Source: https://www.qynn.co.uk/company/08507812/gym-bidco-limited
Timestamp: 2020-07-12 03:14:50
Document Index: 641007170

Matched Legal Cases: ['art 16', 'art 16', 'art 16', 'art 16', 'art 15', 'art 16']

GYM BIDCO LIMITED (08507812) | Qynn
Company Number: 08507812
Formed in 2013, GYM BIDCO LIMITED has 2 directors and 1 shareholders. The longest serving directors have been in place for 5 years, however the shortest director appointment lasted for 2 months.
The registered office of the company is currently based at Town Centre House, Merrion Centre, Leeds, West Yorkshire, LS2 8LY.
Almack House 28 King Street London London SW1Y 6XA United Kingdom
Town Centre House, Merrion Centre, Leeds, West Yorkshire, LS2 8LY
View in-depth analysis on GYM BIDCO LIMITED at
Directors' report for the year ended 31 December 2018
The directors present their Annual Report and the audited financial statements of the company for the year ended 31 December 2018.
Future developments The company is an investment and financing vehicle only. It has not traded in the y
Future developments The company is an investment and financing vehicle only. It has not traded in the year and is not expected to trade in the foreseeable future.
The company is party to the ?390 million 6.375% senior secured notes and ?60 million revolving credit facility held by fellow group company, Pinnacle Bidco plc, as detailed in note 11 to the financial statements. As at 31 December 2018 the company has low exposure to interest rate risk with senior secured notes being a fixed rate of interest. The company regularly monitors its cash flow requirements, through the use of short and long term cash flow forecasting.
Directors The directors who served the company during the year and up to signing the financial statements were as follows:
H Cobbold A Wood (appointed 10 October 2018) A Bellamy (resigned 10 October 2018)
Certain directors benefit from qualifying third party indemnity provisions in place during the financial period and at the date of this report.
Statement of directors' responsibilities The directors are responsible for preparing the Annual Report and the financial statements in accordance with applicable law and regulation. Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have prepared the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards, comprising FRS 101 "Reduced Disclosure Framework", and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing the financial statements, the directors are required to:
?select suitable accounting policies and then apply them consistently; ?state whether applicable United Kingdom Accounting Standards, comprising FRS 101, have been followed, subject to any material departures disclosed and explained in the financial statements;
?make judgements and accounting estimates that are reasonable and prudent; and ?prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.
Gym Bidco Limited 4
Directors' report (continued) for the year ended 31 December 2018
Statement of directors' responsibilities (continued) The directors are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006.
In the case of each director in office at the date the Directors' Report is approved: ?so far as the director is aware, there is no relevant audit information of which the company's auditors are unaware; and ?they have taken all the steps that they ought to have taken as a director in order to make themselves aware of any relevant audit information and to establish that the company's auditors are aware of that information.
Strategic report The company has taken advantage of the exemption available in s414B of the Companies Act 2006 from preparing a strategic report as the company is entitled to prepare accounts for the period in accordance with the small companies regime.
Independent auditors In the absence of any notice proposing to terminate their appointment, PricewaterhouseCoopers LLP will be deemed to be reappointed for the next financial year. PricewaterhouseCoopers LLP have indicated their willingness to continue in office.
On behalf of the Board A Wo Director 2019-04-24 00:00:00
Gym Bidco Limited 5
Independent auditors' report to the members of Gym Bidco Limited
Report on the financial statements Opinion In our opinion, Gym Bidco Limited's financial statements:
?give a true and fair view of the state of the company's affairs as at 31 December 2018 and of its loss for the year then ended; ?have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards, comprising FRS 101 "Reduced Disclosure Framework", and applicable law); and ?have been prepared in accordance with the requirements of the Companies Act 2006.
We have audited the financial statements, included within the Annual report and financial statements (the "Annual Report"), which comprise: the statement of financial position as at 31 December 2018; the statement of comprehensive income, the statement of changes in equity for the year then ended; and the notes to the financial statements, which include a description of the significant accounting policies.
Basis of opinion We conducted our audit in accordance with International Standards on Auditing (UK) ("ISAs (UK)") and applicable law. Our responsibilities under ISAs (UK) are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
We remained independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, which includes the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. Conclusions relating to going concern ISAs (UK) require us to report to you when: ?the directors' use of the going concern basis of accounting in the preparation of the financial statements is not appropriate; or ?the directors have not disclosed in the financial statements any identified material uncertainties that may cast significant doubt about the company's ability to continue to adopt the going concern basis of accounting for a period of at least twelve months from the date when the financial statements are authorised for issue.
We have nothing to report in respect of the above matters. However, because not all future events or conditions can be predicted, this statement is not a guarantee as to the company's ability to continue as a going concern. For example, the terms on which the United Kingdom may withdraw from the European Union are not clear, and it is difficult to evaluate all of the potential implications on the company's trade, customers, suppliers and the wider economy.
Gym Bidco Limited 6
Independent auditors' report to the members of Gym Bidco Limited (continued)
Reporting on other information The other information comprises all of the information in the Annual Report other than the financial statements and our auditors' report thereon. The directors are responsible for the other information. Our opinion on the financial statements does not cover the other information and, accordingly, we do not express an audit opinion or, except to the extent otherwise explicitly stated in this report, any form of assurance thereon.
With respect to the Directors' Report, we also considered whether the disclosures required by the UK Companies Act 2006 have been included.
In our opinion, based on the work undertaken in the course of the audit, the information given in the Directors' Report for the year ended 31 December 2018 is consistent with the financial statements and has been prepared in accordance with applicable legal requirements.
In light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we did not identify any material misstatements in the Directors' Report. Responsibilities for the financial statements and the audit Responsibilities of the directors for the financial statements
As explained more fully in the statement of directors' responsibilities set out on pages 4 and 5, the directors are responsible for the preparation of the financial statements in accordance with the applicable framework and for being satisfied that they give a true and fair view. The directors are also responsible for such internal control as they determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
Gym Bidco Limited 7
Auditors' responsibilities for the audit of the financial statements Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditors' report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. A further description of our responsibilities for the audit of the financial statements is located on the FRC's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditors' report.
Other required reporting Companies Act 2006 exception reporting Under the Companies Act 2006 we are required to report to you if, in our opinion:
?we have not received all the information and explanations we require for our audit; or ?adequate accounting records have not been kept by the company, or returns adequate for our audit have not been received from branches not visited by us; or ?certain disclosures of directors' remuneration specified by law are not made; or ?the financial statements are not in agreement with the accounting records and returns. We have no exceptions to report arising from this responsibility. Entitlement to exemptions
Under the Companies Act 2006 we are required to report to you if, in our opinion, the directors were not entitled to take advantage of the small companies exemption from preparing a strategic report. We have no exceptions to report arising from this responsibility.
