at the date at which the leased asset is
available for use by the Group.
(i) Amounts recognised in the consolidated statement of financial position
Property leases Non-property leases Total
\u00a3m \u00a3m \u00a3m
Cost
At 1 January 2023
420.5
15.3
435.8
Additions
13.8
3.0
16.8
At 31 December 2023
434.3
18.3
452.6
Additions
32.0
0.2
32.2
Disposals
(2.5)
(0.1)
(2.6)
At 31 December 2024
463.8
18.4 482.2
Accumulated depreciation
At 1 January 2023
(144.6)
(1.8)
(146.4)
Charge for the year
(25.7)
(2.3)
(28.0)
Impairment
(0.1)
\u2013
(0.1)
At 31 December 2023
(170.4)
(4.1)
(174.5)
Charge for the year
(27.0)
(2.4)
(29.4)
Disposals
2.3
\u2013
2.3
Transfers
\u2013
(0.1)
(0.1)
At 31 December 2024
(195.1)
(6.6)
(201.7)
Net book value
At 31 December 2023
263.9
14.2
278.1
At 31 December 2024
268.7
11.8
280.5
During the year, a total impairment loss of \u00a30.4m (2023: \u00a30.6m) was recognised relating to one (2023: two) site, of which \u00a30.4m
(2023: \u00a30.5m) was allocated against property, plant and equipment and \u00a3nil (2023: \u00a30.1m) was allocated against right-of-use
assets. The total recoverable amount of the affected CGU was \u00a31.8m (2023: \u00a31.3m). See Note 13 for further disclosure.
The split of lease liabilities between current and non-current is as follows:
31 December 2024 31 December 2023
\u00a3m \u00a3m
Current
27.6
28.6
Non-current
312.9
310.6
Total Lease liabilities
340.5
339.2
The total cash outflow for leases in the year was \u00a345.7m (2023: \u00a343.5m). The maturity analysis of lease liabilities is disclosed in
Note 22.
(ii) Amounts recognised in the consolidated income statement
The statement of profit or loss shows the following amounts relating to leases:
31 December 2024 31 December 2023
\u00a3m \u00a3m
Depreciation charge of right-of-use assets
29.4
28.0
Impairment of right-of-use assets
\u2013
0.1
Interest expense (included in finance cost)
15.5
15.5
There are no variable lease payments and no sublease income recognised in the consolidated income statement.
(iii) Extension and termination options
The Group has recognised lease extension options contained within the lease in the calculation of right-of-use assets and
lease liabilities at inception of the lease if management is reasonably certain to exercise the option to extend the lease beyond
its contractual term. In all other cases, a lease extension is only recognised when a lease is extended beyond the original
contractual term.
During the year, the Group has renegotiated one lease (2023: two) which resulted in additional lease liabilities of \u00a32.3m being
recognised (2023: \u00a31.8m), with a corresponding increase included within additions to the right-of-use assets in the table in Note
14 (i). The Group terminated no leases (2023: one) in the year.
(iv) Non-property leases
At 31 December 2024, the Group had amounts outstanding in respect of non-property lease arrangements of \u00a33.3m (2023:
\u00a38.9m). These lease arrangements predominantly relate to the financing of the fit-out of gyms opened in 2022 and 2023.
", "dimensions": { "concept": "ifrs-full:DisclosureOfLeasesExplanatory", "language": "en", "entity": "scheme:213800VCU9TBANZIN455", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-360": { "value": "
15. Investments in financial assets
On 3 February 2020, the Group purchased convertible loan notes in Fiit Limited for cash consideration of \u00a31.0m. Conversion
was originally expected to take place within two years of issue giving the Group a small non-controlling stake at a maximum
valuation of \u00a31.25m. During 2022, a number of changes to the terms of the convertible loan notes were agreed, including
the extension of the date of conversion to 15 July 2023 and changes to the circumstances in which the loan notes may be
redeemed or converted. In July 2023, the date of conversion was further extended to 15 July 2025.
These notes are measured at fair value through profit or loss and the carrying value at the end of the year was \u00a31.0m
(2023: \u00a31.0m).
This is a Level 3 valuation under the fair value hierarchy and was determined based on the performance of the business
post-acquisition against the business plan produced at the time of the investment. The business continues to build strategic
partnerships with a number of parties and is expected to continue to have adequate funding in place. As such, the carrying
amount is believed to appropriately reflect the fair value. The range of sensitivity in the valuation at 31 December 2024 to
reasonably possible changes in the assumptions used is not considered to be material.
19. Borrowings
The carrying value of the Group\u2019s bank borrowings at 31 December 2024 was \u00a361.3m (2023: \u00a358.9m).
During the first half of 2024, the Group had in place a combined \u00a380m Revolving Credit Facility (\u2018RCF\u2019) which was syndicated
to a three-lender panel of NatWest, HSBC and Barclays. The facility was due to mature in October 2025.
On 28 June 2024, the Group agreed a new facilities agreement with the same banking syndicate which came into effect on
1 July 2024. Under the new agreement, the Group has in place a combined \u00a390m facility, consisting of \u00a345m of Term Loan and
\u00a345m of RCF. The new facility is due to mature in June 2027.
On 1 July 2024, the Group replaced the \u00a356.0m of drawn RCF debt with \u00a345.0m of Term Loan and \u00a311.0m of RCF under the new
financing facility. The new facilities agreement was deemed to be a repayment of the old facility and an establishment of a new
facility. The key factors in making this determination were: the new facility was established on market terms, it is a new legal
agreement, it is a different facility size with different bank exposure, and there are substantially different provisions in the
new agreement.
Funds borrowed under the facility bear interest at a minimum annual rate of 2.75% (2023: 2.85%) above the Sterling Overnight
Index Average (\u2018SONIA\u2019); and undrawn funds bear interest at a minimum annual rate of 1.1% (2023: 1.14%). The average interest
rate paid in the year on drawn funds was 8.2% (2023: 8.2%).
The facility is subject to quarterly financial covenant tests on Adjusted Leverage and Fixed Charge Cover (both terms defined
on page 167). Adjusted Leverage must not exceed 3.0 times and the Fixed Charge Cover must be greater than 1.5 times.
At 31 December 2024, the Group had drawn down \u00a316.0m under the RCF (2023: \u00a356.0m) and \u00a345.0m under the Term Loan
(2023: \u00a3nil), leaving \u00a329.0m (2023: \u00a321.0m) undrawn and available. The \u00a361.0m is repayable in June 2027. Adjusted Leverage
was 1.3 times (2023: 1.7 times) and Fixed Charge Cover was 1.9 times (2023: 1.7 times).
The Group\u2019s borrowings are held at amortised cost using the effective interest method. Each reporting period, the Group
reviews its cash flow forecasts and if these have changed since the previous reporting period (other than as a result of changes
in floating interest rates), the borrowings are remeasured using the original effective interest rate. Any remeasurement
of borrowings is treated as non-underlying and excluded from Adjusted earnings.
20. Financing liabilities
Changes in liabilities arising from financing activities
Non-property Property Total
Borrowings lease liabilities lease liabilities lease liabilities
\u00a3m \u00a3m \u00a3m \u00a3m
At 1 January 2023
70.0
11.4
339.0
350.4
Repayments of interest and principal
(17.5)
(6.5)
(37.0)
(43.5)
Interest expense
5.7
1.0
14.5
15.5
Drawdowns
2.0
\u2013
\u2013
\u2013
New leases and modifications
\u2013
3.0
13.8
16.8
Other
(1.3)
\u2013
\u2013
\u2013
At 31 December 2023
58.9
8.9
330.3
339.2
Repayments of interest and principal
(8.8)
(6.1)
(39.6)
(45.7)
Interest expense
5.4
0.5
15.0
15.5
Drawdowns
5.0
\u2013
\u2013
\u2013
New leases and modifications
\u2013
\u2013
31.5
31.5
Other
0.8
\u2013
\u2013
\u2013
At 31 December 2024
61.3
3.3
337.2
340.5
Included in \u2018Other\u2019 is the effect of changes to amortised cost on borrowings using the effective interest rate method and
accrued interest.
22. Financial instruments
Fair values
With the exception of the Group\u2019s borrowings, the carrying value of financial assets and liabilities equal their fair value.
The carrying value of borrowings of \u00a361.3m (2023: \u00a358.9m) has a fair value of \u00a361.0m (2023: \u00a359.0m). After initial recognition,
borrowings are subsequently measured at amortised cost using the EIR method. Gains and losses are recognised in profit and
loss when the liabilities are derecognised.
