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Registered number: 13204541
Swing Fitness Limited
Unaudited Financial Statements
For The Year Ended 30 November 2023
Max Accountants Ltd
Ketton Suite
The King Centre
Oakham
Rutland
LE15 7WD
Unaudited Financial Statements
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—6
Page 1
Balance Sheet
Registered number: 13204541
30 November 2023 30 November 2022
Notes £ £ £ £
FIXED ASSETS
Intangible Assets 4 208,570 141,782
Tangible Assets 5 32,296 46,641
240,866 188,423
CURRENT ASSETS
Debtors 6 8,462 11,437
Cash at bank and in hand 91,899 328,170
100,361 339,607
Creditors: Amounts Falling Due Within One Year 7 (58,167 ) 49,910
NET CURRENT ASSETS (LIABILITIES) 42,194 389,517
TOTAL ASSETS LESS CURRENT LIABILITIES 283,060 577,940
NET ASSETS 283,060 577,940
CAPITAL AND RESERVES
Called up share capital 8 8 8
Share premium account 1,050,063 1,050,063
Profit and Loss Account (767,011 ) (472,131 )
SHAREHOLDERS' FUNDS 283,060 577,940
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For the year ending 30 November 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr Ian William Nagle
Director
4 April 2024
The notes on pages 3 to 6 form part of these financial statements.
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Notes to the Financial Statements
1. General Information
Swing Fitness Limited is a private company, limited by shares, incorporated in England & Wales, registered number 13204541 . The registered office is 19 Herbert Street, Cambridge, CB4 1AG.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
2.2. Going Concern Disclosure
The directors have not identified any material uncertainties related to events or conditions that may cast significant doubt about the company's ability to continue as a going concern. Therefore the financial statements have been prepared on a going concern basis which assumes the Company will continue in operational existence for the foreseeable future. 
The Company is involved in research and development activities and is working towards achieving a sustainable revenue generating activity. The directors have considered the basis of the financial statements and are satisfied that a combination of business growth and further investment commitments will enable the Company to meet its liabilities as they fall due.
2.3. Turnover
Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Company and the turnover can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.
2.4. Intangible Fixed Assets and Amortisation - Other Intangible
Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:
Asset class 
Amortisation method and rate
Patents
7 years, straight line
Software development 
4 years, straight line
2.5. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Plant & Machinery 4 years, straight line
Motor Vehicles 4 years, straight line
Computer Equipment 3 years, straight line
2.6. Cash and Cash Equivalents
Cash and cash equivalents are basic financial assets and include cash in hand and deposits held at call with banks, other short-term highly liquid investments that mature in no more than three months from the date of acquisition and are readily convertible to a known amount of cash with insignificant risk of change in value, and bank overdrafts.
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2.7. Financial Instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Basic financial assets
Basic financial assets, which include debtors and bank balances, are measured at transaction price including transaction costs.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors, are recognised at transaction price including transaction costs.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities.
2.8. Foreign Currencies
Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate ruling on the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
2.9. Taxation
Tax is recognised in profit or loss except that a charge is attributable to an item of income and expense recognised as other comphrehensive income or to an item recognised directly in equity is also recognised in other comphrehensive income or directly in equity respectively.
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.
2.10. Pensions
The company operates a defined pension contribution scheme. Contributions are charged to the profit and loss account as they become payable in accordance with the rules of the scheme.
2.11. Government Grant
Government grants are recognised in the profit and loss account in an appropriate manner that matches them with the expenditure towards which they are intended to contribute.
Grants for immediate financial support or to cover costs already incurred are recognised immediately in the profit and loss account. Grants towards general activities of the entity over a specific period are recognised in the profit and loss account over that period.
Grants towards fixed assets are recognised over the expected useful lives of the related assets and are treated as deferred income and released to the profit and loss account over the useful life of the asset concerned.
All grants in the profit and loss account are recognised when all conditions for receipt have been complied with.
2.12. Research and Development
In the research phase of an internal project it is not possible to demonstrate that the project will generate future economic benefits and hence all expenditure on research shall be recognised as an expense when it is incurred. Intangible assets are recognised from the development phase of a project if and only if certain specific cirteria are met in order to demonstrate the asset will generate probable future economic benefits and that its cost can be reliably measured. The capitalised development costs are subsequently amortised on a straight line basis over their useful economic lives.
If it is not possible to distinguish between the research phase and the development phase of an internal project, the expenditure is treated as if it were all incurred in the research phase only.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 6 (2022: 4)
6 4
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4. Intangible Assets
Development Costs
£
Cost
As at 1 December 2022 158,600
Additions 106,309
As at 30 November 2023 264,909
Amortisation
As at 1 December 2022 16,818
Provided during the period 39,521
As at 30 November 2023 56,339
Net Book Value
As at 30 November 2023 208,570
As at 1 December 2022 141,782
5. Tangible Assets
Plant & Machinery Motor Vehicles Computer Equipment Total
£ £ £ £
Cost
As at 1 December 2022 41,115 15,995 - 57,110
Additions - - 369 369
As at 30 November 2023 41,115 15,995 369 57,479
Depreciation
As at 1 December 2022 9,121 1,348 - 10,469
Provided during the period 10,623 3,998 93 14,714
As at 30 November 2023 19,744 5,346 93 25,183
Net Book Value
As at 30 November 2023 21,371 10,649 276 32,296
As at 1 December 2022 31,994 14,647 - 46,641
6. Debtors
30 November 2023 30 November 2022
£ £
Due within one year
Trade debtors 2,440 -
Prepayments and accrued income 4,981 5,755
VAT 1,041 5,682
8,462 11,437
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7. Creditors: Amounts Falling Due Within One Year
30 November 2023 30 November 2022
£ £
Trade creditors 107,021 9,970
Corporation tax (69,418 ) (101,635 )
Other creditors 3,343 30,762
Accruals and deferred income 17,221 10,993
58,167 (49,910 )
8. Share Capital
30 November 2023 30 November 2022
£ £
Allotted, Called up and fully paid 8 8
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