REGISTERED NUMBER: 12613731 (England and Wales)

SWEATSEARCH LTD

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MAY 2025

Page

Balance sheet

1

Statement of changes in equity

3

Notes to the financial statements

4

FIXED ASSETS

Intangible assets

4

-

107,734

Tangible assets

5

-

1,515

-

109,249

CURRENT ASSETS

Debtors

6

580

1,178

Cash at bank

683

13,925

1,263

15,103

CREDITORS

Amounts falling due within one year

7

406,768

378,866

NET CURRENT LIABILITIES

(405,505

)

(363,763

)

TOTAL ASSETS LESS CURRENT LIABILITIES

(405,505

)

(254,514

)

CAPITAL AND RESERVES

Called up share capital

8

112

112

Share premium

209,988

209,988

Retained earnings

(615,605

)

(464,614

)

SHAREHOLDERS' FUNDS

(405,505

)

(254,514

)

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 May 2025.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 May 2025 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

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

In accordance with Section 444 of the Companies Act 2006, the Statement of comprehensive income has not been delivered.

The financial statements were approved by the director and authorised for issue on 29 April 2026 and were signed by:

M R Huisman - Director

Called up

share

Retained

Share

Total

capital

earnings

premium

equity

£

£

£

£

Balance at 1 June 2023

111

(342,908

)

189,989

(152,808

)

Changes in equity

Issue of share capital

1

-

19,999

20,000

Total comprehensive income

-

(121,706

)

-

(121,706

)

Balance at 31 May 2024

112

(464,614

)

209,988

(254,514

)

Changes in equity

Total comprehensive income

-

(150,991

)

-

(150,991

)

Balance at 31 May 2025

112

(615,605

)

209,988

(405,505

)

1.	STATUTORY INFORMATION

Sweatsearch Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address are as below:

Registered number:

12613731

Registered office:

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

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Going concern

The financial statements have been prepared on a basis other than the going concern basis due to the company ceasing to trade and becoming dormant post year end.

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.

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)

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.

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 trade and other debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) 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 debtors due with the operating cycle fall into this category of financial instruments.

Impairment of financial assets

At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset's original effective interest rate. The impairment loss is recognised in profit or loss.

Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.

If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.

Basic 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 the deduction of all its liabilities.

Basic financial liabilities, which include trade and other creditors, bank loans and other loans are initially measured at their transaction price (adjusting for transaction costs except in the initial measurement of financial liabilities that are subsequently measured at fair value through profit and loss). When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest, discounting is omitted where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Trade creditors are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the payment is due within one year. If not, they represent non current liabilities. Trade creditors are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

Derecognition of financial assets

Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the company transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the company will continue to recognise the value of the portion of the risks and rewards retained.

Derecognition of financial liabilities

Financial liabilities are derecognised when the company's contractual obligations expire or are discharged or cancelled.

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. Nonmonetary

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.

Interest income

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

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2024 - 3 ) .

4.	INTANGIBLE FIXED ASSETS

Other

intangible

assets

£

COST

At 1 June 2024

236,157

Impairments

(236,157

)

At 31 May 2025

-

AMORTISATION

At 1 June 2024

128,423

Impairments

(128,423

)

At 31 May 2025

-

NET BOOK VALUE

At 31 May 2025

-

At 31 May 2024

107,734

5.	TANGIBLE FIXED ASSETS

Computer

equipment

£

COST

At 1 June 2024

3,501

Disposals

(3,501

)

At 31 May 2025

-

DEPRECIATION

At 1 June 2024

1,986

Eliminated on disposal

(1,986

)

At 31 May 2025

-

NET BOOK VALUE

At 31 May 2025

-

At 31 May 2024

1,515

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

£

£

Other debtors

580

1,178

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

£

£

Trade creditors

600

3,298

Taxation and social security

-

6,674

Net Wages

-

226

Directors' current accounts

404,418

365,418

Accruals and deferred income

1,750

3,250

406,768

378,866

8.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2025

2024

value:

£

£

11,144

Ordinary

0.01

112

112

During the preceding year 80 Ordinary shares were issued at a total value of £0.80.

9.

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.