Company registration number 13200439 (England and Wales)
Strive Platform Ltd
Audited Financial Statements
For the year ended
31 December 2023
Pages for filing with registrar
Strive Platform Ltd
Contents
Page
Statement of financial position
1
Notes to the financial statements
2 - 10
Strive Platform Ltd
Statement Of Financial Position
As at 31 December 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Intangible assets
5
1,636,934
1,237,809
Tangible assets
6
24,922
24,250
Investments
7
72,937
1,026
1,734,793
1,263,085
Current assets
Debtors
8
196,391
530,728
Cash at bank and in hand
455,006
1,512,526
651,397
2,043,254
Creditors: amounts falling due within one year
9
(2,913,678)
(445,972)
Net current (liabilities)/assets
(2,262,281)
1,597,282
Total assets less current liabilities
(527,488)
2,860,367
Creditors: amounts falling due after more than one year
10
(3,941,537)
(4,471,063)
Net liabilities
(4,469,025)
(1,610,696)
Capital and reserves
Called up share capital
7,779
7,779
Share premium account
379,365
379,365
Equity reserve
192,664
130,140
Other reserves
93,948
-
0
Profit and loss reserves
(5,142,781)
(2,127,980)
Total equity
(4,469,025)
(1,610,696)

The notes on pages 2 to 10 form part of these financial statements.

The directors of the company have elected not to include a copy of the income statement 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 28 March 2024 and are signed on its behalf by:
M. Meltzer
Director
Company registration number 13200439 (England and Wales)
Strive Platform Ltd
Notes To The Financial Statements
For the year ended 31 December 2023
- 2 -
1
General information

Strive Platform Ltd is a private company limited by shares incorporated in England and Wales. The registered office is St Martins Court, 10 Paternoster Row, London, EC4M 7EJ.

2
Accounting policies
2.1
Reporting period

The financial statements present information for the year ended 31 December 2023. The comparatives present information for the period from 1 March 2022 to 31 December 2022.

2.2
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, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.

The company has taken advantage of the exemption under section 399 of the Companies Act 2006 not to prepare consolidated accounts, on the basis that the group of which this is the parent qualifies as a small group. The financial statements present information about the company as an individual entity and not about its group.

2.3
Going concern

Atruet the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future.

 

The company has received financial support from one of the shareholders in the form of two loan facilities for $2.5m and $5m, of which the full $7.5m had been drawn at the balance sheet date. In addition, the company is currently in the process of arranging further funding through the issue of new share capital.

 

The company is expecting to generate further revenue in relation to new contracts which are expected to come to fruition in the year ended 31 December 2024. The company is forecasting a positive EBITDA from year ended 31 December 2025 onwards. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

2.4
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for 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.

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.

Strive Platform Ltd
Notes To The Financial Statements (Continued)
For the year ended 31 December 2023
2
Accounting policies
(Continued)
- 3 -
2.5
Research and development expenditure

Research expenditure is written off against profits in the year in which it is incurred. Identifiable development expenditure is capitalised to the extent that the technical, commercial and financial feasibility can be demonstrated.

2.6
Intangible fixed assets other than goodwill

Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

 

Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.

Intangible assets comprise development costs of the company's core software platform. Such assets are defined as having finite useful lives and the costs are amortised on a straight line basis over their estimated useful lives of 8 years. Intangible assets are stated at cost less amortisation and are reviewed for impairment whenever there is an indication that the carrying value may be impaired.

2.7
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.

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:

Computer 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.

2.8
Fixed asset investments

Interests in subsidiaries are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

2.9
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible 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.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

 

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Strive Platform Ltd
Notes To The Financial Statements (Continued)
For the year ended 31 December 2023
2
Accounting policies
(Continued)
- 4 -
2.10
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.

2.11
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 classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. 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 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.

Basic financial liabilities

Basic financial liabilities 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.

2.12
Compound instruments

The component parts of compound instruments issued by the company are classified separately as financial liabilities and equity in accordance with the substance of the contractual arrangement. At the date of issue, the fair value of the liability component is estimated using the prevailing market interest rate for a similar non-convertible instrument. This amount is recorded as a liability on an amortised cost basis using the effective interest method until extinguished upon conversion or at the instrument's maturity date. The equity component is determined by deducting the amount of the liability component from the fair value of the compound instrument as a whole. This is recognised and included in equity net of income tax effects and is not subsequently remeasured.

2.13
Taxation

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Strive Platform Ltd
Notes To The Financial Statements (Continued)
For the year ended 31 December 2023
2
Accounting policies
(Continued)
- 5 -
2.14
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.

2.15
Retirement benefits

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

2.16
Share-based payments

Equity-settled share-based payments are measured at fair value at the date of grant by reference to the fair value of the equity instruments granted using the Black-Scholes model. The fair value determined at the grant date is expensed on a straight-line basis over the vesting period, based on the estimate of shares that will eventually vest. A corresponding adjustment is made to equity.

The company participates in a share-based payment arrangement granted to its employees and employees of its subsidiaries. The expense in relation to options over the company’s shares granted to employees of a subsidiary is recognised by the company as a capital contribution, and presented as an increase in the company’s investment in that subsidiary.

2.17
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.

2.18
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

3
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.

