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Registered number: 12281171










GAITQ LIMITED








UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 DECEMBER 2023

 
GAITQ LIMITED
REGISTERED NUMBER: 12281171

BALANCE SHEET
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 4 
53,304
6,970

  
53,304
6,970

Current assets
  

Stocks
  
66,364
28,680

Debtors: amounts falling due within one year
 5 
127,596
132,513

Cash at bank and in hand
 6 
345,068
267,361

  
539,028
428,554

Current liabilities
  

Creditors: amounts falling due within one year
 7 
(162,557)
(127,817)

Total assets less current liabilities
  
 
 
429,775
 
 
307,707

  

Net assets
  
429,775
307,707


Capital and reserves
  

Called up share capital 
 8 
1,384
1,046

Share premium account
  
2,653,730
1,979,068

Profit and loss account
  
(2,225,339)
(1,672,407)

  
429,775
307,707


Page 1

 
GAITQ LIMITED
REGISTERED NUMBER: 12281171

BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2023

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




S C Godwin
Director

Date: 23 October 2024

The notes on pages 4 to 8 form part of these financial statements.

Page 2

 
GAITQ LIMITED
 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023


Called up share capital
Share premium account
Profit and loss account
Total equity

£
£
£
£


At 1 January 2022
769
1,564,341
(714,307)
850,803



Loss for the year
-
-
(958,100)
(958,100)

Shares issued during the year
277
414,727
-
415,004



At 1 January 2023
1,046
1,979,068
(1,672,407)
307,707



Loss for the year
-
-
(552,932)
(552,932)

Shares issued during the year
338
674,662
-
675,000


At 31 December 2023
1,384
2,653,730
(2,225,339)
429,775


The notes on pages 4 to 8 form part of these financial statements.

Page 3

 
GAITQ LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.


General information

GaitQ Limited is a company limited by shares and incorporated in England & Wales. The address of its registered office is 2 Chawley Park, Cumnor Hill, Oxford,OX2 9GG.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. 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 following principal accounting policies have been applied:

 
2.2

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of Comprehensive Income within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

 
2.3

Government grants

Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to profit or loss at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income.
Grants of a revenue nature are recognised in the Statement of Comprehensive Income in the same period as the related expenditure.

 
2.4

Interest income

Interest income is recognised in profit or loss using the effective interest method.

Page 4

 
GAITQ LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.5

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds.

 
2.6

Taxation

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive 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.

 
2.7

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, .

Depreciation is provided on the following basis:

Plant and machinery
-
33%
Straight-line method
Office equipment
-
33%
Straight-line method
Computer equipment
-
33%
Straight-line method
Lab equipment
-
33%
Straight-line method

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.8

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

Page 5

 
GAITQ LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.9

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.10

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.11

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.


3.


Employees

The average monthly number of employees, including directors, during the year was 11 (2022 - 7).


4.


Tangible fixed assets





Plant and machinery
Office equipment
Computer equipment
Lab equipment
Total

£
£
£
£
£



Cost or valuation


At 1 January 2023
-
398
12,878
1,054
14,330


Additions
48,575
-
7,781
3,650
60,006


Disposals
-
-
(555)
-
(555)



At 31 December 2023

48,575
398
20,104
4,704
73,781



Depreciation


At 1 January 2023
-
188
6,777
395
7,360


Charge for the year on owned assets
8,095
131
4,547
545
13,318


Disposals
-
-
(201)
-
(201)



At 31 December 2023

8,095
319
11,123
940
20,477



Net book value



At 31 December 2023
40,480
79
8,981
3,764
53,304

Page 6

 
GAITQ LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

5.


Debtors

2023
2022
£
£


Trade debtors
-
106,497

Other debtors
19,013
24,067

Prepayments and accrued income
108,583
1,949

127,596
132,513



6.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
345,068
267,361



7.


Creditors: Amounts falling due within one year

2023
2022
£
£

Trade creditors
16,973
41,306

Other taxation and social security
19,980
13,792

Other creditors
51,335
3,821

Accruals and deferred income
74,269
68,898

162,557
127,817



8.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



1,384,000 (2022 - 1,045,006) Ordinary shares of £0.001 each
1,384
1,046


During the year, 337,500 Ordinary shares of £0.001 each were issued for a total consideration of £675,000.


9.


Pension commitments

The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company  in an independently administered fund. The pension cost charge represents contributions payable by the Company  to the fund and amounted to £8,758 (2022 - £7,225). Contributions totalling £2,161 (2022 - £2,571) were payable to the fund at the balance sheet date and are included in creditors.

Page 7

 
GAITQ LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

10.


Commitments under operating leases

At 31 December 2023 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2023
2022
£
£


Not later than 1 year
19,332
9,256

19,332
9,256


11.


Post balance sheet events

In April 2024, GaitQ and Swiss medical device company machineMD announced the joint award of a million dollar research grant from InnovateUK and Innosuisse to enable the collection and analysis of critical movement data from people with Parkinson’s.   The grant will fund an 18 month research project that will record movement data from 100 UK and Swiss people with Parkinson’s as they go about their daily lives, to help more effectively monitor the development of the disease.  
On 5th April 2024, the company issued 50,000 shares for a total consideration of £150,000. 


Page 8