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Company No: 10769885 (England and Wales)

STAGE LIMITED

Unaudited Financial Statements
For the financial year ended 29 February 2024
Pages for filing with the registrar

STAGE LIMITED

Unaudited Financial Statements

For the financial year ended 29 February 2024

Contents

STAGE LIMITED

STATEMENT OF FINANCIAL POSITION

As at 29 February 2024
STAGE LIMITED

STATEMENT OF FINANCIAL POSITION (continued)

As at 29 February 2024
Note 29.02.2024 28.02.2023
£ £
Fixed assets
Investments 4 27,629 11,260
27,629 11,260
Current assets
Debtors 5 9,963 0
Cash at bank and in hand 6 706 0
10,669 0
Creditors: amounts falling due within one year 7 ( 6,575) ( 2,001)
Net current assets/(liabilities) 4,094 (2,001)
Total assets less current liabilities 31,723 9,259
Net assets 31,723 9,259
Capital and reserves
Called-up share capital 8 501 500
Share premium account 985 0
Other reserves 26,441 11,060
Profit and loss account 3,796 ( 2,301 )
Total shareholders' funds 31,723 9,259

For the financial year ending 29 February 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The financial statements of Stage Limited (registered number: 10769885) were approved and authorised for issue by the Board of Directors. They were signed on its behalf by:

D F Imrie
Director

01 August 2024

STAGE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 29 February 2024
STAGE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 29 February 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial period, unless otherwise stated.

General information and basis of accounting

Stage Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the company's registered office is 35 Ballards Lane, London, N3 1XW, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

The directors have assessed the Statement of Financial Position and likely future cash flows at the date of approving these financial statements. The directors have a reasonable expectation that the company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Foreign currency

Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the Statement of Financial Position date are reported at the rates of exchange prevailing at that date.

Exchange differences are recognised in the Statement of Income and Retained Earnings in the period in which they arise except for exchange differences arising on gains or losses on non-monetary items which are recognised in the Statement of Comprehensive Income.

Share-based payment

Equity-settled share-based payment transactions are measured at fair value at the date of grant. The fair value determined at the grant date of the equity-settled share-based payments is expensed on a straight-line basis over the vesting period, based on the Company’s estimate of shares that will eventually vest and adjusted for the effect of non-market-based vesting conditions.

Fair value is measured by use of the Black Scholes model which is considered by management to be the most appropriate method of valuation. The expected life used in the model has been adjusted, based on management’s best estimate, for the effects of non-transferability, exercise restrictions, and behavioural considerations.

Options are forfeited if the employee leaves the Company before the options vest.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Statement of Financial Position date. If there is objective evidence of impairment, an impairment loss is recognised in the Statement of Income and Retained Earnings as described below.

Financial instruments

The Company only enters into basic financial instruments and transactions that result in the recognition of financial assets and liabilities like trade and other creditors.

Financial assets
Basic financial assets, including trade and other debtors, are initially recognised at transaction price, 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.

Such assets are subsequently carried at amortised cost using the effective interest method.

At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. 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 the Statement of Income and Retained Earnings.

Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or (c) control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions.

Financial liabilities
Basic financial liabilities, including trade and other creditors and accruals, 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 receipts discounted at a market rate of interest.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors 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.

Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.

Financial assets and liabilities are offset and 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.

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

2. Employees

Year ended
29.02.2024
Period from
01.06.2022 to
28.02.2023
Number Number
Monthly average number of persons employed by the company during the year, including directors 5 5

3. Share-based payments

Equity-settled share-based payment schemes

During the year, Stage Limited granted options to the employees of the subsidiary company, Stage Enterprises Limited.

Options are exercisable at a price equal to the estimated fair value of the Company’s shares on the date of grant. The vesting period is four years. Options are forfeited if the employee leaves the Company before the options vest.

Details of the share options outstanding during the financial year are as follows:

29.02.2024 28.02.2023
Weighted Average Weighted Average
Number of share options Average exercise price (£) Number of share options Average exercise price (£)
Outstanding at beginning of period 34,800 0 0 0
Granted during the period 34,800 0.001 36,000 0.001
Forfeited during the period ( 3,000) 0.001 ( 1,200) 0.001
Exercised during the period ( 1,432) 0.001 0 0
Outstanding at the end of the period 65,168 0 34,800 0
Exercisable at the end of the period 0 0 0 0

The fair value of the share options at the grant date was calculated using the Black-Scholes model, which is considered to be the most appropriate generally accepted valuation method of measuring fair value. For the February 2024 EMI options, the weighted average share price was £0.69, the expected volatility was 37% and the risk-free interest rate was 1.65%.

The Company recognised a Capital Contribution of £16,367 (2023: £11,060) in 2024.

4. Fixed asset investments

Investments in subsidiaries

29.02.2024
£
Cost
At 01 March 2023 11,260
Additions 16,369
At 29 February 2024 27,629
Carrying value at 29 February 2024 27,629
Carrying value at 28 February 2023 11,260

5. Debtors

29.02.2024 28.02.2023
£ £
Amounts owed by group undertakings 5,654 0
Prepayments 4,285 0
VAT recoverable 24 0
9,963 0

6. Cash and cash equivalents

29.02.2024 28.02.2023
£ £
Cash at bank and in hand 706 0

7. Creditors: amounts falling due within one year

29.02.2024 28.02.2023
£ £
Trade creditors 4,279 0
Amounts owed to group undertakings 1 1,001
Amounts owed to directors 545 0
Accruals 1,750 1,000
6,575 2,001

8. Called-up share capital

29.02.2024 28.02.2023
£ £
Allotted, called-up and fully-paid
500,000 Ordinary shares of £ 0.001 each 500.00 500.00
432 Ordinary B shares of £ 0.001 each (28.02.2023: nil shares) 0.43 0
1,000 Ordinary C shares of £ 0.001 each (28.02.2023: nil shares) 1.00 0
501.43 500.00

On the 10 March 2023 and 04 April 2023, 1000 Ordinary C shares of £0.001 was issued and 432 Ordinary B shares of £0.001 were issued.

9. Ultimate controlling party

There is no one single ultimate controlling party.