Tom Yeates (Senior Statutory Auditor) for and on behalf of PricewaterhouseCoopers LLP Chartered Accountants and Statutory Auditors Leeds 2019-04-24 00:00:00
Gym Bidco Limited 8
Confirmation statement made on 29/04/2020 with no updates
Director Details Changed for Mr Humphrey Michael Cobbold
Directors details changed for Mr Humphrey Michael Cobbold on 01/11/2019
Registration of charge 085078120004, created on 09/01/2020
Appointment of Mr Alexander Basil John Wood
Appointment of Mr Alexander Basil John Wood as a director on 10/10/2018
Termination of appointment of Adam John Gordon Bellamy
Termination of appointment of Adam John Gordon Bellamy as a director on 10/10/2018
Confirmation statement made on 29/04/2018 with updates
Registration of charge 085078120003, created on 24/01/2018
Satisfaction of charge 085078120002 in full
Termination of appointment of Peter William Denby Roberts
Termination of appointment of Peter William Denby Roberts as a director on 30/11/2017
Termination of appointment of Jacques De Bruin
Termination of appointment of Jacques De Bruin as a director on 30/11/2017
Statement of capital on 10/11/2017
Satisfaction of charge 085078120001 in full
Director Details Changed for Mr Peter William Denby Roberts
Directors details changed for Mr Peter William Denby Roberts on 08/10/2015
Statement of capital following an allotment of shares on 03/07/2015
Statement of capital on 30/06/2015
Registration of charge 085078120002, created on 28/05/2015
Second filing of AR01 previously delivered to Companies House made up to 29/04/2014
Appointment of Mr Humphrey Michael Cobbold
Appointment of Mr Humphrey Michael Cobbold as a director on 17/02/2015
Statement of capital following an allotment of shares on 18/08/2014
Termination of appointment of Tom Walker
Termination of appointment of Tom Walker as a director
Termination of appointment of David Forde
Termination of appointment of David Forde as a director
Director Details Changed for Adam Bellamy
Directors details changed for Adam Bellamy on 04/12/2013
Statement of capital following an allotment of shares on 23/05/2013
Appointment of Peter William Denby Roberts
Appointment of Peter William Denby Roberts as a director
Registered office address changed from Almack House 28 King Street London London SW1Y 6XA United Kingdom on 19/06/2013
Appointment of Jacques De Bruin
Appointment of Jacques De Bruin as a director
Appointment of Adam Bellamy
Appointment of Adam Bellamy as a director
Appointment of David Comerton Forde
Appointment of David Comerton Forde as a director
Current accounting period extended from 31/12/2013 to 28/02/2014
Registration of charge 085078120001
Current accounting period shortened from 30/04/2014 to 31/12/2013
Humphrey Michael COBBOLD AXIS (MAIDSTONE) LTD Yes 4 1997
Humphrey Michael COBBOLD AXIS (RUGBY) LTD Yes 4 1998
Humphrey Michael COBBOLD AXIS HEALTH & FITNESS LIMITED No 4 1993
Humphrey Michael COBBOLD BOOMSIGN LIMITED No 2 1988
Humphrey Michael COBBOLD CROWN SPORTS LIMITED No 4 1990
Humphrey Michael COBBOLD CS LEISURE LIMITED Yes 2 1989
Humphrey Michael COBBOLD DRAGONS (GATWICK) LIMITED No 2 1978
Humphrey Michael COBBOLD DRAGONS HEALTH CLUBS LIMITED No 2 1988
Humphrey Michael COBBOLD GREYSTONE LEISURE LIMITED No 2 1987
Humphrey Michael COBBOLD GYM MIDCO 2 LIMITED Yes 2 2013
Humphrey Michael COBBOLD GYM MIDCO LIMITED Yes 2 2013
Humphrey Michael COBBOLD GYM TOPCO LIMITED Yes 2 2013
Humphrey Michael COBBOLD L A FITNESS (1998) LIMITED No 2 1998
Humphrey Michael COBBOLD L A FITNESS EMPLOYEE BENEFIT TRUST LIMITED No 2 1996
Humphrey Michael COBBOLD L A FITNESS LIMITED Yes 2 1996
Humphrey Michael COBBOLD L A HAIR & BEAUTY LIMITED No 2 1998
Humphrey Michael COBBOLD L.A. FITNESS (LUTON) LIMITED No 2 1997
Humphrey Michael COBBOLD L.A. WESTMINSTER LIMITED Yes 2 1996
Humphrey Michael COBBOLD LA LEISURE LIMITED Yes 2 1983
Humphrey Michael COBBOLD LAMBOURNE GOLF CLUB LIMITED No 2 1994
Humphrey Michael COBBOLD MOP ACQUISITIONS (CS) LIMITED Yes 3 2006
Humphrey Michael COBBOLD OVALHOUSE LIMITED Yes 2 1983
Humphrey Michael COBBOLD PINNACLE BIDCO PLC Yes 2 2017
Humphrey Michael COBBOLD PINNACLE EUROPE HOLDINGS LIMITED Yes 2 2019
Humphrey Michael COBBOLD PINNACLE MIDCO 1 LIMITED Yes 2 2017
Humphrey Michael COBBOLD PINNACLE MIDCO 2 LIMITED Yes 2 2017
Humphrey Michael COBBOLD PINNACLE TOPCO LIMITED Yes 5 2017
Humphrey Michael COBBOLD PURE GYM (DUDLEY) LIMITED Yes 2 2012
Humphrey Michael COBBOLD PURE GYM GROUP PLC No 5 2016
Humphrey Michael COBBOLD PURE GYM LIMITED Yes 2 2008
Humphrey Michael COBBOLD THE ROAD BOOK LIMITED Yes 3 2018
Humphrey Michael COBBOLD THE RUGBY CLUB OF ST JAMES LIMITED No 2 1996
Humphrey Michael COBBOLD TOLMERS NEWCO 1 LIMITED Yes 2 2014
Humphrey Michael COBBOLD TOLMERS NEWCO 2 LIMITED Yes 2 2014
Humphrey Michael COBBOLD TRAINSTATION LIMITED No 2 1997
Alexander Basil John WOOD CS LEISURE LIMITED Yes 2 1989
Alexander Basil John WOOD GYM MIDCO 2 LIMITED Yes 2 2013
Alexander Basil John WOOD GYM MIDCO LIMITED Yes 2 2013
Alexander Basil John WOOD GYM TOPCO LIMITED Yes 2 2013
Alexander Basil John WOOD L A FITNESS LIMITED Yes 2 1996
Alexander Basil John WOOD L.A. WESTMINSTER LIMITED Yes 2 1996
Alexander Basil John WOOD LA LEISURE LIMITED Yes 2 1983
Alexander Basil John WOOD OVALHOUSE LIMITED Yes 2 1983
Alexander Basil John WOOD PINNACLE BIDCO PLC Yes 2 2017
Alexander Basil John WOOD PINNACLE MIDCO 1 LIMITED Yes 2 2017
Alexander Basil John WOOD PINNACLE MIDCO 2 LIMITED Yes 2 2017
Alexander Basil John WOOD PINNACLE TOPCO LIMITED Yes 5 2017
Alexander Basil John WOOD PURE GYM (DUDLEY) LIMITED Yes 2 2012
Alexander Basil John WOOD PURE GYM LIMITED Yes 2 2008
Alexander Basil John WOOD THE RUGBY CLUB OF ST JAMES LIMITED No 2 1996
