Caseware UK (AP4) 2022.0.179 2022.0.179 2022-12-312022-12-313false2022-01-01Development of training software.6truetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 11129024 2022-01-01 2022-12-31 11129024 2021-01-01 2021-12-31 11129024 2022-12-31 11129024 2021-12-31 11129024 2021-01-01 11129024 2 2022-01-01 2022-12-31 11129024 2 2021-01-01 2021-12-31 11129024 d:Director1 2022-01-01 2022-12-31 11129024 e:OfficeEquipment 2022-01-01 2022-12-31 11129024 e:OfficeEquipment 2022-12-31 11129024 e:OfficeEquipment 2021-12-31 11129024 e:OfficeEquipment e:OwnedOrFreeholdAssets 2022-01-01 2022-12-31 11129024 e:ComputerEquipment 2022-01-01 2022-12-31 11129024 e:ComputerEquipment 2022-12-31 11129024 e:ComputerEquipment 2021-12-31 11129024 e:ComputerEquipment e:OwnedOrFreeholdAssets 2022-01-01 2022-12-31 11129024 e:OwnedOrFreeholdAssets 2022-01-01 2022-12-31 11129024 e:DevelopmentCostsCapitalisedDevelopmentExpenditure 2022-12-31 11129024 e:DevelopmentCostsCapitalisedDevelopmentExpenditure 2021-12-31 11129024 e:CurrentFinancialInstruments 2022-12-31 11129024 e:CurrentFinancialInstruments 2021-12-31 11129024 e:Non-currentFinancialInstruments 2022-12-31 11129024 e:Non-currentFinancialInstruments 2021-12-31 11129024 e:CurrentFinancialInstruments e:WithinOneYear 2022-12-31 11129024 e:CurrentFinancialInstruments e:WithinOneYear 2021-12-31 11129024 e:Non-currentFinancialInstruments e:AfterOneYear 2022-12-31 11129024 e:Non-currentFinancialInstruments e:AfterOneYear 2021-12-31 11129024 e:Non-currentFinancialInstruments e:BetweenOneTwoYears 2022-12-31 11129024 e:Non-currentFinancialInstruments e:BetweenOneTwoYears 2021-12-31 11129024 e:Non-currentFinancialInstruments e:BetweenTwoFiveYears 2022-12-31 11129024 e:Non-currentFinancialInstruments e:BetweenTwoFiveYears 2021-12-31 11129024 e:Non-currentFinancialInstruments e:MoreThanFiveYears 2022-12-31 11129024 e:Non-currentFinancialInstruments e:MoreThanFiveYears 2021-12-31 11129024 e:ShareCapital 2022-12-31 11129024 e:ShareCapital 2021-12-31 11129024 e:ShareCapital 2021-01-01 11129024 e:SharePremium 2022-01-01 2022-12-31 11129024 e:SharePremium 2022-12-31 11129024 e:SharePremium 2 2022-01-01 2022-12-31 11129024 e:SharePremium 2021-12-31 11129024 e:SharePremium 2021-01-01 11129024 e:SharePremium 2 2021-01-01 2021-12-31 11129024 e:OtherMiscellaneousReserve 2022-01-01 2022-12-31 11129024 e:OtherMiscellaneousReserve 2022-12-31 11129024 e:OtherMiscellaneousReserve 2 2022-01-01 2022-12-31 11129024 e:OtherMiscellaneousReserve 2021-12-31 11129024 e:OtherMiscellaneousReserve 2021-01-01 11129024 e:OtherMiscellaneousReserve 2 2021-01-01 2021-12-31 11129024 e:RetainedEarningsAccumulatedLosses 2022-01-01 2022-12-31 11129024 e:RetainedEarningsAccumulatedLosses 2022-12-31 11129024 e:RetainedEarningsAccumulatedLosses 2 2022-01-01 2022-12-31 11129024 e:RetainedEarningsAccumulatedLosses 2021-01-01 2021-12-31 11129024 e:RetainedEarningsAccumulatedLosses 2021-12-31 11129024 e:RetainedEarningsAccumulatedLosses 2021-01-01 11129024 e:RetainedEarningsAccumulatedLosses 2 2021-01-01 2021-12-31 11129024 e:AcceleratedTaxDepreciationDeferredTax 2022-12-31 11129024 e:AcceleratedTaxDepreciationDeferredTax 2021-12-31 11129024 e:TaxLossesCarry-forwardsDeferredTax 2022-12-31 11129024 e:TaxLossesCarry-forwardsDeferredTax 2021-12-31 11129024 e:RetirementBenefitObligationsDeferredTax 2022-12-31 11129024 e:RetirementBenefitObligationsDeferredTax 2021-12-31 11129024 d:FRS102 2022-01-01 2022-12-31 11129024 d:AuditExempt-NoAccountantsReport 2022-01-01 2022-12-31 11129024 d:FullAccounts 2022-01-01 2022-12-31 11129024 d:PrivateLimitedCompanyLtd 2022-01-01 2022-12-31 11129024 e:DevelopmentCostsCapitalisedDevelopmentExpenditure e:ExternallyAcquiredIntangibleAssets 2022-01-01 2022-12-31 11129024 e:DevelopmentCostsCapitalisedDevelopmentExpenditure e:OwnedIntangibleAssets 2022-01-01 2022-12-31 iso4217:GBP xbrli:pure

