Company registration number 08590852 (England and Wales)
FITNESSGENES LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
PAGES FOR FILING WITH REGISTRAR
FITNESSGENES LTD
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 9
FITNESSGENES LTD
BALANCE SHEET
AS AT 31 DECEMBER 2024
31 December 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Intangible assets
3
44,770
40,558
Tangible assets
4
27,794
37,625
72,564
78,183
Current assets
Stocks
51,986
67,573
Debtors
5
219,969
273,687
Cash at bank and in hand
162,280
378,508
434,235
719,768
Creditors: amounts falling due within one year
6
(1,029,092)
(223,535)
Net current (liabilities)/assets
(594,857)
496,233
Total assets less current liabilities
(522,293)
574,416
Creditors: amounts falling due after more than one year
7
(5,833)
(15,832)
Net (liabilities)/assets
(528,126)
558,584
Capital and reserves
Called up share capital
8
2,386
2,386
Share premium account
7,919,982
7,919,982
Profit and loss reserves
(8,450,494)
(7,363,784)
Total equity
(528,126)
558,584

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

For the financial year ended 31 December 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

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 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.

FITNESSGENES LTD
BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2024
31 December 2024
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 11 February 2025 and are signed on its behalf by:
Dr S Decombel
Director
Company Registration No. 08590852
FITNESSGENES LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 3 -
1
Accounting policies
Company information

FitnessGenes Ltd is a private company limited by shares incorporated in England and Wales. The registered office is Bicester Innovation Centre, Commerce House, Telford Road, Bicester, Oxfordshire, OX26 4LD.

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 directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and 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.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

1.4
Intangible fixed assets other than goodwill

Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

 

Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.

Amortisation 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:

Patents & trademarks
Amortised over 3 years
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.

FITNESSGENES LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 4 -

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:

Fixtures, fittings & equipment
20% Straight line
Computer equipment
20% Straight line

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
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.7
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand and deposits held at call with banks.

1.8
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ 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.

FITNESSGENES LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 5 -
Basic financial liabilities

Basic financial liabilities, including creditors and loans, 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.

1.9
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.

1.10
Taxation

The tax expense represents the sum of the tax currently payable and any R&D tax credits.

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.

1.11
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.

1.12
Retirement benefits

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

1.13
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.

1.14
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.

FITNESSGENES LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 6 -
2
Employees

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

2024
2023
Number
Number
Total
13
15
3
Intangible fixed assets
Patents & trademarks
£
Cost
At 1 January 2024
50,206
Additions
27,498
At 31 December 2024
77,704
Amortisation and impairment
At 1 January 2024
9,648
Amortisation charged for the year
23,286
At 31 December 2024
32,934
Carrying amount
At 31 December 2024
44,770
At 31 December 2023
40,558
FITNESSGENES LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 7 -
4
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 January 2024
88,207
Additions
1,990
At 31 December 2024
90,197
Depreciation and impairment
At 1 January 2024
50,582
Depreciation charged in the year
11,821
At 31 December 2024
62,403
Carrying amount
At 31 December 2024
27,794
At 31 December 2023
37,625
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
1,994
1,411
Corporation tax recoverable
181,261
205,645
Other debtors
36,714
66,631
219,969
273,687
FITNESSGENES LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 8 -
6
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans
10,000
10,000
Trade creditors
21,808
17,993
Taxation and social security
28,802
30,339
Other creditors
968,482
165,203
1,029,092
223,535

The bank loan is repayable in instalments over 6 years. The loan is guaranteed by the government and carries an interest rate of 2.5% p.a.

 

Included within other creditors is a loan due to Best Leap Ventures Limited totalling £65,000 (2023: £65,000). This loan is non-interest bearing and is repayable upon demand.

 

During the year, the company received loan advances of £250,000 and £379,000 from Best Leap Ventures, with interest chargeable on these loans at 8% and 5%, respectively. As at 31 December 2024, the net balance outstanding was £646,255 (2023: £Nil).

