Registered number |
03881610 |
Stufish Ltd |
Filleted Accounts |
31 January 2023 |
Registered number: | |||||||
Balance Sheet | |||||||
as at |
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Notes | 2023 | 2022 | |||||
£ | £ | ||||||
Fixed assets | |||||||
Intangible assets | 3 | ||||||
Tangible assets | 4 | ||||||
Current assets | |||||||
Debtors | 5 | ||||||
Cash at bank and in hand | |||||||
Creditors: amounts falling due within one year | 6 | ( |
( |
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Net current assets | |||||||
Total assets less current liabilities | |||||||
Provisions for liabilities | ( |
( |
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Net assets | |||||||
Capital and reserves | |||||||
Called up share capital | |||||||
Capital redemption reserve | 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 | |||||||
Shareholders' funds | |||||||
Raymond Winkler | |||||||
Director | |||||||
Approved by the board on |
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Notes to the Accounts | ||||||||
for the year ended |
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1 | Accounting policies | |||||||
a | Basis of preparation | |||||||
b | Turnover | |||||||
c | Tangible fixed assets | |||||||
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 | |||||||
e | Creditors | |||||||
f | Taxation | |||||||
g | Provisions | |||||||
h | Foreign currency translation | |||||||
i | Leased assets | |||||||
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. |
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k | Pensions | |||||||
2 | Employees | 2023 | 2022 | |||||
Number | Number | |||||||
Average number of persons employed by the company | ||||||||
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 | ||||||||
At 31 January 2023 | ||||||||
Amortisation | ||||||||
At 31 January 2023 | - | |||||||
Net book value | ||||||||
At 31 January 2023 | ||||||||
At 31 January 2022 | ||||||||
4 | Tangible fixed assets | |||||||
Land and buildings | Plant and machinery | Total | ||||||
£ | £ | £ | ||||||
Cost | ||||||||
At 1 February 2022 | ||||||||
Additions | - | |||||||
At 31 January 2023 | ||||||||
Depreciation | ||||||||
At 1 February 2022 | ||||||||
Charge for the year | ||||||||
At 31 January 2023 | ||||||||
Net book value | ||||||||
At 31 January 2023 | ||||||||
At 31 January 2022 | ||||||||
5 | Debtors | 2023 | 2022 | |||||
£ | £ | |||||||
Trade debtors | ||||||||
Other debtors | ||||||||
6 | Creditors: amounts falling due within one year | 2023 | 2022 | |||||
£ | £ | |||||||
Bank loans and overdrafts | - | |||||||
Trade creditors | ||||||||
Other taxes and social security costs | ||||||||
Other creditors | ||||||||
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. |
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7 | Share capital | |||||||
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 |
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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: |
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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. |
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8 | Other financial commitments | 2023 | 2022 | |||||
£ | £ | |||||||
Total future minimum payments under non-cancellable operating leases | ||||||||
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 £. |