Caseware UK (AP4) 2023.0.135 2023.0.135 2024-09-302024-09-300falsefalseNo description of principal activity2023-10-013234falsefalse 09242159 2023-10-01 2024-09-30 09242159 2022-10-01 2023-09-30 09242159 2024-09-30 09242159 2023-09-30 09242159 2022-10-01 09242159 4 2023-10-01 2024-09-30 09242159 4 2022-10-01 2023-09-30 09242159 5 2023-10-01 2024-09-30 09242159 5 2022-10-01 2023-09-30 09242159 d:Director1 2023-10-01 2024-09-30 09242159 d:Director2 2023-10-01 2024-09-30 09242159 d:RegisteredOffice 2023-10-01 2024-09-30 09242159 e:FurnitureFittings 2023-10-01 2024-09-30 09242159 e:FurnitureFittings 2024-09-30 09242159 e:FurnitureFittings 2023-09-30 09242159 e:FurnitureFittings e:OwnedOrFreeholdAssets 2023-10-01 2024-09-30 09242159 e:ComputerEquipment 2023-10-01 2024-09-30 09242159 e:ComputerEquipment 2024-09-30 09242159 e:ComputerEquipment 2023-09-30 09242159 e:ComputerEquipment e:OwnedOrFreeholdAssets 2023-10-01 2024-09-30 09242159 e:OwnedOrFreeholdAssets 2023-10-01 2024-09-30 09242159 e:PatentsTrademarksLicencesConcessionsSimilar 2023-10-01 2024-09-30 09242159 e:PatentsTrademarksLicencesConcessionsSimilar 2024-09-30 09242159 e:PatentsTrademarksLicencesConcessionsSimilar 2023-09-30 09242159 e:DevelopmentCostsCapitalisedDevelopmentExpenditure 2023-10-01 2024-09-30 09242159 e:ComputerSoftware 2024-09-30 09242159 e:ComputerSoftware 2023-09-30 09242159 e:CurrentFinancialInstruments 2024-09-30 09242159 e:CurrentFinancialInstruments 2023-09-30 09242159 e:CurrentFinancialInstruments e:WithinOneYear 2024-09-30 09242159 e:CurrentFinancialInstruments e:WithinOneYear 2023-09-30 09242159 e:ReportableOperatingSegment1 2023-10-01 2024-09-30 09242159 e:ReportableOperatingSegment1 2022-10-01 2023-09-30 09242159 e:ReportableOperatingSegment2 2023-10-01 2024-09-30 09242159 e:ReportableOperatingSegment2 2022-10-01 2023-09-30 09242159 e:ReportableOperatingSegment3 2023-10-01 2024-09-30 09242159 e:ReportableOperatingSegment3 2022-10-01 2023-09-30 09242159 e:ReportableOperatingSegment5 2023-10-01 2024-09-30 09242159 e:ReportableOperatingSegment5 2022-10-01 2023-09-30 09242159 e:UKTax 2023-10-01 2024-09-30 09242159 e:UKTax 2022-10-01 2023-09-30 09242159 e:ShareCapital 2023-10-01 2024-09-30 09242159 e:ShareCapital 2024-09-30 09242159 e:ShareCapital 2022-10-01 2023-09-30 09242159 e:ShareCapital 2023-09-30 09242159 e:ShareCapital 2022-10-01 09242159 e:SharePremium 2023-10-01 2024-09-30 09242159 e:SharePremium 2024-09-30 09242159 e:SharePremium 2022-10-01 2023-09-30 09242159 e:SharePremium 2023-09-30 09242159 e:SharePremium 2022-10-01 09242159 e:RetainedEarningsAccumulatedLosses 2023-10-01 2024-09-30 09242159 e:RetainedEarningsAccumulatedLosses 2024-09-30 09242159 e:RetainedEarningsAccumulatedLosses 2022-10-01 2023-09-30 09242159 e:RetainedEarningsAccumulatedLosses 2023-09-30 09242159 e:RetainedEarningsAccumulatedLosses 2022-10-01 09242159 e:FinancialAssetsDesignatedFairValueThroughProfitOrLoss 2024-09-30 09242159 e:FinancialAssetsDesignatedFairValueThroughProfitOrLoss 2023-09-30 09242159 d:OrdinaryShareClass1 2023-10-01 2024-09-30 09242159 d:OrdinaryShareClass1 2024-09-30 09242159 d:OrdinaryShareClass1 2023-09-30 09242159 d:OrdinaryShareClass2 2023-10-01 2024-09-30 09242159 d:OrdinaryShareClass2 2024-09-30 09242159 d:OrdinaryShareClass2 2023-09-30 09242159 d:OrdinaryShareClass3 2023-10-01 2024-09-30 09242159 d:OrdinaryShareClass3 2024-09-30 09242159 d:OrdinaryShareClass3 2023-09-30 09242159 d:OrdinaryShareClass4 2023-10-01 2024-09-30 09242159 d:OrdinaryShareClass4 2024-09-30 09242159 d:OrdinaryShareClass4 2023-09-30 09242159 d:OrdinaryShareClass5 2023-10-01 2024-09-30 09242159 d:OrdinaryShareClass5 2024-09-30 09242159 d:OrdinaryShareClass5 2023-09-30 09242159 d:FRS102 2023-10-01 2024-09-30 09242159 d:Audited 2023-10-01 2024-09-30 09242159 d:FullAccounts 2023-10-01 2024-09-30 09242159 d:PrivateLimitedCompanyLtd 2023-10-01 2024-09-30 09242159 2 2023-10-01 2024-09-30 09242159 e:PatentsTrademarksLicencesConcessionsSimilar e:OwnedIntangibleAssets 2023-10-01 2024-09-30 09242159 e:ComputerSoftware e:OwnedIntangibleAssets 2023-10-01 2024-09-30 09242159 f:PoundSterling 2023-10-01 2024-09-30 xbrli:shares iso4217:GBP xbrli:pure