The fair value of borrowings has been calculated by discounting the future cash flows at prevailing market interest rates.
The fair value of borrowings is categorised as Level 2, and all other financial assets at fair value through profit and loss
are categorised as Level 3.
Capital risk management
The Group\u2019s objectives when managing capital are to safeguard the Group\u2019s ability to continue as a going concern, to provide
returns for shareholders and benefits for other stakeholders, and to maintain an optimal capital structure and cost of capital.
In order to maintain or adjust capital, the Group may adjust the amount of dividends paid to shareholders, return capital to
shareholders, issue new shares or sell assets to reduce debt.
Consistent with others in the industry, the Group monitors capital on the basis of the gearing ratio. This ratio is calculated as
Non-Property Net Debt divided by total capital. Non-Property Net Debt is calculated as bank borrowings and non-property
leases less cash and cash equivalents. The Directors believe that this measure of net debt best reflects the financial health of
the business. In addition, it is a key constituent of the Adjusted Leverage covenant included in the Group\u2019s banking agreement.
Total capital is calculated as equity as shown in the Consolidated statement of financial position (excluding own shares held,
treasury shares and retained earnings).
The gearing ratio for the years under review are as follows:
31 December 2024 31 December 2023
\u00a3m \u00a3m
Bank borrowings
61.0
59.0
Non-property leases
3.3
8.9
Less: Cash and cash equivalents
(3.0)
(1.5)
Non-Property Net Debt 61.3 66.4
Equity
229.8
229.7
Total capital
291.1
296.1
Gearing ratio 21% 22%
Financial risk management
The Group has exposure to the following risks from its use of financial instruments:
Market risk
Liquidity risk
Credit risk
This note presents information about the Group\u2019s exposure to each of the above risks, and the Group\u2019s objectives, policies
and procedures for measuring and managing risk. The Board of Directors has overall responsibility for the establishment and
oversight of the Group\u2019s risk management framework.
Market risk
Market risk is the risk that the fair value of future cash flows of a financial instrument will fluctuate because of changes in
market prices. The principal market risk affecting the Group is interest rate risk. Financial instruments affected by market risk
include borrowings, deposits and derivative financial instruments.
The sensitivity analysis in the following sections relates to the position as at 31 December 2024 and 2023. The analysis has
been prepared on the basis that the amount of net debt and the ratio of fixed to floating interest rates of the debt and
derivatives are all constant.
Interest rate risk
The Group is exposed to interest rate risk because the Group\u2019s long term debt obligations are at floating interest rates based
on GBP SONIA. The risk is sometimes managed by the Group through interest rate swap contracts and hedging activities
are evaluated regularly to align with interest rate views and defined risk appetite to ensure the most cost-effective hedging
strategies are applied. The Group has not entered into any derivatives in the current or prior period.
The Group is not expecting any reduction in interest rates over the next 12 months.
The increase in the profit/(loss) before tax of a reasonably possible increase in interest rates is as follows:
31 December 2024 31 December 2023
\u00a3m \u00a3m
Change in interest rates of 0.5% (2023: 0.5%)
0.3
0.3
Liquidity risk
Liquidity risk is the risk that the Group will not be able to meet its financial obligations as they fall due. Ultimate responsibility
for liquidity risk management rests with the Board of Directors. The Group manages liquidity risk by continuously monitoring
forecast and actual cash flows; matching the maturity profiles of financial assets and operational liabilities where possible
and maintaining adequate cash reserves.
The table below summarises the maturity profile of the Group\u2019s financial liabilities:
31 December 2024
More than
Within 1 year 1 to 2 years 2 to 5 years 5 years Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Trade and other payables
31.5
\u2013
\u2013
\u2013
31.5
Borrowings
4.5
4.7
64.5
\u2013
73.7
Lease liabilities
45.0
43.7
126.2
224.1
439.0
81.0
48.4
190.7
224.1
544.2
31 December 2023
More than
Within 1 year 1 to 2 years 2 to 5 years 5 years Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Trade and other payables
24.9
\u2013
\u2013
\u2013
24.9
Borrowings
6.2
64.7
\u2013
\u2013
70.9
Lease liabilities
43.4
43.6
125.9
218.0
430.9
74.5
108.3
125.9
218.0
526.7
The trade and other payables maturity profile in the above tables includes trade payables, accruals and other payables as
shown in Note 18.
Credit risk
Credit risk is the risk that a counterparty will not meet its obligations under a financial instrument or customer contract,
leading to a financial loss. The Group is exposed to credit risk from its operating activities (primarily trade receivables) and
from its financing activities, including deposits with banks and financial institutions, and other financial instruments.
The credit risk on liquid funds is limited because the counterparties are banks with high credit ratings assigned by international
credit-rating agencies.
Due to the nature of the business requiring customers to pay in advance, there is little concentration of risk in trade receivables
due to the limited value of trade receivables due from large number of customers which are spread across wide geographical
areas. Trade receivable balances are written off when the balance is known not to be recoverable, and expected credit losses
are immaterial.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800VCU9TBANZIN455", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-411": { "value": "15. Investments in financial assets On 3 February 2020, the Group purchased convertible loan notes in Fiit Limited for cash consideration of \u00a31.0m. Conversion was originally expected to take place within two years of issue giving the Group a small non-controlling stake at a maximum valuation of \u00a31.25m. During 2022, a number of changes to the terms of the convertible loan notes were agreed, including the extension of the date of conversion to 15 July 2023 and changes to the circumstances in which the loan notes may be redeemed or converted. In July 2023, the date of conversion was further extended to 15 July 2025. These notes are measured at fair value through profit or loss and the carrying value at the end of the year was \u00a31.0m (2023: \u00a31.0m). This is a Level 3 valuation under the fair value hierarchy and was determined based on the performance of the business post-acquisition against the business plan produced at the time of the investment. The business continues to build strategic partnerships with a number of parties and is expected to continue to have adequate funding in place. As such, the carrying amount is believed to appropriately reflect the fair value. The range of sensitivity in the valuation at 31 December 2024 to reasonably possible changes in the assumptions used is not considered to be material. ", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialAssetsExplanatory", "language": "en", "entity": "scheme:213800VCU9TBANZIN455", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-391": { "value": "15. Investments in financial assets On 3 February 2020, the Group purchased convertible loan notes in Fiit Limited for cash consideration of \u00a31.0m. Conversion was originally expected to take place within two years of issue giving the Group a small non-controlling stake at a maximum valuation of \u00a31.25m. During 2022, a number of changes to the terms of the convertible loan notes were agreed, including the extension of the date of conversion to 15 July 2023 and changes to the circumstances in which the loan notes may be redeemed or converted. In July 2023, the date of conversion was further extended to 15 July 2025. These notes are measured at fair value through profit or loss and the carrying value at the end of the year was \u00a31.0m (2023: \u00a31.0m). This is a Level 3 valuation under the fair value hierarchy and was determined based on the performance of the business post-acquisition against the business plan produced at the time of the investment. The business continues to build strategic partnerships with a number of parties and is expected to continue to have adequate funding in place. As such, the carrying amount is believed to appropriately reflect the fair value. The range of sensitivity in the valuation at 31 December 2024 to reasonably possible changes in the assumptions used is not considered to be material. ", "dimensions": { "concept": "ifrs-full:DisclosureOfInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethodExplanatory", "language": "en", "entity": "scheme:213800VCU9TBANZIN455", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-361": { "value": "
16. Trade and other receivables (due in less than one year)
31 December 2024 31 December 2023
\u00a3m \u00a3m
Trade receivables
1.0
1.7
Loss allowance
(0.3)
\u2013
0.7
1.7
Other receivables
0.3
0.2
Prepayments and accrued income
7.8
8.9
Trade and other receivables
8.8
10.8
", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:213800VCU9TBANZIN455", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-427": { "value": "16. Trade and other receivables (due in less than one year)
31 December 2024 31 December 2023
\u00a3m \u00a3m
Trade receivables
1.0
1.7
Loss allowance
(0.3)
\u2013
0.7
1.7
Other receivables
0.3
0.2
Prepayments and accrued income
7.8
8.9
Trade and other receivables
8.8
10.8
", "dimensions": { "concept": "ifrs-full:DisclosureOfAllowanceForCreditLossesExplanatory", "language": "en", "entity": "scheme:213800VCU9TBANZIN455", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-412": { "value": "16. Trade and other receivables (due in less than one year)
31 December 2024 31 December 2023
\u00a3m \u00a3m
Trade receivables
1.0
1.7
Loss allowance
(0.3)
\u2013
0.7
1.7
Other receivables
0.3
0.2
Prepayments and accrued income
7.8
8.9
Trade and other receivables
8.8
10.8
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherCurrentAssetsExplanatory", "language": "en", "entity": "scheme:213800VCU9TBANZIN455", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-392": { "value": "16. Trade and other receivables (due in less than one year)
31 December 2024 31 December 2023
\u00a3m \u00a3m
Trade receivables
1.0
1.7
Loss allowance
(0.3)
\u2013
0.7
1.7
Other receivables
0.3
0.2
Prepayments and accrued income
7.8
8.9
Trade and other receivables
8.8
10.8
", "dimensions": { "concept": "ifrs-full:DisclosureOfPrepaymentsAndOtherAssetsExplanatory", "language": "en", "entity": "scheme:213800VCU9TBANZIN455", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-362": { "value": "
17. Cash and cash equivalents
31 December 2024 31 December 2023
\u00a3m \u00a3m
Cash at bank
3.0
1.5
Cash and cash equivalents
3.0
1.5
Cash and cash equivalents earn interest at floating rates based on daily bank deposit rates. Short term deposits are made for
periods of one day and earn interest at the respective short term deposit rates.
