Company registration number 08545573 (England and Wales)
GYMCATCH LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
PAGES FOR FILING WITH REGISTRAR
GYMCATCH LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 4
GYMCATCH LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2023
31 December 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
-
0
19
Current assets
Debtors
4
97,740
57,019
Cash at bank and in hand
43,361
51,747
141,101
108,766
Creditors: amounts falling due within one year
5
(368,539)
(122,622)
Net current liabilities
(227,438)
(13,856)
Net liabilities
(227,438)
(13,837)
Capital and reserves
Called up share capital
6,233
6,233
Share premium account
1,249,073
1,249,073
Profit and loss reserves
(1,482,744)
(1,269,143)
Total equity
(227,438)
(13,837)

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

For the financial Year ended 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The members have not required the company to obtain an audit of its financial statements for the Year in question in accordance with section 476.

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

The financial statements were approved and signed by the director and authorised for issue on 17 January 2024
Mr O Bailey
Director
Company registration number 08545573 (England and Wales)
GYMCATCH LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 2 -
1
Accounting policies
Company information

Gymcatch Limited is a private company limited by shares incorporated in England and Wales. The registered office is c/o Bright Grahame Murray, Emperor's Gate, 114a Cromwell Road, London, SW7 4AG.

1.1
Accounting convention

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

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

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

1.2
Going concern

Atruet the time of approving the financial statements, the director has a reasonable expectation, based upon future funding which was secured prior to the balance sheet date, that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the director continues to adopt the going concern basis of accounting in preparing the financial statements.

1.3
Reporting period

These financial statements cover a 7 month period, the comparative figures are for a 12 month period.

1.4
Turnover

Turnover represents amounts invoiced in respect of membership subscriptions and similar services and is exclusive of VAT and discounts.

1.5
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Computer equipment
Straight line over 4 years

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.6
Cash at bank and in hand

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

1.7
Financial instruments

The company only has Financial Instruments of a type which would be classified as Basic Financial Instruments. Basic Financial Instruments are initially recognised at cost and are subsequently retranslated at settlement value.

GYMCATCH LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 3 -

Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recognised in profit or loss immediately, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk.

1.8
Taxation

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

Current tax

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

Deferred tax

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

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.9
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

1.10
Retirement benefits

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

1.11
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

1.12
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

GYMCATCH LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 4 -
2
Employees

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

2023
2022
Number
Number
Total
5
4
3
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 January 2023 and 31 December 2023
528
Depreciation and impairment
At 1 January 2023
509
Depreciation charged in the Year
19
At 31 December 2023
528
Carrying amount
At 31 December 2023
-
0
At 31 December 2022
19
4
Debtors
2023
2022
Amounts falling due within one year:
£
£
Corporation tax recoverable
97,740
57,019
5
Creditors: amounts falling due within one year
2023
2022
Notes
£
£
Loans and overdrafts
55,457
43,417
Trade creditors
8,147
5,709
Amounts received in advance of share issues
56,405
56,405
Other taxation and social security
23,068
6,722
Loans and other similar balances
200,000
-
0
Accruals and deferred income
25,462
10,369
368,539
122,622
GYMCATCH LIMITED
SCHEDULES TO THE PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 DECEMBER 2023
Year
Period
ended
ended
31 December
31 December
2023
2022
£
£
Cost of sales
Purchases and other direct costs
Commissions payable
887
4,236
Cloud infrastructure
2,296
1,296
Contractors
113,320
65,382
Software costs
43,509
25,985
Marketing
50,365
21,762
Total cost of sales
210,377
118,661
Administrative expenses
Wages and salaries
119,042
57,194
Social security costs
36,307
19,450
Staff recruitment costs
18,000
-
Staff pension costs defined contribution
1,443
552
Directors' remuneration
180,000
87,500
Rent re operating leases
-
90
Insurance
455
268
Travelling expenses
449
189
Accommodation and subsistence
70
-
Legal and professional fees
6,450
363
Accountancy
3,350
3,250
Bank charges
7,860
6,089
Website costs
-
631
Entertaining
289
435
Sundry expenses
230
1,001
Depreciation
19
68
Profit or loss on foreign exchange
8
(151)
373,972
176,929
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