Caseware UK (AP4) 2023.0.135 2023.0.135 2024-03-312024-03-312023-04-01falseThe principal activity of the company is a health/fitness platform, specialising in virtual races and competitions.75truetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 13797096 2023-04-01 2024-03-31 13797096 2021-12-13 2023-03-31 13797096 2024-03-31 13797096 2023-03-31 13797096 2021-12-13 13797096 c:Director1 2023-04-01 2024-03-31 13797096 d:ComputerEquipment 2023-04-01 2024-03-31 13797096 d:ComputerEquipment 2024-03-31 13797096 d:ComputerEquipment 2023-03-31 13797096 d:ComputerEquipment d:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 13797096 d:DevelopmentCostsCapitalisedDevelopmentExpenditure 2024-03-31 13797096 d:DevelopmentCostsCapitalisedDevelopmentExpenditure 2023-03-31 13797096 d:CurrentFinancialInstruments 2024-03-31 13797096 d:CurrentFinancialInstruments 2023-03-31 13797096 d:CurrentFinancialInstruments d:WithinOneYear 2024-03-31 13797096 d:CurrentFinancialInstruments d:WithinOneYear 2023-03-31 13797096 d:ShareCapital 2024-03-31 13797096 d:ShareCapital 2023-03-31 13797096 d:SharePremium 2023-04-01 2024-03-31 13797096 d:SharePremium 2024-03-31 13797096 d:SharePremium 2023-03-31 13797096 d:RetainedEarningsAccumulatedLosses 2023-04-01 2024-03-31 13797096 d:RetainedEarningsAccumulatedLosses 2024-03-31 13797096 d:RetainedEarningsAccumulatedLosses 2023-03-31 13797096 d:AcceleratedTaxDepreciationDeferredTax 2024-03-31 13797096 c:OrdinaryShareClass1 2023-04-01 2024-03-31 13797096 c:FRS102 2023-04-01 2024-03-31 13797096 c:AuditExempt-NoAccountantsReport 2023-04-01 2024-03-31 13797096 c:FullAccounts 2023-04-01 2024-03-31 13797096 c:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 13797096 d:Subsidiary1 2023-04-01 2024-03-31 13797096 d:Subsidiary1 1 2023-04-01 2024-03-31 13797096 d:DevelopmentCostsCapitalisedDevelopmentExpenditure d:InternallyGeneratedIntangibleAssets 2023-04-01 2024-03-31 13797096 6 2023-04-01 2024-03-31 13797096 d:DevelopmentCostsCapitalisedDevelopmentExpenditure d:OwnedIntangibleAssets 2023-04-01 2024-03-31 13797096 e:PoundSterling 2023-04-01 2024-03-31 iso4217:GBP xbrli:pure
Registered number: 13797096














STEPATHLON LIFESTYLE UK LIMITED

 
UNAUDITED

 FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2024

 
STEPATHLON LIFESTYLE UK LIMITED
REGISTERED NUMBER:13797096

BALANCE SHEET
AS AT 31 MARCH 2024

2024
2023
Note
$
$

Fixed assets
  

Intangible assets
 4 
826,188
71,776

Tangible assets
 5 
4,356
6,035

Investments
 6 
25,365
25,365

  
855,909
103,176

Current assets
  

Debtors: amounts falling due within one year
 7 
226,301
196,443

Cash at bank and in hand
 8 
7,601
673,702

  
233,902
870,145

Creditors: amounts falling due within one year
 9 
(521,638)
(131,503)

Net current (liabilities)/assets
  
 
 
(287,736)
 
 
738,642

Total assets less current liabilities
  
568,173
841,818

Provisions for liabilities
  

Deferred tax
 10 
(1,509)
(1,509)

  
 
 
(1,509)
 
 
(1,509)

Net assets
  
566,664
840,309


Capital and reserves
  

Called up share capital 
 11 
41,486
37,139

Share premium account
 12 
2,420,848
1,630,372

Profit and loss account
 12 
(1,895,670)
(827,202)

  
566,664
840,309


Page 1

 
STEPATHLON LIFESTYLE UK LIMITED
REGISTERED NUMBER:13797096
    
BALANCE SHEET (CONTINUED)
AS AT 31 MARCH 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 profit and loss account 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: 




R S Krishnan
Director

Date: 24 March 2025

The notes on pages 3 to 9 form part of these financial statements.

Page 2

 
STEPATHLON LIFESTYLE UK LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

1.


General information

Stepathlon Lifestyle UK Limited is a private company, limited by shares, registered in England and Wales, registration number 13797096. The registered office address is Elsley Court, 20-22 Great Titchfield Street, London, W1W 8BE.
The principal activity of the company is a health/fitness platform, specialising in virtual races and competitions.
 
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 Section 1A of the Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

 
2.2

Foreign currency translation

Functional and presentation currency

The company's functional and presentational currency is the US Dollar.

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.