", "dimensions": { "concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:213800VCU9TBANZIN455", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-395": { "value": "17. Cash and cash equivalents
31 December 2024 31 December 2023
\u00a3m \u00a3m
Cash at bank
3.0
1.5
Cash and cash equivalents
3.0
1.5
", "dimensions": { "concept": "ifrs-full:DisclosureOfCashAndBankBalancesAtCentralBanksExplanatory", "language": "en", "entity": "scheme:213800VCU9TBANZIN455", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-363": { "value": "
18. Trade and other payables (due in less than one year)
31 December 2024 31 December 2023
\u00a3m \u00a3m
Trade payables
9.4
6.7
Social security and other taxes
2.2
4.3
Accruals
21.9
18.0
Other payables
0.2
0.2
Contract liabilities (Note 5)
15.8
14.4
Trade and other payables
49.5
43.6
", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:213800VCU9TBANZIN455", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-413": { "value": "18. Trade and other payables (due in less than one year)
31 December 2024 31 December 2023
\u00a3m \u00a3m
Trade payables
9.4
6.7
Social security and other taxes
2.2
4.3
Accruals
21.9
18.0
Other payables
0.2
0.2
Contract liabilities (Note 5)
15.8
14.4
Trade and other payables
49.5
43.6
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherCurrentLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800VCU9TBANZIN455", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-393": { "value": "18. Trade and other payables (due in less than one year)
31 December 2024 31 December 2023
\u00a3m \u00a3m
Trade payables
9.4
6.7
Social security and other taxes
2.2
4.3
Accruals
21.9
18.0
Other payables
0.2
0.2
Contract liabilities (Note 5)
15.8
14.4
Trade and other payables
49.5
43.6
", "dimensions": { "concept": "ifrs-full:DisclosureOfAccruedExpensesAndOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800VCU9TBANZIN455", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-414": { "value": "19. Borrowings The carrying value of the Group\u2019s bank borrowings at 31 December 2024 was \u00a361.3m (2023: \u00a358.9m). During the first half of 2024, the Group had in place a combined \u00a380m Revolving Credit Facility (\u2018RCF\u2019) which was syndicated to a three-lender panel of NatWest, HSBC and Barclays. The facility was due to mature in October 2025. On 28 June 2024, the Group agreed a new facilities agreement with the same banking syndicate which came into effect on 1 July 2024. Under the new agreement, the Group has in place a combined \u00a390m facility, consisting of \u00a345m of Term Loan and \u00a345m of RCF. The new facility is due to mature in June 2027. On 1 July 2024, the Group replaced the \u00a356.0m of drawn RCF debt with \u00a345.0m of Term Loan and \u00a311.0m of RCF under the new financing facility. The new facilities agreement was deemed to be a repayment of the old facility and an establishment of a new facility. The key factors in making this determination were: the new facility was established on market terms, it is a new legal agreement, it is a different facility size with different bank exposure, and there are substantially different provisions in the new agreement. Funds borrowed under the facility bear interest at a minimum annual rate of 2.75% (2023: 2.85%) above the Sterling Overnight Index Average (\u2018SONIA\u2019); and undrawn funds bear interest at a minimum annual rate of 1.1% (2023: 1.14%). The average interest rate paid in the year on drawn funds was 8.2% (2023: 8.2%). The facility is subject to quarterly financial covenant tests on Adjusted Leverage and Fixed Charge Cover (both terms defined on page 167). Adjusted Leverage must not exceed 3.0 times and the Fixed Charge Cover must be greater than 1.5 times. At 31 December 2024, the Group had drawn down \u00a316.0m under the RCF (2023: \u00a356.0m) and \u00a345.0m under the Term Loan (2023: \u00a3nil), leaving \u00a329.0m (2023: \u00a321.0m) undrawn and available. The \u00a361.0m is repayable in June 2027. Adjusted Leverage was 1.3 times (2023: 1.7 times) and Fixed Charge Cover was 1.9 times (2023: 1.7 times). The Group\u2019s borrowings are held at amortised cost using the effective interest method. Each reporting period, the Group reviews its cash flow forecasts and if these have changed since the previous reporting period (other than as a result of changes in floating interest rates), the borrowings are remeasured using the original effective interest rate. Any remeasurement of borrowings is treated as non-underlying and excluded from Adjusted earnings. 20. Financing liabilities Changes in liabilities arising from financing activities
Non-property Property Total
Borrowings lease liabilities lease liabilities lease liabilities
\u00a3m \u00a3m \u00a3m \u00a3m
At 1 January 2023
70.0
11.4
339.0
350.4
Repayments of interest and principal
(17.5)
(6.5)
(37.0)
(43.5)
Interest expense
5.7
1.0
14.5
15.5
Drawdowns
2.0
\u2013
\u2013
\u2013
New leases and modifications
\u2013
3.0
13.8
16.8
Other
(1.3)
\u2013
\u2013
\u2013
At 31 December 2023
58.9
8.9
330.3
339.2
Repayments of interest and principal
(8.8)
(6.1)
(39.6)
(45.7)
Interest expense
5.4
0.5
15.0
15.5
Drawdowns
5.0
\u2013
\u2013
\u2013
New leases and modifications
\u2013
\u2013
31.5
31.5
Other
0.8
\u2013
\u2013
\u2013
At 31 December 2024
61.3
3.3
337.2
340.5
Included in \u2018Other\u2019 is the effect of changes to amortised cost on borrowings using the effective interest rate method and accrued interest. ", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800VCU9TBANZIN455", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-394": { "value": "19. Borrowings The carrying value of the Group\u2019s bank borrowings at 31 December 2024 was \u00a361.3m (2023: \u00a358.9m). During the first half of 2024, the Group had in place a combined \u00a380m Revolving Credit Facility (\u2018RCF\u2019) which was syndicated to a three-lender panel of NatWest, HSBC and Barclays. The facility was due to mature in October 2025. On 28 June 2024, the Group agreed a new facilities agreement with the same banking syndicate which came into effect on 1 July 2024. Under the new agreement, the Group has in place a combined \u00a390m facility, consisting of \u00a345m of Term Loan and \u00a345m of RCF. The new facility is due to mature in June 2027. On 1 July 2024, the Group replaced the \u00a356.0m of drawn RCF debt with \u00a345.0m of Term Loan and \u00a311.0m of RCF under the new financing facility. The new facilities agreement was deemed to be a repayment of the old facility and an establishment of a new facility. The key factors in making this determination were: the new facility was established on market terms, it is a new legal agreement, it is a different facility size with different bank exposure, and there are substantially different provisions in the new agreement. Funds borrowed under the facility bear interest at a minimum annual rate of 2.75% (2023: 2.85%) above the Sterling Overnight Index Average (\u2018SONIA\u2019); and undrawn funds bear interest at a minimum annual rate of 1.1% (2023: 1.14%). The average interest rate paid in the year on drawn funds was 8.2% (2023: 8.2%). The facility is subject to quarterly financial covenant tests on Adjusted Leverage and Fixed Charge Cover (both terms defined on page 167). Adjusted Leverage must not exceed 3.0 times and the Fixed Charge Cover must be greater than 1.5 times. At 31 December 2024, the Group had drawn down \u00a316.0m under the RCF (2023: \u00a356.0m) and \u00a345.0m under the Term Loan (2023: \u00a3nil), leaving \u00a329.0m (2023: \u00a321.0m) undrawn and available. The \u00a361.0m is repayable in June 2027. Adjusted Leverage was 1.3 times (2023: 1.7 times) and Fixed Charge Cover was 1.9 times (2023: 1.7 times). The Group\u2019s borrowings are held at amortised cost using the effective interest method. Each reporting period, the Group reviews its cash flow forecasts and if these have changed since the previous reporting period (other than as a result of changes in floating interest rates), the borrowings are remeasured using the original effective interest rate. Any remeasurement of borrowings is treated as non-underlying and excluded from Adjusted earnings. ", "dimensions": { "concept": "ifrs-full:DisclosureOfBorrowingsExplanatory", "language": "en", "entity": "scheme:213800VCU9TBANZIN455", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-364": { "value": "
21. Provisions
Dilapidations Other Total
\u00a3m \u00a3m \u00a3m
At 1 January 2024
1.7
0.1
1.8
New provisions
1.0
\u2013
1.0
Utilisation of provisions
\u2013
(0.1)
(0.1)
At 31 December 2024
2.7
\u2013
2.7
Due in less than one year
0.5
\u2013
0.5
Due in more than one year
2.2
\u2013
2.2
At 31 December 2024
2.7
\u2013
2.7
A dilapidations provision is recognised when there is a present obligation relating to the maintenance of leasehold properties.
