Company registration number 13662898 (England and Wales)
STRIDER TECHNOLOGIES UK LTD
FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2022
PAGES FOR FILING WITH REGISTRAR
STRIDER TECHNOLOGIES UK LTD
BALANCE SHEET
AS AT
31 DECEMBER 2022
31 December 2022
- 1 -
2022
Notes
£
£
Fixed assets
Tangible assets
5
4,973
Current assets
Debtors
6
633,165
Cash at bank and in hand
149,706
782,871
Creditors: amounts falling due within one year
7
(1,219,513)
Net current liabilities
(436,642)
Net liabilities
(431,669)
Capital and reserves
Called up share capital
9
1
Profit and loss reserves
(431,670)
Total equity
(431,669)

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

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

The financial statements were approved by the board of directors and authorised for issue on 5 October 2023 and are signed on its behalf by:
Mr. E L Levesque
Director
Company Registration No. 13662898
STRIDER TECHNOLOGIES UK LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2022
- 2 -
1
Accounting policies
Company information

Strider Technologies UK Ltd is a private company limited by shares incorporated in England and Wales. The registered office is 2 Minton Place, Victoria Road, Bicester, Oxfordshire, OX26 6QB. There is no permanent trading address in the UK; all employees work remotely from home.

1.1
Reporting period

The company was incorporated on 5 October 2021 and this is therefore the first set of financial statements. The company has elected to extend the accounting period to 31 December 2022 to align the financial period with it's parent company.

1.2
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

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 £.

The financial statements have been prepared under the historical cost convention.The principal accounting policies adopted are set out below.

1.3
Going concern

The directors recognises that the company has made a loss of £431,670 and as at the period end had net liabilities of £431,669.true

 

The company shall be supported financially by the parent company, Strider Technologies Inc, until such time that the company is able to support itself.

 

The parent company has confirmed to the directors that it will continue to support the company and won't call in the intercompany debts for a period of at least 12 months after the date of signing the financial statements.

 

Therefore, the directors have concluded that, at the date of signing these accounts, the company is a going concern.

1.4
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

 

When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.

Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.

1.5
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

STRIDER TECHNOLOGIES UK LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2022
1
Accounting policies
(Continued)
- 3 -

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Plant and equipment
33% straight line

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.6
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

1.7
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.8
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.

 

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 debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method 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. Financial assets classified as receivable within one year are not amortised.

Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

 

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. 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.

 

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

STRIDER TECHNOLOGIES UK LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2022
1
Accounting policies
(Continued)
- 4 -
Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

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, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

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

 

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 if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Derecognition of financial liabilities

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

1.9
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.10
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.11
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.12
Share-based payments

The company participates in a group share-based payment arrangement granted to its employees. The company has elected to recognise and measure its share-based payment expense on the basis of a reasonable allocation of the expense for the group recognised in its consolidated accounts. The directors identify the number of unvested options granted to the company's employees and the share based payment expense allocated in the group accounts in respect of these employees. This is considered to be a reasonable basis of allocating an expense to the company.

STRIDER TECHNOLOGIES UK LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2022
1
Accounting policies
(Continued)
- 5 -

When the terms and conditions of equity-settled share-based payments at the time they were granted are subsequently modified, the fair value of the share-based payment under the original terms and conditions and under the modified terms and conditions are both determined at the date of the modification. Any excess of the modified fair value over the original fair value is recognised over the remaining vesting period in addition to the grant date fair value of the original share-based payment. The share-based payment expense is not adjusted if the modified fair value is less than the original fair value.

 

Cancellations or settlements (including those resulting from employee redundancies) are treated as an acceleration of vesting and the amount that would have been recognised over the remaining vesting period is recognised immediately.

1.13
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

3
Auditor's remuneration
Period ended
31 December
2022
Fees payable to the company's auditor and associates:
£
For audit services
Audit of the financial statements of the company
6,000
4
Employees

The average monthly number of persons (including directors) employed by the company during the period was:

Period ended
31 December
2022
Number
Total
3
STRIDER TECHNOLOGIES UK LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2022
- 6 -
5
Tangible fixed assets
Plant and machinery etc
£
Cost
At 5 October 2021
-
0
Additions
5,983
At 31 December 2022
5,983
Depreciation and impairment
At 5 October 2021
-
0
Depreciation charged in the period
1,010
At 31 December 2022
1,010
Carrying amount
At 31 December 2022
4,973
6
Debtors
2022
Amounts falling due within one year:
£
Trade debtors
497,136
Other debtors
26,839
Prepayments and accrued income
109,095
633,070
2022
Amounts falling due after more than one year:
£
Prepayments and accrued income
95
Total debtors
633,165

At the reporting date the company had an unrecognised deferred tax asset totalling £116,218 arising from tax losses, share based payments and capital purchases.

STRIDER TECHNOLOGIES UK LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2022
- 7 -
7
Creditors: amounts falling due within one year
2022
£
Trade creditors
2,039
Amounts owed to group undertakings
555,052
Taxation and social security
75,652
Deferred income
563,407
Accruals
23,363
1,219,513

Amounts owed to group undertakings are repayable on demand and not subject to interest.

