Company registration number 14217712 (England and Wales)
COACHHUB LTD
FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023
PAGES FOR FILING WITH REGISTRAR
COACHHUB LTD
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 5
COACHHUB LTD
BALANCE SHEET
AS AT 31 DECEMBER 2023
31 December 2023
- 1 -
2023
Notes
£
£
Current assets
Debtors
3
8,180,193
Cash at bank and in hand
129,755
8,309,948
Creditors: amounts falling due within one year
4
(9,984,408)
Net current liabilities
(1,674,460)
Creditors: amounts falling due after more than one year
5
(1,662,290)
Net liabilities
(3,336,750)
Capital and reserves
Called up share capital
6
100
Profit and loss reserves
(3,336,850)
Total equity
(3,336,750)
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
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 by the board of directors and authorised for issue on 7 October 2024 and are signed on its behalf by:
Mr S Allinson
Director
Company registration number 14217712 (England and Wales)
COACHHUB LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023
- 2 -
1
Accounting policies
Company information
Coachhub Ltd is a private company limited by shares incorporated in England and Wales. The registered office is Bay Lodge, 36 Harefield Road, Uxbridge, Middlesex, UB8 1PH.
1.1
Reporting period
The company was incorporated on 6 July 2022 and the company's reporting period is from 6 July 2022 to 31 December 2023.
1.2
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.
1.3
Going concern
The company relies on its ultimate parent undertaking to provide financial support in the form of extended credit terms for services supplied and intercompany loans. The directors of the company have received a written letter of support from the parent company confirming that a sufficient level of support will continue for at least 12 months from the approval of these financial statements. This is why the directors believe that even though the company has made a loss during the period and its current liabilities exceed its assets, the directors consider that it is appropriate for the financial statements to be prepared a going concern basis. true
The directors believe that the parent undertaking has sufficient liquid resources available in the foreseeable future to support the company. In their review of availability of the parent's financial headroom for the foreseeable future, the directors have taken into account the latest signed consolidated financial statements, current draft results of the parent company and 2025 outlook on the budgeted group affairs.
1.4
Turnover
Turnover for a coaching platform licence starts to be recognised upon the send-out of the welcome email to a coachee and runs linearly until the licensed coaching has been completed. The unit price agreed with customers is determined by the monthly price per seat. The volume is determined by the number of coachees that have been activated on the platform.
Turnover is recognised at the fair value of the consideration received or receivable for services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
1.5
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 current liabilities.
COACHHUB LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 3 -
1.6
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.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally 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.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method 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. Financial assets classified as receivable within one year are not amortised.
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, bank loans, loans from fellow group companies and preference shares that are classified as debt, 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. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
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 if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
1.7
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.8
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.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.9
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
COACHHUB LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2023
- 4 -
2
Employees
The average monthly number of persons (including directors) employed by the company during the period was:
2023
Number
Total
42
3
Debtors
2023
Amounts falling due within one year:
£
Trade debtors
322,829
Amounts owed by related parties
7,857,269
Other debtors
95
8,180,193
4
Creditors: amounts falling due within one year
2023
£
Trade creditors
4,395
Amounts owed to related parties
9,372,780
Taxation and social security
17,352
Other creditors
589,881
9,984,408
5
Creditors: amounts falling due after more than one year
2023
£
Amounts owed to related parties
1,662,290
6
Called up share capital
2023
2023
Ordinary share capital
Number
£
Issued and fully paid
Ordinary shares of 1p each
10,000
100
COACHHUB LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2023
- 5 -
7
Audit report information
As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:
The auditor's report was unqualified.
In forming our opinion on the financial statements, which is not qualified, we have considered the adequacy of the disclosures made in note 1.3 to the financial statements, concerning the company’s ability to continue as a going concern.
The company is reliant on the support of its parent undertaking. In consequence of this parent support the company remains a going concern and therefore the accounts have been prepared on this basis.
Senior Statutory Auditor:
Colin Hamilton
Statutory Auditor:
Ward Williams Limited
Date of audit report:
8 October 2024
8
Related party transactions
The company has taken advantage of the exemption available under FRS 102, Section 33.1A, which allows it not to disclose transactions with wholly owned subsidiaries within the group. This exemption applies to transactions between group entities that are wholly owned by the group.
9
Parent company
The company is a wholly owned subsidiary of CoachHub GmbH, which is the ultimate controlling party with registered office address of Alexanderstra 36, 10179 Berlin.
The following are the parents of the largest and smallest groups in which this company's results are consolidated:
Largest group
CoachHub GmbH
Smallest group
CoachHub GmbH