Registered number: 09242159









SWEATCO LTD









ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 SEPTEMBER 2024

 
SWEATCO LTD
 
 
COMPANY INFORMATION


Directors
A Derlyatka 
O Fomenko 




Registered number
09242159



Registered office
C/o OHS Secretaries Limited
9th Floor

107 Cheapside

London

EC2V 6DN




Independent auditors
Adler Shine LLP
Chartered Accountants & Statutory Auditor

Aston House

Cornwall Avenue

London

N3 1LF





 
SWEATCO LTD
 

CONTENTS



Page
Strategic report
1
Directors' report
2 - 3
Independent auditors' report
4 - 7
Statement of comprehensive income
8
Balance sheet
9
Statement of changes in equity
10
Statement of cash flows
11
Notes to the financial statements
12 - 24

 
SWEATCO LTD
 
 
STRATEGIC REPORT
FOR THE YEAR ENDED 30 SEPTEMBER 2024

Introduction
 
The Company operates the mobile application “Sweatcoin” available directly to consumers through the App Store, Google Play digital marketplace. As at 30 September 2024, the Company has one application available in App Store and Google Play.

Business review
 
The Company’s principal activity related to the provision of research and development and software promotion services of the Sweatcoin app. 

Principal risks and uncertainties
 
Market risk
Market risks occur when a company is subject to adverse business conditions in its normal course of operating its business due to increased competition in the market and/or fluctuations in costs (e.g. capital, inventory, labour etc.). The entity engages directly with third party customers and is directly subjected to and bears market risk in the course of its routine operations.
Credit risk
The entity directly bears credit and collection risks from customers.
Research and development risk
The entity bears Research and Developmnent risk with respect to the Company’s product development and R&D activities.

Financial key performance indicators
 
The business considers standard financial indicators to monitor its performance on an ongoing basis. Those are as follows: 
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Other key performance indicators
 
There are no other key performance indicators.


This report was approved by the board and signed on its behalf.



................................................
A Derlyatka
Director

Date: 27 June 2025
Page 1

 
SWEATCO LTD
 
 
 
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 SEPTEMBER 2024

The directors present their report and the financial statements for the year ended 30 September 2024.

Directors' responsibilities statement

The directors are responsible for preparing the Strategic report, the Directors' report and the financial statements in accordance with applicable law and regulations.
 
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and of the profit or loss of the Company for that period.

 In preparing these financial statements, the directors are required to:


select suitable accounting policies for the Company's financial statements and then apply them consistently;

make judgments and accounting estimates that are reasonable and prudent;

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and to enable them to ensure that the financial statements comply with the Companies Act 2006They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Results and dividends

The profit for the year, after taxation, amounted to £747,050 (2023 - £75,292).

This represents a decrease from the prior year. In the prior year the entity benefited from the expansion into Latin America. 

Directors

The directors who served during the year were:

A Derlyatka 
O Fomenko 

Future developments

The business will continue to invest significantly into research and development.

