Caseware UK (AP4) 2023.0.135 2023.0.135 2022-12-312022-12-31falsetrue2022-01-01No description of principal activity53trueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 11985468 2022-01-01 2022-12-31 11985468 2021-01-01 2021-12-31 11985468 2022-12-31 11985468 2021-12-31 11985468 c:Director1 2022-01-01 2022-12-31 11985468 c:Director2 2022-01-01 2022-12-31 11985468 c:Director2 2022-12-31 11985468 c:Director3 2022-01-01 2022-12-31 11985468 c:Director3 2022-12-31 11985468 c:Director4 2022-01-01 2022-12-31 11985468 c:Director4 2022-12-31 11985468 c:RegisteredOffice 2022-01-01 2022-12-31 11985468 d:ComputerEquipment 2022-01-01 2022-12-31 11985468 d:ComputerEquipment 2022-12-31 11985468 d:ComputerEquipment 2021-12-31 11985468 d:ComputerEquipment d:OwnedOrFreeholdAssets 2022-01-01 2022-12-31 11985468 d:CopyrightsPatentsTrademarksServiceOperatingRights 2022-12-31 11985468 d:CopyrightsPatentsTrademarksServiceOperatingRights 2021-12-31 11985468 d:CurrentFinancialInstruments 2022-12-31 11985468 d:CurrentFinancialInstruments 2021-12-31 11985468 d:CurrentFinancialInstruments d:WithinOneYear 2022-12-31 11985468 d:CurrentFinancialInstruments d:WithinOneYear 2021-12-31 11985468 d:ShareCapital 2022-12-31 11985468 d:ShareCapital 2021-12-31 11985468 d:SharePremium 2022-12-31 11985468 d:SharePremium 2021-12-31 11985468 d:RetainedEarningsAccumulatedLosses 2022-12-31 11985468 d:RetainedEarningsAccumulatedLosses 2021-12-31 11985468 c:OrdinaryShareClass1 2022-01-01 2022-12-31 11985468 c:OrdinaryShareClass1 2022-12-31 11985468 c:OrdinaryShareClass1 2021-12-31 11985468 c:OrdinaryShareClass2 2022-01-01 2022-12-31 11985468 c:OrdinaryShareClass2 2022-12-31 11985468 c:OrdinaryShareClass2 2021-12-31 11985468 c:OrdinaryShareClass3 2022-01-01 2022-12-31 11985468 c:OrdinaryShareClass3 2022-12-31 11985468 c:FRS102 2022-01-01 2022-12-31 11985468 c:AuditExempt-NoAccountantsReport 2022-01-01 2022-12-31 11985468 c:FullAccounts 2022-01-01 2022-12-31 11985468 c:PrivateLimitedCompanyLtd 2022-01-01 2022-12-31 11985468 d:CopyrightsPatentsTrademarksServiceOperatingRights d:ExternallyAcquiredIntangibleAssets 2022-01-01 2022-12-31 xbrli:shares iso4217:GBP xbrli:pure


Registered number: 11985468












GAINX LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

 

GAINX LIMITED

CONTENTS



Page
Company information
 
1
Balance sheet
 
2 - 3
Notes to the financial statements
 
4 - 10


 

GAINX LIMITED
 
COMPANY INFORMATION


Directors
A Mohring 
L Apotheker (appointed 9 December 2022)
A R Aylwin (appointed 9 December 2022)
M Piscitelli (appointed 9 December 2022)




Registered number
11985468



Registered office
16 Great Queen Street
Covent Garden

London

WC2B 5AH




Accountants
Blick Rothenberg Limited
Chartered Accountants

16 Great Queen Street

Covent Garden

London

WC2B 5AH




Page 1


 
REGISTERED NUMBER:11985468
GAINX LIMITED

BALANCE SHEET
AS AT 31 DECEMBER 2022

2022
2021
Note
£
£

Fixed assets
  

Intangible assets
 4 
1,785,232
1,368,668

Tangible assets
 5 
276
622

  
1,785,508
1,369,290

Current assets
  

Debtors: amounts falling due within one year
 6 
-
121,839

Cash at bank and in hand
  
442,673
199,721

  
442,673
321,560

Creditors: amounts falling due within one year
 7 
(1,823,836)
(958,116)

Net current liabilities
  
 
 
(1,381,163)
 
 
(636,556)

Net assets
  
404,345
732,734


Capital and reserves
  

Called up share capital 
 8 
1,070
1,028

Share premium account
  
2,175,947
2,025,938

Profit and loss account
  
(1,772,672)
(1,294,232)

Total equity
  
404,345
732,734


Page 2


 
REGISTERED NUMBER:11985468
GAINX LIMITED
    
BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2022

The directors consider that the company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The company has opted not to file the profit and loss account in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




A Mohring
Director

Date: 7 March 2024

Page 3

 

GAINX LIMITED

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

1.