Alexander Basil John WOOD TOLMERS NEWCO 1 LIMITED Yes 2 2014
Alexander Basil John WOOD TOLMERS NEWCO 2 LIMITED Yes 2 2014
Alexander Basil John WOOD TRAINSTATION LIMITED No 2 1997
Humphrey Michael COBBOLD FISH4 LIMITED 22/09/1995 51.82 active
Humphrey Michael COBBOLD FISH4CARS LIMITED 24/03/2000 43.75 active
Humphrey Michael COBBOLD FISH4HOMES LIMITED 09/03/2000 0.00 active
Humphrey Michael COBBOLD FISH4JOBS LIMITED 31/03/2000 2.19 active
Humphrey Michael COBBOLD DRAGONS (GATWICK) LIMITED 11/09/1978 0 dissolved
Humphrey Michael COBBOLD DRAGONS HEALTH CLUBS LIMITED 01/02/1988 0 dissolved
Humphrey Michael COBBOLD ENSCO 503 LIMITED 06/04/2006 0.00 active
Humphrey Michael COBBOLD GREYSTONE LEISURE LIMITED 31/03/1987 0 dissolved
Humphrey Michael COBBOLD GYM MIDCO 2 LIMITED 01/05/2013 53.43 active
Humphrey Michael COBBOLD GYM MIDCO LIMITED 29/04/2013 50.00 active
Humphrey Michael COBBOLD GYM TOPCO LIMITED 29/04/2013 54.12 active
Humphrey Michael COBBOLD L A FITNESS (1998) LIMITED 28/01/1998 0 dissolved
Humphrey Michael COBBOLD L A FITNESS LIMITED 15/07/1996 50.00 active
Humphrey Michael COBBOLD L A FITNESS EMPLOYEE BENEFIT TRUST LIMITED 25/07/1996 0 dissolved
Humphrey Michael COBBOLD L A HAIR & BEAUTY LIMITED 03/02/1998 0 dissolved
Humphrey Michael COBBOLD L.A. FITNESS (LUTON) LIMITED 03/11/1997 0 dissolved
Humphrey Michael COBBOLD L.A. WESTMINSTER LIMITED 16/08/1996 50.00 active
Humphrey Michael COBBOLD LA LEISURE LIMITED 03/06/1983 50.00 active
Humphrey Michael COBBOLD LAMBOURNE GOLF CLUB LIMITED 18/11/1994 0 dissolved
Humphrey Michael COBBOLD MAPIL BIDCO LIMITED 23/09/2011 50.00 active
Humphrey Michael COBBOLD MAPIL MIDCO 1 LIMITED 19/10/2011 0.00 active
Humphrey Michael COBBOLD MAPIL MIDCO 2 LIMITED 14/11/2011 100.00 active
Humphrey Michael COBBOLD MAPIL TOPCO LIMITED 28/11/2011 30.45 active
Humphrey Michael COBBOLD PURE GYM (DUDLEY) LIMITED 03/10/2012 100.00 active
Humphrey Michael COBBOLD PURE GYM LIMITED 05/09/2008 38.00 active
Humphrey Michael COBBOLD NEWGATE PRIVATE EQUITY LIMITED 12/09/1980 100.00 active
Humphrey Michael COBBOLD AXIS (MAIDSTONE) LTD 08/05/1997 100.00 active
Humphrey Michael COBBOLD AXIS (RUGBY) LTD 27/05/1998 49.86 active
Humphrey Michael COBBOLD AXIS HEALTH & FITNESS LIMITED 22/03/1993 0 dissolved
Humphrey Michael COBBOLD THE RUGBY CLUB OF ST JAMES LIMITED 30/08/1996 0 liquidation
Humphrey Michael COBBOLD TOLMERS NEWCO 1 LIMITED 27/03/2014 43.79 active
Humphrey Michael COBBOLD TOLMERS NEWCO 2 LIMITED 02/04/2014 50.00 active
Humphrey Michael COBBOLD TRAINSTATION LIMITED 05/06/1997 0 dissolved
Humphrey Michael COBBOLD WIGGLE LIMITED 03/12/1991 85.40 active
Humphrey Michael COBBOLD CROWN SPORTS LIMITED 02/03/1990 0 dissolved
Humphrey Michael COBBOLD CS LEISURE LIMITED 08/03/1989 50.00 active
Humphrey Michael COBBOLD BOOMSIGN LIMITED 13/10/1988 0 liquidation
Alexander Basil John WOOD
085078120001
Barclays Bank PLC (In Its Capacity as Security Agent and Trustee for the Beneficiaries)
085078120002
085078120003
085078120004
The directors present their strategic report for the year ended 31 December 2017. Business Review On 30 November 2017 Gym Topco Limited and subsidiaries were acquired by the group of companies known as Leonard Green & Partners LP (the "Leonard Green group"). Prior to the change in ownership, G
The directors present their strategic report for the year ended 31 December 2017. Business Review On 30 November 2017 Gym Topco Limited and subsidiaries were acquired by the group of companies known as Leonard Green & Partners LP (the "Leonard Green group"). Prior to the change in ownership, Gym Bidco Limited held bank debt associated with the on-going expansion of Pure Gym Limited, a provider of low cost, physical fitness facilities. The change in ownership brought with it a change in financial structure of the group in which the bank debt held by Gym Bidco Limited was repaid in full. The company is an investment and financing vehicle only, it has not traded in the year and is not expected to trade in the foreseeable future, revenue relates to recharges to subsidiary companies only. Results and KPIs The statement of comprehensive income on page 10 shows the performance of Gym Bidco Limited for the year ended 31 December 2017. The company made a loss for the financial year of ?20,494,000 (year ended 31 December 2016: loss of ?14,356,000) reflecting the finance charges associated with the group's bank debt and declared a dividend of ?4,969,000 (2016: End). Funding In completing the acquisition, the group restructured its finance such that as at 31 December 2017, the company became party to a ?420 million financing facility with five international institutions (Barclays Bank PLC, Royal Bank of Canada, Credit Suisse AG, ING Bank N.V. and Jefferies Finance LLC), collectively "the Lenders'', consisting of a ?360 million bridging loan and a ?60 million revolving credit facility agreement. On 24 January 2018, the bridging loan was replaced with ?360m of 6.375% senior secured notes for which the company is a guarantor. Principal risks, uncertainties and financial risk management As at 31 December 2017 the company was party to a bridging facility as detailed in note 11 to the financial statements, with a residual interest rate cap in place to hedge against exposure to interest rate fluctuations on ?100,000,000 of the facility, which is equivalent to 28% of the group's drawn bank debt as at 31 December 2017 (2016: 47%). At the date of signing the financial statements, the group has significantly reduced its exposure to interest rate risk with the exchange of its bridging facility for an issue of senior secured notes at a fixed rate of 6.375%.