The provision is based on management\u2019s best estimate of meeting this obligation, but the amount and timing of this are uncertain.
Any difference between expectations and the actual future liability will be accounted for in the period when such determination
is made. Management has determined that the likelihood of a liability arising is not probable in relation to 203 of the Group\u2019s 245
gym sites as at 31 December 2024 (2023: 200 of 233) as the Group enjoys security of tenure as tenant and therefore is unlikely to
give up a site where it is trading profitably. If circumstances indicate otherwise the Group will recognise an appropriate provision.
Subject to a new lease not being negotiated to extend the current lease term, dilapidations would become payable between
2025 and 2040 (2023: 2025 and 2040) with \u00a31.0m (2023: \u00a30.2m) expected to crystallise in the next five years, \u00a30.9m
(2023: \u00a30.9m) crystallising in between five and ten years and the remainder crystallising in more than ten years.
", "dimensions": { "concept": "ifrs-full:DisclosureOfProvisionsExplanatory", "language": "en", "entity": "scheme:213800VCU9TBANZIN455", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-428": { "value": "21. Provisions
Dilapidations Other Total
\u00a3m \u00a3m \u00a3m
At 1 January 2024
1.7
0.1
1.8
New provisions
1.0
\u2013
1.0
Utilisation of provisions
\u2013
(0.1)
(0.1)
At 31 December 2024
2.7
\u2013
2.7
Due in less than one year
0.5
\u2013
0.5
Due in more than one year
2.2
\u2013
2.2
At 31 December 2024
2.7
\u2013
2.7
A dilapidations provision is recognised when there is a present obligation relating to the maintenance of leasehold properties. The provision is based on management\u2019s best estimate of meeting this obligation, but the amount and timing of this are uncertain. Any difference between expectations and the actual future liability will be accounted for in the period when such determination is made. Management has determined that the likelihood of a liability arising is not probable in relation to 203 of the Group\u2019s 245 gym sites as at 31 December 2024 (2023: 200 of 233) as the Group enjoys security of tenure as tenant and therefore is unlikely to give up a site where it is trading profitably. If circumstances indicate otherwise the Group will recognise an appropriate provision. Subject to a new lease not being negotiated to extend the current lease term, dilapidations would become payable between 2025 and 2040 (2023: 2025 and 2040) with \u00a31.0m (2023: \u00a30.2m) expected to crystallise in the next five years, \u00a30.9m (2023: \u00a30.9m) crystallising in between five and ten years and the remainder crystallising in more than ten years. 26. Commitments and contingencies The Group had \u00a35.9m of commitments that were contracted but not provided as at 31 December 2024 relating to contracts for the fit-out of new gyms where works have not yet commenced (2023: \u00a33.6m).", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherProvisionsContingentLiabilitiesAndContingentAssetsExplanatory", "language": "en", "entity": "scheme:213800VCU9TBANZIN455", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-415": { "value": "Fair values With the exception of the Group\u2019s borrowings, the carrying value of financial assets and liabilities equal their fair value. The carrying value of borrowings of \u00a361.3m (2023: \u00a358.9m) has a fair value of \u00a361.0m (2023: \u00a359.0m). After initial recognition, borrowings are subsequently measured at amortised cost using the EIR method. Gains and losses are recognised in profit and loss when the liabilities are derecognised. The fair value of borrowings has been calculated by discounting the future cash flows at prevailing market interest rates. The fair value of borrowings is categorised as Level 2, and all other financial assets at fair value through profit and loss are categorised as Level 3. ", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800VCU9TBANZIN455", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-396": { "value": "Fair values With the exception of the Group\u2019s borrowings, the carrying value of financial assets and liabilities equal their fair value. The carrying value of borrowings of \u00a361.3m (2023: \u00a358.9m) has a fair value of \u00a361.0m (2023: \u00a359.0m). After initial recognition, borrowings are subsequently measured at amortised cost using the EIR method. Gains and losses are recognised in profit and loss when the liabilities are derecognised. The fair value of borrowings has been calculated by discounting the future cash flows at prevailing market interest rates. The fair value of borrowings is categorised as Level 2, and all other financial assets at fair value through profit and loss are categorised as Level 3. ", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:213800VCU9TBANZIN455", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-416": { "value": "Capital risk management The Group\u2019s objectives when managing capital are to safeguard the Group\u2019s ability to continue as a going concern, to provide returns for shareholders and benefits for other stakeholders, and to maintain an optimal capital structure and cost of capital. In order to maintain or adjust capital, the Group may adjust the amount of dividends paid to shareholders, return capital to shareholders, issue new shares or sell assets to reduce debt. Consistent with others in the industry, the Group monitors capital on the basis of the gearing ratio. This ratio is calculated as Non-Property Net Debt divided by total capital. Non-Property Net Debt is calculated as bank borrowings and non-property leases less cash and cash equivalents. The Directors believe that this measure of net debt best reflects the financial health of the business. In addition, it is a key constituent of the Adjusted Leverage covenant included in the Group\u2019s banking agreement. Total capital is calculated as equity as shown in the Consolidated statement of financial position (excluding own shares held, treasury shares and retained earnings). The gearing ratio for the years under review are as follows:
31 December 2024 31 December 2023
\u00a3m \u00a3m
Bank borrowings
61.0
59.0
Non-property leases
3.3
8.9
Less: Cash and cash equivalents
(3.0)
(1.5)
Non-Property Net Debt 61.3 66.4
Equity
229.8
229.7
Total capital
291.1
296.1
Gearing ratio 21% 22%
", "dimensions": { "concept": "ifrs-full:DisclosureOfObjectivesPoliciesAndProcessesForManagingCapitalExplanatory", "language": "en", "entity": "scheme:213800VCU9TBANZIN455", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-397": { "value": "Capital risk management The Group\u2019s objectives when managing capital are to safeguard the Group\u2019s ability to continue as a going concern, to provide returns for shareholders and benefits for other stakeholders, and to maintain an optimal capital structure and cost of capital. In order to maintain or adjust capital, the Group may adjust the amount of dividends paid to shareholders, return capital to shareholders, issue new shares or sell assets to reduce debt. Consistent with others in the industry, the Group monitors capital on the basis of the gearing ratio. This ratio is calculated as Non-Property Net Debt divided by total capital. Non-Property Net Debt is calculated as bank borrowings and non-property leases less cash and cash equivalents. The Directors believe that this measure of net debt best reflects the financial health of the business. In addition, it is a key constituent of the Adjusted Leverage covenant included in the Group\u2019s banking agreement. Total capital is calculated as equity as shown in the Consolidated statement of financial position (excluding own shares held, treasury shares and retained earnings). The gearing ratio for the years under review are as follows:
31 December 2024 31 December 2023
\u00a3m \u00a3m
Bank borrowings
61.0
59.0
Non-property leases
3.3
8.9
Less: Cash and cash equivalents
(3.0)
(1.5)
Non-Property Net Debt 61.3 66.4
Equity
229.8
229.7
Total capital
291.1
296.1
Gearing ratio 21% 22%
Financial risk management The Group has exposure to the following risks from its use of financial instruments: Market risk Liquidity risk Credit risk This note presents information about the Group\u2019s exposure to each of the above risks, and the Group\u2019s objectives, policies and procedures for measuring and managing risk. The Board of Directors has overall responsibility for the establishment and oversight of the Group\u2019s risk management framework. Market risk Market risk is the risk that the fair value of future cash flows of a financial instrument will fluctuate because of changes in market prices. The principal market risk affecting the Group is interest rate risk. Financial instruments affected by market risk include borrowings, deposits and derivative financial instruments. The sensitivity analysis in the following sections relates to the position as at 31 December 2024 and 2023. The analysis has been prepared on the basis that the amount of net debt and the ratio of fixed to floating interest rates of the debt and derivatives are all constant. Interest rate risk The Group is exposed to interest rate risk because the Group\u2019s long term debt obligations are at floating interest rates based on GBP SONIA. The risk is sometimes managed by the Group through interest rate swap contracts and hedging activities are evaluated regularly to align with interest rate views and defined risk appetite to ensure the most cost-effective hedging strategies are applied. The Group has not entered into any derivatives in the current or prior period. The Group is not expecting any reduction in interest rates over the next 12 months. The increase in the profit/(loss) before tax of a reasonably possible increase in interest rates is as follows:
