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Company No: 14575456 (England and Wales)

GETSETGO! GROUP LIMITED

Unaudited Financial Statements
For the financial period from 06 January 2023 to 31 January 2024
Pages for filing with the registrar

GETSETGO! GROUP LIMITED

Unaudited Financial Statements

For the financial period from 06 January 2023 to 31 January 2024

Contents

GETSETGO! GROUP LIMITED

BALANCE SHEET

As at 31 January 2024
GETSETGO! GROUP LIMITED

BALANCE SHEET (continued)

As at 31 January 2024
Note 31.01.2024
£
Fixed assets
Intangible assets 3 156,220
Tangible assets 4 458,972
Investments 5 100,000
715,192
Current assets
Stocks 3,389
Debtors 6 180,282
Cash at bank and in hand 1,322
184,993
Creditors: amounts falling due within one year 7 ( 412,058)
Net current liabilities (227,065)
Total assets less current liabilities 488,127
Creditors: amounts falling due after more than one year 8 ( 366,702)
Net assets 121,425
Capital and reserves
Called-up share capital 9 5
Share premium account 374,294
Profit and loss account ( 252,874 )
Total shareholders' funds 121,425

For the financial period ending 31 January 2024 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The financial statements of GetSetGo! Group Limited (registered number: 14575456) were approved and authorised for issue by the Board of Directors on 05 October 2024. They were signed on its behalf by:

C Harrison
Director
GETSETGO! GROUP LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial period from 06 January 2023 to 31 January 2024
GETSETGO! GROUP LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial period from 06 January 2023 to 31 January 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial period, unless otherwise stated.

General information and basis of accounting

GetSetGo! Group Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Sh.613 The Shepherds Building Charecroft Way, Shepherds Bush, London, W14 0EE, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

The directors have assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The directors have a reasonable expectation that the Company has adequate resources and support from the directors to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Turnover


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:

Sale of goods
Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
* the Company has transferred the significant risks and rewards of ownership to the buyer;
* the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
* the amount of revenue can be measured reliably;
* it is probable that the Company will receive the consideration due under the transaction; and
* the costs incurred or to be incurred in respect of the transaction can be measured reliably.

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.

Employee benefits

Defined contribution schemes
The Company operates a defined contribution scheme. The amount charged to the Statement of Income and Retained Earnings in respect of pension costs and other post-retirement benefits is the contributions payable in the financial period. Differences between contributions payable in the financial period and contributions actually paid are included as either accruals or prepayments in the Balance Sheet.

Finance costs

Finance costs are charged to the Statement of Income and Retained Earnings over the term of the debt using the effective interest method so 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.

Intangible assets

Intangible assets are stated at cost or valuation, net of amortisation and any provision for impairment. Amortisation is provided on all intangible assets at rates to write off the cost or valuation of each asset over its expected useful life as follows:

Goodwill 10 years straight line
Computer software 3 years straight line
Goodwill

Goodwill arises on business combination and represents any excess of consideration given over the fair value of the identifiable assets and liabilities acquired. Goodwill is initially recognised as an intangible asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight line basis over its useful economic life, which is 10 years.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Leasehold improvements 10 - 12 years straight line
Computer equipment 4 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

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.

Leases

The Company as lessee
Assets held under finance leases, hire purchase contracts and other similar arrangements, which confer rights and obligations similar to those attached to owned assets, are capitalised as tangible fixed assets at the fair value of the leased asset (or, if lower, the present value of the minimum lease payments as determined at the inception of the lease) and are depreciated over the shorter of the lease terms and their useful lives. The capital elements of future lease obligations are recorded as liabilities, while the interest elements are charged to the Statement of Income and Retained Earnings over the period of the leases to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Statement of Income and Retained Earnings as described below.

Fixed asset investments

Investments in subsidiaries are measured at cost less impairment.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

Cash and cash equivalents

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 creditors: amounts falling due within one year.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a 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.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

2. Employees

Period from
06.01.2023 to
31.01.2024
Number
Monthly average number of persons employed by the Company during the period, including directors 9

3. Intangible assets

Goodwill Computer software Total
£ £ £
Cost
At 06 January 2023 0 0 0
Additions 168,394 6,888 175,282
At 31 January 2024 168,394 6,888 175,282
Accumulated amortisation
At 06 January 2023 0 0 0
Charge for the financial period 16,839 2,223 19,062
At 31 January 2024 16,839 2,223 19,062
Net book value
At 31 January 2024 151,555 4,665 156,220

Goodwill represents the amount paid for the assets of GetSetGo! Family Clubs Limited in excess of their resale value.

