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Registered number: 12056216 (England and Wales)














HANDSHAKE INTERNATIONAL UK LTD

DIRECTORS' REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JANUARY 2024


 
HANDSHAKE INTERNATIONAL UK LTD
 

 
COMPANY INFORMATION


Directors
B M Christensen 
G K Lord 
S G Ringwelski 




Registered number
12056216



Registered office
Birchin Court
5th Floor

19-25 Birchin Lane

London

United Kingdom

EC3V 9DU




Independent auditors
ZEDRA Corporate Reporting Services (UK) Limited






 
HANDSHAKE INTERNATIONAL UK LTD
 


CONTENTS



Page
Balance Sheet
 
1 - 2
Statement of Changes in Equity
 
3
Notes to the Financial Statements
 
4 - 10



 
HANDSHAKE INTERNATIONAL UK LTD
REGISTERED NUMBER:12056216


BALANCE SHEET
AS AT 31 JANUARY 2024

2024
2023
Note
£
£

Tangible fixed assets
 4 
62,283
65,419

  
62,283
65,419

Current assets
  

Debtors: amounts falling due after more than one year
 5 
57,598
-

Debtors: amounts falling due within one year
 5 
855,945
550,888

Bank and cash balances
  
44,297
80,955

  
957,840
631,843

Creditors: amounts falling due within one year
 6 
(496,687)
(374,062)

Net current assets
  
 
 
461,153
 
 
257,781

Total assets less current liabilities
  
523,436
323,200

Provisions for liabilities
  

Deferred tax
  
-
(15,486)

  
 
 
-
 
 
(15,486)

Net assets
  
523,436
307,714

Page 1


 
HANDSHAKE INTERNATIONAL UK LTD
REGISTERED NUMBER:12056216

    
BALANCE SHEET (CONTINUED)
AS AT 31 JANUARY 2024

2024
2023
Note
£
£

Capital and reserves
  

Called up share capital 
  
1
1

Capital contribution reserve
 7 
278,541
187,167

Profit and loss account
  
244,894
120,546

  
523,436
307,714


The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 



G K Lord
Director

Date: 29 January 2025

The notes on pages 4 to 10 form part of these financial statements.

Page 2


 
HANDSHAKE INTERNATIONAL UK LTD
 


STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 JANUARY 2024


Called up share capital
Capital contribution reserve
Profit and loss account
Total equity

£
£
£
£


At 1 February 2022
1
116,499
7,476
123,976



Profit for the year
-
-
113,070
113,070

Share based payment expense
-
70,668
-
70,668



At 1 February 2023
1
187,167
120,546
307,714



Profit for the year
-
-
124,348
124,348

Share based payment expense
-
91,374
-
91,374


At 31 January 2024
1
278,541
244,894
523,436


Page 3


 
HANDSHAKE INTERNATIONAL UK LTD
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

1.Accounting policies

 
1.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. 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 following principal accounting policies have been applied:

  
1.2

Going concern

The Company is in a net asset position of £523,436 (2023: £307,714), which is supported by amounts owed by group undertakings. Despite this position, due to the Company's business model being solely a transfer pricing agreement with the parent company, Stryder Corp., it is reliant upon the continued support of that company in order to remain a going concern 
The Company has received written confirmation from Stryder Corp. that it will continue to provide financial support for a period of at least 12 months from the date of signing these financial statements. Furthermore, the directors have assessed the ability of Stryder Corp. to provide this support based upon their cash flow forecasts and have concluded that the parent will have sufficient working capital to provide the necessary support. For this reason, the directors continue to adopt the going concern basis in preparing the financial statements.

 
1.3

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss

Page 4


 
HANDSHAKE INTERNATIONAL UK LTD
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

1.Accounting policies (continued)

 
1.4

Turnover

Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Rendering of services

Turnover is recognised on a cost plus 5% basis, in line with the intercompany service agreement with the parent company. Intercompany turnover is recognised when all of the following conditions are satisfied:
the amount of turnover can be measured reliably;
it is probable that the Company will receive the consideration due under the intercompany service agreement;
the costs incurred under the intercompany service agreement can be measured reliably.

 
1.5

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

 
1.6

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds.

 
1.7

Share-based payments

Where share options are awarded to employees, the fair value of the options at the date of grant is charged to profit or loss over the vesting period. Non-market vesting conditions are taken into account by adjusting the number of equity instruments expected to vest at each balance sheet date so that, ultimately, the cumulative amount recognised over the vesting period is based on the number of options that eventually vest. Market vesting conditions are factored into the fair value of the options granted. The cumulative expense is not adjusted for failure to achieve a market vesting condition.
The fair value of the award also takes into account non-vesting conditions. These are either factors beyond the control of either party (such as a target based on an index) or factors which are within the control of one or other of the parties (such as the Company keeping the scheme open or the employee maintaining any contributions required by the scheme).
Where the terms and conditions of options are modified before they vest, the increase in the fair value of the options, measured immediately before and after the modification, is also charged to profit or loss over the remaining vesting period.

Page 5


 
HANDSHAKE INTERNATIONAL UK LTD
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

1.Accounting policies (continued)

 
1.8

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

 
1.9

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Fixtures and fittings
-
5 years
Computer equipment
-
3 years

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
1.10

Debtors

Short-term debtors are measured at transaction price. Amounts owed by group undertakings are intercompany loans measured at cost. These loans are unsecured, interest free and repayable on demand.

Page 6


 
HANDSHAKE INTERNATIONAL UK LTD
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

1.Accounting policies (continued)

 
1.11

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash held on deposit by service providers is included within bank and cash balances, as these amounts are highly liquid and repayable without penalty on notice of not more than 24 hours.

 
1.12

Creditors

Short-term creditors are measured at the transaction price. 


2.


Auditors' information

The auditors' report on the financial statements for the year ended 31 January 2024 was unqualified.

The audit report was signed on 29 January 2025 by Dominic King FCA (Senior Statutory Auditor) on behalf of ZEDRA Corporate Reporting Services (UK) Limited.


3.


Employees

The average monthly number of employees during the year was 25 (2023 - 27).

Page 7


 
HANDSHAKE INTERNATIONAL UK LTD
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

4.


Tangible fixed assets





Fixtures and fittings
Computer equipment
Total

£
£
£



Cost or valuation


At 1 February 2023
39,159
33,886
73,045


Additions
-
18,539
18,539



At 31 January 2024

39,159
52,425
91,584



Depreciation


At 1 February 2023
783
6,843
7,626


Charge for the year on owned assets
6,843
14,832
21,675



At 31 January 2024

7,626
21,675
29,301



Net book value



At 31 January 2024
31,533
30,750
62,283



At 31 January 2023
38,376
27,043
65,419

Page 8


 
HANDSHAKE INTERNATIONAL UK LTD
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

5.


Debtors

2024
2023
£
£

Due after more than one year

Other debtors
57,598
-

57,598
-


Other debtors falling due after more than one year comprise of rental deposit of £57,598. The lease is due to expire on 31 March 2025.

2024
2023
£
£

Due within one year

Amounts owed by group undertakings
561,228
176,030

Other debtors
176,058
241,326

Prepayments and accrued income
118,659
133,532

855,945
550,888



6.


Creditors: Amounts falling due within one year

2024
2023
£
£

Trade creditors
8,172
54,164

Corporation tax
56,147
33,516

Other taxation and social security
88,382
130,267

Other creditors
5,621
8,294

Accruals and deferred income
338,365
147,821

496,687
374,062


Page 9


 
HANDSHAKE INTERNATIONAL UK LTD
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

7.


Capital contribution reserve

Certain employees of the Company have been granted options over the shares in Stryder Corp., the Company's parent. The options are granted at an independently determined fair value and vest over four years. The options expire 10 years after the date grant and the employees are required to be an employee of the Company at the date they exercise any options. 
An expense equivalent to the fair value of the share options granted is recognised evenly over the vesting period with a corresponding amount being recognised in the capital contribution reserve. 
Certain employees of the Company have been granted Restricted Stock Units (RSUs) over the shares in Stryder Corp. The RSUs have a double trigger vesting condition attached to them being both time vesting and a liquidity event. As a liquidity event is not currently deemed to be probable no expense has been recognised in respect of the RSUs.


8.

Commitments under operating leases

As at 31 January 2024 the company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2024
2023
        £
        £
Not later than one year

329,496

363,000
 
Later than one year and not later than five years

82,374

-
 

411,870

363,000
 


9.


Controlling party

Stryder Corp. is the parent of the smallest group for which consolidated financial statements are drawn up of which the Company is a member. The registered office of the parent company is 225 Bush Street, 12th Floor, San Francisco, CA 94104, USA. 


10.


Post balance sheet events

There were no adjusting or non-adjusting events occurring between the end of the reporting period and the date these financial statements were approved.

 
Page 10