Stint Limited
Financial Statements
For the year ended 31 March 2022
For Filing with Registrar
Company Registration No. 11022621 (England and Wales)
Stint Limited
Company Information
Directors
S Schlagman
G Ciuccio
G H Edwards
(Appointed 8 December 2021)
K Nikkhah
B N Schlagman
(Appointed 8 December 2021)
S Schlagman
Secretary
S Schlagman
Company number
11022621
Registered office
The Retreat
406 Roding Lane South
Woodford Green
Essex
United Kingdom
IG8 8EY
Auditor
Moore Kingston Smith LLP
Orbital House
20 Eastern Road
Romord
Essex
RM1 3PJ
Stint Limited
Contents
Page
Balance sheet
1
Statement of changes in equity
2
Notes to the financial statements
3 - 10
Stint Limited
Balance Sheet
As at 31 March 2022
31 March 2022
Page 1
2022
2021
Notes
£
£
£
£
Fixed assets
Intangible assets
4
1,748,142
405,582
Tangible assets
5
115,227
74,453
Investments
6
100
100
1,863,469
480,135
Current assets
Debtors
8
979,720
174,681
Cash at bank and in hand
383,849
760,125
1,363,569
934,806
Creditors: amounts falling due within one year
9
(4,777,411)
(641,047)
Net current (liabilities)/assets
(3,413,842)
293,759
Total assets less current liabilities
(1,550,373)
773,894
Provisions for liabilities
(21,893)
(14,146)
Net (liabilities)/assets
(1,572,266)
759,748
Capital and reserves
Called up share capital
10
286
273
Share premium account
19,129,928
9,129,929
Profit and loss reserves
(20,702,480)
(8,370,454)
Total equity
(1,572,266)
759,748
The directors of the company have elected not to include a copy of the profit and loss account 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 14 December 2022 and are signed on its behalf by:
S Schlagman
Director
Company Registration No. 11022621
Stint Limited
Statement of Changes in Equity
For the year ended 31 March 2022
Page 2
Share capital
Share premium account
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 1 April 2020
223
3,129,977
(4,090,162)
(959,962)
Year ended 31 March 2021:
Loss and total comprehensive income for the year
-
-
(4,280,292)
(4,280,292)
Issue of share capital
10
50
5,999,952
-
6,000,002
Balance at 31 March 2021
273
9,129,929
(8,370,454)
759,748
Year ended 31 March 2022:
Loss and total comprehensive income for the year
-
-
(12,332,026)
(12,332,026)
Issue of share capital
10
36
9,999,999
-
10,000,035
Share buy back
(23)
-
(23)
Balance at 31 March 2022
286
19,129,928
(20,702,480)
(1,572,266)
Stint Limited
Notes to the Financial Statements
For the year ended 31 March 2022
Page 3
1
Accounting policies
Company information
Stint Limited is a
private
company
limited by shares
incorporated in
England and Wales
.
The registered office and trading address is
The Retreat, 406 Roding Lane South, Woodford Green, Essex, IG8 8EY.
1.1
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 financial statements are prepared in
sterling
, which is the functional currency of the company.
Monetary a
mounts
in these financial statements are
rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. 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
.
1.2
Going concern
The company has incurred a net loss of £12,332,026 (2021: £4,280,292) during the year ended 31 March 2022 and, as of that date, the company had net liabilities of £1,572,266 (2021: net assets of £759,748). The company is reliant upon its investors in meeting its liabilities as they fall due and to continue to operate as a going concern.
The company is recovering from the Covid-19 pandemic where revenues were previously reduced substantially due to much of the hospitality sector being closed for business. The directors expect revenues to continue to grow as the United Kingdom continues to emerge from the pandemic.
At the time of approving the financial statements, the directors have a reasonable expectation that the company with continued support from its investors, to have adequate resources to continue in operational existence for the foreseeable future and for at least a period of twelve months following the approval of these financial statements. Noting that it is reliant on the continued success of future capital raises, thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
1.3
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and 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.
1.4
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
.
Stint Limited
Notes to the Financial Statements (Continued)
For the year ended 31 March 2022
1
Accounting policies
(Continued)
Page 4
1.5
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.
Amortisation 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:
Website
3 years straight line
Development costs
3 years straight line
1.6
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:
Office Equipment
5 years 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
.
1.7
Fixed asset investments
Interests in subsidiaries, associates and jointly controlled entities 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
.
A subsidiary is an entity controlled by the company
. Control is
the power to govern the financial and operating policies of
the
entity so as to obtain benefits from its activities.
1.8
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.
1.9
Financial instruments
The Company only has basic financial instruments measured at amortised cost, with no financial instruments classified as other or basic instruments measured at fair value.
1.10
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
Stint Limited
Notes to the Financial Statements (Continued)
For the year ended 31 March 2022
1
Accounting policies
(Continued)
Page 5
1.11
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the
profit and loss account
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.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
1.12
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.13
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 lease
s
asset are consumed.
1.14
Government grants
Government grants are recognised at the fair value of the asset receive
d
or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.
A grant that specifies performance conditions is recognised in income when the performance conditions are met
. Where a
grant does not specify performance conditions
it
is recognised in income when the proceeds are received or receivable
. A grant received before the recognition criteria are satisfied is recognised as a liability.
1.15
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.