 
2.3

Turnover

Turnover is recognised to the extent that it is probable that the economic benefits will flow to the company and the turnover can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.
Turnover from the health and fitness platform is recognised when it is probable the company will receive the right to the consideration due under the contract. 

Page 3

 
STEPATHLON LIFESTYLE UK LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.4

Research and development

In the research phase of an internal project it is not possible to demonstrate that the project will generate future economic benefits and hence all expenditure on research shall be recognised as an expense when it is incurred. Intangible assets are recognised from the development phase of a project if and only if certain specific criteria are met in order to demonstrate the asset will generate probable future economic benefits and that its cost can be reliably measured. The capitalised development costs are subsequently amortised on a straight-line basis over their useful economic lives, which range from 3 to 6 years.
If it is not possible to distinguish between the research phase and the development phase of an internal project, the expenditure is treated as if it were all incurred in the research phase only.

 
2.5

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that 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.

 
2.6

Pensions

Defined contribution pension plan

The company operates a defined contribution plan for its employees. A defined contribution plan iis a pension plan under which the company pays fixed contributions into a seprate 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 seprately from the company in independantly administrated funds.

 
2.7

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. 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 corporation 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.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Page 4

 
STEPATHLON LIFESTYLE UK LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.8

Intangible assets

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.

 
2.9

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, using the straight-line method.

Depreciation is provided on the following basis:

Computer equipment
-
25%
straight-line

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.

 
2.10

 Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

 
2.11

 Debtors

Short-term debtors are measured at transaction price, less any impairment.

 
2.12

 Cash

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. 

 
2.13

 Creditors

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

 
2.14

 Financial instruments

The company enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities such as trade and other debtors, trade and other creditors and loans with related parties.

Page 5

 
STEPATHLON LIFESTYLE UK LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

3.


Employees

The average monthly number of employees, including directors, during the year was 7 (2023 - 5).


4.


Intangible assets




Development expenditure

$



Cost


At 1 April 2023
71,776


Additions
766,207



At 31 March 2024

837,983



Amortisation


Charge for the year on owned assets
11,795



At 31 March 2024

11,795



Net book value



At 31 March 2024
826,188



At 31 March 2023
71,776



Page 6

 
STEPATHLON LIFESTYLE UK LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

5.


Tangible fixed assets





Computer equipment

$



Cost or valuation


At 1 April 2023
6,603



At 31 March 2024

6,603



Depreciation


At 1 April 2023
568


Charge for the year on owned assets
1,679



At 31 March 2024

2,247



Net book value



At 31 March 2024
4,356



At 31 March 2023
6,035


6.


Fixed asset investments





Investments in subsidiary companies

$



Cost


At 1 April 2023
25,365



At 31 March 2024
25,365





Subsidiary undertaking


The following was a subsidiary undertaking of the company:

Name

Registered office

Principal activity

Class of shares

Holding

Stepathlon Lifestyle Private Limited
402, Avionne, S.V. Road, Vile Parle West, Mumbai 400056, India.
Health/fitness platform, specialising in virtual race and competition
Ordinary shares
93%

Page 7

 
STEPATHLON LIFESTYLE UK LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

7.


Debtors

2024
2023
$
$


Trade debtors
80,156
189,404

Other debtors
28,313
5,990

Called up share capital not paid
16,664
538

Prepayments
101,168
511

226,301
196,443



8.


Cash

2024
2023
$
$

Cash at bank and in hand
7,601
673,702



9.


Creditors: amounts falling due within one year

2024
2023
$
$

Trade creditors
243,229
22,564

Amounts owed to group undertakings
75,557
73,228

Other taxation and social security
96,851
-

Other creditors
92,226
29,211

Accruals and deferred income
13,775
6,500

521,638
131,503



10.


Deferred taxation



2024
2023


$

$






At beginning of year
(1,509)
-


Charged to profit or loss
-
(1,509)



At end of year
(1,509)
(1,509)

2024
$


Accelerated capital allowances
1,509

Page 8

 
STEPATHLON LIFESTYLE UK LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

11.


Share capital

2024
2023
$
$
Allotted, called up



31,801,591 (2023 - 28,398,882)  Ordinary shares of $0.0013045 (2023 -$0.0013078) (£0.001) each
41,486
37,139


The Ordinary shares have attached to them full voting, dividend and capital distribution (including on winding up) rights; They do not confer any rights of redemption.
During the year, the company issued 3,402,709 Ordinary shares at an aggregated subscription price of $794,822 and an aggregated nominal value of $4,347.


12.


Reserves

Share premium account

The share premium account is a non-distributable reserve which represent the excess of proceeds received over the nominal value of the share issued.
 
Profit and loss account

The profit and loss account is a distributable reserve arising from accumulated profit and losses to date.


13.


Pension commitments

The company operates a defined contribution 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 $9,356 (2023 - $3,225). Included in other creditors at the year end is an amount payable of $5,942 (2023 - $NIL).


14.


Transactions with directors

At the year end, the company owed $60,497 (2023 - $4,214) to the directors. The loan is unsecured, interest free and repayable on demand.

 
Page 9