General information

GainX Limited is a private company limited by shares incorporated in England and Wales. Its registered office is 16 Great Queen Street, Covent Garden, London, WC2B 5AH.
The financial statements are presented in Sterling (£).

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

 
2.2

Going concern

After making enquiries, the director has a reasonable expectation that the company has adequate resources to continue in operational existence and meet its liabilities as they fall due for the foreseeable future, being a period of at least twelve months from the date these financial statements were approved. Accordingly, the director continues to adopt the going concern basis in preparing the financial statements.

 
2.3

Foreign currency translation

Functional and presentation currency

The company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Page 4

 

GAINX LIMITED

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

2.Accounting policies (continued)

 
2.4

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.5

Finance costs

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

 
2.6

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

 
2.7

Intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

The intangible asset is not being amortised until it is in its fully completed form.

 
2.8

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Page 5

 

GAINX LIMITED

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

2.Accounting policies (continued)


2.8
Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Computer equipment
-
25%

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.


2.9

Financial instruments

The company has elected to apply Sections 11 and 12 of FRS 102 in respect of financial instruments.

Financial assets and financial liabilities are recognised when the company becomes party to the contractual provisions of the instrument. 

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. 
 
The company’s policies for its major classes of financial assets and financial liabilities are set out below. 

Financial assets
Basic financial assets, including trade and other debtors, cash and bank balances and intercompany working capital balances are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest for a similar debt instrument. Financing transactions are those in which payment is deferred beyond normal business terms or is financed at a rate of interest that is not a market rate.

Such assets are subsequently carried at amortised cost using the effective interest method, less any impairment.

Financial liabilities

Basic financial liabilities, including trade and other creditors and loans from fellow group companies  are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Financing transactions are those in which payment is deferred beyond normal business terms or is financed at a rate of interest that is not a market rate.

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

Page 6

 

GAINX LIMITED

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

2.Accounting policies (continued)





Financial instruments (continued)

Impairment of financial assets
Financial assets measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the profit and loss account. 

For financial assets measured at cost less impairment, the impairment loss is measured as the difference between the asset's carrying amount and the best estimate of the amount the company would receive for the asset if it were to be sold at the reporting date. 

For financial assets measured at amortised cost, the impairment loss is measured as the difference between the asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If the financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Derecognition of financial assets and financial liabilities
Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or (c) despite having retained some significant risks and rewards of ownership, control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions. 
 
Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.

Offsetting of financial assets and financial liabilities
Financial assets and liabilities are offset and the net amount reported in the balance sheet when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

 
2.10

Cash

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours.

Page 7

 

GAINX LIMITED

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

2.Accounting policies (continued)

 
2.11

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in the profit and loss account, except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.
Current tax is the amount of income tax payable in respect of taxable profit for the year or prior years.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the company operates and generates income.

Deferred tax arises from timing differences that are differences between taxable profits and total comprehensive income as stated in the financial statements. These timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in the financial statements.
Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
 
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

  
2.12

Share capital

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


3.


Employees

The average monthly number of employees, including directors, during the year was 5 (2021 -3).

Page 8

 

GAINX LIMITED

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

4.


Intangible assets




Intellectual property

£



Cost


At 1 January 2022
1,368,668


Additions
416,564



At 31 December 2022

1,785,232






Net book value



At 31 December 2022
1,785,232



At 31 December 2021
1,368,668

The intangible asset is not being amortised until it is in its fully completed form.




5.


Tangible fixed assets





Computer equipment

£



Cost


At 1 January 2022
1,383



At 31 December 2022

1,383



Depreciation


At 1 January 2022
761


Charge for the year on owned assets
346



At 31 December 2022

1,107



Net book value



At 31 December 2022
276



At 31 December 2021
622

Page 9

 

GAINX LIMITED

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

6.


Debtors

2022
2021
£
£


Trade debtors
-
120,000

Prepayments and accrued income
-
1,839

-
121,839



7.


Creditors: Amounts falling due within one year

2022
2021
£
£

Other loans
304,165
33,168

Trade creditors
26,287
17,022

Other taxation and social security
63,705
78,001

Other creditors
518,445
465,089

Accruals and deferred income
911,234
364,836

1,823,836
958,116



8.


Share capital

2022
2021
£
£
Allotted, called up and fully paid



201,676 (2021 -187,000) A Ordinary shares of £0.001 each
202
187
840,820 (2021 -841,000) Founder shares of £0.001 each
841
841
26,841 (2021 -) Growth shares shares of £0.001 each
27
-

1,070

1,028


During the year, the company issued 14,676 A Ordinary 0.001 shares at premium, and 26,841 Growth shares 0.001 shares at premium, the allotment was fully paid up.


9.


Related party transactions

In 2019, GainX Limited purchased business assets for consideration of $750,000 from GainX Inc, a connected company. Consideration is outstanding in intercompany account and interest is accruing at 9% pa.

 
Page 10