The group regularly monitors its cash flow requirements, through the use of short and long term cash flow forecasting. Employees and diversity Gym Bidco Limited has no employees, all associated staff are employed by other trading entities within the group. Full details of employees and diversity can be found in the consolidated financial statements of the parent company, Gym Topco Limited.
A Bellamy Director 2018-03-23 00:00:00
The directors present their annual report and the audited financial statements of the company for the year ended 31 December 2017.
Likely future developments of the company are discussed within the Strategic Report on page 4.
Principal risks and uncertainties Principal risks and uncertainties are discussed within the Strategic Report on page 4. Directors The directors who served the company during the year and up to signing the financial statements were as follows:
H Cobbold A Bellamy J de Bruin (resigned 30 November 2017) P Roberts (resigned 30 November 2017)
Statement of directors' responsibilities The directors are responsible for preparing the Annual Report and the financial statements in accordance with applicable law and regulation.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have prepared the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards, comprising FRS 101 "Reduced Disclosure Framework", and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period.
?select suitable accounting policies and then apply them consistently; ?state whether applicable United Kingdom Accounting Standards, comprising FRS 101, have been followed, subject to any material departures disclosed and explained in the financial statements; ?make judgements and accounting estimates that are reasonable and prudent; and ?prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006.The directors are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Provision of information to auditors Each of the persons who are directors at the time when this directors' report is approved has confirmed that: ?so far as that director is aware, there is no relevant audit information of which the company's auditors are unaware; and ?that director has taken all the steps that ought to have been taken as a director in order to be aware of any information needed by the company's auditors in connection with preparing their report and to establish that the company's auditors are aware of that information. This confirmation is given and should be interpreted in accordance with the provisions of s418 of the Companies Act 2006.
3.0 A Bellamy Director 2018-03-23 00:00:00
?give a true and fair view of the state of the company's affairs as at 31 December 2017 and of its loss for the year then ended; ?have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards, comprising FRS 101 "Reduced Disclosure Framework", and applicable law); and ?have been prepared in accordance with the requirements of the Companies Act 2006.
We have audited the financial statements, included within the Annual report and financial statements (the "Annual Report"), which comprise: the statement of financial position as at 31 December 2017; the statement of comprehensive income, the statement of changes in equity for the year then ended; and the notes to the financial statements, which include a description of the significant accounting policies.
Independence We remained independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, which includes the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements.
Strategic Report and Directors' Report In our opinion, based on the work undertaken in the course of the audit, the information given in the Strategic Report and Directors' Report for the year ended 31 December 2017 is consistent with the financial statements and has been prepared in accordance with applicable legal requirements.
Responsibilities for the financial statements and the audit Responsibilities of the directors for the financial statements As explained more fully in the Statement of the Directors' Responsibilities set out on page 5, the directors are responsible for the preparation of the financial statements in accordance with the applicable framework and for being satisfied that they give a true and fair view. The directors are also responsible for such internal control as they determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
Auditors' responsibilities for the audit of the financial statements Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditors' report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
A further description of our responsibilities for the audit of the financial statements is located on the FRC's website at: www.frc.org.uldauditorsresponsibilities. This description forms part of our auditors' report.
Use of this report This report, including the opinions, has been prepared for and only for the company's members as a body in accordance with Chapter 3 of Part 16 of the Companies Act 2006 and for no other purpose. We do not, in giving these opinions, accept or assume responsibility for any other purpose or to any other person to whom this report is shown or into whose hands it may come save where expressly agreed by our prior consent in writing.
?we have not received all the information and explanations we require for our audit; or ?adequate accounting records have not been kept by the company, or returns adequate for our audit have not been received from branches not visited by us; or ?certain disclosures of directors' remuneration specified by law are not made; or ?the financial statements are not in agreement with the accounting records and returns.
Tom Yeates (Senior Statutory Auditor) for and on behalf of PricewaterhouseCoopers LLP Chartered Accountants and Statutory Auditors Leeds 2018-03-23 00:00:00
Gym Bidco Limited 9
The directors present their strategic report for the year ended 31 December 2016. Business Review Gym Bidco Limited is an intermediate parent company within the CCMP Capital LP group of companies (the "CCMP group") and holds bank debt associated with the on-going expansion of Pure Gym Limited,
The directors present their strategic report for the year ended 31 December 2016. Business Review Gym Bidco Limited is an intermediate parent company within the CCMP Capital LP group of companies (the "CCMP group") and holds bank debt associated with the on-going expansion of Pure Gym Limited, a provider of low cost, physical fitness facilities. The company is an investment and financing vehicle only, it has not traded in the year and is not expected to trade in the foreseeable future, revenue relates to recharges to subsidiary companies only. Results and KPIs The statement of comprehensive income on page 9 shows the performance of Gym Bidco Limited for the year ended 31 December 2016. The company made a loss for the financial year of ?17,078,000 (year ended 31 December 2015: loss of ?11,672,000) reflecting the finance charges associated with the group's bank debt and declared a dividend of ?nil (2015: ?12,054,000). Funding As at 31 December 2016, the company was party to a ?220 million committed financing facility with four international banks (Ares Management, Barclays Bank, Goldman Sachs and Haymarket Financial, collectively "the Lenders"). On 4 January 2017 this agreement was amended to a committed facility of ?240 million, extending the capex facility to ?75 million and the revolving credit facility to ?15 million. This has provided the group with additional headroom both for its working capital requirements and for the roll out of new gyms in line with its strategy. Principal risks and uncertainties and financial risk management Gym Bidco Limited is exposed to interest rate risk and is also reliant on its investment in Pure Gym to enable it to meet the principle and interest payments on its bank debt when they fall due. An interest rate cap is in place to protect against exposure to interest rate fluctuations on ?100 million of the facility, which is equivalent to 47% of its drawn debt as at 31 December 2016 (2015: 57%). The directors regularly monitor the cash flow requirements of the company and of Pure Gym, through the use of short and long term cash flow forecasting. Employees and diversity Gym Bidco Limited has no employees, all associated staff are employed by other trading entities within the group. Full details of employees and diversity can be found in the consolidated financial statements of the parent company, Gym Topco Limited.