31 December 2024 31 December 2023
\u00a3m \u00a3m
Change in interest rates of 0.5% (2023: 0.5%)
0.3
0.3
Liquidity risk Liquidity risk is the risk that the Group will not be able to meet its financial obligations as they fall due. Ultimate responsibility for liquidity risk management rests with the Board of Directors. The Group manages liquidity risk by continuously monitoring forecast and actual cash flows; matching the maturity profiles of financial assets and operational liabilities where possible and maintaining adequate cash reserves. The table below summarises the maturity profile of the Group\u2019s financial liabilities:
31 December 2024
More than
Within 1 year 1 to 2 years 2 to 5 years 5 years Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Trade and other payables
31.5
\u2013
\u2013
\u2013
31.5
Borrowings
4.5
4.7
64.5
\u2013
73.7
Lease liabilities
45.0
43.7
126.2
224.1
439.0
81.0
48.4
190.7
224.1
544.2
31 December 2023
More than
Within 1 year 1 to 2 years 2 to 5 years 5 years Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Trade and other payables
24.9
\u2013
\u2013
\u2013
24.9
Borrowings
6.2
64.7
\u2013
\u2013
70.9
Lease liabilities
43.4
43.6
125.9
218.0
430.9
74.5
108.3
125.9
218.0
526.7
The trade and other payables maturity profile in the above tables includes trade payables, accruals and other payables as shown in Note 18. Credit risk Credit risk is the risk that a counterparty will not meet its obligations under a financial instrument or customer contract, leading to a financial loss. The Group is exposed to credit risk from its operating activities (primarily trade receivables) and from its financing activities, including deposits with banks and financial institutions, and other financial instruments. The credit risk on liquid funds is limited because the counterparties are banks with high credit ratings assigned by international credit-rating agencies. Due to the nature of the business requiring customers to pay in advance, there is little concentration of risk in trade receivables due to the limited value of trade receivables due from large number of customers which are spread across wide geographical areas. Trade receivable balances are written off when the balance is known not to be recoverable, and expected credit losses are immaterial.", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory", "language": "en", "entity": "scheme:213800VCU9TBANZIN455", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-417": { "value": "Market risk Market risk is the risk that the fair value of future cash flows of a financial instrument will fluctuate because of changes in market prices. The principal market risk affecting the Group is interest rate risk. Financial instruments affected by market risk include borrowings, deposits and derivative financial instruments. The sensitivity analysis in the following sections relates to the position as at 31 December 2024 and 2023. The analysis has been prepared on the basis that the amount of net debt and the ratio of fixed to floating interest rates of the debt and derivatives are all constant. Interest rate risk The Group is exposed to interest rate risk because the Group\u2019s long term debt obligations are at floating interest rates based on GBP SONIA. The risk is sometimes managed by the Group through interest rate swap contracts and hedging activities are evaluated regularly to align with interest rate views and defined risk appetite to ensure the most cost-effective hedging strategies are applied. The Group has not entered into any derivatives in the current or prior period. The Group is not expecting any reduction in interest rates over the next 12 months. The increase in the profit/(loss) before tax of a reasonably possible increase in interest rates is as follows:
31 December 2024 31 December 2023
\u00a3m \u00a3m
Change in interest rates of 0.5% (2023: 0.5%)
0.3
0.3
", "dimensions": { "concept": "ifrs-full:DisclosureOfMarketRiskExplanatory", "language": "en", "entity": "scheme:213800VCU9TBANZIN455", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-429": { "value": "The increase in the profit/(loss) before tax of a reasonably possible increase in interest rates is as follows:
31 December 2024 31 December 2023
\u00a3m \u00a3m
Change in interest rates of 0.5% (2023: 0.5%)
0.3
0.3
", "dimensions": { "concept": "ifrs-full:SensitivityAnalysisForEachTypeOfMarketRisk", "language": "en", "entity": "scheme:213800VCU9TBANZIN455", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-418": { "value": "Liquidity risk Liquidity risk is the risk that the Group will not be able to meet its financial obligations as they fall due. Ultimate responsibility for liquidity risk management rests with the Board of Directors. The Group manages liquidity risk by continuously monitoring forecast and actual cash flows; matching the maturity profiles of financial assets and operational liabilities where possible and maintaining adequate cash reserves. The table below summarises the maturity profile of the Group\u2019s financial liabilities:
31 December 2024
More than
Within 1 year 1 to 2 years 2 to 5 years 5 years Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Trade and other payables
31.5
\u2013
\u2013
\u2013
31.5
Borrowings
4.5
4.7
64.5
\u2013
73.7
Lease liabilities
45.0
43.7
126.2
224.1
439.0
81.0
48.4
190.7
224.1
544.2
31 December 2023
More than
Within 1 year 1 to 2 years 2 to 5 years 5 years Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Trade and other payables
24.9
\u2013
\u2013
\u2013
24.9
Borrowings
6.2
64.7
\u2013
\u2013
70.9
Lease liabilities
43.4
43.6
125.9
218.0
430.9
74.5
108.3
125.9
218.0
526.7
The trade and other payables maturity profile in the above tables includes trade payables, accruals and other payables as shown in Note 18. ", "dimensions": { "concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory", "language": "en", "entity": "scheme:213800VCU9TBANZIN455", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-434": { "value": "The table below summarises the maturity profile of the Group\u2019s financial liabilities:
31 December 2024
More than
Within 1 year 1 to 2 years 2 to 5 years 5 years Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Trade and other payables
31.5
\u2013
\u2013
\u2013
31.5
Borrowings
4.5
4.7
64.5
\u2013
73.7
Lease liabilities
45.0
43.7
126.2
224.1
439.0
81.0
48.4
190.7
224.1
544.2
31 December 2023
More than
Within 1 year 1 to 2 years 2 to 5 years 5 years Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Trade and other payables
24.9
\u2013
\u2013
\u2013
24.9
Borrowings
6.2
64.7
\u2013
\u2013
70.9
Lease liabilities
43.4
43.6
125.9
218.0
430.9
74.5
108.3
125.9
218.0
526.7
The trade and other payables maturity profile in the above tables includes trade payables, accruals and other payables as shown in Note 18. ", "dimensions": { "concept": "ifrs-full:MaturityAnalysisForDerivativeFinancialLiabilities", "language": "en", "entity": "scheme:213800VCU9TBANZIN455", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-430": { "value": "The table below summarises the maturity profile of the Group\u2019s financial liabilities:
31 December 2024
More than
Within 1 year 1 to 2 years 2 to 5 years 5 years Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Trade and other payables
31.5
\u2013
\u2013
\u2013
31.5
Borrowings
4.5
4.7
64.5
\u2013
73.7
Lease liabilities
45.0
43.7
126.2
224.1
439.0
81.0
48.4
190.7
224.1
544.2
31 December 2023
More than
Within 1 year 1 to 2 years 2 to 5 years 5 years Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Trade and other payables
24.9
\u2013
\u2013
\u2013
24.9
Borrowings
6.2
64.7
\u2013
\u2013
70.9
Lease liabilities
43.4
43.6
125.9
218.0
430.9
74.5
108.3
125.9
218.0
526.7
The trade and other payables maturity profile in the above tables includes trade payables, accruals and other payables as shown in Note 18. ", "dimensions": { "concept": "ifrs-full:MaturityAnalysisForNonderivativeFinancialLiabilities", "language": "en", "entity": "scheme:213800VCU9TBANZIN455", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-419": { "value": "Credit risk Credit risk is the risk that a counterparty will not meet its obligations under a financial instrument or customer contract, leading to a financial loss. The Group is exposed to credit risk from its operating activities (primarily trade receivables) and from its financing activities, including deposits with banks and financial institutions, and other financial instruments. The credit risk on liquid funds is limited because the counterparties are banks with high credit ratings assigned by international credit-rating agencies. Due to the nature of the business requiring customers to pay in advance, there is little concentration of risk in trade receivables due to the limited value of trade receivables due from large number of customers which are spread across wide geographical areas. Trade receivable balances are written off when the balance is known not to be recoverable, and expected credit losses are immaterial.", "dimensions": { "concept": "ifrs-full:DisclosureOfCreditRiskExplanatory", "language": "en", "entity": "scheme:213800VCU9TBANZIN455", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-365": { "value": "
23. Net cash inflow from operating activities
The Directors believe that Free cash flow is the measure that best reflects the amount of cash available to the Group for
investing in new sites and technology, and for enhancing existing sites. As such, Free cash flow is included within the Key
performance indicators section of the Annual Report and Accounts 2024 and referenced in both the Financial review and
Going concern note. A reconciliation of Net cash inflow from operating activities to Free cash flow is included below.