Registered number: 11129024










STAY NIMBLE LTD








UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 DECEMBER 2022

 
STAY NIMBLE LTD
REGISTERED NUMBER: 11129024

BALANCE SHEET
AS AT 31 DECEMBER 2022

2022
2021
Note
£
£

Fixed assets
  

Intangible assets
 4 
688,077
694,836

Tangible assets
 5 
292
574

  
688,369
695,410

Current assets
  

Debtors: amounts falling due within one year
 6 
330
8,500

Cash at bank and in hand
 7 
262,250
116,420

  
262,580
124,920

Creditors: amounts falling due within one year
 8 
(298,097)
(318,411)

Net current liabilities
  
 
 
(35,517)
 
 
(193,491)

Total assets less current liabilities
  
652,852
501,919

Creditors: amounts falling due after more than one year
 9 
(39,114)
(59,172)

Provisions for liabilities
  

Deferred tax
 11 
(171,878)
(107,054)

  
 
 
(171,878)
 
 
(107,054)

Net assets
  
441,860
335,693


Capital and reserves
  

Called up share capital 
  
2
2

Share premium account
 12 
174,092
174,092

Other reserves
 12 
37,966
37,320

Profit and loss account
 12 
229,800
124,279

  
441,860
335,693


Page 1

 
STAY NIMBLE LTD
REGISTERED NUMBER: 11129024
    
BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2022

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 on 28 September 2023.




................................................
D Atkinson
Director

The notes on pages 4 to 15 form part of these financial statements.

Page 2

 
STAY NIMBLE LTD
 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2022


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

£
£
£
£
£


At 1 January 2021
2
174,092
37,223
112,276
323,593


Comprehensive income for the year

Profit for the year
-
-
-
12,003
12,003

Movement on share options reserves
-
-
97
-
97



At 1 January 2022
2
174,092
37,320
124,279
335,693


Comprehensive income for the year

Profit for the year
-
-
-
104,986
104,986


Contributions by and distributions to owners

Transfer to/from profit and loss account
-
-
(535)
535
-

Movement on share options reserves
-
-
1,181
-
1,181


At 31 December 2022
2
174,092
37,966
229,800
441,860


The notes on pages 4 to 15 form part of these financial statements.

Page 3

 
STAY NIMBLE LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

1.


General information

Stay Nimble Ltd is a private company limited by share capital, incorporated in England and Wales, registration number 11129024. The address of the registered office is 20-22 Wenlock Road, London, England, N1 7GU.

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

The following principal accounting policies have been applied:

 
2.2

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.

 
2.3

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.

Page 4

 
STAY NIMBLE LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

2.Accounting policies (continued)

 
2.4

Government and other grants

Grants are accounted under the accruals model as permitted by FRS 102. The deferred element of grants is included in creditors as deferred income.
Grants of a revenue nature are recognised in the Statement of comprehensive income in the same period as the related expenditure.

 
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

Borrowing costs

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

 
2.7

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.

 
2.8

Share-based payments

Where share options are awarded to employees, the fair value of the options at the date of grant is charged to profit or loss over the vesting period. Non-market vesting conditions are taken into account by adjusting the number of equity instruments expected to vest at each balance sheet date so that, ultimately, the cumulative amount recognised over the vesting period is based on the number of options that eventually vest. Market vesting conditions are factored into the fair value of the options granted. The cumulative expense is not adjusted for failure to achieve a market vesting condition.
The fair value of the award also takes into account non-vesting conditions. These are either factors beyond the control of either party (such as a target based on an index) or factors which are within the control of one or other of the parties (such as the Company keeping the scheme open or the employee maintaining any contributions required by the scheme).
Where the terms and conditions of options are modified before they vest, the increase in the fair value of the options, measured immediately before and after the modification, is also charged to profit or loss over the remaining vesting period.
Where equity instruments are granted to persons other than employees, profit or loss is charged with fair value of goods and services received.

Page 5

 
STAY NIMBLE LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

2.Accounting policies (continued)

 
2.9

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 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.

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 except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

 
2.10

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.

 
2.11

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 6

 
STAY NIMBLE LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

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, using the straight-line method.

Depreciation is provided on the following basis:

Office equipment
-
25%
per annum
Computer equipment
-
25%
per annum

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.

 
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

Provisions for liabilities

Provisions are made where an event has taken place that gives the Company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.
Provisions are charged as an expense to profit or loss in the year that the Company becomes aware of the obligation, and are measured at the best estimate at the balance sheet date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.
When payments are eventually made, they are charged to the provision carried in the Balance sheet.

 
2.16

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.
 
Page 7

 
STAY NIMBLE LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

2.Accounting policies (continued)


2.16
Financial instruments (continued)


Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or in case of an out-right short-term loan that is not at market rate, the financial asset or liability is measured, initially at the present value of future cash flows discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost, unless it qualifies as a loan from a director in the case of a small company, or a public benefit entity concessionary loan.
Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of comprehensive income.
For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.
Financial assets and liabilities are offset and the net amount reported in the Balance sheet when there is an 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.