3.0 A Bellamy Director 2017-03-24 00:00:00
The directors present their annual report and the audited financial statements of the company for the year ended 31 December 2016.
Principal risks and uncertainties Principal risks and uncertainties are discussed within the Strategic Report on page 4. Directors The directors who served the company during the year and up to signing the financial statements were as follows: J de Bruin H Cobbold P Roberts A Bellamy
Directors' report (continued) for the year ended 31 December 2016 Provision of information to auditors Each of the persons who are directors at the time when this directors' report is approved has confirmed that: ?so far as that director is aware, there is no relevant audit information of which the company's auditors are unaware; and ?that director has taken all the steps that ought to have been taken as a director in order to be aware of any information needed by the company's auditors in connection with preparing their report and to establish that the company's auditors are aware of that information. This confirmation is given and should be interpreted in accordance with the provisions of s418 of the Companies Act 2006.
A Bellamy Director 2017-03-24 00:00:00
Report on the financial statements Our opinion In our opinion, Gym Bidco Limited's financial statements (the "financial statements"): ?give a true and fair view of the state of the company's affairs as at 31 December 2016 and of its loss for the year then ended; ?have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and ?have been prepared in accordance with the requirements of the Companies Act 2006. What we have audited The financial statements, included within the Annual Report and Financial Statements (the "Annual Report"), comprise: ?the statement of financial position as at 31 December 2016; ?the statement of comprehensive income for the year then ended; ?the statement of changes in equity for the year then ended; and ?the notes to the financial statements, which include a summary of significant accounting policies and other explanatory information. The financial reporting framework that has been applied in the preparation of the financial statements is United Kingdom Accounting Standards, comprising FRS 101 "Reduced Disclosure Framework", and applicable law (United Kingdom Generally Accepted Accounting Practice). In applying the financial reporting framework, the directors have made a number of subjective judgements, for example in respect of significant accounting estimates. In making such estimates, they have made assumptions and considered future events. Opinion on other matter prescribed by the Companies Act 2006 In our opinion, based on the work undertaken in the course of the audit: the information given in the Strategic Report and the Directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
?the Strategic Report and the Directors' report have been prepared in accordance with applicable legal requirements. In addition, in light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we are required to report if we have identified any material misstatements in the Strategic Report and the Directors' report. We have nothing to report in this respect. Other matters on which we are required to report by exception Adequacy of accounting records and information and explanations received Under the Companies Act 2006 we are required to report to you if, in our opinion: ?we have not received all the information and explanations we require for our audit; or ?adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or ?the financial statements are not in agreement with the accounting records and returns. We have no exceptions to report arising from this responsibility.
Directors' remuneration Under the Companies Act 2006 we are required to report to you if, in our opinion, certain disclosures of directors' remuneration specified by law are not made. We have no exceptions to report arising from this responsibility. Responsibilities for the financial statements and the audit Our responsibilities and those of the directors As explained more fully in the Statement of Directors' Responsibilities set out on page 5, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view. Our responsibility is to audit and express an opinion on the financial statements in accordance with applicable law and International Standards on Auditing (UK and Ireland) ("ISAs (UK & Ireland)"). Those standards require us to comply with the Auditing Practices Board's Ethical Standards for Auditors. This report, including the opinions, has been prepared for and only for the parent company's members as a body in accordance with Chapter 3 of Part 16 of the Companies Act 2006 and for no other purpose. We do not, in giving these opinions, accept or assume responsibility for any other purpose or to any other person to whom this report is shown or into whose hands it may come save where expressly agreed by our prior consent in writing. What an audit of financial statements involves We conducted our audit in accordance with ISAs (UK & Ireland). An audit involves obtaining evidence about the amounts and disclosures in the financial statements sufficient to give reasonable assurance that the financial statements are free from material misstatement, whether caused by fraud or error. This includes an assessment of: ?whether the accounting policies are appropriate to the company's circumstances and have been consistently applied and adequately disclosed; ?the reasonableness of significant accounting estimates made by the directors; and ?the overall presentation of the financial statements. We primarily focus our work in these areas by assessing the directors' judgements against available evidence, forming our own judgements, and evaluating the disclosures in the financial statements. We test and examine information, using sampling and other auditing techniques, to the extent we consider necessary to provide a reasonable basis for us to draw conclusions. We obtain audit evidence through testing the effectiveness of controls, substantive procedures or a combination of both. In addition, we read all the financial and non-financial information in the Annual Report to identify material inconsistencies with the audited financial statements and to identify any information that is apparently materially incorrect based on, or materially inconsistent with, the knowledge acquired by us in the course of performing the audit. If we become aware of any apparent material misstatements or inconsistencies we consider the implications for our report. With respect to the Strategic Report and Directors' report, we consider whether those reports include the disclosures required by applicable legal requirements.