Page 2

 
SWEATCO LTD
 
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024

Disclosure of information to auditors

Each of the persons who are directors at the time when this Directors' report is approved has confirmed that:
 
so far as the director is aware, there is no relevant audit information of which the Company's auditors are unaware, and

the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company's auditors are aware of that information.

Post balance sheet events

There have been no significant events affecting the Company since the year end.

Auditors

The auditorsAdler Shine LLPwill be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

This report was approved by the board and signed on its behalf.
 





................................................
A Derlyatka
Director

Date: 27 June 2025
Page 3

 
SWEATCO LTD
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF SWEATCO LTD
 

Opinion


We have audited the financial statements of SweatCo Ltd (the 'Company') for the year ended 30 September 2024, which comprise the Statement of comprehensive income, the Balance sheet, the Statement of cash flows, the Statement of changes in equity and the related notes, including a summary of significant accounting policiesThe financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).


In our opinion the financial statements:


give a true and fair view of the state of the Company's affairs as at 30 September 2024 and of its profit for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.


Basis for opinion


We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.


Conclusions relating to going concern


In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.


Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.


Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.


Page 4

 
SWEATCO LTD
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF SWEATCO LTD (CONTINUED)


Other information


The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' report thereon. The directors are responsible for the other information contained within the Annual ReportOur opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.


We have nothing to report in this regard.


Opinion on other matters prescribed by the Companies Act 2006
 

In our opinion, based on the work undertaken in the course of the audit:


the information given in the Strategic report and the Directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Strategic report and the Directors' report have been prepared in accordance with applicable legal requirements.


Matters on which we are required to report by exception
 

In the light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic report or the Directors' report.


We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:


adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
the financial statements are not in agreement with the accounting records and returns; or
certain disclosures of directors' remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.


Responsibilities of directors
 

As explained more fully in the Directors' responsibilities statement set out on page 2, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.


In preparing the financial statements, the directors are responsible for assessing the Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the Company or to cease operations, or have no realistic alternative but to do so.


Page 5

 
SWEATCO LTD
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF SWEATCO LTD (CONTINUED)


Auditors' responsibilities for the audit of the financial statements
 

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.


Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
We identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, and then design and perform audit procedures responsive to those risks, including obtaining audit evidence that is sufficient and appropriate to provide a basis for our opinion. 
In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, we have:
• considered the nature of the industry and sectors, control environment and business performance;
• made enquires of management about their own identification and assessment of the risk of irregularities; 
• performed audit work over the risk of management override of controls, including testing of journal entries  and other adjustments for appropriateness and reviewing accounting estimates for bias;
• reviewed minutes of meetings;
• undertaken appropriate sample based testing of bank transactions;
• identified and evaluated compliance with relevant laws and regulations and made enquiries of any
  instances of non-compliance;
• discussed matters among the audit engagement team regarding how and where fraud might occur in the
  financial statements and potential indicators of fraud.


Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.


A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' report.


Page 6

 
SWEATCO LTD
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF SWEATCO LTD (CONTINUED)


Use of our report
 

This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an Auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed.





Engin Zekia BSc FCA (Senior Statutory Auditor)
  
for and on behalf of
Adler Shine LLP
 
Chartered Accountants & Statutory Auditor
  
Aston House
Cornwall Avenue
London
N3 1LF

27 June 2025
Page 7

 
SWEATCO LTD
 
 
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 SEPTEMBER 2024

2024
2023
(as restated)
Note
£
£

  

Turnover
 3 
14,952,677
14,904,328

Cost of sales
  
(1,660,113)
(1,905,377)

Gross profit
  
13,292,564
12,998,951

Administrative expenses
  
(16,077,400)
(16,844,271)

Other operating income
 4 
3,683,341
3,703,353

Operating profit/(loss)
 5 
898,505
(141,967)

Interest receivable and similar income
 9 
783
244

Interest payable and similar expenses
 10 
(2,420)
(5,417)

Profit/(loss) before tax
  
896,868
(147,140)

Tax on profit/(loss)
 11 
(149,818)
222,432

Profit for the financial year
  
747,050
75,292

There was no other comprehensive income for 2024 (2023:£NIL).