3.


Employees

The average monthly number of employees, including directors, during the year was 3 (2021 - 6).

Page 8

 
STAY NIMBLE LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

4.


Intangible assets




Software Development

£



Cost


At 1 January 2022
845,357


Additions
86,419



At 31 December 2022

931,776



Amortisation


At 1 January 2022
150,521


Charge for the year on owned assets
93,178



At 31 December 2022

243,699



Net book value



At 31 December 2022
688,077



At 31 December 2021
694,836



Page 9

 
STAY NIMBLE LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

5.


Tangible fixed assets





Office equipment
Computer equipment
Total

£
£
£



Cost or valuation


At 1 January 2022
322
803
1,125



At 31 December 2022

322
803
1,125



Depreciation


At 1 January 2022
113
438
551


Charge for the year on owned assets
81
201
282



At 31 December 2022

194
639
833



Net book value



At 31 December 2022
128
164
292



At 31 December 2021
209
365
574


6.


Debtors

2022
2021
£
£


Trade debtors
180
-

Other debtors
-
2,098

Prepayments and accrued income
150
6,402

330
8,500



7.


Cash and cash equivalents

2022
2021
£
£

Cash at bank and in hand
262,249
116,420

262,249
116,420


Page 10

 
STAY NIMBLE LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

8.


Creditors: Amounts falling due within one year

2022
2021
£
£

Bank loans
7,300
3,628

Other loans
10,000
-

Trade creditors
8,228
17,893

Corporation tax
8,098
-

Other taxation and social security
6,262
6,033

Other creditors
26,320
26,604

Accruals and deferred income
231,889
264,253

298,097
318,411



9.


Creditors: Amounts falling due after more than one year

2022
2021
£
£

Bank loans
39,114
46,372

Other loans
-
12,800

39,114
59,172


Page 11

 
STAY NIMBLE LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

10.


Loans


Analysis of the maturity of loans is given below:


2022
2021
£
£

Amounts falling due within one year

Bank loans
7,300
3,628

Other loans
10,000
-


17,300
3,628

Amounts falling due 1-2 years

Bank loans
7,437
7,301


7,437
7,301

Amounts falling due 2-5 years

Bank loans
23,431
22,869

Other loans
-
12,800


23,431
35,669

Amounts falling due after more than 5 years

Bank loans
8,246
16,202

8,246
16,202

56,414
62,800


Bank loans are represented by the coronavirus Bounceback Loan which is fully guaranteed by the UK  government with an interest charge of 2.5% per annum.


11.


Deferred taxation




2022


£






At beginning of year
(107,054)


Charged to profit or loss
(64,824)



At end of year
(171,878)

Page 12

 
STAY NIMBLE LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
 
11.Deferred taxation (continued)

The provision for deferred taxation is made up as follows:

2022
2021
£
£


Accelerated capital allowances
(172,092)
(173,878)

Tax losses carried forward
-
66,523

Pension surplus
214
301

(171,878)
(107,054)


12.


Reserves

Share premium account

Represents the amount paid for shares above the nominal value.

Other reserves

Represent share based payments reserves.

Profit and loss account

The profit and loss account consists of accumulated profits and losses.

Page 13

 
STAY NIMBLE LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

13.


Share-based payments

The company operated an equity-settled share based remuneration scheme in which only eligible employees can participate. The options are vested over a period of between 0 and 24 months with the only vesting condition being that the individual remains an employee of the company over the vesting period. The options have a maximum excercisable term of 10 years from grant date. 
The company also operated an equity-settled share based payment scheme in which only eligible advisors can participate. The options are vested over a period of between 0 and 12 months with the only vesting condition being that the individual remains an advisor of the company over the vesting period. The options have a maximum excercisable term of 10 years from vesting date and were fully exercised in 2020. 

Weighted average exercise price (pence)
2022
Number
2022
Weighted average exercise price
(pence)
2021
Number
2021

Outstanding at the beginning of the year

3.96000

31,601

3.96000
 
31,601
 
Granted during the year

3.96000

1,000

-
 
-
 
Forfeited during the year

3.96000

(453)

-
 
-
 
Exercised during the year


-

-
 
-
 
Expired during the year


-

-
 
-
 
Outstanding at the end of the year
3.96000

32,148

3.96000
 
31,601
 

The exercisable share options at the end of the year were:

2022
2021

Option pricing model used


Black-Scholes

Black-Scholes
 
Weighted average share price (pence)


£3.96000

£3.96000
 
Exercise price (pence)


£3.96000

£3.96000
 
Weighted average contractual life (days)


2817

3151
 
Expected volatility


50%

50%
 
Risk-free interest rate


3%

3%
 

The Black-Scholes model was used to value the share-based payment awards as it was considered that this approach would result in a materially accurate estimate of the fair value of options granted.
The expense arising from share-based payments recognised in profit and loss are shown as below:  

Page 14

 
STAY NIMBLE LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

13.Share-based payments (continued)

2022
£
2021
£



Equity-settled schemes
1,181
97

1,181
97

Page 15