Tom Yeates (Senior Statutory Auditor) for and on behalf of PricewaterhouseCoopers LLP Chartered Accountants and Statutory Auditors Leeds 2017-03-24 00:00:00
The directors present their strategic report for the year ended 31 December 2015. Business Review Gym Bidco Limited is an intermediate parent company within the CCMP Capital LP group of companies (the "CCMP group") and holds bank debt associated with the on-going expansion of Pure Gym Limited,
The directors present their strategic report for the year ended 31 December 2015. Business Review Gym Bidco Limited is an intermediate parent company within the CCMP Capital LP group of companies (the "CCMP group") and holds bank debt associated with the on-going expansion of Pure Gym Limited, a provider of low cost, physical fitness facilities. The company is an investment and financing vehicle only, it has not traded in the year and is not expected to trade in the foreseeable future, revenue relates to recharges to subsidiary companies only. Results and KPIs The income statement on page 9 shows the performance of Gym Bidco Limited for the year ended 31 December 2015. The company made a loss for the financial year of ?11,672,000 (year ended 31 December 2014: loss of ?3,239,000) reflecting the finance charges associated with the group's bank debt and declared a dividend of ?12,054,000 (2014: ?nil). Funding In May 2015 the previous banking facility was extinguished and the company became the borrower within a new group ?195,000,000 committed debt facility with four international banks (Ares Management, Barclays Bank, Goldman Sachs and Haymarket Financial, collectively "the Lenders"). This includes a ?40,000,000 capital expenditure facility which provides Pure Gym with the ability to roll out or acquire new gyms in line with its strategy. As at 31 December 2015 total bank debt was ?175,000,000 (2014: ?45,000,000). Principal risks and uncertainties and financial risk management Gym Bidco Limited is exposed to interest rate risk and is also reliant on its investment in Pure Gym to enable it to meet the principle and interest payments on its bank debt when they fall due. An interest rate cap is in place to protect against exposure to interest rate fluctuations on ?100m of the facility, which is equivalent to 57% of its drawn debt as at 31 December 2015 (2014: 67%). The directors regularly monitor the cash flow requirements of the company and of Pure Gym, through the use of short and long term cash flow forecasting. Employees and diversity Gym Bidco Limited has no employees, all associated staff are employed by other trading entities within the group. Full details of employees and diversity can be found in the consolidated financial statements of the parent company, Gym Topco Limited.
A Bellamy Director 2016-04-14 00:00:00 Gym Bidco Limited 4
Directors' report for the year ended 31 December 2015
The directors present their annual report and the audited financial statements of the company for the year ended 31 December 2015.
J de Bruin H M Cobbold (appointed 17 February 2015) P W D Roberts A J G Bellamy
Statement of directors' responsibilities I ' The directors are responsible for preparing the Strategic report, the Directors' report, and the financial statements in accordance with applicable law and regulations. Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have prepared the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards), including Financial Reporting Standard 101 "Reduced Disclosure Framework" (FRS 101). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that year. In preparing these financial statements, the directors are required to: ?select suitable accounting policies and then apply them consistently; ?make judgements and accounting estimates that are reasonable and prudent; ?state whether applicable United Kingdom Accounting Standards, including FRS 101, have been followed, subject to any material departures disclosed and explained in the financial statements; ?notify its shareholders in writing about the use of disclosure exemptions, if any, of FRS 101 used in the preparation of the financial statements; and ?prepare the financial statements on a going concern basis unless it is inappropriate to presume that the company will continue in business. The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Directors' report (continued) for the year ended 31 December 2015 Provision of information to auditors Each of the persons who are directors at the time when this directors' report is approved has confirmed that: so far as that director is aware, there is no relevant audit information of which the company's auditors are unaware; and that director has taken all the steps that ought to have been taken as a director in order to be aware of any information needed by the company's auditors in connection with preparing their report and to establish that the company's auditors are aware of that information. This confirmation is given and should be interpreted in accordance with the provisions of s418 of the Companies Act 2006.
A Bellamy Director 2016-04-14 00:00:00
Report on the financial statements Our opinion In our opinion, Gym Bidco Limited's financial statements (the "financial statements"): ?give a true and fair view of the state of the company's affairs as at 31 December 2015 and of its loss for the year then ended; ?have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and ?have been prepared in accordance with the requirements of the Companies Act 2006. What we have audited The financial statements, included within the Annual Report and Financial Statements (the "Annual Report"), comprise: ?the statement of financial position as at 31 December 2015; ?the statement of comprehensive income for the year then ended; ?the statement of changes in equity for the year then ended; and ?the notes to the financial statements, which include a summary of significant accounting policies and other explanatory information. The financial reporting framework that has been applied in the preparation of the financial statements is applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including FRS 101 "Reduced Disclosure Framework". In applying the financial reporting framework, the directors have made a number of subjective judgements, for example in respect of significant accounting estimates. In making such estimates, they have made assumptions and considered future events. Opinion on other matter prescribed by the Companies Act 2006 In our opinion, the information given in the Strategic Report and the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements. Other matters on which we are required to report by exception Adequacy of accounting records and information and explanations received Under the Companies Act 2006 we are required to report to you if, in our opinion: ?we have not received all the information and explanations we require for our audit; or ?adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or ?the financial statements are not in agreement with the accounting records and returns. We have no exceptions to report arising from this responsibility. Directors' remuneration Under the Companies Act 2006 we are required to report to you if, in our opinion, certain disclosures of directors' remuneration specified by law are not made. We have no exceptions to report arising from this responsibility.
Responsibilities for the financial statements and the audit Our responsibilities and those of the directors As explained more fully in the Statement of Directors' Responsibilities set out on page 5, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view. Our responsibility is to audit and express an opinion on the financial statements in accordance with applicable law and International Standards on Auditing (UK and Ireland) ("ISAs (UK & Ireland)"). Those standards require us to comply with the Auditing Practices Board's Ethical Standards for Auditors. This report, including the opinions, has been prepared for and only for the parent company's members as a body in accordance with Chapter 3 of Part 16 of the Companies Act 2006 and for no other purpose. We do not, in giving these opinions, accept or assume responsibility for any other purpose or to any other person to whom this report is shown or into whose hands it may come save where expressly agreed by our prior consent in writing.
What an audit of financial statements involves We conducted our audit in accordance with ISAs (UK & Ireland). An audit involves obtaining evidence about the amounts and disclosures in the financial statements sufficient to give reasonable assurance that the financial statements are free from material misstatement, whether caused by fraud or error. This includes an assessment of: whether the accounting policies are appropriate to the company's circumstances and have been consistently applied and adequately disclosed; the reasonableness of significant accounting estimates made by the directors; and the overall presentation of the financial statements. We primarily focus our work in these areas by assessing the directors' judgements against available evidence, forming our own judgements, and evaluating the disclosures in the financial statements. We test and examine information, using sampling and other auditing techniques, to the extent we consider necessary to provide a reasonable basis for us to draw conclusions. We obtain audit evidence through testing the effectiveness of controls, substantive procedures or a combination of both. In addition, we read all the financial and non-financial information in the Annual Report to identify material inconsistencies with the audited financial statements and to identify any information that is apparently materially incorrect based on, or materially inconsistent with, the knowledge acquired by us in the course of performing the audit. If we become aware of any apparent material misstatements or inconsistencies we consider the implications for our report.
