Caseware UK (AP4) 2023.0.135 2023.0.135 2024-05-312024-05-31truefalse2023-06-01The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.Development of an app where people can find, book and pay personal trainers in their area.33truefalse 12613731 2023-06-01 2024-05-31 12613731 2022-06-01 2023-05-31 12613731 2024-05-31 12613731 2023-05-31 12613731 2022-06-01 12613731 c:Director2 2023-06-01 2024-05-31 12613731 d:OfficeEquipment 2023-06-01 2024-05-31 12613731 d:OfficeEquipment 2024-05-31 12613731 d:OfficeEquipment 2023-05-31 12613731 d:OfficeEquipment d:OwnedOrFreeholdAssets 2023-06-01 2024-05-31 12613731 d:DevelopmentCostsCapitalisedDevelopmentExpenditure 2023-06-01 2024-05-31 12613731 d:ComputerSoftware 2024-05-31 12613731 d:ComputerSoftware 2023-05-31 12613731 d:CurrentFinancialInstruments 2024-05-31 12613731 d:CurrentFinancialInstruments 2023-05-31 12613731 d:CurrentFinancialInstruments d:WithinOneYear 2024-05-31 12613731 d:CurrentFinancialInstruments d:WithinOneYear 2023-05-31 12613731 d:ShareCapital 2023-06-01 2024-05-31 12613731 d:ShareCapital 2024-05-31 12613731 d:ShareCapital 2023-05-31 12613731 d:ShareCapital 2022-06-01 12613731 d:SharePremium 2023-06-01 2024-05-31 12613731 d:SharePremium 2024-05-31 12613731 d:SharePremium 2023-05-31 12613731 d:SharePremium 2022-06-01 12613731 d:RetainedEarningsAccumulatedLosses 2023-06-01 2024-05-31 12613731 d:RetainedEarningsAccumulatedLosses 2024-05-31 12613731 d:RetainedEarningsAccumulatedLosses 2022-06-01 2023-05-31 12613731 d:RetainedEarningsAccumulatedLosses 2023-05-31 12613731 d:RetainedEarningsAccumulatedLosses 2022-06-01 12613731 c:OrdinaryShareClass1 2023-06-01 2024-05-31 12613731 c:OrdinaryShareClass1 2024-05-31 12613731 c:OrdinaryShareClass1 2023-05-31 12613731 c:FRS102 2023-06-01 2024-05-31 12613731 c:AuditExempt-NoAccountantsReport 2023-06-01 2024-05-31 12613731 c:FullAccounts 2023-06-01 2024-05-31 12613731 c:PrivateLimitedCompanyLtd 2023-06-01 2024-05-31 12613731 d:ComputerSoftware d:ExternallyAcquiredIntangibleAssets 2023-06-01 2024-05-31 12613731 2 2023-06-01 2024-05-31 12613731 d:ComputerSoftware d:OwnedIntangibleAssets 2023-06-01 2024-05-31 12613731 e:PoundSterling 2023-06-01 2024-05-31 xbrli:shares iso4217:GBP xbrli:pure
Registered number: 12613731






SWEATSEARCH LIMITED
UNAUDITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024










img0e87.png

 
SWEATSEARCH LIMITED
REGISTERED NUMBER:12613731

BALANCE SHEET
AS AT 31 MAY 2024

2024
2023
Note
£
£

Fixed assets
  

Intangible assets
 4 
107,734
125,903

Tangible assets
 5 
1,515
1,403

  
109,249
127,306

Current assets
  

Debtors: amounts falling due within one year
 6 
1,178
290

Cash at bank and in hand
 7 
13,925
4,494

  
15,103
4,784

Creditors: amounts falling due within one year
 8 
(378,866)
(284,898)

Net current liabilities
  
 
 
(363,763)
 
 
(280,114)

Total assets less current liabilities
  
(254,514)
(152,808)

  

Net liabilities
  
(254,514)
(152,808)