2
Exceptional item
2022
2021
£
£
Expenditure
Restructuring costs
264,341
-
Stint Limited
Notes to the Financial Statements (Continued)
For the year ended 31 March 2022
Page 6
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was 158
(2021 - 89).
4
Intangible fixed assets
Website
Development costs
Total
£
£
£
Cost
At 1 April 2021
38,578
700,939
739,517
Additions
1,722,555
1,722,555
Disposals
(178)
(2,240)
(2,418)
At 31 March 2022
38,400
2,421,254
2,459,654
Amortisation and impairment
At 1 April 2021
333,935
333,935
Amortisation charged for the year
12,859
366,476
379,335
Disposals
(1,758)
(1,758)
At 31 March 2022
12,859
698,653
711,512
Carrying amount
At 31 March 2022
25,541
1,722,601
1,748,142
At 31 March 2021
38,578
367,004
405,582
Stint Limited
Notes to the Financial Statements (Continued)
For the year ended 31 March 2022
Page 7
5
Tangible fixed assets
Plant and equipment
Computer Equipment
Total
£
£
£
Cost
At 1 April 2021
2,104
116,359
118,463
Additions
2,206
87,059
89,265
Disposals
(4,310)
(2,546)
(6,856)
At 31 March 2022
200,872
200,872
Depreciation and impairment
At 1 April 2021
694
43,316
44,010
Depreciation charged in the year
334
42,734
43,068
Eliminated in respect of disposals
(1,028)
(405)
(1,433)
At 31 March 2022
85,645
85,645
Carrying amount
At 31 March 2022
115,227
115,227
At 31 March 2021
1,410
73,043
74,453
6
Fixed asset investments
2022
2021
£
£
Shares in group undertakings and participating interests
100
100
7
Subsidiaries
Details of the company's subsidiaries at 31 March 2022 are as follows:
Name of undertaking
Registered office
Nature of business
Class of
% Held
shares held
Direct
Stint Students Ltd
England & Wales
Recruitment and hire of workers
Ordinary
100.00
The aggregate capital and reserves and the result for the year of the subsidiaries noted above was as follows:
Name of undertaking
Capital and Reserves
Profit/(Loss)
£
£
Stint Students Ltd
(426,198)
(417,423)
Stint Limited
Notes to the Financial Statements (Continued)
For the year ended 31 March 2022
Page 8
8
Debtors
2022
2021
Amounts falling due within one year:
£
£
Trade debtors
116,304
9,472
Amounts owed by group undertakings
320,568
Other debtors
542,848
165,209
979,720
174,681
9
Creditors: amounts falling due within one year
2022
2021
£
£
Trade creditors
298,358
109,225
Amounts owed to group undertakings
2,161
Taxation and social security
340,785
99,327
Other creditors
4,138,268
430,334
4,777,411
641,047
10
Called up share capital
2022
2021
2022
2021
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary Shares of 0.000001p each
236,562,980
-
236
-
Ordinary Shares of 0.00001p each
-
22,329,932
-
223
236,562,980
22,329,932
236
223
Stint Limited
Notes to the Financial Statements (Continued)
For the year ended 31 March 2022
10
Called up share capital
(Continued)
Page 9
2022
2021
2022
2021
Preference share capital
Number
Number
£
£
Issued and fully paid
Class A Preference Shares of 0.000001p each
100,000
-
-
-
Class B Preference Shares of 0.000001p each
49,622,070
-
50
-
Class B Preference Shares of 0.00001p each
-
4,962,207
-
50
49,722,070
4,962,207
50
50
Preference shares classified as equity
50
50
Total equity share capital
286
273
On 1 April 2021, the company cancelled 2,264,705 Ordinary shares of 0.
0
0001p at par value.
On 30 July 2021, the company subdivided both the Ordinary shares of 0.00
0
01p and Preference shares of 0.00
0
01p into Ordinary shares of 0.00
0
001p and Preference shares of 0.00
0
001p respectively. The company also re-designated the Preference shares to B Preference shares.
On 30 July 2021, the company issued 35,910,710 Ordinary shares of 0.00
0
001p at par. The company also issued 100,000 A Preference shares of 0.00
0
001p at a premium of £100 per share.
11
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.
The senior statutory auditor was Steven Rushmer and the auditor was Moore Kingston Smith LLP.
12
Events after the reporting date
Following the balance sheet date, the shareholders loaned a further £1,450,000 to the Company to take the total amount outstanding to shareholders to £4,930,000. £4,700,000 of this amount was converted to 0% convertible loan notes. A further £8,000,000 of 0% loan notes were subsequently issued resulting in £12,700,000 of 0% convertible loan notes in issue
.
Stint Limited
Notes to the Financial Statements (Continued)
For the year ended 31 March 2022
Page 10
13
Related party transactions
The company has elected to take advantage of the exemption from the requirements of FRS 102 to disclose transactions with other members of its group.
At the balance sheet date, included in other creditors is £3,480,000 (2021: £230,000) due to the shareholders of the company. No interest has been charged on these loans.
2022-03-31
2021-04-01
false
14 December 2022
CCH Software
CCH Accounts Production 2022.300
No description of principal activity
This audit opinion is unqualified
G Ciuccio
G H Edwards
K Nikkhah
B N Schlagman
S Schlagman
S Schlagman
S Schlagman
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