Tom Yeates (Senior Statutory Auditor) for and on behalf of PricewaterhouseCoopers LLP Chartered Accountants and Statutory Auditors Leeds 2016-04-14 00:00:00
The directors present their strategic report for the year ended 31 December 2014. Business Review and funding Gym Bidco Limited is an intermediate parent company within the CCMP Capital LLC group of companies (the "CCMP group") and holds bank debt associated with the on-going expansion of Pure
The directors present their strategic report for the year ended 31 December 2014. Business Review and funding Gym Bidco Limited is an intermediate parent company within the CCMP Capital LLC group of companies (the "CCMP group") and holds bank debt associated with the on-going expansion of Pure Gym Limited, a provider of low cost, physical fitness facilities. The company is an investment and financing vehicle only, it has not traded in the year and is not expected to trade in the foreseeable future. Results and KPIs The profit and loss account on page 7 shows the performance of Gym Bidco Limited for the year ended 31 December 2014. The company made a loss for the year of ?3,239,000 (period ended 31 December 2013: loss of ?3,985,000) reflecting the finance charges associated with the group's bank debt. Funding The company is the borrower within a group ?63 million committed debt facility with Barclays Bank and Haymarket Financial. This includes a ?30 million capital expenditure facility which provides Pure Gym with the ability to roll out or acquire new gyms in line with its strategy. During the year the company drew down ?12.5m of funding (period ended 31 December 2013: ?32.5m) to facilitate the expansion of Pure Gym, taking total bank debt to ?45m as at 31 December 2014 (2013: ?32.5m). Principal risks and uncertainties and financial risk management Gym Bidco Limited is exposed to interest rate risk and is also reliant on its investment in Pure Gym to enable it to meet the principle and interest payments on its bank debt when they fall due. An interest rate swap is in place to hedge against exposure to interest rate fluctuations on ?30m of the facility, which is equivalent to 67% of its drawn debt as at 31 December 2014 (2013: 92%). The directors regularly monitor the cash flow requirements of the company and of Pure Gym, through the use of short and long term cash flow forecasting. Employees and diversity Gym Bidco Limited has no employees, all associated staff are employed by Pure Gym Limited and full details of employees and diversity can be found in the financial statements of Pure Gym Limited. I am delighted to report that Humphrey Cobbold joined the group as Chief Executive of Pure Gym in January 2015 and on behalf of the Board I would like to welcome him to the Company. Humphrey brings a wealth of experience with him and I am confident that he will ensure that the Pure Gym success story continues.
A Bellamy Director 2015-03-19 00:00:00
Gym Bidco Limited 2
The directors present their annual report and the audited financial statements of Gym Bidco Limited for the year ended 31 December 2014. The company was incorporated on 29 April 2013 and therefore comparatives relate to the period from incorporation to 31 December 2013. Principal activities Gym Bidco Limited is an intermediate holding company within the CCMP Capital LLC group of companies (the "CCMP group") and is expected to remain as such for the foreseeable future. In the year ended 31 December 2014 the company reported a loss for the year of ?3,239,000 (period ended 31 December 2013: loss of ?3,985,000 after exceptional costs). The Directors are unable to recommend payment of a dividend. Directors The directors who served the company during the year and up to signing the financial statements were as follows: P W D Roberts J de Bruin A Bellamy
Statement of directors' responsibilities The directors are responsible for preparing the Strategic Report, the Directors' Report and the financial statements in accordance with applicable law and regulations. Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have prepared the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to: ?select suitable accounting policies and then apply them consistently; ?make judgements and accounting estimates that are reasonable and prudent; ?state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and ?prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. The directors are responsible for the maintenance and integrity of the company's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.
Gym Bidco Limited 3
Directors' report (continued) for the year ended 31 December 2014
Disclosure of information to auditors Each of the persons who is a director at the date of approval of this report confirms that: ?so far as the director is aware, there is no relevant audit information of which the company's auditors are unaware; and ?each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information. This confirmation is given and should be interpreted in accordance with the provisions of s418 of the Companies Act 2006. Independent Auditors In the absence of any notice proposing to terminate their appointment, PricewaterhouseCoopers LLP will be deemed to be reappointed for the next financial year. PricewaterhouseCoopers LLP have indicated their willingness to continue in office.
Our opinion In our opinion, Gym Bidco Limited's financial statements (the "financial statements"):
?give a true and fair view of the state of the company's affairs as at 31 December 2014 and of its loss for the year then ended; ?- have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and ?have been prepared in accordance with the requirements of the Companies Act 2006.
What we have audited Gym Bidco Limited's financial statements comprise:
?the balance sheet as at 31 December 2014; ?the profit and loss account for the year then ended; ?the accounting policies; and ?the notes to the financial statements, which include other explanatory information.
Opinion on other matter prescribed by the Companies Act 2006 In our opinion, the information given in the Strategic Report and the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements.
Adequacy of accounting records and information and explanations received Under the Companies Act 2006 we are required to report to you if, in our opinion:
?we have not received all the information and explanations we require for our audit; or ?adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or ?the financial statements are not in agreement with the accounting records and returns.
Directors remuneration Under the Companies Act 2006 we are required to report to you if, in our opinion, certain disclosures of directors' remuneration specified by law are not made. We have no exceptions to report arising from this responsibility.
Our responsibilities and those of the directors As explained more fully in the Statement of Directors Responsibilities set out on page 3, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view.
Our responsibility is to audit and express an opinion. on the financial statements in accordance with applicable law and International Standards on Auditing (UK and Ireland) ("ISAs (UK & Ireland)"). Those standards require us to comply with the Auditing Practices Board's Ethical Standards for Auditors. ?
This report, including the opinions, has been prepared for and only for the company's members as a body in accordance with Chapter 3 of Part 16 of the Companies Act 2006 and for no other purpose. We do not, in giving these opinions, accept or assume responsibility for any other purpose or to any other person to whom' this report is shown or into whose hands it may come save where expressly agreed by our prior consent in writing.
What an audit of financial statements involves We conducted our audit in accordance with ISAs (UK & Ireland). An audit involves obtaining evidence about the amounts and disclosures in the financial statements sufficient to give reasonable assurance that the financial statements are free from material misstatement, whether caused by fraud or error. This includes an assessment of:
?whether the accounting policies are appropriate to the company's circumstances and have been consistently applied and adequately disclosed; ?the reasonableness of significant accounting estimates made by the directors; and ?the overall presentation of the financial statements. .