Reconciliation of net cash inflow from operating activities to free cash flow
31 December 2024 31 December 2023
\u00a3m \u00a3m
Net cash inflow from operating activities
95.1
79.5
Less: Property lease payments made (Note 20)
(39.6)
(37.0)
Less: Maintenance capital expenditure (including funded by lease)
(12.2)
(10.3)
Less: Bank and non-property lease interest paid
(6.3)
(5.5)
Add: Bank interest received
0.5
0.3
Free cash flow
37.5
27.0
", "dimensions": { "concept": "thegymgroupplc:DisclosureOfFreeCashflowDescribedAsAdjustedEBITDALessNormalisedRentWorkingCapitalMaintenceCapitalExpenditureCashNonUnderlyingItemsBankAndNonPropertyInterestAndTax", "language": "en", "entity": "scheme:213800VCU9TBANZIN455", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-366": { "value": "
24. Issued share capital and reserves
31 December 2024 31 December 2023
\u00a3m \u00a3m
Allotted, called up and fully paid
Ordinary shares of \u00a30.0001 each
Own shares held
\u2013
\u2013
Deferred Ordinary shares of \u00a31 each
0.1
0.1
The number of Ordinary shares in issue is as follows:
31 December 2024
31 December 2023
Ordinary shares of \u00a30.0001 each
179,287,837
178,700,366
Deferred Ordinary shares of \u00a31 each
48,050
48,050
In January 2024, the Group established an Employee Benefit Trust (\u2018EBT\u2019) to purchase shares in order to minimise dilution
associated with the share based payments. As the sponsoring entity of the EBT, the EBT has been accounted for as an
extension of the Group in the Group\u2019s consolidated financial statements. During the year ended 31 December 2024, the EBT
purchased 2,834,928 shares at a cost of \u00a33.5m. As at 31 December 2024, the EBT held 2,479,863 shares at a value of \u00a33.0m.
In addition to the above, 627,962 Ordinary shares of \u00a30.0001 each are held by a separate employee trust (2023: 564,676).
This trust is linked to the share incentive plan offered to employees of the Group. The Group has no control over this trust.
The shares held by the EBT and the separate employee trust are included within the Ordinary shares in issue disclosed in the
table above.
The following describes the nature and purpose of each reserve in equity:
Own shares held
These reserves represent 48,050 Deferred Ordinary shares of \u00a31 each repurchased by the Group on 12 November 2015.
The Deferred Ordinary shares constitute a separate, non-voting class of shares which is held in treasury and not admitted
to trading. The rights attached to the Deferred Shares are set out in the Parent Company\u2019s Articles.
Share premium
The amount subscribed for share capital in excess of nominal value.
Own shares reserve \u2013 EBT
The value of shares that are held by the EBT, which will be used to settle share based payments transactions.
Merger reserve
The amount subscribed for share capital in excess of nominal value attracting merger relief under the Companies Act 2006.
Retained earnings/deficit
The accumulated net gains and losses of the Group since inception.
Issued Share Capital and Capital Redemption Reserve are not included in the Consolidated statement of changes in equity
because the balances in these reserves are less than \u00a30.1m.
", "dimensions": { "concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:213800VCU9TBANZIN455", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-398": { "value": "
31 December 2024 31 December 2023
\u00a3m \u00a3m
Allotted, called up and fully paid
Ordinary shares of \u00a30.0001 each
Own shares held
\u2013
\u2013
Deferred Ordinary shares of \u00a31 each
0.1
0.1
The number of Ordinary shares in issue is as follows:
31 December 2024
31 December 2023
Ordinary shares of \u00a30.0001 each
179,287,837
178,700,366
Deferred Ordinary shares of \u00a31 each
48,050
48,050
In January 2024, the Group established an Employee Benefit Trust (\u2018EBT\u2019) to purchase shares in order to minimise dilution associated with the share based payments. As the sponsoring entity of the EBT, the EBT has been accounted for as an extension of the Group in the Group\u2019s consolidated financial statements. During the year ended 31 December 2024, the EBT purchased 2,834,928 shares at a cost of \u00a33.5m. As at 31 December 2024, the EBT held 2,479,863 shares at a value of \u00a33.0m. In addition to the above, 627,962 Ordinary shares of \u00a30.0001 each are held by a separate employee trust (2023: 564,676). This trust is linked to the share incentive plan offered to employees of the Group. The Group has no control over this trust. ", "dimensions": { "concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory", "language": "en", "entity": "scheme:213800VCU9TBANZIN455", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-399": { "value": "The shares held by the EBT and the separate employee trust are included within the Ordinary shares in issue disclosed in the table above. The following describes the nature and purpose of each reserve in equity: Own shares held These reserves represent 48,050 Deferred Ordinary shares of \u00a31 each repurchased by the Group on 12 November 2015. The Deferred Ordinary shares constitute a separate, non-voting class of shares which is held in treasury and not admitted to trading. The rights attached to the Deferred Shares are set out in the Parent Company\u2019s Articles. Share premium The amount subscribed for share capital in excess of nominal value. Own shares reserve \u2013 EBT The value of shares that are held by the EBT, which will be used to settle share based payments transactions. Merger reserve The amount subscribed for share capital in excess of nominal value attracting merger relief under the Companies Act 2006. Retained earnings/deficit The accumulated net gains and losses of the Group since inception. Issued Share Capital and Capital Redemption Reserve are not included in the Consolidated statement of changes in equity because the balances in these reserves are less than \u00a30.1m.", "dimensions": { "concept": "ifrs-full:DisclosureOfReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:213800VCU9TBANZIN455", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-420": { "value": "Own shares held These reserves represent 48,050 Deferred Ordinary shares of \u00a31 each repurchased by the Group on 12 November 2015. The Deferred Ordinary shares constitute a separate, non-voting class of shares which is held in treasury and not admitted to trading. The rights attached to the Deferred Shares are set out in the Parent Company\u2019s Articles. ", "dimensions": { "concept": "ifrs-full:DisclosureOfTreasurySharesExplanatory", "language": "en", "entity": "scheme:213800VCU9TBANZIN455", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-367": { "value": "
25. Share based payments
The Group had the following equity-settled share based payment arrangements in operation during the year:
a) The Gym Group plc Performance Share Plan (\u2018PSP\u2019)
b) The Gym Group plc Share Incentive Plan \u2013 Free shares (\u2018SIP \u2013 Free Shares\u2019)
c) The Gym Group plc Share Incentive Plan \u2013 Matching shares (\u2018SIP\u2019)
d) The Gym Group plc Restricted Stock Plan (\u2018RSA\u2019)
e) The Gym Group plc Long Service Award Plan (\u2018LSA\u2019)
f) The Gym Group plc Savings Related Share Option Scheme (\u2018SAYE\u2019)
In accordance with IFRS 2 Share Based Payment, the value of the awards is measured at fair value at the date of the grant.