Strive Platform Ltd
Notes To The Financial Statements (Continued)
For the year ended 31 December 2023
3
Judgements and key sources of estimation uncertainty
(Continued)
- 6 -
Key sources of estimation uncertainty

The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.

Fair value of liability component of convertible loan

In determining the liability component of the convertible loan (Note 10), the directors are required to determine the fair value of a similar debt instrument without the conversion rights, The directors have reviewed the rates of private and government bonds and consider 6% to represent a fair market rate of interest for a similar debt instrument without the conversion right.

Fair value of share options at grant date

To determine the fair value of the share options at grant date, the directors have used the Black-Scholes options pricing model. This model includes a number of inputs and some variables for which the directors have been required to make estimates.

 

The share price of the company has been determined to be $178.30 and has been calculated with reference to the most recent share transfer and the valuation has been approved by HMRC for the purposes of setting up an EMI scheme.

 

The risk free rate of 4% has been determined with reference to the rate of UK government bonds.

 

The directors have estimated a period of 5 years to exit. An exit constitutes a listing on a stock exchange, a share sale or a sale of the company's trade an assets.

 

Finally the directors have considered a volatility rate of 34% to be appropriate and this has been benchmarked against a similar listed company.

4
Employees

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

2023
2022
Number
Number
Total
17
9
Strive Platform Ltd
Notes To The Financial Statements (Continued)
For the year ended 31 December 2023
- 7 -
5
Intangible fixed assets
Software development costs
£
Cost
At 1 January 2023
1,338,425
Additions - internally developed
69,062
Additions - separately acquired
543,012
At 31 December 2023
1,950,499
Amortisation and impairment
At 1 January 2023
100,616
Amortisation charged for the year
212,949
At 31 December 2023
313,565
Carrying amount
At 31 December 2023
1,636,934
At 31 December 2022
1,237,809
6
Tangible fixed assets
Computer equipment
£
Cost
At 1 January 2023
29,999
Additions
13,463
At 31 December 2023
43,462
Depreciation and impairment
At 1 January 2023
5,749
Depreciation charged in the year
12,791
At 31 December 2023
18,540
Carrying amount
At 31 December 2023
24,922
At 31 December 2022
24,250
7
Fixed asset investments
2023
2022
£
£
Shares in group undertakings and participating interests
72,937
1,026
Strive Platform Ltd
Notes To The Financial Statements (Continued)
For the year ended 31 December 2023
7
Fixed asset investments
(Continued)
- 8 -
Movements in fixed asset investments
Shares in subsidiaries
£
Cost or valuation
At 1 January 2023
1,026
Capital contributions
71,911
At 31 December 2023
72,937
Carrying amount
At 31 December 2023
72,937
At 31 December 2022
1,026
8
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
37,242
72,902
Corporation tax recoverable
13,070
309,492
Amounts owed by group undertakings
-
0
38,429
Other debtors
146,079
109,905
196,391
530,728
9
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
-
0
523
Other borrowings
2,038,956
-
0
Trade creditors
197,162
265,526
Amounts owed to group undertakings
121,924
13,999
Taxation and social security
59,776
43,108
Deferred income
415,487
-
0
Other creditors
6,191
-
0
Accruals
74,182
122,816
2,913,678
445,972
Strive Platform Ltd
Notes To The Financial Statements (Continued)
For the year ended 31 December 2023
- 9 -
10
Creditors: amounts falling due after more than one year
2023
2022
£
£
Convertible loans
3,941,537
2,367,058
Other creditors
-
0
2,104,005
3,941,537
4,471,063
11
Share-based payment transactions

During the year company granted share options to its employees and the employees of its subsidiary companies. The options are contingent on a vesting service period of two years for two thirds of the options and three years for the final third. As the UK company has granted and will settle the share options with employees and employees of the subsidiaries the options have been treated as equity settled in the company's financial statements.

 

The options are also contingent on an exit event taking place, which is either a listing, share sale or an asset sale. The directors consider this event to be probable and as such the share based payment charges have been recognised and spread over the vesting periods outlined above. The directors expect all employees to complete the required service periods and estimate 100% of the options granted at the balance sheet date will vest.

Number of share options
Weighted average exercise price
2023
2022
2023
2022
Number
Number
£
£
Outstanding at 1 January 2023
-
0
-
0
-
0
-
0
Granted
2,649
-
0
53.34
-
0
Forfeited
(55)
-
0
53.48
-
0
Outstanding at 31 December 2023
2,594
-
0
53.33
-
0
Exercisable at 31 December 2023
-
0
-
0
-
0
-
0

The options outstanding at 31 December 2023 had an exercise price of £53.33 and a contractual life of up to 10 years from the grant date.

Liabilities and expenses

During the year, the company recognised total share-based payment expenses of £22,037 (2022 - £Nil) which related to equity settled share based payment transactions.

12
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.

Strive Platform Ltd
Notes To The Financial Statements (Continued)
For the year ended 31 December 2023
12
Audit report information
(Continued)
- 10 -
Senior Statutory Auditor:
David Wheeler
Statutory Auditor:
Bourner Bullock
Date of audit report:
28 March 2024
13
Operating lease commitments
Lessee

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:

2023
2022
£
£
53,460
34,104
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