Swing Fitness Limited

	Page
Balance Sheet	1—2
Notes to the Financial Statements	3—6

1. General Information

Swing Fitness Limited is a private company, limited by shares, incorporated in England & Wales, registered number 13204541 . The registered office is 19 Herbert Street, Cambridge, CB4 1AG.

2. Accounting Policies

2.1. Basis of Preparation of Financial Statements

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

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 £.

2.2. Going Concern Disclosure

The directors have not identified any material uncertainties related to events or conditions that may cast significant doubt about the company's ability to continue as a going concern. Therefore the financial statements have been prepared on a going concern basis which assumes the Company will continue in operational existence for the foreseeable future.

The Company is involved in research and development activities and is working towards achieving a sustainable revenue generating activity. The directors have considered the basis of the financial statements and are satisfied that a combination of business growth and further investment commitments will enable the Company to meet its liabilities as they fall due.

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.

2.4. Intangible Fixed Assets and Amortisation - Other Intangible

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class	Amortisation method and rate
Patents	7 years, straight line
Software development	4 years, straight line

2.5. Tangible Fixed Assets and Depreciation

Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:

Plant & Machinery	4 years, straight line
Motor Vehicles	4 years, straight line
Computer Equipment	3 years, straight line

2.6. Cash and Cash Equivalents

Cash and cash equivalents are basic financial assets and include cash in hand and deposits held at call with banks, other short-term highly liquid investments that mature in no more than three months from the date of acquisition and are readily convertible to a known amount of cash with insignificant risk of change in value, and bank overdrafts.

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Swing Fitness Limited

Notes to the Financial Statements (continued)

For The Year Ended 30 November 2025

2.7. Financial Instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ 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.

Basic financial assets

Basic financial assets, which include debtors and bank balances, are measured at transaction price including transaction costs.

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.

Basic financial liabilities

Basic financial liabilities, including creditors, are recognised at transaction price including transaction costs.

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.

2.8. Foreign Currencies

Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate ruling on the date of the transaction. Exchange differences are taken into account in arriving at the profit / loss before taxation.

2.9. Taxation

Tax is recognised in profit or loss except that a charge is 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. Pensions

The company operates a defined pension contribution scheme. Contributions are charged to the profit and loss account as they become payable in accordance with the rules of the scheme.

2.11. 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 cirteria 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.

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.

2.12. Share Based Payments

The company operates an equity-settled, share-based compensation plan, under which the entity received services from employees as consideration for equity instruments (options) of the entity. The fair value of the employee services received is measured by reference to the estimated fair value at the grant date of equity instruments granted and is recognised as an expense over the vesting period. The estimated fair value of the option granted is calculated using the Black Scholes option pricing model. The total amount expensed is recognised over the vesting period, which is the period over which all of the specified vesting conditions are to be satisfied.

The proceeds received net of any directly attributable transaction costs are credited to share capital (nominal value) and share premium when the options are exercised.

3. Average Number of Employees

Average number of employees, including directors, during the year was: 4 (2024: 5)

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Swing Fitness Limited

Notes to the Financial Statements (continued)

For The Year Ended 30 November 2025

4. Intangible Assets

	Development Costs	Intellectual Property	Total
	£	£	£
Cost
As at 1 December 2024	251,800	13,109	264,909

As at 30 November 2025	251,800	13,109	264,909

Amortisation
As at 1 December 2024	106,928	3,226	110,154
Provided during the period	52,043	1,773	53,816

As at 30 November 2025	158,971	4,999	163,970

Net Book Value
As at 30 November 2025	92,829	8,110	100,939

As at 1 December 2024	144,872	9,883	154,755

5. Tangible Assets

	Plant & Machinery	Motor Vehicles	Computer Equipment	Total
	£	£	£	£
Cost
As at 1 December 2024	41,115	15,995	369	57,479
Additions	-	10,495	1,999	12,494
Disposals	-	(15,995 )	-	(15,995 )

As at 30 November 2025	41,115	10,495	2,368	53,978

Depreciation
As at 1 December 2024	30,366	9,345	216	39,927
Provided during the period	9,247	2,967	786	13,000
Disposals	-	(10,134 )	-	(10,134 )

As at 30 November 2025	39,613	2,178	1,002	42,793

Net Book Value
As at 30 November 2025	1,502	8,317	1,366	11,185

As at 1 December 2024	10,749	6,650	153	17,552

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Swing Fitness Limited

Notes to the Financial Statements (continued)

For The Year Ended 30 November 2025

6. Debtors

	2025	2024
	£	£
Due within one year
Trade debtors	-	6,000
Prepayments and accrued income	9,791	6,489
Other debtors	3,870	2,761
Corporation tax recoverable assets	7,047	20,088
VAT	1,200	467
Other taxes and social security	3,464	-

	25,372	35,805

7. Creditors: Amounts Falling Due Within One Year

	2025	2024
	£	£
Trade creditors	74,953	65,520
Other creditors	208,288	3,588
Accruals and deferred income	100,462	19,371

	383,703	88,479

8. Share Capital

	2025	2024
Allotted, called up and fully paid	£	£
844,630 Ordinary Shares of £ 0.00001 each	8	8

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		2025		2024
	Notes	£	£	£	£
FIXED ASSETS
Intangible Assets	4		100,939		154,755
Tangible Assets	5		11,185		17,552

			112,124		172,307
CURRENT ASSETS
Debtors	6	25,372		35,805
Cash at bank and in hand		173,755		93,396

		199,127		129,201
Creditors: Amounts Falling Due Within One Year	7	(383,703 )		(88,479 )

NET CURRENT ASSETS (LIABILITIES)			(184,576 )		40,722

TOTAL ASSETS LESS CURRENT LIABILITIES			(72,452 )		213,029

NET (LIABILITIES)/ASSETS			(72,452 )		213,029

CAPITAL AND RESERVES
Called up share capital	8		8		8
Share premium account			1,308,710		1,308,710
Other Reserves			166,656		118,247
Profit and Loss Account			(1,547,826 )		(1,213,936 )

SHAREHOLDERS' FUNDS			(72,452)		213,029