 

During the year, the company received loan advance of £200,000 from Aland (HK) , with interest chargeable on this loan at 5%. As at 31 December 2024, the net balance outstanding was £201,611 (2023: £Nil).

 

 

 

7
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans
5,833
15,832

The bank loan is repayable in instalments over 6 years. The loan is guaranteed by the government and carries an interest rate of 2.5% p.a.

 

8
Called up share capital
2024
2023
£
£
Ordinary share capital
Issued and fully paid
19,380 Ordinary A shares of 10p each
1,938
1,938
FITNESSGENES LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
8
Called up share capital
2024
2023
(Continued)
- 9 -
Preference share capital
£
£
Issued and fully paid
2,824 Preference shares A of 10p each
282
282
1,662 Preference shares B of 10p each
166
166
448
448
Preference shares classified as equity
448
448
Total equity share capital
2,386
2,386
9
Operating lease commitments
Lessee

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:

2024
2023
£
£
8,502
55,364
2024-12-312024-01-01falsefalsefalse11 February 2025CCH SoftwareCCH Accounts Production 2024.310No description of principal activityL ChangDr S DecombelH LiuL DongDr A J Vallance-OwenD Byrne085908522024-01-012024-12-31085908522024-12-31085908522023-12-3108590852core:IntangibleAssetsOtherThanGoodwill2024-12-3108590852core:IntangibleAssetsOtherThanGoodwill2023-12-3108590852core:OtherPropertyPlantEquipment2024-12-3108590852core:OtherPropertyPlantEquipment2023-12-3108590852core:CurrentFinancialInstrumentscore:WithinOneYear2024-12-3108590852core:CurrentFinancialInstrumentscore:WithinOneYear2023-12-3108590852core:Non-currentFinancialInstrumentscore:AfterOneYear2024-12-3108590852core:Non-currentFinancialInstrumentscore:AfterOneYear2023-12-3108590852core:ShareCapital2024-12-3108590852core:ShareCapital2023-12-3108590852core:SharePremium2024-12-3108590852core:SharePremium2023-12-3108590852core:RetainedEarningsAccumulatedLosses2024-12-3108590852core:RetainedEarningsAccumulatedLosses2023-12-3108590852bus:Director22024-01-012024-12-3108590852core:IntangibleAssetsOtherThanGoodwill2024-01-012024-12-3108590852core:PatentsTrademarksLicencesConcessionsSimilar2024-01-012024-12-3108590852core:FurnitureFittings2024-01-012024-12-3108590852core:ComputerEquipment2024-01-012024-12-31085908522023-01-012023-12-3108590852core:IntangibleAssetsOtherThanGoodwill2023-12-3108590852core:OtherPropertyPlantEquipment2023-12-3108590852core:OtherPropertyPlantEquipment2024-01-012024-12-3108590852core:CurrentFinancialInstruments2024-12-3108590852core:CurrentFinancialInstruments2023-12-3108590852core:WithinOneYear2024-12-3108590852core:WithinOneYear2023-12-3108590852core:Non-currentFinancialInstruments2024-12-3108590852core:Non-currentFinancialInstruments2023-12-3108590852bus:PrivateLimitedCompanyLtd2024-01-012024-12-3108590852bus:FRS1022024-01-012024-12-3108590852bus:AuditExemptWithAccountantsReport2024-01-012024-12-3108590852bus:Director12024-01-012024-12-3108590852bus:Director32024-01-012024-12-3108590852bus:Director42024-01-012024-12-3108590852bus:Director52024-01-012024-12-3108590852bus:CompanySecretary12024-01-012024-12-3108590852bus:SmallCompaniesRegimeForAccounts2024-01-012024-12-3108590852bus:FullAccounts2024-01-012024-12-31xbrli:purexbrli:sharesiso4217:GBP