We primarily focus our work in these areas by assessing the directors' judgements against available evidence, forming our own judgements, and evaluating the disclosures in the financial statements. We test and examine information, using sampling and other auditing techniques, to the extent we consider necessary to provide a reasonable basis for us to draw conclusions. We obtain audit evidence through testing the effectiveness of controls, substantive procedures or a combination of both.
In addition, we read all the financial and non-financial information in the Annual report and financial statements to identify material inconsistencies with the audited financial statements and to identify any information that is apparently materially incorrect based on, or materially inconsistent with, the knowledge acquired by us in the course of performing the audit. If we become aware of any apparent material misstatements or inconsistencies we consider the implications for our report.
Tom Yeates (Senior Statutory Auditor) for and on behalf of PricewaterhouseCoopers LLP Chartered Accountants and Statutory Auditors Leeds 2015-03-19 00:00:00
Directors' report for the period ended 31 December 2013
Gym Bidco Limited ("the company") was incorporated on 29 April 2013 and following a change in accounting reference date the directors present the annual report and audited financial statements of Gym Bidco Limited for the period from i
Gym Bidco Limited ("the company") was incorporated on 29 April 2013 and following a change in accounting reference date the directors present the annual report and audited financial statements of Gym Bidco Limited for the period from incorporation to 31 December 2013.
Principal activities Gym Bidco Limited is an intermediate holding company within the CCMP Capital LLC group of companies (the "CCMP group") and is expected to remain as such for the foreseeable future. On 23 May 2013 the company was party to a transaction in which the CCMP group purchased the entire share capital of Pure Gym Limited for consideration of ?118,138,209 and at the same time secured financing of a ?63 million committed facility with Barclays Bank and Haymarket Financial. In the period ended 31 December 2013 the company reported a loss for the period of ?3,985,000, including exceptional costs of ?2,087,000 expensed in relation to the acquisition. The Directors are unable to recommend payment of a dividend.
Directors The directors who served the company during the period and up to signing the financial statements were as follows: P W D Roberts J de Bruin A Bellamy T Walker D Forde (appointed 23 May 2013) (appointed 23 May 2013) (appointed 23 May 2013) (appointed 29 April 2013, resigned 20 June 2013) (appointed 19 June 2013, resigned 4 December 2013) Statement of directors' responsibilities The directors are responsible for preparing the Directors' Report and the financial statements in accordance with applicable law and regulations. Company law requires the directors to prepare financiaF statements for each financial year. Under that law the directors have prepared the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to: ?select suitable accounting policies and then apply them consistently; ?make judgements and accounting estimates that are reasonable and prudent; ?state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; ?prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. The directors are responsible for the maintenance and integrity of the company's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.
Directors' report (continued) for the period ended 31 December 2013
Disclosure of information to auditors Each of the persons who is a director at the date of approval of this report confirms that: ?so far as the director is aware, there is no relevant audit information of which the company's auditors are unaware; and ?each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information. This confirmation is given and should be interpreted in accordance with the provisions of s418 of the Companies Act 2006.
Small company provisions This report has been prepared in accordance with the special provisions for small companies, under Part 15 of the Companies Act 2006.
P W D Roberts Director
Report on the financial statements Our opinion In our opinion the financial statements, defined below: ?give a true and fair view of the state of the company's affairs as at 31 December 2013 and of its loss for the period then ended; ?have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and ?have been prepared in accordance with the requirements of the Companies Act 2006. This opinion is to be read in the context of what we say in the remainder of this report.
What we have audited The financial statements, which are prepared by Gym Bidco Limited, comprise: ?the balance sheet as at 31 December 2013; ?the profit and loss account for the period then ended; ?the accounting policies; and ?the notes to the financial statements, which include other explanatory information. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). In applying the financial reporting framework, the directors have made a number of subjective judgements, for example in respect of significant accounting estimates. In making such estimates, they have made assumptions and considered future events.
What an audit of the financial statements involves We conducted our audit in accordance with International Standards on Auditing (UK and Ireland) ("ISAs (UK & Ireland)"). An audit involves obtaining evidence about the amounts and disclosures in the financial statements sufficient to give reasonable assurance that the financial statements are free from material misstatement, whether caused by fraud or error. This includes an assessment of: ?whether the accounting policies are appropriate to the company's circumstances and have been consistently applied and adequately disclosed; ?the reasonableness of significant accounting estimates made by the directors; and ?the overall presentation of the financial statements. In addition, we read all the financial and non-financial information in the Annual Report and financial statements (the "Annual Report") to identify material inconsistencies with the audited financial statements and to identify any information that is apparently materially incorrect based on, or materially inconsistent with, the knowledge acquired by us in the course of performing the audit. If we become aware of any apparent material misstatements or inconsistencies we consider the implications for our report.
Opinion on other matter prescribed by the Companies Act 2006 In our opinion the information given in the Directors' Report for the financial period for which the financial statements are prepared is consistent with the financial statements.
Other matters on which we are required to report by exception Adequacy of accounting records and information and explanations received Under the Companies Act 2006 we are required to report to you if, in our opinion: ?we have not received all the information and explanations we require for our audit; or ?adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or ?the financial statements are not in agreement with the accounting records and returns. We have no exceptions to report arising from this responsibility.
Directors' remuneration Under the Companies Act 2006 we are required to report to you if, in our opinion, certain disclosures of directors' remuneration specified by law are not made. We have no exceptions to report arising from this responsibility.
Entitlement to exemptions ? Under the Companies Act 2006 we are required to report to you if, in our opinion, the directors were not entitled to take advantage of the small companies exemption from preparing a strategic report. We have no exceptions to report arising from this responsibility.
Responsibilities for the financial statements and the audit Our responsibilities and those of the directors As explained more fully in the Directors' Responsibilities Statement set out on page 2, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view. Our responsibility is to audit and express an opinion on the financial statements in accordance with applicable law and ISAs (UK & Ireland). Those standards require, us to comply with the Auditing Practices Board's Ethical Standards for Auditors. This report, including the opinions, has been prepared for and only for the company's members as a body in accordance with Chapter 3 of Part 16 of the Companies Act 2006 and for no other purpose. We do not, in giving these opinions, accept or assume responsibility for any other purpose or to any other person to whom this report is shown or into whose hands it may come save where expressly agreed by our prior consent in writing.
44 Av-&0(
Arif Ahmad (Senior Statutory Auditor) for and on behalf of PricewaterhouseCoopers LLP Chartered Accountants and Statutory Auditors Leeds
GYM BIDCO LIMITED currently has no active secretaries.
GYM MIDCO 2 LIMITED
116,666,418
David Comerton FORDE