The fair value is expensed on a straight-line basis over the vesting period, based on management\u2019s estimate of the number
of shares that will eventually vest. The Group recognised a total charge of \u00a32.9m (2023: \u00a32.4m) in respect of the Group\u2019s share
based payment arrangements. There was a charge of \u00a30.5m related to employer\u2019s national insurance (2023: \u00a3nil).
A summary of the movements in each scheme is outlined below:
31 December 2024
Lapsed/
Outstanding at Granted cancelled Exercised
Outstanding at
Exercisable at
1 January during during during
31 December
31 December
Scheme name 2024 the year the year
the year
2024
2024
Performance Share Plan
4,052,963
2,804,981
(1,076,142)
(205,574)
1
5,576,228
169,726
Share Incentive Plan \u2013 Free shares
14,367
\u2013
(1,413)
(3,429)
2
9,525
9,525
Share Incentive Plan \u2013 Matching shares
274,534
84,668
(33,716)
(16,195)
3
309,291
101,136
Restricted stock
3,388,244
1,782,726
(331,108)
(796,242)
4
4,043,620
539,705
Long Service Awards 1,500
2,500
\u2013
(1,500)
5
2,500 \u2013
Save as You Earn
1,424,361
166,486
(314,668)
(150,990)
6
1,125,189
13,187
9,155,969
4,841,361
(1,757,047)
(1,173,930)
11,066,353
833,279
1 The weighted average share price at the date of exercise of these options was \u00a31.12.
2 The weighted average share price at the date of exercise of these options was \u00a31.31.
3 The weighted average share price at the date of exercise of these options was \u00a31.36.
4 The weighted average share price at the date of exercise of these options was \u00a31.35.
5 The weighted average share price at the date of exercise of these options was \u00a31.53.
6 The weighted average share price at the date of exercise of these options was \u00a31.21.
31 December 2023
Lapsed/
Outstanding at Granted cancelled Exercised
Outstanding at
Exercisable at
1 January during during during
31 December
31 December
Scheme name 2023 the year the year
the year
2023
2023
Performance Share Plan
3,337,237
2,778,282
(2,062,556)
\u2013
4,052,963
375,300
Share Incentive Plan \u2013 Free shares
16,383
\u2013
\u2013
(2,016)
1
14,367
14,367
Share Incentive Plan \u2013 Matching shares
216,704
100,645
(21,659)
(21,156)
2
274,534
87,808
Restricted stock
2,178,032
1,770,627
(298,496)
(261,919)
3
3,388,244
405,377
Long Service Awards
2,750
1,500
\u2013
(2,750)
4
1,500
\u2013
Save as You Earn
1,312,444
526,656
(410,851)
(3,888)
5
1,424,361
255,979
7,063,550
5,177,710
(2,793,562)
(291,729)
9,155,969
1,138,831
1 The weighted average share price at the date of exercise of these options was \u00a31.09.
2 The weighted average share price at the date of exercise of these options was \u00a31.04.
3 The weighted average share price at the date of exercise of these options was \u00a31.13.
4 The weighted average share price at the date of exercise of these options was \u00a31.00.
5 The weighted average share price at the date of exercise of these options was \u00a31.40.
The exercise price of all options under the schemes held during the year is 0.01p (2023: 0.01p), with the exception of the SAYE
scheme where the exercise price ranges between 93p and 236p (2023: 93p and 236p). 820,092 options were exercisable
under the PSP, RSA and SIP schemes as at 31 December 2024 (2023: 882,852) and 13,187 options were exercisable under the
SAYE scheme (2023: 255,979). No other options were exercisable as at 31 December 2024 (2023: none).
In the case of the Performance Share Plan and Restricted Stock Plan, when exercised, the Group is required to withhold an
amount in respect of the participating employee\u2019s tax obligation associated with these share based payments and transfer
it to the tax authority on behalf of the employee. To fulfil this obligation, the Group withholds the number of equity instruments
equal to the monetary value of the employee\u2019s tax obligation from the total number of equity instruments that otherwise
would have been issued to the employee upon exercise of these share based payments (referred to as \u2018net settlement\u2019).
The estimated future payments to the tax authority over the next five years in respect of these schemes at 31 December 2024
is \u00a35.3m. This has been estimated based on the number of equity instruments expected to vest, multiplied by the share price
at 31 December 2024, multiplied by the average tax rate of 45%.
During the year, the Group made income tax payments on behalf of employees of \u00a30.4m (2023: \u00a3nil) in the form of cash as part
of the net settlement process on share based payments. The settlement in cash reduced the future funding requirement to the
EBT and has accordingly been classified as a financing activity in the consolidated cash flow statement.
(a) Performance Share Plan
The outstanding awards under the PSP as at 31 December 2024 will all vest within three years, subject to continued
employment and the achievement of certain performance targets.
For awards made in 2024, the targets are based on financial targets (Group Adjusted EBITDA Less Normalised Rent and ROIC),
employee engagement and member visits. The financial targets contribute 80% of the vesting conditions, with the employee
engagement and member visit targets each contributing 10%. All targets in the 2024 award are non-market based conditions,
and therefore the fair value of the award was determined using the share price at the date of grant.
For awards made in 2023, the targets are based on TSR and Social Value performance measures, with the TSR target
contributing 80% of the vesting conditions, and the Social Value contributing 20%. The TSR performance measures are
relative TSR and absolute TSR, with awards being split equally between these two measures.
For awards made in 2022, the targets are based on TSR and financial performance measures with each target contributing
to 50% of the vesting conditions. The financial performance measures are Return on Invested Capital (\u2018ROIC\u2019) and Cumulative
Adjusted Group Operating Cash Flow, with the awards being split equally between these two measures.
For awards made in 2021, the performance targets are solely based on TSR, with 33.3% based on absolute shareholder return
and 66.7% based on relative TSR.
The vesting conditions of the Performance Share Plan awards are set out on pages 97 to 98. The maximum term of these
awards is three years and settlement is in the form of shares.
The fair value of the awards that vest based on non-market based conditions was determined using the share price at the date
of grant.
The fair value of the awards that vest based on market based conditions (TSR element) was estimated at the grant date using
a Monte Carlo simulation model, taking into account the terms and conditions upon which the awards were granted. This model
simulates the TSR and compares it against the group of comparator companies. It takes into account historic dividends and
share price fluctuations to predict the distribution of relative share price performance.
The following assumptions were used for options granted during the year:
Without holding period
With holding period
2024
2023
2024
2023
Weighted average share price at date of
grant
\u00a31.33
\u00a30.97
\u00a31.33
\u00a30.97
Exercise price
\u00a30.0001
\u00a30.0001
\u00a30.0001
\u00a30.0001
Expected volatility
\u2013
51.2%
\u2013
42.3%
Expected term until exercised
3 years
3 years
5 years
5 years
Expected dividend yield
\u2013
\u2013
\u2013
\u2013
Risk-free interest rate
\u2013
3.83%
\u2013
3.66%
The weighted average fair value of each award issued under this scheme during the year was \u00a31.33 (2023: \u00a30.46). The weighted
average remaining contractual life was 7.8 years at 31 December 2024 (2023: 7.8 years).
(b) Share Incentive Plan \u2013 Free shares
The awards made under the SIP \u2013 Free Shares occurred when the Group floated on the London Stock Exchange and were
subject to continued employment requirements over a three year period and had no performance conditions. Therefore,
the options vested in full at the end of the three year period. No further awards have been issued. The shares are held by
an employee benefit trust.
The weighted average remaining contractual life was 1.3 years at 31 December 2024 (2023: 2.3 years).
(c) Share Incentive Plan \u2013 Matching shares
Under the matching shares award, for every share purchased by an employee the Company will award one matching share,
up to a maximum value. Therefore, the options vest in full at the end of the three year period. The awards are subject to
continued employment requirements over a three year period and have no performance conditions. The shares are held
by an employee benefit trust.