The notes on pages 12 to 24 form part of these financial statements.
Page 8

 
SWEATCO LTD
REGISTERED NUMBER: 09242159

BALANCE SHEET
AS AT 30 SEPTEMBER 2024

2024
2023
Note
£
£

Fixed assets
  

Intangible assets
 12 
1
1,031

Tangible assets
 13 
171,412
171,453

  
171,413
172,484

Current assets
  

Debtors: amounts falling due within one year
 14 
4,275,481
5,388,878

Cash at bank and in hand
 15 
2,669,876
1,531,067

  
6,945,357
6,919,945

Creditors: amounts falling due within one year
 16 
(1,030,900)
(1,753,609)

Net current assets
  
 
 
5,914,457
 
 
5,166,336

Total assets less current liabilities
  
6,085,870
5,338,820

  

Net assets
  
6,085,870
5,338,820


Capital and reserves
  

Called up share capital 
 18 
34
34

Share premium account
 20 
4,723,818
4,723,818

Profit and loss account
 20 
1,362,018
614,968

  
6,085,870
5,338,820







................................................
A Derlyatka
Director

Date: 27 June 2025

The notes on pages 12 to 24 form part of these financial statements.
Page 9

 
SWEATCO LTD
 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 SEPTEMBER 2024


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

£
£
£
£


At 1 October 2022
34
4,723,818
539,676
5,263,528


Comprehensive income for the year

Profit for the year
-
-
75,292
75,292
Total comprehensive income for the year
-
-
75,292
75,292



At 1 October 2023
34
4,723,818
614,968
5,338,820


Comprehensive income for the year

Profit for the year
-
-
747,050
747,050
Total comprehensive income for the year
-
-
747,050
747,050


At 30 September 2024
34
4,723,818
1,362,018
6,085,870


The notes on pages 12 to 24 form part of these financial statements.
Page 10

 
SWEATCO LTD
 

STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

2024
2023
£
£

Cash flows from operating activities

Profit/(loss) for the financial year
747,050
75,292

Adjustments for:

Amortisation of intangible assets
1,030
2,472

Depreciation of tangible assets
47,373
39,736

Interest paid
2,420
5,417

Interest received
(783)
(244)

Taxation charge
149,818
(222,432)

Decrease/(increase) in debtors
1,113,398
(1,811,903)

(Decrease) in creditors
(858,626)
(1,495,610)

Corporation tax (paid)/received
(200)
190,100

Net cash generated from operating activities

1,201,480
(3,217,172)


Cash flows from investing activities

Purchase of tangible fixed assets
(47,332)
(94,391)

Interest received
783
244

Net cash from investing activities

(46,549)
(94,147)

Cash flows from financing activities

Interest paid
(2,420)
(5,417)

Net cash used in financing activities
(2,420)
(5,417)

Net increase/(decrease) in cash and cash equivalents
1,152,511
(3,316,736)

Cash and cash equivalents at beginning of year
1,517,077
4,833,813

Cash and cash equivalents at the end of year
2,669,588
1,517,077


Cash and cash equivalents at the end of year comprise:

Cash at bank and in hand
2,669,876
1,531,067

Bank overdrafts
(288)
(13,990)

2,669,588
1,517,077


The notes on pages 12 to 24 form part of these financial statements.

Page 11

 
SWEATCO LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

1.


General information

SweatCo Ltd is a private company limited by shares. The company is incorporated in England and Wales
and its registered office address is OHS Secretaries Ltd, 9th Floor, 107 Cheapside, London, EC2V 6DN.

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 Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies.

The following principal accounting policies have been applied:

 
2.2

Going concern

The financial statements have been prepared on a going concern basis which assumes that the Company will be able to continue trading for the foreseeable future. 

 
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.

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'.

Page 12

 
SWEATCO LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 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

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.

 
2.7

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

 
2.8

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.

Page 13

 
SWEATCO LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

2.Accounting policies (continued)

 
2.9

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.

 
2.10

Intangible assets

Intangible assets are initially recognised at cost. 
• Under the cost model, the intangible assets would be recorded at cost less any accumulated    amortisation and any accumulated impairment losses. 
• Under the revaluation model, the intangible assets would be carried at a revalued amount,                being its fair value on the date of revaluation less any subsequent accumulated amortisation and    subsequent accumulated impairment losses, provided that the fair value can be determined by    reference to an active market
         • Increases in market value would be recognised through other comprehensive income and                                                                                                  would accumulate in a revaluation reserve. The increase would however be recognised in     profit or loss to the extent that it reverses a revaluation decrease of the same asset      previously recognised in profit or loss. 
         • Decreases of an asset’s carrying value as a result of a revaluation shall be recognised in     other comprehensive income to the extent of any previously recognised revaluation increase   accumulated in equity in respect of that asset, any excess shall be recognised in profit or     loss.

