Company No:
Contents
Note | 31.01.2024 | |
£ | ||
Fixed assets | ||
Intangible assets | 3 |
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Tangible assets | 4 |
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Investments | 5 |
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715,192 | ||
Current assets | ||
Stocks |
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Debtors | 6 |
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Cash at bank and in hand |
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184,993 | ||
Creditors: amounts falling due within one year | 7 | (
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Net current liabilities | (227,065) | |
Total assets less current liabilities | 488,127 | |
Creditors: amounts falling due after more than one year | 8 | (
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Net assets |
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Capital and reserves | ||
Called-up share capital | 9 |
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Share premium account |
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Profit and loss account | (
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Total shareholders' funds |
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Directors' responsibilities:
The financial statements of GetSetGo! Group Limited (registered number:
C Harrison
Director |
The principal accounting policies are summarised below. They have all been applied consistently throughout the financial period, unless otherwise stated.
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 £.
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.
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.
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 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.
Goodwill |
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Computer software |
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Leasehold improvements |
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Computer equipment |
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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.
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.
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.
Investments in subsidiaries are measured at cost less impairment.
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.
Period from 06.01.2023 to 31.01.2024 |
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Number | |
Monthly average number of persons employed by the Company during the period, including directors |
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Goodwill | Computer software | Total | |||
£ | £ | £ | |||
Cost | |||||
At 06 January 2023 |
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Additions |
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At 31 January 2024 |
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Accumulated amortisation | |||||
At 06 January 2023 |
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Charge for the financial period |
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At 31 January 2024 |
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Net book value | |||||
At 31 January 2024 |
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Goodwill represents the amount paid for the assets of GetSetGo! Family Clubs Limited in excess of their resale value.
Leasehold improve- ments |
Computer equipment | Total | |||
£ | £ | £ | |||
Cost | |||||
At 06 January 2023 |
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Additions |
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At 31 January 2024 |
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Accumulated depreciation | |||||
At 06 January 2023 |
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Charge for the financial period |
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At 31 January 2024 |
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Net book value | |||||
At 31 January 2024 |
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Investments in subsidiaries
31.01.2024 | |
£ | |
Cost | |
At 06 January 2023 | 0 |
Additions |
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At 31 January 2024 |
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Carrying value at 31 January 2024 |
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The addition in the year represents an acquisition of 100% of the share capital in Swimming Rocks Limited.
31.01.2024 | |
£ | |
Trade debtors |
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Amounts owed by related parties |
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Prepayments |
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Other debtors |
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31.01.2024 | |
£ | |
Trade creditors |
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Amounts owed to directors |
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Other loans (secured £
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Accruals and deferred income |
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Other taxation and social security |
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Obligations under finance leases and hire purchase contracts (secured) |
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Other creditors |
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31.01.2024 | |
£ | |
Other loans (secured) |
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Obligations under finance leases and hire purchase contracts (secured) |
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Obligations under finance leases and hire purchase contracts are secured on the leased assets.
31.01.2024 | |
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Allotted, called-up and fully-paid | |
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4.54 |
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
Commitments
Total future minimum lease payments under non-cancellable operating leases are as follows:
31.01.2024 | |
£ | |
within one year |
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between one and five years |
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after five years |
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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) |
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