Capital and reserves
  

Called up share capital 
 9 
112
111

Share premium account
 10 
209,988
189,989

Profit and loss account
 10 
(464,614)
(342,908)

  
(254,514)
(152,808)

Page 1

 
SWEATSEARCH LIMITED
REGISTERED NUMBER:12613731
    
BALANCE SHEET (CONTINUED)
AS AT 31 MAY 2024

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: 




M R Huisman
Director

Date: 6 March 2025

Page 2

 
SWEATSEARCH LIMITED
 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MAY 2024


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

£
£
£
£


At 1 June 2022
111
189,989
(216,543)
(26,443)



Loss for the year
-
-
(126,365)
(126,365)



At 1 June 2023
111
189,989
(342,908)
(152,808)



Loss for the year
-
-
(121,706)
(121,706)


Contributions by and distributions to owners

Shares issued during the year
1
19,999
-
20,000


At 31 May 2024
112
209,988
(464,614)
(254,514)


Page 3

 
SWEATSEARCH LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

1.


General information

Sweatsearch Ltd is a private company limited by share capital, incorporated in England and Wales, registration number 12613731. The address of the registered office is Millhouse, 32-38 East Street, Rochford, Essex, SS4 1DB.
The principal activity of the company continued to be that of development of an app where people can find, book and pay personal trainers in their area.

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

Going concern

These financial statements have been prepared on a going concern basis notwithstanding the net current liabilities in the balance sheet. In making this assessment the directors have considered the Company's financial position, future plans, and continued support of one of the Directors. Taking into account a period exceeding twelve months from the date of approval of these financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future and are satisfied that no material uncertainties to going concern exist at the date of approval of these financial statements.  

 
2.3

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.

Page 4

 
SWEATSEARCH LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

2.Accounting policies (continued)

 
2.4

Revenue

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:

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.

 
2.5

Interest income

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

 
2.6

Intangible assets

Intangible assets consist of development costs of an app where people can find, book and pay personal trainers in their area. Once completed, the app will be used to generate income for the company. 

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

 The estimated useful lives range as follows:

App development costs
-
5
years (beginning upon completion)
Page 5

 
SWEATSEARCH LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

2.Accounting policies (continued)

 
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, on a reducing balance basis.

Depreciation is provided on the following basis:

Office equipment
-
33%
Reducing balance

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

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.

 
2.9

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.

 
2.10

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 3 (2023 - 3).

Page 6

 
SWEATSEARCH LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

4.


Intangible assets



App development costs

£



Cost


At 1 June 2023
207,093


Additions
29,064



At 31 May 2024

236,157



Amortisation


At 1 June 2023
81,190


Charge for the year on owned assets
47,233



At 31 May 2024

128,423



Net book value



At 31 May 2024
107,734



Page 7

 
SWEATSEARCH LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

5.


Tangible fixed assets





Office equipment

£



Cost or valuation


At 1 June 2023
2,834


Additions
667



At 31 May 2024

3,501



Depreciation


At 1 June 2023
1,432


Charge for the year on owned assets
554



At 31 May 2024

1,986



Net book value



At 31 May 2024
1,515


6.


Debtors

2024
2023
£
£


Other debtors
1,178
290

1,178
290



7.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
13,925
4,494

13,925
4,494


Page 8

 
SWEATSEARCH LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

8.


Creditors: Amounts falling due within one year

2024
2023
£
£

Trade creditors
3,300
1,194

Taxation and social security
6,674
3,838

Other creditors
365,642
276,038

Accruals and deferred income
3,250
3,828

378,866
284,898



9.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



11,144 (2023 - 11,064) Ordinary shares of £0.01 each
112
111


During the period 80 Ordinary shares were issued at a value of £0.80 per share.


10.


Reserves

Share premium account

This reserve represents the amount above the nominal value received for shares sold, less transactions costs. 

Profit and loss account

The profit and loss reserve comprises the cumulative retained profits and losses. All reserves in respect of profit and loss are distributable reserves.

 
Page 9