 The estimated useful lives range as follows:

Website
-
5
years straight line
Cryptocurrency, Sweat Tokens
-
are not amortised 

 
2.11

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.

Page 14

 
SWEATCO LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

2.Accounting policies (continued)


2.11
Tangible fixed assets (continued)

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:

Fixtures and fittings
-
25%
reducing balance
Computer equipment
-
25%
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.

 
2.12

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.

 
2.13

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.

In the Statement of cash flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the Company's cash management.

 
2.14

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.

 
2.15

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.

The Company has elected to apply the recognition and measurement provisions of IFRS 9 Financial Instruments (as adopted by the UK Endorsement Board) with the disclosure requirements of Sections 11 and 12 and the other presentation requirements of FRS 102.

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
Page 15

 
SWEATCO LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

2.Accounting policies (continued)


2.15
Financial instruments (continued)

settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, 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.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.


3.


Turnover

An analysis of turnover by class of business is as follows:


2024
2023
(as restated)
£
£

Brand Partnerships
6,289,145
5,551,312

Subscriptions
1,694,310
2,596,230

Daily rewards
6,350,106
5,858,483

Other income
619,116
898,303

14,952,677
14,904,328



4.


Other operating income

2024
2023
(as restated)
£
£

Recharges and other operating income
3,683,341
3,703,353

3,683,341
3,703,353


Page 16

 
SWEATCO LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

5.


Operating profit/(loss)

The operating profit/(loss) is stated after charging:

2024
2023
£
£

Auditors remuneration
30,000
29,000

Exchange differences
368,653
449,426

Depreciation
47,373
39,736

Amortisation
-
2,472


6.


Auditors' remuneration

During the year, the Company obtained the following services from the Company's auditors:


2024
2023
£
£

Fees payable to the Company's auditors for the audit of the Company's financial statements
30,000
29,000

7.


Employees

Staff costs, including directors' remuneration, were as follows:


2024
2023
£
£

Wages and salaries
2,156,446
2,520,704

Social security costs
235,649
233,198

Cost of defined contribution scheme
29,581
29,727

2,421,676
2,783,629


The average monthly number of employees, including the directors, during the year was as follows:


        2024
        2023
            No.
            No.







Staff
30
32



Directors
2
2

32
34

Page 17

 
SWEATCO LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

8.


Directors' remuneration

2024
2023
£
£

Directors' emoluments
200,000
254,167

200,000
254,167


The highest paid director received remuneration of £200,000 (2023 - £114,379).


9.


Interest receivable

2024
2023
£
£


Other interest receivable
783
244

783
244


10.


Interest payable and similar expenses

2024
2023
£
£


Other loan interest payable
2,420
5,417

2,420
5,417

Page 18

 
SWEATCO LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

11.


Taxation


2024
2023
£
£

Corporation tax


Current tax on profits for the year
149,818
(190,100)

Adjustments in respect of previous periods
-
(32,332)


149,818
(222,432)


Total current tax
149,818
(222,432)

Deferred tax

Total deferred tax
-
-


Tax on profit/(loss)
149,818
(222,432)

Factors affecting tax charge for the year

The tax assessed for the year is lower than (2023 - lower than) the standard rate of corporation tax in the UK of 25% (2023 - 19%). The differences are explained below:

2024
2023
£
£


Profit/(loss) on ordinary activities before tax
896,868
(147,140)


Profit/(loss) on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023 - 19%)
224,217
(27,957)

Effects of:


Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
18,492
7,148

Capital allowances for year in excess of depreciation
(8,128)
(11,697)

Utilisation of tax losses
(84,763)
-

Increase or decrease in pension fund prepayment leading to an increase (decrease) in tax
-
174

Adjustment in research and development tax credit leading to an increase (decrease) in the tax charge
-
(190,100)

Total tax charge for the year
149,818
(222,432)

Page 19

 
SWEATCO LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

12.


Intangible assets




Sweat Tokens
Website
Total

£
£
£



Cost


At 1 October 2023
1
12,360
12,361



At 30 September 2024

1
12,360
12,361



Amortisation


At 1 October 2023
-
11,330
11,330


Charge for the year on owned assets
-
1,030
1,030



At 30 September 2024

-
12,360
12,360



Net book value



At 30 September 2024
1
-
1



At 30 September 2023
1
1,030
1,031



Page 20

 
SWEATCO LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

13.