4. Tangible assets

Leasehold improve-
ments
Computer equipment Total
£ £ £
Cost
At 06 January 2023 0 0 0
Additions 469,125 7,450 476,575
At 31 January 2024 469,125 7,450 476,575
Accumulated depreciation
At 06 January 2023 0 0 0
Charge for the financial period 15,772 1,831 17,603
At 31 January 2024 15,772 1,831 17,603
Net book value
At 31 January 2024 453,353 5,619 458,972

5. Fixed asset investments

Investments in subsidiaries

31.01.2024
£
Cost
At 06 January 2023 0
Additions 100,000
At 31 January 2024 100,000
Carrying value at 31 January 2024 100,000

The addition in the year represents an acquisition of 100% of the share capital in Swimming Rocks Limited.

6. Debtors

31.01.2024
£
Trade debtors 1,102
Amounts owed by related parties 45,811
Prepayments 35,916
Other debtors 97,453
180,282

7. Creditors: amounts falling due within one year

31.01.2024
£
Trade creditors 75,622
Amounts owed to directors 23,126
Other loans (secured £ 133,320) 138,944
Accruals and deferred income 51,308
Other taxation and social security 91,122
Obligations under finance leases and hire purchase contracts (secured) 11,435
Other creditors 20,501
412,058

8. Creditors: amounts falling due after more than one year

31.01.2024
£
Other loans (secured) 352,810
Obligations under finance leases and hire purchase contracts (secured) 13,892
366,702

The other loans are secured by fixed and floating charges on the property of the Company.

Obligations under finance leases and hire purchase contracts are secured on the leased assets.

9. Called-up share capital

31.01.2024
£
Allotted, called-up and fully-paid
45,354 A1 ordinary shares of £ 0.00001 each 0.45
138,541 A ordinary shares of £ 0.00001 each 1.39
4,956 B ordinary shares of £ 0.00001 each 0.05
44,690 C ordinary shares of £ 0.00001 each 0.45
200,000 D ordinary shares of £ 0.00001 each 2.00
19,999 E ordinary shares of £ 0.00001 each 0.20
4.54

The following share allotments took place during the year:
On 31/01/2023 22,345 C shares issued at Par
On 31/01/2023 22,345 C shares issued at Par
On 31/01/2023 1,596 B shares issued at Par
On 31/01/2023 13,8541 A shares issued at Premium
On 17/04/2023 741 E shares issued at Premium
On 17/04/2023 359 E shares issued at Premium
On 17/04/2023 1,680 B shares issued at Premium
On 17/04/2023 370 E shares issued at Premium
On 17/04/2023 840 B shares issued at Premium
On 17/04/2023 4,858 E shares issued at Premium
On 17/04/2023 1,853 E shares issued at Premium
On 17/04/2023 370 E shares issued at Premium
On 17/04/2023 370 E shares issued at Premium
On 17/04/2023 2963 E shares issued at Premium
On 17/04/2023 741 E shares issued at Premium
On 17/04/2023 840 B shares issued at Premium
On 17/04/2023 3,705 E shares issued at Premium
On 17/04/2023 370 E shares issued at Premium
On 17/04/2023 1,076 E shares issued at Premium
On 19/05/2023 741 E shares issued at Premium
On 19/05/2023 741 E shares issued at Premium
On 19/05/2023 741 E shares issued at Premium
On 31/01/2023 10,0000 D shares issued at Premium
On 31/01/2023 10,0000 D shares issued at Premium
On 04/12/2023 45,354 A1 shares issued at Premium

10. Financial commitments

Commitments

Total future minimum lease payments under non-cancellable operating leases are as follows:

31.01.2024
£
within one year 155,000
between one and five years 491,667
after five years 634,167
1,280,834

Pensions

The Company operates a defined contribution pension scheme for the directors and employees. The assets of the scheme are held separately from those of the Company in an independently administered fund.

31.01.2024
£
Unpaid contributions due to the fund (inc. in other creditors) 1,737