Registered number
03881610
Stufish Ltd
Filleted Accounts
31 January 2023
Stufish Ltd
Registered number: 03881610
Balance Sheet
as at 31 January 2023
Notes 2023 2022
£ £
Fixed assets
Intangible assets 3 1 1
Tangible assets 4 40,155 56,718
40,156 56,719
Current assets
Debtors 5 760,348 373,701
Cash at bank and in hand 4,315,753 3,132,196
5,076,101 3,505,897
Creditors: amounts falling due within one year 6 (964,982) (978,025)
Net current assets 4,111,119 2,527,872
Total assets less current liabilities 4,151,275 2,584,591
Provisions for liabilities (3,833) (3,578)
Net assets 4,147,442 2,581,013
Capital and reserves
Called up share capital 141 141
Capital redemption reserve 1 1
Share based payment reserve 57,022 57,019
Share Purchase reserve (150) (150)
Purchase own share reserve (3,121,174) (3,121,174)
Profit and loss account 7,211,602 5,645,176
Shareholders' funds 4,147,442 2,581,013
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Raymond Winkler
Director
Approved by the board on 17 October 2023
Stufish Ltd
Notes to the Accounts
for the year ended 31 January 2023
1 Accounting policies
a Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102 Section 1A - The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006.
b Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the rendering of services. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is estimated by comparing the costs incurred for work performed to date to the total estimated contract costs.
c Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Land and buildings - Leasehold improvements over the lease term
Plant and machinery 25% straight line
Intangible fixed assets
Intangible fixed assets comprise intellectual property and are measured at cost less accumulative amortisation and any accumulative impairment losses
d Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
e Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
f Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference. Current and deferred tax assets and liabilities are not discounted.
g Provisions
Provisions (i.e. liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
h Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
i Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
j Share-based payments for employee share schemes
During the financial year to 31st January 2018, the company granted share options to certain employees, all of whom are based in the UK. The company's policy is to grant share options as considered appropriate by the Board of Directors as a basis for employee involvement and identification with the company, motivation and incentive, recruitment and retention, and for encouraging actual share ownership as early as possible after the date of grant.

The options granted in the financial year to 31st January 2018 were measured at fair value and recognised as an expense in the profit and loss account in the financial year to 31st January 2018 with a corresponding increase in shareholders' funds. The fair value of the options was estimated at the date of grant using the Black-Scholes option-valuation pricing model. The total fair value was charged as an expense in the profit and loss account for the financial year to 31st January 2018 as the options were both granted and exercised in that same year. The corresponding credit entry is contained within a separate reserve called the Share-Based Payment Reserve in the company's reserves. The Share-Based Payment Reserve is shown in the Movement in Shareholders' Funds.

New options were granted and exercised in the financial years to 31st January 2022 and 31st January 2023 and amounts were charged to Share Based Payment in the P&L with a corresponding credit entry in Share Based Payment Reserve as shown in the Movement in Shareholders' Funds.
k Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 17 15
Short term benefits including holiday pay are recognised as an expense in the period in which the service is received.
3 Intangible fixed assets £
Intellectual Property:
Cost
At 1 February 2022 1
At 31 January 2023 1
Amortisation
At 31 January 2023 -
Net book value
At 31 January 2023 1
At 31 January 2022 1
4 Tangible fixed assets
Land and buildings Plant and machinery Total
£ £ £
Cost
At 1 February 2022 114,304 147,774 262,078
Additions - 22,070 22,070
At 31 January 2023 114,304 169,844 284,148
Depreciation
At 1 February 2022 98,282 107,078 205,360
Charge for the year 11,422 27,211 38,633
At 31 January 2023 109,704 134,289 243,993
Net book value
At 31 January 2023 4,600 35,555 40,155
At 31 January 2022 16,022 40,696 56,718
5 Debtors 2023 2022
£ £
Trade debtors 498,931 228,572
Other debtors 261,417 145,129
760,348 373,701
6 Creditors: amounts falling due within one year 2023 2022
£ £
Bank loans and overdrafts - 250,000
Trade creditors 173,353 51,983
Other taxes and social security costs 408,244 213,026
Other creditors 383,385 463,016
964,982 978,025
A Coronavirus Business Interruption Loan taken out in June 2021 with Barclays Bank PLC was repaid during the year before the due date of 29 June 2022.
The loan was government guaranteed with a interest free period of 12 months, after which
interest was due at 3.53%pa. No repayment of capital was required during the period of 12
months from drawdown. The loan was secured by a fixed and floating charge over all the assets of the Company and this charge has been released by Barclays Bank and satisfaction of the charge has yet to be filed at Companies House.
7 Share capital
The establishment of the employee share trust

The company is the settlor and sponsor of The Stufish Limited Employees’ Share Trust, a discretionary trust which was executed as a trust deed on 2nd August 2017. Since that time the company has had de facto control of the assets and liabilities of the trust and, consequently, the assets and liabilities of the trust are recognised in the company accounts. Consideration monies that are paid to or received by the trust in respect of the company shares are contained within a separate reserve called the Share Purchase Reserve in the company’s reserves. The Share Purchase Reserve is shown in the Movement of Shareholder Funds
Note 7 continued
Share-based payments for employee share schemes

The expense calculation for the options, using the Black-Scholes option-pricing valuation model, is based on the following assumptions:
Assumptions Option Grants Financial Year to 31st January 2023
Option Grants Financial Year to 31st January 2022
Option price £0.0001 £0.0001
Market value £0.00011 £0.02765
Expected volatility 25% 25%
Expected dividend yield 0% 0%
Expected life 1 year 1 year
Risk-free rate 1% 1%
The total fair value of options at the date of grant in the financial year to 31st January 2018
was £56,628 and was charged as an expense in the profit and loss account in that` year as the
options were both granted and exercised in the same year. The accounting policy is stated in the Accounting Policies section within these notes to the accounts.

In March 2021 the employee share trust transferred 14,143 ordinary shares to an employee in
satisfaction of the exercise of options by them under the company's Enterprise Management
Incentives share option scheme for payment based on the option price of £0.0001 per share. As
a consequence, the shareholding of the employee share trust was reduced to 19% of the
ordinary share capital of the company.

The total fair value of the options at the date of grant in the financial year to 31st January 2022
was £391 and was charged as an expense in the profit and loss account in that year as the
options were both granted and exercised in the same year.

In Nov 2022 the employee share trust transferred 268,715 ordinary shares and the company issued a further 1 share in satisfaction of the exercise of options granted to four employees under the company's Enterprise Management Incentives share option scheme for payment based on the option price of £0.0001 per share. As a consequence, the shareholding of the employee share trust was reduced to nil in the ordinary share capital of the company.

The total fair value of the options at the date of grant in the financial year to 31st January 2023
was £2.69 and was charged as an expense in the profit and loss account in that year as the
options were both granted and exercised in the same year.
8 Other financial commitments 2023 2022
£ £
Total future minimum payments under non-cancellable operating leases 94,792 149,774
9 Other information
Stufish Ltd is a private company limited by shares and incorporated in England. Its registered office is:
84 Marchmont Street
London
WC1N 1AG
The accounts are prepared in Sterling, which is the functional currency of the company. Monetary amounts in these accounts are rounded to the nearest £.
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