8
Share-based payment transactions

The company participates in a group share-based payment arrangement granted to its employees. The company has elected to recognise and measure its share-based payment expense on the basis of a reasonable allocation of the expense for the group recognised in its consolidated accounts. The directors identify the number of unvested options granted to the company's employees and the share based payment expense allocated in the group accounts in respect of these employees. This is considered to be a reasonable basis of allocating an expense to the company.

 

Options are granted to employees with a 4 year vesting schedule with a 1 year cliff.

Number of share options
Weighted average exercise price
2022
2022
Number
£
Outstanding at 5 October 2021
-
0
-
0
Granted
50,000
0.83
Outstanding at 31 December 2022
50,000
0.83
Exercisable at 31 December 2022
10,000
0.33
STRIDER TECHNOLOGIES UK LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2022
8
Share-based payment transactions
(Continued)
- 8 -

The options outstanding at 31 December 2022 had an exercise price ranging from £0.33 to £2.82, and a remaining contractual life of up to 10 years.

 

The weighted average fair value of options granted in the year was determined by the parent company using the Black-Scholes-Merton option pricing model. The Black-Scholes-Merton model is considered to apply the most appropriate valuation method due to the relatively short contractual lives of the options and the requirement to exercise within a short period after the employee becomes entitled to the shares (the “vesting date”).

 

The expected life used in the model has been adjusted, based on management’s best estimate, for the effect of non-transferability, exercise restrictions, and behavioural considerations.

 

Non-vesting conditions and market conditions are taken into account when estimating the fair value of the option at grant date. Service conditions and non-market performance conditions are taken into account by adjusting the number of options expected to vest at each reporting date.

Inputs were as follows:
2022
Weighted average share price
0.83
Weighted average exercise price
0.83
Expected volatility
23.27
Expected life
6.00
Risk free rate
1.72
Expected dividends yields
-

During the period, the company recognised total share-based payment expenses of £1,013 which related to equity settled share based payment transactions and is charged to the company by its parent.

Expected volatility - The parent company uses an average historical stock price volatility of comparable public companies within a group of similar entities that were deemed to be representative of future stock price trends as the parent company does not have sufficient trading history for its common stock. The parent company will continue to apply this process until a sufficient amount of historical information regarding volatility of its own stock price options becomes available.

Expected term - The parent company derived the expected term using the “simplified” method (the expected term is determined as the average of the time-to-vesting and the contractual life of the options), as the parent company had limited historical information to develop expectations about future exercise patterns and post vesting employment termination behaviour.

Risk-free interest rate - The risk-free interest rate is based on U.S. Treasury zero-coupon issues with remaining terms similar to the expected term on the options.

Dividend yield - The parent company has never paid any dividends and does not plan to pay dividends in the foreseeable future, and, therefore, used an expected dividend yield of zero in the valuation model

STRIDER TECHNOLOGIES UK LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2022
- 9 -
9
Called up share capital
2022
2022
Ordinary share capital
Number
£
Issued and fully paid
Ordinary shares of £1 each
1
1
10
Audit report information

As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:

The auditor's report was unqualified.

The senior statutory auditor was Sarah Flint BSc FCA
The auditor was Benee Consulting Limited
11
Operating lease commitments
Lessee

The company has paid for the entire lease commitment in advance. Therefore the company has no commmitments for future minimum lease payments under non-cancellable operating leases at the reporting date.

12
Related party transactions

The company has taken advantage of the exemption available per paragraph 33.1A of FRS 102 whereby it has not disclosed transactions with the ultimate parent company or any wholly owned subsidiary undertaking of the group.true

13
Parent company

The parent company is Strider Technologies Inc.

 

There is no ultimate controlling party.

2022-12-312021-10-05false05 October 2023CCH SoftwareCCH Accounts Production 2023.100No description of principal activityThis audit opinion is unqualifiedMr. G T LevesqueMr. E L Levesque136628982021-10-052022-12-31136628982022-12-3113662898core:OtherPropertyPlantEquipment2022-12-3113662898core:CurrentFinancialInstrumentscore:WithinOneYear2022-12-3113662898core:CurrentFinancialInstruments2022-12-3113662898core:ShareCapital2022-12-3113662898core:RetainedEarningsAccumulatedLosses2022-12-3113662898bus:Director22021-10-052022-12-3113662898core:PlantMachinery2021-10-052022-12-3113662898core:OtherPropertyPlantEquipment2021-10-0413662898core:OtherPropertyPlantEquipment2021-10-052022-12-3113662898core:Non-currentFinancialInstruments2022-12-31136628982021-10-0413662898bus:PrivateLimitedCompanyLtd2021-10-052022-12-3113662898bus:SmallCompaniesRegimeForAccounts2021-10-052022-12-3113662898bus:FRS1022021-10-052022-12-3113662898bus:Audited2021-10-052022-12-3113662898bus:Director12021-10-052022-12-3113662898bus:FullAccounts2021-10-052022-12-31xbrli:purexbrli:sharesiso4217:GBP