The weighted average fair value of each award issued under this scheme during the year was \u00a31.24 (2023: \u00a31.06) and was
determined using the share price at the date of grant. The weighted average remaining contractual life was 1.1 years at
31 December 2024 (2023: 1.3 years).
(d) Restricted stock
The outstanding awards under the RSA are subject to continued employment requirements, which range from a one year
to a three year period and have no performance conditions. Therefore, the options vest in full at the end of the period.
The weighted average fair value of each award issued under this scheme during the year was \u00a31.33 (2023: \u00a31.22) and was
determined using the share price at the date of grant. The weighted average remaining contractual life was 8.2 years at
31 December 2024 (2023: 8.3 years).
(e) Long Service Awards
The outstanding awards under the LSA are subject to continued employment requirements over a one year period and have
no performance conditions. Therefore, the options vest in full at the end of the period.
The weighted average fair value of each award issued under this scheme during the year was \u00a31.33 (2023: \u00a31.14) and was
determined using the share price at the date of grant. The weighted average remaining contractual life was 0.5 years
(2023: 0.2 years) at 31 December 2024.
(f) Save as You Earn (\u2018SAYE\u2019) Scheme
Under the SAYE scheme, employees are allowed to acquire options over the Company\u2019s shares at a discount of up to 20%
of their market value at the date of grant. The awards are subject to continued employment requirements over a three year
period and have no performance conditions. Therefore, the options vest in full at the end of the period.
The weighted average fair value of each award issued under this scheme during the year was \u00a31.28 (2023: \u00a30.95) and was
determined using the share price at the date of grant. The weighted average remaining contractual life was 2.0 years
(2023: 2.4 years) at 31 December 2024.
", "dimensions": { "concept": "ifrs-full:DisclosureOfSharebasedPaymentArrangementsExplanatory", "language": "en", "entity": "scheme:213800VCU9TBANZIN455", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-368": { "value": "
26. Commitments and contingencies
The Group had \u00a35.9m of commitments that were contracted but not provided as at 31 December 2024 relating to contracts
for the fit-out of new gyms where works have not yet commenced (2023: \u00a33.6m).
", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800VCU9TBANZIN455", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-421": { "value": "26. Commitments and contingencies The Group had \u00a35.9m of commitments that were contracted but not provided as at 31 December 2024 relating to contracts for the fit-out of new gyms where works have not yet commenced (2023: \u00a33.6m).", "dimensions": { "concept": "ifrs-full:DisclosureOfContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800VCU9TBANZIN455", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-400": { "value": "26. Commitments and contingencies The Group had \u00a35.9m of commitments that were contracted but not provided as at 31 December 2024 relating to contracts for the fit-out of new gyms where works have not yet commenced (2023: \u00a33.6m).", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsExplanatory", "language": "en", "entity": "scheme:213800VCU9TBANZIN455", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-369": { "value": "
27. Related party transactions
Identification of related parties
The ultimate holding company of the Group is The Gym Group plc, a company incorporated in The United Kingdom.
The subsidiaries of the Group are as follows:
Company
Principal activity
Country of incorporation
Holding
The Gym Group Midco1 Limited
Holding company
United Kingdom
100%
The Gym Group Midco2 Limited
Holding company
United Kingdom
100%
The Gym Group Operations Limited
Holding company
United Kingdom
100%
The Gym Limited
Fitness operator
United Kingdom
100%
The registered office of the subsidiaries is 5th Floor, OneCroydon, 12\u201316 Addiscombe Road, Croydon, CR0 0XT.
Terms and conditions of transactions with related parties
The purchases from related parties are made at normal market prices. Outstanding balances at the year end are unsecured,
interest free and settlement occurs in cash. There have been no guarantees provided for any related party payables. There
were no transactions with related parties during 2024 (2023: \u00a3nil), other than key management personnel as disclosed below.
Compensation of key management personnel
Key management includes the Directors as identified in the Directors\u2019 report and members of the Group\u2019s Executive Committee.
The compensation paid or payable to key management for employment services is shown below:
31 December 2024 31 December 2023
\u00a3m \u00a3m
Remuneration
3.6
2.4
Company contributions to defined contribution pension scheme
0.1
0.1
Share based payment charge
1.3
0.6
5.0
3.1
At the current and prior year end, there were no outstanding loan balances owed by key management personnel.
At the year end, no balance (2023: \u00a3nil) was owed to key management personnel in respect of year end bonuses.
Information regarding the highest paid Director is shown in the Report of the Remuneration Committee.
", "dimensions": { "concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory", "language": "en", "entity": "scheme:213800VCU9TBANZIN455", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-422": { "value": "The ultimate holding company of the Group is The Gym Group plc, a company incorporated in The United Kingdom. The subsidiaries of the Group are as follows:
Company
Principal activity
Country of incorporation
Holding
The Gym Group Midco1 Limited
Holding company
United Kingdom
100%
The Gym Group Midco2 Limited
Holding company
United Kingdom
100%
The Gym Group Operations Limited
Holding company
United Kingdom
100%
The Gym Limited
Fitness operator
United Kingdom
100%
The registered office of the subsidiaries is 5th Floor, OneCroydon, 12\u201316 Addiscombe Road, Croydon, CR0 0XT. Terms and conditions of transactions with related parties The purchases from related parties are made at normal market prices. Outstanding balances at the year end are unsecured, interest free and settlement occurs in cash. There have been no guarantees provided for any related party payables. There were no transactions with related parties during 2024 (2023: \u00a3nil), other than key management personnel as disclosed below. Compensation of key management personnel Key management includes the Directors as identified in the Directors\u2019 report and members of the Group\u2019s Executive Committee. The compensation paid or payable to key management for employment services is shown below:
31 December 2024 31 December 2023
\u00a3m \u00a3m
Remuneration
3.6
2.4
Company contributions to defined contribution pension scheme
0.1
0.1
Share based payment charge
1.3
0.6
5.0
3.1
At the current and prior year end, there were no outstanding loan balances owed by key management personnel. At the year end, no balance (2023: \u00a3nil) was owed to key management personnel in respect of year end bonuses. Information regarding the highest paid Director is shown in the Report of the Remuneration Committee.", "dimensions": { "concept": "ifrs-full:DisclosureOfTransactionsBetweenRelatedPartiesExplanatory", "language": "en", "entity": "scheme:213800VCU9TBANZIN455", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-431": { "value": "The subsidiaries of the Group are as follows:
Company
Principal activity
Country of incorporation
Holding
The Gym Group Midco1 Limited
Holding company
United Kingdom
100%
The Gym Group Midco2 Limited
Holding company
United Kingdom
100%
The Gym Group Operations Limited
Holding company
United Kingdom
100%
The Gym Limited
Fitness operator
United Kingdom
100%
The registered office of the subsidiaries is 5th Floor, OneCroydon, 12\u201316 Addiscombe Road, Croydon, CR0 0XT. ", "dimensions": { "concept": "ifrs-full:DisclosureOfInvestmentsAccountedForUsingEquityMethodExplanatory", "language": "en", "entity": "scheme:213800VCU9TBANZIN455", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-401": { "value": "The subsidiaries of the Group are as follows:
Company
Principal activity
Country of incorporation
Holding
The Gym Group Midco1 Limited
Holding company
United Kingdom
100%
The Gym Group Midco2 Limited
Holding company
United Kingdom
100%
The Gym Group Operations Limited
Holding company
United Kingdom
100%
The Gym Limited
Fitness operator
United Kingdom
100%
The registered office of the subsidiaries is 5th Floor, OneCroydon, 12\u201316 Addiscombe Road, Croydon, CR0 0XT. ", "dimensions": { "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory", "language": "en", "entity": "scheme:213800VCU9TBANZIN455", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-402": { "value": "Compensation of key management personnel Key management includes the Directors as identified in the Directors\u2019 report and members of the Group\u2019s Executive Committee. The compensation paid or payable to key management for employment services is shown below:
31 December 2024 31 December 2023
\u00a3m \u00a3m
Remuneration
3.6
2.4
Company contributions to defined contribution pension scheme
0.1
0.1
Share based payment charge
1.3
0.6
5.0
3.1
At the current and prior year end, there were no outstanding loan balances owed by key management personnel. At the year end, no balance (2023: \u00a3nil) was owed to key management personnel in respect of year end bonuses. Information regarding the highest paid Director is shown in the Report of the Remuneration Committee.", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory", "language": "en", "entity": "scheme:213800VCU9TBANZIN455", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } } } }