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REGISTERED NUMBER: 13629037 (England and Wales)















Financial Statements for the Year Ended 30 September 2024

for

Stitch Health Ltd

Stitch Health Ltd (Registered number: 13629037)






Contents of the Financial Statements
for the Year Ended 30 September 2024




Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 3


Stitch Health Ltd

Company Information
for the Year Ended 30 September 2024







DIRECTORS: J Moshinsky
M J Sterling





REGISTERED OFFICE: 71-75 Shelton Street
Covent Garden
London
WC2H 9JQ





REGISTERED NUMBER: 13629037 (England and Wales)





ACCOUNTANTS: Millward, May & Co
The Overhangs
55a Peach Street
Wokingham
Berkshire
RG40 1XP

Stitch Health Ltd (Registered number: 13629037)

Statement of Financial Position
30 September 2024

30.9.24 30.9.23
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 8,238 11,245

CURRENT ASSETS
Debtors 5 349,547 255,618
Cash at bank 1,702,653 1,463,748
2,052,200 1,719,366
CREDITORS
Amounts falling due within one year 6 13,328 2,389,416
NET CURRENT ASSETS/(LIABILITIES) 2,038,872 (670,050 )
TOTAL ASSETS LESS CURRENT LIABILITIES 2,047,110 (658,805 )

CREDITORS
Amounts falling due after more than one year 7 3,733,106 -
NET LIABILITIES (1,685,996 ) (658,805 )

CAPITAL AND RESERVES
Called up share capital 8 447 446
Share premium 416,804 414,447
Retained earnings (2,103,247 ) (1,073,698 )
SHAREHOLDERS' FUNDS (1,685,996 ) (658,805 )

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 September 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 September 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

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

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 13 February 2025 and were signed on its behalf by:





M J Sterling - Director


Stitch Health Ltd (Registered number: 13629037)

Notes to the Financial Statements
for the Year Ended 30 September 2024

1. STATUTORY INFORMATION

Stitch Health Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

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

The Company provides implementation, licensing and support services. These services are typically provided as part of a bundled transaction but are considered to be separately identifiable components. Turnover from these services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Plant and machinery - 20% reducing balance
Fixtures and fittings - 20% reducing balance
Computer equipment - 3 year straight line

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

Research and development
Expenditure on research and development is written off in the year in which it is incurred.


Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 9 (2023 - 8 ) .

Stitch Health Ltd (Registered number: 13629037)

Notes to the Financial Statements - continued
for the Year Ended 30 September 2024

4. TANGIBLE FIXED ASSETS
Fixtures
Plant and and Computer
machinery fittings equipment Totals
£    £    £    £   
COST
At 1 October 2023 174 6,372 12,821 19,367
Additions - 1,166 1,656 2,822
At 30 September 2024 174 7,538 14,477 22,189
DEPRECIATION
At 1 October 2023 58 1,540 6,524 8,122
Charge for year 23 1,138 4,668 5,829
At 30 September 2024 81 2,678 11,192 13,951
NET BOOK VALUE
At 30 September 2024 93 4,860 3,285 8,238
At 30 September 2023 116 4,832 6,297 11,245

5. DEBTORS
30.9.24 30.9.23
£    £   
Amounts falling due within one year:
Trade debtors - 2,400
Other debtors 62,409 45,884
62,409 48,284

Amounts falling due after more than one year:
Other debtors 287,138 207,334

Aggregate amounts 349,547 255,618

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.9.24 30.9.23
£    £   
Trade creditors 33,895 25,566
Taxation and social security (109,486 ) (113,371 )
Other creditors 88,919 2,477,221
13,328 2,389,416

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
30.9.24 30.9.23
£    £   
Other creditors 3,733,106 -

In previous years, £2,477,150 was received from investors under SAFE agreements (Simple Agreement for Future Equity). This year, an additional £1,255,956 was received, making the total amount amount received from investors under SAFE agreements £3,733,106. These are expected to convert into shares after more than one year and are therefore shown within non-current liabilities. These are held at fair value, which is the same as the investment value based on the timing of receipt of the funds. Management have reassessed the fair value and deem it to be a fair assessment of the value at the end of the year.

Stitch Health Ltd (Registered number: 13629037)

Notes to the Financial Statements - continued
for the Year Ended 30 September 2024

8. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 30.9.24 30.9.23
value: £    £   
4,460,548 A Ordinary .0001 446 446
8,983 B Ordinary .0001 1 -
447 446

9. RELATED PARTY DISCLOSURES

During the period the directors maintained a loan account with the company. At the period end the company owed the directors £200 (2023 - £71). This loan is interest free, repayable on demand and shown within other creditors.