Tangible fixed assets





Fixtures and fittings
Computer equipment
Total

£
£
£



Cost or valuation


At 1 October 2023
7,407
276,417
283,824


Additions
-
47,332
47,332



At 30 September 2024

7,407
323,749
331,156



Depreciation


At 1 October 2023
5,882
106,489
112,371


Charge for the year on owned assets
381
46,992
47,373



At 30 September 2024

6,263
153,481
159,744



Net book value



At 30 September 2024
1,144
170,268
171,412



At 30 September 2023
1,525
169,928
171,453


14.


Debtors

2024
2023
£
£


Trade debtors
4,015,404
5,135,635

Other debtors
67,217
87,459

Prepayments and accrued income
192,860
165,784

4,275,481
5,388,878


Page 21

 
SWEATCO LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

15.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
2,669,876
1,531,067

Less: bank overdrafts
(288)
(13,990)

2,669,588
1,517,077



16.


Creditors: Amounts falling due within one year

2024
2023
£
£

Bank overdrafts
288
13,990

Trade creditors
589,006
876,099

Corporation tax
153,728
4,110

Other taxation and social security
136,911
64,455

Other creditors
10,709
7,473

Accruals and deferred income
140,258
787,482

1,030,900
1,753,609


As at 30 September 2024, the Company has secured overdraft facilities of £288. The overdraft facility is provided by Tipalti. 


17.


Financial instruments

2024
2023
£
£

Financial assets


Financial assets measured at fair value through profit or loss
2,669,876
1,531,067




Financial assets measured at fair value through profit or loss comprise cash and cash equivalents. 
Page 22

 
SWEATCO LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

18.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



6,521,733 (2023 - 6,520,000) A1 Preferred shares of £0.000001 each
7
7
1,162,399 (2023 - 1,160,000) A2 Preferred shares of £0.000001 each
1
1
387,180 (2023 - 390,000) A3 Preferred shares of £0.000001 each
-
-
1,212,470 (2023 - 1,210,000) Deferred shares of £0.000001 each
1
1
24,821,968 (2023 - 24,820,000) Ordinary shares of £0.000001 each
25
25

34

34



19.


Sweat Tokens

In September 2022, the company acquired 4.62 billion Sweat Tokens. Initially the Tokens held by the company were fully ‘locked’ and were not available for sale. Since acquisition, these Tokens have been unlocked evenly over time, until mid-September 2026, by which time they will be fully unlocked, at which point, the company will hold approximately 22% of the overall Sweat Tokens in circulation.
Since September 2023, there has been an active market for the purchase and sale of Sweat Tokens, though the company has not disposed of any of its Tokens to date. 
The following table shows the quantity of unlocked Tokens that will be held by the company at each year end date. 
ole61ff.png
As set out in the accounting policies, in accordance with FRS 102, the Sweat Tokens are treated as an intangible asset and have initially been recognised at the cost of £1. 
There is an active market for Sweat Tokens, which shows that the Tokens held by the Company has a substantial value. However, there is significant uncertainty on the fair value of the Company’s Tokens due to the substantial number held, its partly ‘locked’ nature, the volatility in the open market value and the inherent subjectivity involved in arriving at the fair value. The directors therefore consider that until the Tokens can be valued with sufficient accuracy, they will continue to be recognised at cost. In the future, if a reliable and measurable fair value can be determined, the directors will re-evaluate the treatment of these Tokens and may recognise them at their fair value in subsequent financial statements. 




Page 23

 
SWEATCO LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

20.


Reserves

Share premium account

"Share premium account" represents amounts received in excess of the nominal value of the issued share capital less costs associated with the issue of shares. 

Profit and loss account

"Profit and loss account" represents retained profits and losses.


21.


Prior year adjustment

The prior year figures have been restated. £1,257,286 has been treated as Other income rather than Turnover, to reflect the correct classification.  There has been no impact to profit or net assets as a result of this prior year adjustment.


22.


Pension commitments

The Company operates a defined benefit contribution scheme. The assets of the scheme are held separately from those of the company in an independently admimistered fund. Contributions paid during the year amounted to £29,581 (2023: 29,727). Contributions totalling £6,015 (2023: £5,596) were payable to the fund at the balance sheet date and are included in creditors. 


23.


Related party transactions

During the financial year, people costs of £2,973,430 (2023: £2,446,067), marketing services were provided to the value of £2,319,079 (2023: £1,872,088) and other costs of £709,911 (2023: £1,257,286) were recharged to a related party. 


24.


Controlling party

In the directors' opinion, there is no ultimate controlling party
 
Page 24